[ANN] BTCJam - Peer to Peer Bitcoin Lending

[anpzi]

I just got the same thing. Not looking good for Jam.

[billotronic]

lol... the plot thickens...

Hello Valued BTCjam Member,

You may have recently received an email from net-arb stating that BTCjam is issuing counterfeit arbitration awards. Please be assured that this is not true. Unfortunately, two months ago we abruptly discovered that Net-Arb had partnered with enforcemyarbitrationaward.com and began spamming our user base. As a result, BTCjam immediately terminated service with Net-Arb. We apologize for any concern that Net-Arb's announcement caused and cannot stress enough that their claims are false.

Our goal is to provide our members with industry-leading technology and services which is why we’re glad to announce that we will be using a new arbitration award provider The Dhami Law Firm. This transition process will be streamlined for both our investor and borrower members.

All loans whose default date is on or after February 1st, 2016 will be subjected to this change.

Keep in mind that the new arbitration timeline that has been effective since January 27th, 2016 looks like this:
1. Investor receives an email notifying them that the loan will be sent to arbitration in 14-days.
2. Borrower meets 90 days delinquency after first missed payment.
3. The arbitration award is then easily accessible via the investments page on the individual investment of the listing.

Thank you for being a part of the BTCjam community.
We appreciate your continued business.

[6strings]

What the crap does all this mean? Is btcjam about to go tits up? Not good. I have some btc invested there, and I also have a loan out there. If they go poof what happens to those loans? What about those dated before Feb? Can any arbitration on those loans be enforced? Confused.....

[cazkooo]

What the crap does all this mean? Is btcjam about to go tits up? Not good. I have some btc invested there, and I also have a loan out there. If they go poof what happens to those loans? What about those dated before Feb? Can any arbitration on those loans be enforced? Confused.....

One small advice, stay away from this site. Whatever arbitration methods that they will be using, the result will always the same and the site will still be a safehaven for all scammers.

According to the email, it seems everything before 1st of february will still be hold by net-arb which is quite confusing or they could always move everything with the new law firm

[Bourbon44]

What the crap does all this mean? Is btcjam about to go tits up? Not good. I have some btc invested there, and I also have a loan out there. If they go poof what happens to those loans? What about those dated before Feb? Can any arbitration on those loans be enforced? Confused.....

One small advice, stay away from this site. Whatever arbitration methods that they will be using, the result will always the same and the site will still be a safehaven for all scammers.

According to the email, it seems everything before 1st of february will still be hold by net-arb which is quite confusing or they could always move everything with the new law firm

Agree with the previous post. As related to this specific email exchange, who knows. Jam's email begs the question of why, if they terminated their relationship with net-arb two months ago, it only took them until the last few hours (to my knowledge) to make any formal announcement of the change. It kind of falls in line with their keeping quite on shutting off US borrowers. I did see folks come on some loans in (or going into) default and make offers for purchases on notes. That was almost certainly cutting into BTCJam's debt collections ability to scoop off notes on borrowers at a better price. This might have been what they were referring to by users "spamming." I'd call it creating a more competitive market for notes.

Anyway, that was pretty serious accusation net-arb publicly launched at Jam which would certainly negatively affect Jam's business reputation. Follow some of the crypto news outlets. Whether the accusation is with or without merit, I have no idea, I imagine we'll be hearing more about this in the near future.

[6strings]

Thanks for the replies folks.

Curious though. What would happen if btcjam ever went offline?
How would loans be handled at that point I wonder?

[Kanati]

I downloaded awards from BTCjam and dated after 1. February - so according to Net-Arb these are falsifications?

[Kanati]

I downloaded awards from BTCjam and dated after 1. February - so according to Net-Arb these are falsifications?

[btiAndy]

lol... the plot thickens...

Hello Valued BTCjam Member,

You may have recently received an email from net-arb stating that BTCjam is issuing counterfeit arbitration awards. Please be assured that this is not true. Unfortunately, two months ago we abruptly discovered that Net-Arb had partnered with enforcemyarbitrationaward.com and began spamming our user base. As a result, BTCjam immediately terminated service with Net-Arb. We apologize for any concern that Net-Arb's announcement caused and cannot stress enough that their claims are false.

Our goal is to provide our members with industry-leading technology and services which is why we’re glad to announce that we will be using a new arbitration award provider The Dhami Law Firm. This transition process will be streamlined for both our investor and borrower members.

All loans whose default date is on or after February 1st, 2016 will be subjected to this change.

Keep in mind that the new arbitration timeline that has been effective since January 27th, 2016 looks like this:
1. Investor receives an email notifying them that the loan will be sent to arbitration in 14-days.
2. Borrower meets 90 days delinquency after first missed payment.
3. The arbitration award is then easily accessible via the investments page on the individual investment of the listing.

Thank you for being a part of the BTCjam community.
We appreciate your continued business.

Has anyone had any experience with this change in the arbitration services by BTCJam? As usual I am hearing about it first here on bitcointalk as opposed to where I think it would be more appropriately sourced officially from the BTCJam admins themselves... After reading here I did confirm in the Jam T&C's that the arbitration services have been altered.

I looked up The Dhami Law Firm and if I am correct this law firm seems to specialize in helping debtors get out of debt...this seems to me not the most neutral of minded arbitration services when dealing exclusively with debt default issues...On their website they mention nothing about offering arbitration services, only that they help their clients get out of debt...another example I think of BTCJam not exactly looking after their investors!

[idaholic]

BTCJam.  What the hell.

I have sign up 3 months ago I did the Verified stuff. I am still waiting to get approved so I can get the loan that I need. I have been emailing them can get nothing at all.
I don't know what to do. 

I here all the time that BTCJam is the best way to get a loan. I am have a bad feeling about that.   

Is there anyone can help me with is. 

I have the same problem. But I received btcjam e-mail yesterday:

Hello there,
In order to have your documents and application reviewed, your credit score must be a C- or better. Your documents will remain in review until your score improves!

You can improve your credit score by connecting more accounts or requesting references from friends, family, or colleagues.

Requesting references? I dont have facebook, lol. And what should I do?

Maybe they are phasing out D-rated loans...currently there are 19 loans on offer and only one is a D and it is an older one. BTCJam has a tendency to implement  policy changes without any announcement...similar to withdrawing from the U.S. market without any official announcement.

I dont want a D-rate, but how can I receive a better rate, if BtcJam dont want to review my docs? Its absurd.

I meant that anyone with a credit rating of D or less may no longer be able to get qualified for a loan...if they wrote to you saying you need to raise your credit rating to a C- or better then it tells me that a D rating is no longer acceptable (just a guess). I know Tulkas responds here every now and then, maybe he can step in and help out with an answer.

I experience this also. I'm a newly registered member on the site and I got a D rating from the start. In order to increase my rating I uploaded all the documents needed so I can get a high score even connect accounts such as Paypal, Facebook and everything. After that I've created my loan application. However, after all I've done its still not enough (I'm currently on 50% profile completeness). I also received an email saying that I have to increase my rating to C- in order for my documents and application to be reviewed. So, I get back to my account again work on some other things such as requesting references and connecting other accounts but the sad thing is that from D rating it dropped down to D-, what the hell! How can I work my rating if you don't want to review my documents (ID, Proof of Billing, Proof of Income)? Come to think BTCJam. Does any staffs or upper management of the site active here? I just want an answer for this. Thanks!

[Prozak]

The same with me documents are processig all the time. When I will loan 100usd I need to get back 178

[owlcatz]

The same with me documents are processig all the time. When I will loan 100usd I need to get back 178

Why are you uploading docs to be a lender? What makes you think you will get such a high return from 100 USD anyhow, are you on drugs?

[btiAndy]

BTCJam.  What the hell.

I have sign up 3 months ago I did the Verified stuff. I am still waiting to get approved so I can get the loan that I need. I have been emailing them can get nothing at all.
I don't know what to do. 

I here all the time that BTCJam is the best way to get a loan. I am have a bad feeling about that.   

Is there anyone can help me with is. 

I have the same problem. But I received btcjam e-mail yesterday:

Hello there,
In order to have your documents and application reviewed, your credit score must be a C- or better. Your documents will remain in review until your score improves!

You can improve your credit score by connecting more accounts or requesting references from friends, family, or colleagues.

Requesting references? I dont have facebook, lol. And what should I do?

Maybe they are phasing out D-rated loans...currently there are 19 loans on offer and only one is a D and it is an older one. BTCJam has a tendency to implement  policy changes without any announcement...similar to withdrawing from the U.S. market without any official announcement.

I dont want a D-rate, but how can I receive a better rate, if BtcJam dont want to review my docs? Its absurd.

I meant that anyone with a credit rating of D or less may no longer be able to get qualified for a loan...if they wrote to you saying you need to raise your credit rating to a C- or better then it tells me that a D rating is no longer acceptable (just a guess). I know Tulkas responds here every now and then, maybe he can step in and help out with an answer.

I experience this also. I'm a newly registered member on the site and I got a D rating from the start. In order to increase my rating I uploaded all the documents needed so I can get a high score even connect accounts such as Paypal, Facebook and everything. After that I've created my loan application. However, after all I've done its still not enough (I'm currently on 50% profile completeness). I also received an email saying that I have to increase my rating to C- in order for my documents and application to be reviewed. So, I get back to my account again work on some other things such as requesting references and connecting other accounts but the sad thing is that from D rating it dropped down to D-, what the hell! How can I work my rating if you don't want to review my documents (ID, Proof of Billing, Proof of Income)? Come to think BTCJam. Does any staffs or upper management of the site active here? I just want an answer for this. Thanks!

It used to be the OP Tulkas (CEO of BTCJam) was on here from time-to-time and would provide some help, have not seen him for a while. Would be nice to hear something from them regarding all of the changes and problems with people getting qualified...I for one am glad when the process to qualify an applicant is a bit more thorough, there has been a rash of defaults here lately and it is getting frustrating.

[owlcatz]

Tulkas is a scammer too for letting his shitty site steal peoples coins.

[btiAndy]

Tulkas is a scammer too for letting his shitty site steal peoples coins.

His silence and lack of a response is pretty shitty I will agree...

[idaholic]

Okay, now they are reviewing my docs, but the docs that I have sent are not clear? I'm using an iPhone6 for God's sake! What images do you want? whew!

[btiAndy]

Okay, now they are reviewing my docs, but the docs that I have sent are not clear? I'm using an iPhone6 for God's sake! What images do you want? whew!

Wish you best of luck, there have been a high number of scammers recently hitting BTCJam so maybe they are being careful. If I were you I would give BTCPop a try, they have much better customer service at least...plus their Ardeva vetting system seems to be a bit smoother than Jams. They are busy right now with a lot of traffic migrating over from BTCJam but all-in-all it is better!

[idaholic]

Okay, now they are reviewing my docs, but the docs that I have sent are not clear? I'm using an iPhone6 for God's sake! What images do you want? whew!

Wish you best of luck, there have been a high number of scammers recently hitting BTCJam so maybe they are being careful. If I were you I would give BTCPop a try, they have much better customer service at least...plus their Ardeva vetting system seems to be a bit smoother than Jams. They are busy right now with a lot of traffic migrating over from BTCJam but all-in-all it is better!

I tried re-submitting it over the weekends so maybe later they will check out my documents, same w/ BTCPop, I just submitted my requirements over the weekends. Well its kinda frustrating as I have sent a scanned document (clear copy) and also a document using the camera of my iPhone6. I did double check my requirements and they told me that it should be clear? The copy of my documents are very clear, clear as the cleanest water in the world. So what the heck. I do hope that BTCPop (Ardeva) is not the same nor not that strick (when it comes w/ picture quality) just like BTCJam. But, I'm hoping BTCJam will approve my documents.

[CoinPro*]

Okay, now they are reviewing my docs, but the docs that I have sent are not clear? I'm using an iPhone6 for God's sake! What images do you want? whew!

Wish you best of luck, there have been a high number of scammers recently hitting BTCJam so maybe they are being careful. If I were you I would give BTCPop a try, they have much better customer service at least...plus their Ardeva vetting system seems to be a bit smoother than Jams. They are busy right now with a lot of traffic migrating over from BTCJam but all-in-all it is better!

I tried re-submitting it over the weekends so maybe later they will check out my documents, same w/ BTCPop, I just submitted my requirements over the weekends. Well its kinda frustrating as I have sent a scanned document (clear copy) and also a document using the camera of my iPhone6. I did double check my requirements and they told me that it should be clear? The copy of my documents are very clear, clear as the cleanest water in the world. So what the heck. I do hope that BTCPop (Ardeva) is not the same nor not that strick (when it comes w/ picture quality) just like BTCJam. But, I'm hoping BTCJam will approve my documents.

I am starting to notice a pattern of Jam not approving peoples documents for frivolous or cryptic reasons. Than, they do not give users any clear instructions on how to fix it, or exactly what they are looking for. They gave me the same run-around on my income verification, even though I submitted exactly what was requested on the list of approved documents. Tax documents, and bank statements. Major lending sites like ondeck and kabbage approved the exact same documents, so how they could not be good enough for jam is beyond me. There is obviously something else going on that they do not want to admit to, or they need to fire the person/team that is "verifying" certain documents.

You will have much better luck with btcpop, loanbase, or bitbond.

[pallas]

My NET ANNUALIZED RETURN is now even lower, -11.5%
That's really frustrating. It's like throwing money to the wind.