[ANN] BTCJam - Peer to Peer Bitcoin Lending

[Monster Tent]

You should start offering margin lending.

[zx9r]

I can see in the btcjam loan listings the amount, the interest rate and the days to make the payment back. But what I cant see is for how long is the interest rate. I mean, if the interest rate is 1%, is it a 1% weekly, monthly, yearly... ? I've searched hole the web but didn't find nothing.

[zx9r]

I can see in the btcjam loan listings the amount, the interest rate and the days to make the payment back. But what I cant see is for how long is the interest rate. I mean, if the interest rate is 1%, is it a 1% weekly, monthly, yearly... ? I've searched hole the web but didn't find nothing.

You look at when they make the payments back so if the payments are every 7 days, then you know it is a weekly interest rate, if they make it every 1st of the month then it is monthly and so on...

I dont get how to do the math.

Lets take a real example:

Amount       Rate   Payment                                     Term
฿30.00000  2.0%  ฿5.35577 every 1st of the month  180 days


So... here it is a 2.0% monthly:

2% of ฿30 = ฿0.6 monthly
Total interest to pay = ฿0.6 * 6 months (180 days) = ฿3.6
Total amount to return = ฿30 +฿3.6 = ฿33.6


But if ฿5.35577 are paid each month: ฿5.35577 * 6 = ฿32.13462


Where is the difference between ฿33.6 and ฿32.13462 ?

[zx9r]

I thought it might be a btcjam fee but I was also unable to find such info in the btcjam site. I suggest to include a FAQ or something with that kind of details.

[Tulkas]

I can see in the btcjam loan listings the amount, the interest rate and the days to make the payment back. But what I cant see is for how long is the interest rate. I mean, if the interest rate is 1%, is it a 1% weekly, monthly, yearly... ? I've searched hole the web but didn't find nothing.

You look at when they make the payments back so if the payments are every 7 days, then you know it is a weekly interest rate, if they make it every 1st of the month then it is monthly and so on...

I dont get how to do the math.

Lets take a real example:

Amount       Rate   Payment                                     Term
฿30.00000  2.0%  ฿5.35577 every 1st of the month  180 days


So... here it is a 2.0% monthly:

2% of ฿30 = ฿0.6 monthly
Total interest to pay = ฿0.6 * 6 months (180 days) = ฿3.6
Total amount to return = ฿30 +฿3.6 = ฿33.6

But if ฿5.35577 are paid each month: ฿5.35577 * 6 = ฿32.13462

Where is the difference between ฿33.6 and ฿32.13462 ?

The interest is not calculated that way. The outstanding amount is used to calculate the interest.
You can play with the loan calculator here: https://btcjam.com/listings/new

There is also a wikipedia link with the formula used.

The fees are here: https://btcjam.com/borrow/rates_and_fees

FAQ is underway.

[RandomQ]

It would be nice to see the USD amount a MtGoxUSD loan is pegged at

Because I'm unsure when the loan is pegged to withdraw of BTC from account or acceptance of loan

And to what MtGoxUSD its pegged 24HR Average or Last?


It appears to be working correctly on the Payment amount 

[Tulkas]

It would be nice to see the USD amount a MtGoxUSD loan is pegged at

Because I'm unsure when the loan is pegged to withdraw of BTC from account or acceptance of loan

And to what MtGoxUSD its pegged 24HR Average or Last?


It appears to be working correctly on the Payment amount 

Last (updated every 7 minutes).

[whathe12]

Small bug - I keep on trying to log in with my PayPal account but it always makes my page go back to the dashboard even after I log in with the account and verify to use it and when I try to make a loan it always says I still haven't verified my PayPal account even when I just did.

[pandalion98]

Any one could help accuse hi for his default an have him paid us bakc.
158AjGBzinRVpgoZw27fWBdRRom8JsoTu8

 @specopkirbs UK- match, image-match https://t.co/hJUHA0dWZ2 , do poker- https://t.co/4rWHtuW0Or -yes

He have been owin for long

[RandomQ]

Can you take a look at my credit rating, when I added my driver license my rating dropped 6 points instead of going up 2 points

[Tulkas]

Can you take a look at my credit rating, when I added my driver license my rating dropped 6 points instead of going up 2 points

Your credit rating also takes into account the current open credit lines and the repayments already made.

[LoweryCBS]

Tulkas: One nice feature would be the ability to browse just the listings I've followed.

Can you take a look at my credit rating, when I added my driver license my rating dropped 6 points instead of going up 2 points

Your credit rating also takes into account the current open credit lines and the repayments already made.

[gappie]

Is it possible to see the number of outstanding payments on a loan?

[Newar]

I have not read the whole thread, so sorry if this was asked before:

On the "user" page is it possible to have BTCtalk nicks, OTC and ebay nicks clickable to their respective profile / ratings page?

[Newar]

(How) Can I retract my investment during the funding period, if something suddenly smells fishy?


Why does everyone rate +/-10? An approach similar to the BTC-OTC system would be more sensible methinks: http://wiki.bitcoin-otc.com/wiki/OTC_Rating_System#Rating_guidelines
Maybe this could be forced, as in: If I have invested / borrowed one loan with a user, I get to vote +/- 1. Once I have invested / borrowed with a user twice, I get to vote +/-2. Etc.

[Snipes777]

(How) Can I retract my investment during the funding period, if something suddenly smells fishy?


Why does everyone rate +/-10? An approach similar to the BTC-OTC system would be more sensible methinks: http://wiki.bitcoin-otc.com/wiki/OTC_Rating_System#Rating_guidelines
Maybe this could be forced, as in: If I have invested / borrowed one loan with a user, I get to vote +/- 1. Once I have invested / borrowed with a user twice, I get to vote +/-2. Etc.

I do agree that many people appear to use the rating system who donnot understand it. However, I would not force a limit. If I do 10 deals for .01BTC each, then I trust them far less that 1 deal for 1000BTC.

There also are people on the site who I personally know and would trust with my life, even if I only have loaned money once or twice- even for small amounts.

I think there just needs to be a description of how the rating system works within the rating page. Something like:

-10 - Scammer
-1 - Seems Shady to me
+1 - One good transaction
+3 - Couple good transactions
+5 - Very trustworthy
+10 - Would bet life on them repaying

Obviously I exaggerated, but if this "chart" was on the rating page, people will tend to rate where they think the person fits on the chart, rather than just giving +10 in the hope of getting +10 in return.

[Smoovious]

(How) Can I retract my investment during the funding period, if something suddenly smells fishy?


Why does everyone rate +/-10? An approach similar to the BTC-OTC system would be more sensible methinks: http://wiki.bitcoin-otc.com/wiki/OTC_Rating_System#Rating_guidelines
Maybe this could be forced, as in: If I have invested / borrowed one loan with a user, I get to vote +/- 1. Once I have invested / borrowed with a user twice, I get to vote +/-2. Etc.

I do agree that many people appear to use the rating system who donnot understand it. However, I would not force a limit. If I do 10 deals for .01BTC each, then I trust them far less that 1 deal for 1000BTC.

There also are people on the site who I personally know and would trust with my life, even if I only have loaned money once or twice- even for small amounts.

I think there just needs to be a description of how the rating system works within the rating page. Something like:

-10 - Scammer
-1 - Seems Shady to me
+1 - One good transaction
+3 - Couple good transactions
+5 - Very trustworthy
+10 - Would bet life on them repaying

Obviously I exaggerated, but if this "chart" was on the rating page, people will tend to rate where they think the person fits on the chart, rather than just giving +10 in the hope of getting +10 in return.

Blame certain social media sites, where the userbase considers you rating one of their pics a +9, an insult and that you must be a hater, and needs to be banned... (never went back)

-- Smoov

[Snipes777]

Something I have been wondering is why not all of the people I have interactions with are showing up to rate. There are people who are late (through fault of the payment scheduling system, not of their fault) who I am waiting to rate and people who paid back, but were late so I opted to not rate. Why are all the people who I have interacted with not showing up? There are new loans I have had with people who I want to be able to rate, but I cannot as they do not appear in my list of options.

[SpaceJelly]

Something I have been wondering is why not all of the people I have interactions with are showing up to rate. There are people who are late (through fault of the payment scheduling system, not of their fault) who I am waiting to rate and people who paid back, but were late so I opted to not rate. Why are all the people who I have interacted with not showing up? There are new loans I have had with people who I want to be able to rate, but I cannot as they do not appear in my list of options.

Snap. I also see the same. It does seem to be people that I've lent out a few satoshis though. Larger amounts seem to be ok, so I guess there may be a threshold for the ratings?

[Tulkas]

Something I have been wondering is why not all of the people I have interactions with are showing up to rate. There are people who are late (through fault of the payment scheduling system, not of their fault) who I am waiting to rate and people who paid back, but were late so I opted to not rate. Why are all the people who I have interacted with not showing up? There are new loans I have had with people who I want to be able to rate, but I cannot as they do not appear in my list of options.

Snap. I also see the same. It does seem to be people that I've lent out a few satoshis though. Larger amounts seem to be ok, so I guess there may be a threshold for the ratings?

Yes, people were investing satoshis just to beg for ratings later.