[ANN] BTCJam - Peer to Peer Bitcoin Lending

[Vod]

There is a bug with the "Expires" on the loan detail page.

I was refreshing a loan and it went from "In under a minute" to "In 1 minute" to "In 2 minutes" etc etc...

[whathe12]

So I gave a loan to someone for 0.5 at 10% and I checked two days ago for my payment thing and it said I'm suppose to get 0.48 back and I just checked again today and it said I'm only suppose to get 0.45 back and I still haven't been paid.

Are the loans linked directly with the way the exchange market flows (USD, Euro, etc.) So if 0.5 is worth 115 one day and then 130 the next 0.45 would be 115 essentially still giving the loaner a decrease from the amount they loaned as the price of 0.5 increased.

TL;DR I just lost around $5 from a 0.5 loan to 0.45 repayment at 10%

EDIT: Nevermind this, I went over the listing again and found what I did wrong.

[Tulkas]

So I gave a loan to someone for 0.5 at 10% and I checked two days ago for my payment thing and it said I'm suppose to get 0.48 back and I just checked again today and it said I'm only suppose to get 0.45 back and I still haven't been paid.

Are the loans linked directly with the way the exchange market flows (USD, Euro, etc.) So if 0.5 is worth 115 one day and then 130 the next 0.45 would be 115 essentially still giving the loaner a decrease from the amount they loaned as the price of 0.5 increased.

TL;DR I just lost around $5 from a 0.5 loan to 0.45 repayment at 10%

The loans linked to MtGoxUSD/EUR/etc will follow the exchange rate with Bitcoin, so if bitcoin value increases the payout decrease but if bitcoin value decreases the payout will increase.

[boonies4u]

I have sent you a PM as well as an Email Tulkas. Even if "talks" are unavailable at the time, I would like a response.

[whathe12]

So basicly this almost had nothing to do with Bitcoin and all it has to do with is the exchange rate of a fiat currency.

When someone gives someone 0.5 BTC to someone else @ 5% for 15 days than they expect that interest back in BTC.  Not the equivalent of that BTC loaned + interest = latest exchange price of whatever currency that 0.5 BTC equaled to at the time of payment.

Also, where does it say you have the loans linked to Mt. GoxUSD as the price of the loan ANYWHERE besides the listing and payment?

Misunderstanding, as I have went over again the listing it goes by the borrower whom sets it whether or not to be tethered to Mt. goxUSD. I'll look out for that next time.

[pentix]

i really should have read this forum before investing.  with my current investments, i'm going to lose more money then i'm going to make.

[Tulkas]

i really should have read this forum before investing.  with my current investments, i'm going to lose more money then i'm going to make.

Pentix, the listings at BTCJam are not moderated, the nature of social lending sites is to let investors choose their portfolio.

We have plenty of good payers and users with good reputation, the majority of the loans are being repaid, but ultimately the borrower is responsible to repay the loan, as in every other P2P lending platform, fiat or not.

Current numbers:

loans: 1108
total payments: 3998
payments late: 955
fully repaid loans: 628

We have a repayment rate of 76.11%

[ercolinux]

i really should have read this forum before investing.  with my current investments, i'm going to lose more money then i'm going to make.

Pentix, the listings at BTCJam are not moderated, the nature of social lending sites is to let investors choose their portfolio.

We have plenty of good payers and users with good reputation, the majority of the loans are being repaid, but ultimately the borrower is responsible to repay the loan, as in every other P2P lending platform, fiat or not.

Current numbers:

loans: 1108
total payments: 3998
payments late: 955
fully repaid loans: 628

We have a repayment rate of 76.11%

It would be interesting to know the repayment rate in BTC instead of the number of payments done/expected: I think that numbers will be a little less nice since a lot of scammer fully repay 1BTC or less loan but stole tens of bitcoins.

[Tulkas]

It would be interesting to know the repayment rate in BTC instead of the number of payments done/expected: I think that numbers will be a little less nice since a lot of scammer fully repay 1BTC or less loan but stole tens of bitcoins.

all payments: BTC14685.97
payments late: BTC3485.84

Repayment rate in BTC: 76.26%

Stats page is underway....

Actually the defaults are more common with small loans.

[sal002]

I may be beating a dead horse, but BTC Jam's interest rate calcs look wrong (and fail to account for early payment of principal).  This is a spreadsheet based on a current loan of mine where I made early payments of principal.  It looks like I only have a little over two payments remaining, but in reality there are five more payments due.  Am I missing something?

Link to spreadsheet is here -> https://docs.google.com/file/d/0B-kNt2wTZXljdlJXbzNaYjJtUFk/edit?usp=sharing

[creativex]

i really should have read this forum before investing.  with my current investments, i'm going to lose more money then i'm going to make.

Pentix, the listings at BTCJam are not moderated, the nature of social lending sites is to let investors choose their portfolio.

We have plenty of good payers and users with good reputation, the majority of the loans are being repaid, but ultimately the borrower is responsible to repay the loan, as in every other P2P lending platform, fiat or not.

Current numbers:

loans: 1108
total payments: 3998
payments late: 955
fully repaid loans: 628

We have a repayment rate of 76.11%

Seems like the soaring exchange rate has encouraged many to "forget" to make payments. I'm done with unsecured loans.

Those are our current global numbers:

loans: 1016
total payments: 3833
payments late: 862
fully repaid loans: 584

We have a repayment rate of 77.51%

Despite the 4x price increase the repayment rate decreased only 0.5%.
Remember that many of the borrowers are also miners or work directly with BTC so the exchange price will not affect them.

Also, you always can invest on mtgoxusd/eur referenced loans.

That's a confirmed drop of the global repayment rate of 1.4% in ONLY NINE DAYS

URGENT: PLEASE STOP FUNDING UNSECURED BTCJAM LOANS. YOU WILL ALMOST SURELY LOSE YOUR COINS.

The people that are taking out these loans may or may not be intending to scam, but they cannot repay the loans if they have to convert fiat with the exchange rate going up multiple hundreds of percent.

[pentix]

did i miss something or was there a huge update to the site and no one said anything.  ie. notes got added.

[sal002]

I just noticed things seemed to be in different spots.  Can someone else run their loan thru an amortization calculator and make sure things were calced correctly (especially if you paid ahead of schedule)?

[Tulkas]

That's a confirmed drop of the global repayment rate of 1.4% in ONLY NINE DAYS

URGENT: PLEASE STOP FUNDING UNSECURED BTCJAM LOANS. YOU WILL ALMOST SURELY LOSE YOUR COINS.

The people that are taking out these loans may or may not be intending to scam, but they cannot repay the loans if they have to convert fiat with the exchange rate going up multiple hundreds of percent.

Perhaps one may think that at this all time high the best thing to do is to actually take out a loan and repay after a "probable" price correction.

This 20x increase in price is affecting older loans, our average loan has a very short term.

ps: In addition to secured loans you can also invest in mtgoxusd or mtgoxeur referenced loans.

[boonies4u]

ps: In addition to secured loans you can also invest in mtgoxusd or mtgoxeur referenced loans.

Good for them. I didn't have the option.

[tommychong]

ya that what i was thinking and its all buggy

[creativex]

That's a confirmed drop of the global repayment rate of 1.4% in ONLY NINE DAYS

URGENT: PLEASE STOP FUNDING UNSECURED BTCJAM LOANS. YOU WILL ALMOST SURELY LOSE YOUR COINS.

The people that are taking out these loans may or may not be intending to scam, but they cannot repay the loans if they have to convert fiat with the exchange rate going up multiple hundreds of percent.

Perhaps one may think that at this all time high the best thing to do is to actually take out a loan and repay after a "probable" price correction.

This 20x increase in price is affecting older loans, our average loan has a very short term.

ps: In addition to secured loans you can also invest in mtgoxusd or mtgoxeur referenced loans.

The warnings on your website are woefully insufficient. It may not occur to many lenders just how low the chances of being repaid has become with the exchange rate rising so sharply. The exchange rate is $235 as I type this, any predictions on how much further you project the global repayment rate to fall in the next two weeks if this remains the same or continues to rise?

[Tulkas]

That's a confirmed drop of the global repayment rate of 1.4% in ONLY NINE DAYS

URGENT: PLEASE STOP FUNDING UNSECURED BTCJAM LOANS. YOU WILL ALMOST SURELY LOSE YOUR COINS.

The people that are taking out these loans may or may not be intending to scam, but they cannot repay the loans if they have to convert fiat with the exchange rate going up multiple hundreds of percent.

Perhaps one may think that at this all time high the best thing to do is to actually take out a loan and repay after a "probable" price correction.

This 20x increase in price is affecting older loans, our average loan has a very short term.

ps: In addition to secured loans you can also invest in mtgoxusd or mtgoxeur referenced loans.

The warnings on your website are woefully insufficient. It may not occur to many lenders just how low the chances of being repaid has become with the exchange rate rising so sharply. The exchange rate is $235 as I type this, any predictions on how much further you project the global repayment rate to fall in the next two weeks if this remains the same or continues to rise?

Yes, I think a warning about price fluctuations is welcome. Will work on that.

[Tulkas]

ps: In addition to secured loans you can also invest in mtgoxusd or mtgoxeur referenced loans.

Good for them. I didn't have the option.

I'm implementing a voting system so the lenders will be able to agree (or not) with a change in loan terms.

We have also published a note trading platform, you can buy your debt back if the investor sells it to you for a price you can negotiate with him.

[creativex]

That's a confirmed drop of the global repayment rate of 1.4% in ONLY NINE DAYS

URGENT: PLEASE STOP FUNDING UNSECURED BTCJAM LOANS. YOU WILL ALMOST SURELY LOSE YOUR COINS.

The people that are taking out these loans may or may not be intending to scam, but they cannot repay the loans if they have to convert fiat with the exchange rate going up multiple hundreds of percent.

Perhaps one may think that at this all time high the best thing to do is to actually take out a loan and repay after a "probable" price correction.

This 20x increase in price is affecting older loans, our average loan has a very short term.

ps: In addition to secured loans you can also invest in mtgoxusd or mtgoxeur referenced loans.

The warnings on your website are woefully insufficient. It may not occur to many lenders just how low the chances of being repaid has become with the exchange rate rising so sharply. The exchange rate is $235 as I type this, any predictions on how much further you project the global repayment rate to fall in the next two weeks if this remains the same or continues to rise?

LMAO if you didn't realize that at $20 or even $15, then you deserve not to get paid. I like how new warnings need to be created as the price raises LOL

-1

Many lenders will fail to consider this. They will simply seek borrowers that seem honorable and those borrowers that are honorable or were honorable in the past will simply have no way whatsoever to repay their loans because they cannot earn or borrow enough fiat to repay their loans anymore. This situation would've been fine had BTC remained in the double digits, but at over $200 this will effect every borrower that lacks the ability to mine the coins needed to repay their debt...or borrow the coins from someone else to repay their btcjam loan.