[ANN] BTCJam - Peer to Peer Bitcoin Lending

[ThaddeusB]

LOL.  You have nothing currently invested and cut off the amount paid back (probably because you invested like 1 coin ever), yet you spend endless time here promoting the site, talking about how awesome you are at lending, and calling everyone else a fool?!  Thanks for proving what everyone already knew - you are a douchebag full of nothing but hot air.

First off currently I invested in a loan, that is below 70% so obviously that will not show up in the pending amount. Second why should I show you how much I make, I don't want you to get upset when you see the number. But I can say it a lot more than 1 coin, probably more than you have seen in your wallet. You can call me whatever you want, I think it is a great site, and I think some people here, are jealous of how others can use the site and make good money. Also just a third off topic comment for you, even if I did show you how much I made off the site, you be jealous, but there are like 3 people that I met off that site and they keep coming back and they pay very well for the loan of my money, so yeah I don't even need to use the site, I could live off those 3 lendees.

Amazing how other people want to keep my books for me, maybe I can hire ThaddeusB to be my book keeper I may need one soon.

Also just another aside, I am currently working on site and soon will be launching that so yeah, my time is kinda taken up.

I couldn't care less about how much (i.e. little) you've made on BTCJam, but if you want to brag about how awesome you are, you should be willing to back it up.  Obviously you won't because you can't, but hey keep stroking yourself if you like.  Fact is you are nothing special - just one of a million internet "geniuses" who are all talk and posturing.

[ThaddeusB]

I couldn't care less about how much (i.e. little) you've made on BTCJam, but if you want to brag about how awesome you are, you should be willing to back it up.  Obviously you won't because you can't, but hey keep stroking yourself if you like.  Fact is you are nothing special - just one of a million internet "geniuses" who are all talk and posturing.

It was obviously a big deal to you since you decided to post about how I posted a picture of what my account pass due and account pending investments and you were all up in arms about that I didn't show the account investment balance. So you do care LOL it is ok your just mad.

Nope, as usual your "logic" is highly flawed.  Reality is, that I just don't like a bullshitter or a better-than-thou troll and you sir are grade A in both categories.  I will continue to call out your nonsense as long as you feel the need to attact anyone and everyone who has a negative experience with BTCJam.

P.S. I wouldn't even be surprised to learn that A) you have invested a total of 0 coins ever; or B) you actually have lost funds and took the screen shot from your borrowed funds list.

[Charles Bass]

Since the BTC value ist raising, its whoreable on BTCJam.
The most loans are default, so its very bad for the reputation of BTCJam.
if you doesnt work against this nobody will lend on btcjam, because there are no consequences if you scam...

best wishes the angry Chuck

[Tulkas]

I would consider using BTCJam again if it was possible for potential lenders to submit a request for the users docs which would need to be accepted by the lendee. I also think it needs a PM system.

I agree.  I have been lending BTC for a long time and have only had a few bad loans in all of my time lending.  

I have my own methods of weeding out the scammers but since I cannot see the docs I cannot apply them all.

BTCJam would be a lot more useful if lenders could take a look at the documents before making a loan.

Perhaps "large" lenders with "high" reputation could get access to all docs when the loan is "large" - where all the terms in quotes would need to be well defined.

As it stands I only do very small loans on BTCJam mostly just to try out the system and still do most of my lending through the forum and its PM system where I can request and get all docs before I make a loan.

I've sent you a PM.

[Tulkas]

Since the BTC value ist raising, its whoreable on BTCJam.
The most loans are default, so its very bad for the reputation of BTCJam.
if you doesnt work against this nobody will lend on btcjam, because there are no consequences if you scam...

best wishes the angry Chuck

This is the current data on the site:

Loans: 511
Total payments: 2390
Payments late: 540
Fully repaid loans: 272

Repayment rate: 77.4%

[Tulkas]

ZOMG SHOOP!

I agree with what your saying, there is a skill in picking out the non-scammers. the total I have been scammed for is <0.5BTC (those loans were mainly "for the lulz"). I had around 80BTC invested in the site at one point. The only thing I don't like about BTCJam is the lack of comeback against scammers as they will not release the docs, which is why I've decided to stop using it.

Thank goodness I haven't started investing yet.

John,

The lender cannot have the documents, this is illegal, BTCJAM can't handle they to you and even if you decide to lend on the forums, every time you ask for documents in order to lend money to U.S., U.K or Russian (and many other) citizens you are breaking the law!

It's illegal in all the above countries (plus 140 more) to conduct this kind of non anonymous, non arbitrated lending activities. After all, what you intend to do with the documents?? Go after the borrowers and do what? It's illegal to lend anything in this fashion, let alone contact the person asking for payments.

The purpose of the identity verification is to create an ecosystem of trusted peers, this is already happening. We are also working to get a collection procedure in place, this is being made in a legal fashion, backed by international laws.

Do not do it by yourself, you cannot go after the borrower because lending money directly to another person in this fashion is illegal to begin with, our system is a safer and legal way to do that.

[cosmicone]

Since the BTC value ist raising, its whoreable on BTCJam.
The most loans are default, so its very bad for the reputation of BTCJam.
if you doesnt work against this nobody will lend on btcjam, because there are no consequences if you scam...

best wishes the angry Chuck

This is the current data on the site:

Loans: 511
Total payments: 2390
Payments late: 540
Fully repaid loans: 272

Repayment rate: 77.4%

23% seems quite high, and also showing the number of payments is somewhat irrelevant, it's the value that matters.
Also, it shows from your numbers that 53% of the loans are currently not paid in full... which doesn't mean they won't be, they could be open, they could be awaiting funding, it's impossible to tell from the numbers above.

I think that knowing how many loans and the values would make more sense, so for example:

User1 could do three 1BTC 'trust' loans and pay them off. So we're 3+

Then they open 1 12BTC loan now that they have 100% rep, and default.  So now we're 9-

Even though the average would be 75% of loans repaid on time, the system as a whole is in the tank.

So what is the value in BTC for the fully repaid loans vs. the late payments? 

[Tulkas]

This is the current data on the site:

Loans: 511
Total payments: 2390
Payments late: 540
Fully repaid loans: 272

Repayment rate: 77.4%

So what is the value in BTC for the fully repaid loans vs. the late payments? 

I'm glad you asked, the repayment rate in BTC is higher.

This is good because it demonstrates exactly why the service is so useful. Trusted members tend to receive more money, and they pay back.


Loans: BTC 8081.83
Total payments: BTC 9527.39
Payments late: BTC 2065.20
Fully repaid loans: 272

Repayment rate: 78.32%

[Rassah]

First off currently I invested in a loan, that is below 70% so obviously that will not show up in the pending amount. Second why should I show you how much I make, I don't want you to get upset when you see the number. But I can say it a lot more than 1 coin...

So... 2 coins?

Yep. 2 coins. A lot more than 1. I'm very jealous!  

[cosmicone]

This is the current data on the site:

Loans: 511
Total payments: 2390
Payments late: 540
Fully repaid loans: 272

Repayment rate: 77.4%

So what is the value in BTC for the fully repaid loans vs. the late payments? 

I'm glad you asked, the repayment rate in BTC is higher.

This is good because it demonstrates exactly why the service is so useful. Trusted members tend to receive more money, and they pay back.


Loans: BTC 8081.83
Total payments: BTC 9527.39
Payments late: BTC 2065.20
Fully repaid loans: 272

Repayment rate: 78.32%

So the rate of BTC lost to delinquents is actually more like 25.71%.   2065.20 of 8081.83 in total loans has not been paid back.  So it is a significant rate of non-payment, or $41,300(USD) give or take.

Now if that 2065 includes the interest as well, then yes you would be more like 78.3% .. which in itself is not impressive.

[smracer]

There needs to be a better way to weed out scammers on BTCJAM.  It seems every other listing is a scam and many of the loans appear to be from the same people.

[Tulkas]

So the rate of BTC lost to delinquents is actually more like 25.71%.   2065.20 of 8081.83 in total loans has not been paid back.  So it is a significant rate of non-payment, or $41,300(USD) give or take.

Now if that 2065 includes the interest as well, then yes you would be more like 78.3% .. which in itself is not impressive.

No, the repayment rate is 78.3%, as the time passes the defaults will add up but so will the payments.

We are working towards improvement, the early Prosper repayment rate (first two years) was bellow 60%.

 

[Tulkas]

There needs to be a better way to weed out scammers on BTCJAM.  It seems every other listing is a scam and many of the loans appear to be from the same people.

Yes, we are currently implementing two additional (and much safer) identity verification procedures and a disputes forum. more news soon.

[cosmicone]

So the rate of BTC lost to delinquents is actually more like 25.71%.   2065.20 of 8081.83 in total loans has not been paid back.  So it is a significant rate of non-payment, or $41,300(USD) give or take.

Now if that 2065 includes the interest as well, then yes you would be more like 78.3% .. which in itself is not impressive.

No, the repayment rate is 78.3%, as the time passes the defaults will add up but so will the payments.

We are working towards improvement, the early Prosper repayment rate (first two years) was bellow 60%.

 

Cover that 21% of loss, and I bet the improvements will come a lot faster.  At this point, you put 100% of the risk on the lender, with absolutely no risk to the site, or borrower.  The borrower can default, open a new account... the site never loses, as you could just say we have scammy borrowers (at a rate of 20-some-odd percent).

I'm sure there are good borrowers on the site, but currently there are too many deadbeats.

Not that I ever had much BTC on your site, I think 4BTC at the most, which I considered would be a gamble anyway, but I think you'll scare off new investors, or not keep investors for very long with the high rate of non-payments.

These are just my opinion.

[Tulkas]

Cover that 21% of loss, and I bet the improvements will come a lot faster.  At this point, you put 100% of the risk on the lender, with absolutely no risk to the site, or borrower.  The borrower can default, open a new account... the site never loses, as you could just say we have scammy borrowers (at a rate of 20-some-odd percent).

I'm sure there are good borrowers on the site, but currently there are too many deadbeats.

Not that I ever had much BTC on your site, I think 4BTC at the most, which I considered would be a gamble anyway, but I think you'll scare off new investors, or not keep investors for very long with the high rate of non-payments.

These are just my opinion.

The borrower defaults and then can't open another verified account. The improvements are underway.

[cosmicone]

Cover that 21% of loss, and I bet the improvements will come a lot faster.  At this point, you put 100% of the risk on the lender, with absolutely no risk to the site, or borrower.  The borrower can default, open a new account... the site never loses, as you could just say we have scammy borrowers (at a rate of 20-some-odd percent).

I'm sure there are good borrowers on the site, but currently there are too many deadbeats.

Not that I ever had much BTC on your site, I think 4BTC at the most, which I considered would be a gamble anyway, but I think you'll scare off new investors, or not keep investors for very long with the high rate of non-payments.

These are just my opinion.

The borrower defaults and then can't open another verified account. The improvements are underway.

Since Facebook, phone and Linkedin are all automated, there is nothing stopping them from opening another account under another alias....  As long as they can pass those tests... and there are no penalties to them even if they do default, as no one can know their details.

I'm glad you're doing more to make the system safer for lenders... 

[LoweryCBS]

Did I hear someone say "Put-up or Shut-up"?

I couldn't care less about how much (i.e. little) you've made on BTCJam, but if you want to brag about how awesome you are, you should be willing to back it up.  Obviously you won't because you can't, but hey keep stroking yourself if you like.  Fact is you are nothing special - just one of a million internet "geniuses" who are all talk and posturing.

It was obviously a big deal to you since you decided to post about how I posted a picture of what my account pass due and account pending investments and you were all up in arms about that I didn't show the account investment balance. So you do care LOL it is ok your just mad.

Nope, as usual your "logic" is highly flawed.  Reality is, that I just don't like a bullshitter or a better-than-thou troll and you sir are grade A in both categories.  I will continue to call out your nonsense as long as you feel the need to attact anyone and everyone who has a negative experience with BTCJam.

P.S. I wouldn't even be surprised to learn that A) you have invested a total of 0 coins ever; or B) you actually have lost funds and took the screen shot from your borrowed funds list.

[gweedo]

LOL you shut up a lot of people, since everyone thought I was the only one that makes money on this site, but see smart people know how to invest there money and rake it in.

Did I hear someone say "Put-up or Shut-up"?

[cosmicone]

LOL you shut up a lot of people, since everyone thought I was the only one that makes money on this site, but see smart people know how to invest there money and rake it in.

Doesn't show that he has made a cent. All it shows is that he has 177BTC as a liability, which could at some point become overdue.  The 222 paid, could have been the same 1BTC lend out and paid back over and over again *however I doubt it is.

Looking at this screen, the alias has not been shown... I suspect it's someone who has loaned a lot of money on one or two large loans... but again, hard to say with that little bit of information.

[gweedo]

LOL you shut up a lot of people, since everyone thought I was the only one that makes money on this site, but see smart people know how to invest there money and rake it in.

Doesn't show that he has made a cent. All it shows is that he has 177BTC as a liability, which could at some point become overdue.  The 222 paid, could have been the same 1BTC lend out and paid back over and over again *however I doubt it is.

Looking at this screen, the alias has not been shown... I suspect it's someone who has loaned a lot of money on one or two large loans... but again, hard to say with that little bit of information.

It is really ok, that your jealous that we can pick loans and you can't with your little 4 btcs. Just own it and move on to something else cause your trolling yet it aint working LOL