[ANN] BTCJam - Peer to Peer Bitcoin Lending

[owlcatz]

Tried BTCJam in 2014. I did selective loans and managed it well. I was scammed but my larger loans to more honest people had me leave with a small gains of $80ish. The risk and time involved made me infuriated, along with the other community I'm at GetHashing - https://forum.gethashing.com/t/btcjam-general-discussion/1040 (didn't last long and we abandoned it)

Took a break in 2015 to wait for promised upgrades soon™ to the system.

Tried BTCJam in 2016 and experimented with the autoinvest feature at the beginning of the year.
Stupid New-Years resolution to try larger risks. Talk about a beta feature 
I powered it with 1 BTC, left it to the experiment, and I'm quite thankful it wasn't for more.
I had it only on investing in A/B rating loans.
If I knew it was going to spread my bits by rating alone, with such a low amount, and over dozens of loans. I wouldn't of enabled it.
There's other details that make it quite silly to use but the biggest one is that now I'm forced to keep coming back to BTCJam until March 2017. That's when I will get my last payment... in theory.

Fuck this delusional feature. It feels like a false sense of security.
It led me to believe that I could set it and forget it.

I started the test in February 2016. The notice of BTCJam leaving the US was in March 2016 . BTCJam made no attempt to notify me  of this change by email and I didn't see it posted on the site. Its a recent change. I learned the hard way when I attempted to sell a loan slip on the market. I can't 

Now I get to guess who's going to pay me back and who isn't for the year.

International users I suggest you find a better platform even if you have the ability for arbitration still. The management team for BTCJam is not impressive and does not promote confidence in the risks that the userbase puts up front.
I also think that the US won't be the only country it pulls out of, the communication of this will hopefully reach the affected users properly in time to make more informed investment decisions.

Thank you pixelpowered, you only help confirm my belief that they are selective scammers, and I too will never be repaid my defunct loans because they locked me out (I'm in the USA) and now I can't change my BTC payout address - On the EXTREMELY RARE occasion one of the scammers may actually pay me back. 

Cheers,
Owlcatz

[ScottishSecurity]

Used them for x2 loans. Seems a good platfom, But I can see there is most likley scammers there attempting to get some free coins.
I also have lost some money investing in other's there but nothing more than I can afford to lose.

I think its a fantastic service and look forward to useing this instead of our local bank for loan's in future.

Thanks
ScottishSec

[abhishek.g]

The level of safety when there is a case of crowdfunding is low . I want to know who will be responsible for the losses if they occur all of a sudden ?

[alpesh102]

Is there someone here got response when email to support? I sent several times to email service but no response
so I just wanted to know if anyone experiencing the same thing or maybe my country entered the block list BTCjam
thanks to whoever answered 

Good luck on that site. It's built for scammers, and run by them as well.

But I see a lot of loans and active investor there  I was one of the investors there so I wonder whether this problem only occurs on me or also to other users. link you gave seems to be just someone who can not meet the account verification it does not answer my question mate 

same problem for me.....support system not reply me....

[Kanati]

Is there someone here got response when email to support? I sent several times to email service but no response
so I just wanted to know if anyone experiencing the same thing or maybe my country entered the block list BTCjam
thanks to whoever answered 

Good luck on that site. It's built for scammers, and run by them as well.

But I see a lot of loans and active investor there  I was one of the investors there so I wonder whether this problem only occurs on me or also to other users. link you gave seems to be just someone who can not meet the account verification it does not answer my question mate 

same problem for me.....support system not reply me....

Same problem here - when I send them reminder mails they just ignore them.

[owlcatz]

Is there someone here got response when email to support? I sent several times to email service but no response
so I just wanted to know if anyone experiencing the same thing or maybe my country entered the block list BTCjam
thanks to whoever answered 

Good luck on that site. It's built for scammers, and run by them as well.

But I see a lot of loans and active investor there  I was one of the investors there so I wonder whether this problem only occurs on me or also to other users. link you gave seems to be just someone who can not meet the account verification it does not answer my question mate 

same problem for me.....support system not reply me....

Same problem here - when I send them reminder mails they just ignore them.

it's called selective scamming. It's what they do.

[chixka000]

i am planning to invest some of my btc amount in btc jam but after reading some comments it makes me realize to think more about this service what do you think is it a bad idea to invest in btc jam right now? because i have seen them partnering one of the trusted  btc wallet in our country thats why i was encouraged to invest some amounts.

[owlcatz]

i am planning to invest some of my btc amount in btc jam but after reading some comments it makes me realize to think more about this service what do you think is it a bad idea to invest in btc jam right now? because i have seen them partnering one of the trusted  btc wallet in our country thats why i was encouraged to invest some amounts.

Just hodl your coins right now. The halvening is coming, and there is no telling what is going to happen, so you may lose more than you gain because the loans are based on btc price at time of lending, so whatever earnings you get or don't get are based on that set price at the time. bad idea, imo, not now anyhow. Plus, they selectively ignore customers with problems. Good luck.

[chixka000]

i am planning to invest some of my btc amount in btc jam but after reading some comments it makes me realize to think more about this service what do you think is it a bad idea to invest in btc jam right now? because i have seen them partnering one of the trusted  btc wallet in our country thats why i was encouraged to invest some amounts.

Just hodl your coins right now. The halvening is coming, and there is no telling what is going to happen, so you may lose more than you gain because the loans are based on btc price at time of lending, so whatever earnings you get or don't get are based on that set price at the time. bad idea, imo, not now anyhow. Plus, they selectively ignore customers with problems. Good luck.

Well thank you for the advice i hold on to that even if i have a very tiny amount of bitcoin
Right now . I guess i am just going to keep earning and hold it for now

[🏰 TradeFortress 🏰]

btcjam is dumb

lost half of my bitcoins with their "autoinvest"

their return estimates are fabricated

[P M]

btcjam has the most incompetent support ever!!!

could go on and on with telling why but i stick to one example:
i ve invested into a loan....the loan wasnt funded in time. so usually ou get reimbursement for the listing and the coins back to your account. so far so good. ive waited for days because the listing status was "processing"....i wrote support and asked when i will get the coins back...they answered: "it takes up to 30 min for transactions to appear and at least 3 confirmations bla bla and i need to check blockchain for my transaction" i was like "did you even read my mail...?"
so i explained it word by word like to a child...ok they tell me i need to wait because of the processing. my question about when i can expect the coins wasnt answered. anyway...at day 5 or so i had the message on the btcjam dashboard that ive been reimbursed for a listing that wasnt funded...i thought great, getting my coins back from the listing. checked the listing and it wasnt in status of processing anymore. but no coins arrived on my account...i checked the tranaction list of btcjam and there just is NO return from this listing. this was on june 16th!!!!!
im still waitng for the coins!

so i wrote btcjam support that i have this message about the reimbursement but no coins.....you wont believe they told me:
"it takes up to 30 min for transactions to appear and at least 3 confirmations bla bla and i need to check blockchain for my transaction"
yes really after a week of mailing they just answered like they did in the first mail...like nothing ever happened and ive not already been in communication about this issue. i was mad. its not about much coins its about the principle.

so i explained AGAIN what my problem is and that the coins just dont arrive at my balance/account. and why am i supposed to wait for weeks and still nothing. well then i commented question this on a listing...it was delated of coarse. not allowed to say anything bad about btcjam even if its tru they jut silence it and act like alll is good.

well now im still waiting on the coins and at some point when the transactions in the btcjam list increase it prob wont be able to proove or tell that im missing coins. they just streach it out til i stop asking. thats my opinion. im collecting coins and getting out of btcjam...i can only tell everyone not to join btcjam...terrible site and support. just a rip off!!!

may be my opinion and yes btcjam has alot of great users too so thats what is positive but all together with the new policy changes its Bullcrap

[owlcatz]

btcjam is dumb

lost half of my bitcoins with their "autoinvest"

their return estimates are fabricated

Good, karma is a bitch, eh? 

[darklus123]

i guess it would matter on your decision making because of course you have to study btc price first before you decide whether you will be investing some amounts or to hold on

[bapparabi]

i can say most of then the user are scammer an i invested in one user who need ti for cloud mining for 180 days and pay back using good interest ..but suddenly they gone out of it and not paying us .and btcjam don't have taken any action to stop this type of user ..so no sure it this site will be run in long run

[pallas]

I've invested using this site and I'm losing 10%. I've used autoinvest with low risk setting.
Draw your conclusions.

[Eric Mu]

Even fiat P2P lending service such as Lending Club is not surefire way to make money http://www.altfi.com/article/2081_lending_club_fund_hit_by_first_negative_month,
Given Bitcoin's notorious volatility, you have to consider how many ppl are willing to pay 400 dollars for the 200 dollars that they borrowed a month ago.

[Kanati]

Just posted this comment on all my defaulted loans with awards from Dhami Law Firm -

Lawyer Kevin Palley (enforcemyarbitrationaward.com) and I tried several times to ask Dhami Law Firm to verify my arbitration awards are authentic, but no one at Dhami Law Firm responds to e-mails or phone calls. Also unable to download awards for any defaulted loans where I have notes, and BTCjam support ignores my emails about the problem. If you're as p*ssed as I am about getting ripped off and ignored, then WRITE to BTCjam and ask them to get Dhami Law to authenticate our otherwise unenforcable arbitration awards, which are NOT digitally signed by Dhami Law Firm!

It looks like Dhami Law Firm is just as dodgy as BTCjam! 

[btiAndy]

It is time to start compiling all the problems and falsifications coming out of BTCJam into an organized file and submit a complaint to the appropriate  oversight authority...BTCJam is becoming as bad as the scammers who infest their site!

[btiAndy]

btcjam has the most incompetent support ever!!!

could go on and on with telling why but i stick to one example:
i ve invested into a loan....the loan wasnt funded in time. so usually ou get reimbursement for the listing and the coins back to your account. so far so good. ive waited for days because the listing status was "processing"....i wrote support and asked when i will get the coins back...they answered: "it takes up to 30 min for transactions to appear and at least 3 confirmations bla bla and i need to check blockchain for my transaction" i was like "did you even read my mail...?"
so i explained it word by word like to a child...ok they tell me i need to wait because of the processing. my question about when i can expect the coins wasnt answered. anyway...at day 5 or so i had the message on the btcjam dashboard that ive been reimbursed for a listing that wasnt funded...i thought great, getting my coins back from the listing. checked the listing and it wasnt in status of processing anymore. but no coins arrived on my account...i checked the tranaction list of btcjam and there just is NO return from this listing. this was on june 16th!!!!!
im still waitng for the coins!

so i wrote btcjam support that i have this message about the reimbursement but no coins.....you wont believe they told me:
"it takes up to 30 min for transactions to appear and at least 3 confirmations bla bla and i need to check blockchain for my transaction"
yes really after a week of mailing they just answered like they did in the first mail...like nothing ever happened and ive not already been in communication about this issue. i was mad. its not about much coins its about the principle.

so i explained AGAIN what my problem is and that the coins just dont arrive at my balance/account. and why am i supposed to wait for weeks and still nothing. well then i commented question this on a listing...it was delated of coarse. not allowed to say anything bad about btcjam even if its tru they jut silence it and act like alll is good.

well now im still waiting on the coins and at some point when the transactions in the btcjam list increase it prob wont be able to proove or tell that im missing coins. they just streach it out til i stop asking. thats my opinion. im collecting coins and getting out of btcjam...i can only tell everyone not to join btcjam...terrible site and support. just a rip off!!!

may be my opinion and yes btcjam has alot of great users too so thats what is positive but all together with the new policy changes its Bullcrap

@PM...I am pretty sure BTCJam took off with a fair amount of my Note sales which were not credited but because I cannot decipher their accounting statement it is like talking to a wall each and every time I submitted a claim. Because the Note sale disappears from the accounting it becomes as if you never owned the Note after the sale...even though I still receive new comments on those Notes which shows at one point I must have had a stake! After getting no help at all I finally decided it was not worth it anymore, these guys are turning slowly from fraudsters into pure criminals. 

[P M]

btcjam has the most incompetent support ever!!!

could go on and on with telling why but i stick to one example:
i ve invested into a loan....the loan wasnt funded in time. so usually ou get reimbursement for the listing and the coins back to your account. so far so good. ive waited for days because the listing status was "processing"....i wrote support and asked when i will get the coins back...they answered: "it takes up to 30 min for transactions to appear and at least 3 confirmations bla bla and i need to check blockchain for my transaction" i was like "did you even read my mail...?"
so i explained it word by word like to a child...ok they tell me i need to wait because of the processing. my question about when i can expect the coins wasnt answered. anyway...at day 5 or so i had the message on the btcjam dashboard that ive been reimbursed for a listing that wasnt funded...i thought great, getting my coins back from the listing. checked the listing and it wasnt in status of processing anymore. but no coins arrived on my account...i checked the tranaction list of btcjam and there just is NO return from this listing. this was on june 16th!!!!!
im still waitng for the coins!

so i wrote btcjam support that i have this message about the reimbursement but no coins.....you wont believe they told me:
"it takes up to 30 min for transactions to appear and at least 3 confirmations bla bla and i need to check blockchain for my transaction"
yes really after a week of mailing they just answered like they did in the first mail...like nothing ever happened and ive not already been in communication about this issue. i was mad. its not about much coins its about the principle.

so i explained AGAIN what my problem is and that the coins just dont arrive at my balance/account. and why am i supposed to wait for weeks and still nothing. well then i commented question this on a listing...it was delated of coarse. not allowed to say anything bad about btcjam even if its tru they jut silence it and act like alll is good.

well now im still waiting on the coins and at some point when the transactions in the btcjam list increase it prob wont be able to proove or tell that im missing coins. they just streach it out til i stop asking. thats my opinion. im collecting coins and getting out of btcjam...i can only tell everyone not to join btcjam...terrible site and support. just a rip off!!!

may be my opinion and yes btcjam has alot of great users too so thats what is positive but all together with the new policy changes its Bullcrap

@PM...I am pretty sure BTCJam took off with a fair amount of my Note sales which were not credited but because I cannot decipher their accounting statement it is like talking to a wall each and every time I submitted a claim. Because the Note sale disappears from the accounting it becomes as if you never owned the Note after the sale...even though I still receive new comments on those Notes which shows at one point I must have had a stake! After getting no help at all I finally decided it was not worth it anymore, these guys are turning slowly from fraudsters into pure criminals. 

yes i remember the problem...in some listing you commented about it. this is somehow exactly what im experiencing. "talking to a wall"
i may be still investing into 60days term loans now but im STILL collection all my payments and hope to leave btcjam very soon. rather making trades on kraken...
and yes they just wait untill you "finally decide its not worth it"...is a shame what they do!!!