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Question: Should we limit the number of active loans per user?
No. As long as he is paying.
Yes, max 1 active loan per user.
Yes, max 2 active loans per user.
Yes, max 3 active loans per user.
Yes, max 5 active loans per user.

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Author Topic: [ANN] BTCJam - Peer to Peer Bitcoin Lending  (Read 204914 times)
Tulkas (OP)
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October 26, 2012, 02:46:05 AM
 #221

Later when you have debt collection in place, Are you able to use these first instances of non payers? Or do you have to start from when you are legally able to chase?

EDIT - Also why do lenders have to have more than 4 rating to rate a user? I have exactly 4 and I cant rate anyone, Not even if they default to warn other lenders away from possible scammers!!!

It's a measure to avoid sockpuppet but it don't works IMHO.

A suggestion to Tulkas: is possible to make user rate positively only if they have more the 4 point and rate negative user with overdue payments?


Because level 5 is harder to obtain without committing identity theft.
Thanks for the suggestion ercolinux.



BTCJAM - Peer to Peer Bitcoin Lending
https://btcjam.com
ercolinux
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October 26, 2012, 06:50:11 AM
 #222


Because level 5 is harder to obtain without committing identity theft.
Thanks for the suggestion ercolinux.


Glad to help if possible.
Another little suggestion: there's no way to contact you/other administrator of the site. Maybe put a contact page on the site.
I've seen a suspicius activity of a member for example: he ask for a loan, then when I write a comment on the high risk of that kind of loan he had removed the request and now he ask for another one for the same amount but a totally different scope. It's really fishy. I sent you a PM (don't want to pubblicy accuse someone without evidences)

Bitrated user: ercolinux.
Shermo
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October 26, 2012, 07:30:30 AM
 #223

Glad to help if possible.
Another little suggestion: there's no way to contact you/other administrator of the site. Maybe put a contact page on the site.
I've seen a suspicius activity of a member for example: he ask for a loan, then when I write a comment on the high risk of that kind of loan he had removed the request and now he ask for another one for the same amount but a totally different scope. It's really fishy. I sent you a PM (don't want to pubblicy accuse someone without evidences)

I think I know which person you're talking about, what I don't understand is why some of these people are so stupid as to rush these things and not come up with a well written, spell checked plan of what they "plan" to do. I pretty much ignore anything that looks rushed, half the stuff on there at the moment is either scammy or just not investable from my POV.
creativex
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October 26, 2012, 07:41:41 AM
 #224

Same. I just blow right by the hastily constructed single sentence listings. I don't think it's asking too much to expect a well thought out explanation of what you intend to do with borrowed funds.

Liquid
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October 26, 2012, 07:58:31 AM
 #225

still waiting on being paid back  Roll Eyes

Bitcoin will show the world what hard money really is.
Digigami
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October 26, 2012, 03:46:27 PM
 #226

yep.. me too
smracer
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October 26, 2012, 04:10:39 PM
 #227

What happens when people start defaulting on these BTCJam loans?  I have seen quite a few on the site from known scammers on this site.  These loans will not be paid back.

Will a collection agency even accept a BTC debt for collections?  A collection agency will not bring a lawsuit for any amount under $5,000 US anyway so I don't understand how funds will be collected.

Will the owners of BTCJam call the police and tell them that someone stole your bitcoins?  What will the police do about it? 

tgmarks
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October 26, 2012, 04:11:29 PM
 #228

still waiting on being paid back  Roll Eyes

+1

Tulkas (OP)
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October 26, 2012, 05:12:16 PM
 #229

What happens when people start defaulting on these BTCJam loans?  I have seen quite a few on the site from known scammers on this site.  These loans will not be paid back.

Will a collection agency even accept a BTC debt for collections?  A collection agency will not bring a lawsuit for any amount under $5,000 US anyway so I don't understand how funds will be collected.

Will the owners of BTCJam call the police and tell them that someone stole your bitcoins?  What will the police do about it?  



About calling the police, etc, the collector agencies can and will pursue lower values when we have volume. Also, people will pay the lower values as their credit report will be hurt.

About the defaults:

I would also like to note that the service today is far from perfect, but we believe it represents a major improvement on the rater manual procedures used on this forum, good payers are building good reputation profiles already.

One good thing that is already happening is the scammers are being casted out too, we had two cases of scammers trying to get other accounts verified with no luck.

Takes time to build an ecosystem, but it is being built.

We have several good payers and the majority of loans are being paid on time, that being said we think perhaps we should add more moderation on users and listings instead of just let the "system" regulate itself.



BTCJAM - Peer to Peer Bitcoin Lending
https://btcjam.com
SgtSpike
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October 26, 2012, 05:14:45 PM
 #230

What happens when people start defaulting on these BTCJam loans?  I have seen quite a few on the site from known scammers on this site.  These loans will not be paid back.

Will a collection agency even accept a BTC debt for collections?  A collection agency will not bring a lawsuit for any amount under $5,000 US anyway so I don't understand how funds will be collected.

Will the owners of BTCJam call the police and tell them that someone stole your bitcoins?  What will the police do about it?  



About calling the police, etc, the collector agencies can and will pursue lower values when we have volume. Also, people will pay the lower values as their credit report will be hurt.

About the defaults:

I would also like to note that the service today is far from perfect, but we believe it represents a major improvement on the rater manual procedures used on this forum, good payers are building good reputation profiles already.

One good thing that is already happening is the scammers are being casted out too, we had two cases of scammers trying to get other accounts verified with no luck.

Takes time to build an ecosystem, but it is being built.

We have several good payers and the majority of loans are being paid on time, that being said we think perhaps we should add more moderation on users and listings instead of just let the "system" regulate itself.
Wait, I thought you said (yesterday) that you weren't reporting defaults to the credit agencies?
Tulkas (OP)
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October 27, 2012, 01:11:09 AM
 #231

What happens when people start defaulting on these BTCJam loans?  I have seen quite a few on the site from known scammers on this site.  These loans will not be paid back.

Will a collection agency even accept a BTC debt for collections?  A collection agency will not bring a lawsuit for any amount under $5,000 US anyway so I don't understand how funds will be collected.

Will the owners of BTCJam call the police and tell them that someone stole your bitcoins?  What will the police do about it?  



About calling the police, etc, the collector agencies can and will pursue lower values when we have volume. Also, people will pay the lower values as their credit report will be hurt.

About the defaults:

I would also like to note that the service today is far from perfect, but we believe it represents a major improvement on the rater manual procedures used on this forum, good payers are building good reputation profiles already.

One good thing that is already happening is the scammers are being casted out too, we had two cases of scammers trying to get other accounts verified with no luck.

Takes time to build an ecosystem, but it is being built.

We have several good payers and the majority of loans are being paid on time, that being said we think perhaps we should add more moderation on users and listings instead of just let the "system" regulate itself.
Wait, I thought you said (yesterday) that you weren't reporting defaults to the credit agencies?

We will as soon as we can, I was talking about the feasibility.

BTCJAM - Peer to Peer Bitcoin Lending
https://btcjam.com
Shermo
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October 30, 2012, 08:59:45 AM
 #232

Its nice when you get the first payment from someone, removes a least a little bit of the doubt that you may never see your money again!
Lurk
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October 30, 2012, 07:19:43 PM
 #233

is the site down? i deposited some bitcoins to pay off 2 loans and make early payments on another.  I keep getting a message the were sorry something went wrong?
    thanks
Lurk
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October 30, 2012, 07:22:30 PM
 #234

why has my rating dropped from 8 to 4  i havent been late or defaulted on any loans....i am in perfect standing?  what did i do to deserve the drop?Huh
boonies4u
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October 30, 2012, 08:11:49 PM
 #235

why has my rating dropped from 8 to 4  i havent been late or defaulted on any loans....i am in perfect standing?  what did i do to deserve the drop?Huh

Tulkas said this was to lower the chances of a ponzi-chain forming with loans. IIRC
Lurk
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October 30, 2012, 08:24:23 PM
 #236

whats a ponzi chain
creativex
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October 30, 2012, 09:11:23 PM
 #237

http://en.wikipedia.org/wiki/Ponzi_scheme

Lurk
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October 30, 2012, 09:34:12 PM
 #238

hmm....im not offering a high rate   and the profits i make are going into paying back previous loans.  i have a few loans listed and only planned to activate one at a time when needed.  my goal is to have my loans paid   with enough extra in my account to cover 4 months repayment on a larger loan for a mining rig.
  I have an investor for USD right now  but he wants 50% of mining profits for the lifetime of the rig.

so once i repay these loans(which is what i was trying to do before all my error msgs) im trying to build up 4 months worth of repayments to cover the waiting period to recieve the rig.

i dont think what im doing is a ponzi....it may be unorthadox...but i wouldnt ruin my rep for a couple hundred dollers.

i hope they fix this soon.
ercolinux
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October 30, 2012, 11:43:21 PM
 #239

is the site down? i deposited some bitcoins to pay off 2 loans and make early payments on another.  I keep getting a message the were sorry something went wrong?
    thanks

Same error here when I try to see the list of payments

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Shermo
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October 31, 2012, 08:39:03 AM
 #240

It looks as though it drops the rating of people with outstanding loans, possibly to show that they are more of a risk than someone who currently owes nothing?
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