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Question: Should we limit the number of active loans per user?
No. As long as he is paying.
Yes, max 1 active loan per user.
Yes, max 2 active loans per user.
Yes, max 3 active loans per user.
Yes, max 5 active loans per user.

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Author Topic: [ANN] BTCJam - Peer to Peer Bitcoin Lending  (Read 204914 times)
BTCJamSupport
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Support for the global P2P lending platform:BTCJam


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July 16, 2014, 10:30:11 PM
 #1141

Withdrawals aren't working and support is not responding...
What's going on?

BitcoinFlush, what is the service error you receive when withdrawing?

Registering and I am having issues getting the 2FA to register after scanning and typing in code - Have tried this 4-5 times

I checked my 2FA code on Bitstamp & Blockchain and went right in.



Are you using Google Authenticator? Try Authy
don8297
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July 24, 2014, 06:00:08 PM
 #1142

Has anyone had a problem withdrawing using the two factor authentication?
BobbyJo
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July 27, 2014, 06:22:26 PM
 #1143

I have started using this site several weeks ago and I am really interested in the concept of peer to peer lending, however I feel there is more that can be done to restrict or prevent scammers on the site.  I have several loans which looked good initially, but when funded, they opened up a number of additional loans and got them funded and never make payments on any of them.

I know this has been mentioned before, but why are users not restricted to 1 or max 2 concurrent loans on the site? 

Another solution would be to decrease the credit rating every time a loan is taken out and increases it when paid back.  I agree the subsequent loans should not be funded and anyone doing their due diligence doesn't do so, but when you initially invest, you have no way of knowing if someone will take out 10 extra loan as soon as the first one is funded.

zvs
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July 27, 2014, 09:44:55 PM
 #1144

So, is it wrong for me to think that user X out of Africa or user Y out of Croatia that created their eBay account one month ago, is just doing 'reputation' loans to build up to a worthwhile amount to run off with?

It's like a big ponzi, but since you can take out multiple loans, the first ones in even lose sometimes.

ed: I can't even ask for a loan, since apparently I'm supposed to photograph myself holding up my DL.  LOL, gmafb.  Any chump can do that, it doesn't mean they're legit.

https://btcjam.com/users/28002

Any day over most of those verified profiles
Ioqua
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July 29, 2014, 09:22:23 AM
 #1145

The credit rating is a load of crap when someone then goes and runs several other loan requests, no bank would allow this so why does BTCJam allow people to rack up several loans without repayment.

Then you have the rep ponzi which is a careful gamble of are they asking for too little to walk away with but that's countered by them then requesting more loans afterward.

The sites fees should go to an insurance pot for lenders much like FIAT sites like Zopa
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July 29, 2014, 10:39:19 AM
 #1146

where it remained BTC you've been saving for the change of the website?
I had saved something from 0.035 BTC. then it changed and now I have nothing...

kreeften
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July 29, 2014, 10:41:40 AM
 #1147

where it remained BTC you've been saving for the change of the website?
I had saved something from 0.035 BTC. then it changed and now I have nothing...
sorry wrong site
i look btcjams.com  Tongue

sedative
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July 31, 2014, 12:27:47 AM
 #1148

I created a new account with this service today.  When I tried to add a withdrawal address it told me to check my email for confirmation, but the email never came, and not to spam folder either.  I use Gmail.

I emailed Support but they have not replied to me.
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July 31, 2014, 09:51:25 PM
 #1149

today all users problems with notifications by e-mail Undecided ... look forward to when correct I do not think it will take a long time.  Roll Eyes
tuanvie
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August 02, 2014, 01:12:18 PM
 #1150

how to complete the process " Identity verified 50%" ?

.
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BTCJamSupport
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August 04, 2014, 07:01:13 PM
 #1151

I created a new account with this service today.  When I tried to add a withdrawal address it told me to check my email for confirmation, but the email never came, and not to spam folder either.  I use Gmail.

I emailed Support but they have not replied to me.

Hi Sedative, e-mails were taking a bit longer. Thank you for your patience.

how to complete the process " Identity verified 50%" ?

Identity 50% verified means that you have verified your ID but you still need to have your proof of address verified in order to get 100%.
Joe200
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August 07, 2014, 01:17:16 PM
 #1152

How does BTCJam calculate interest rates?

Here is a listing: https://btcjam.com/listings/18155 . B 0.2 @ 7%. Weekly payments of B 0.04878, 30 days. 5 payments -- that's not stated in the listing -- wish BTCJam would tell you the number of payments.

In the end, you get back 0.04878 * 5 = 0.2439. The return is 0.2439 / 0.2 = 21.95%. How do they get 7%?

I sortof understand how they calculate the APR. It's without compounding, which is reasonable, but I wish they would explain that. 21.95% * 365/30 = 267.06%. They give it as 267.00%. Where did the 0.06% go?

adaryian
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August 10, 2014, 05:32:28 PM
 #1153

I'm having difficulties logging in, and resetting my password the emails aren't coming through to reset the password even.  Can you update me/us on this issue, is anyone else experiencing this or is this just me?


                  ,'+██':                 
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                `'████████,               
thy
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August 10, 2014, 05:43:48 PM
 #1154

How does BTCJam calculate interest rates?

Here is a listing: https://btcjam.com/listings/18155 . B 0.2 @ 7%. Weekly payments of B 0.04878, 30 days. 5 payments -- that's not stated in the listing -- wish BTCJam would tell you the number of payments.

In the end, you get back 0.04878 * 5 = 0.2439. The return is 0.2439 / 0.2 = 21.95%. How do they get 7%?

I sortof understand how they calculate the APR. It's without compounding, which is reasonable, but I wish they would explain that. 21.95% * 365/30 = 267.06%. They give it as 267.00%. Where did the 0.06% go?


The avg time your money is lend out is 3 weeks and the interest is per period(weekly), is in this case 7% so the total interest should be about 3*7= 21%, the reason its not exactly 21% is because each weekly repayment is made to be equal size and not the first repayments bigger and the last smaller.

The standard way of calculating the APR(non compounded yearly interest) value you would get if you took 7%*52(weeks) , that would become 364%(or rather 365% if you want the exact value as its 365 days in a year not 364) APR rate on the loan you mention, BTCjam calculates it slightly different so all loans except those that is 7days/weekly payment or 30 days/monthly payment will get APRvalues thats different than the standard way its calculated.


And to BTCjam support, there is some problem on your site at the moment. it has not been working to login for a while now like i mentioned in the mail i send you.

U.K.-BTC
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August 10, 2014, 06:11:09 PM
 #1155

Hey adaryian

your message  Difficulties logging in BTCjam.com:

I'm having the same difficulties since 2 hours and 40 minutes.

- Try to login:  failed password (i check everything, also capslook, other browser etc.)
- Try to „forgot password“:  failed because until now no e-mail received.
- Try to login by faceb..k-login:  yeah, it works. So I am in the account, BTC’s here, ok
- My 2-Phase verification is still active for every possibility, so I can easy wait without support contact.

… Since 20 minutes:  BTCjam.com completely down form me   Huh


My name @ BTCjam:  SwissMike
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August 10, 2014, 06:26:14 PM
 #1156

I can't login my self
RealMalatesta
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August 10, 2014, 06:50:56 PM
 #1157

I can't login my self

You are not the only one.  BTCJam claims that there is only a log-in problem. However, more and more users report that they were able to log in through Facebook, but all their Bitcoins have been withdrawn.
U.K.-BTC
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August 10, 2014, 06:58:08 PM
 #1158

Hey RealMalatesta

What do you say "but all their Bitcoins have been withdrawn" ?  Are you in contact with the support or with other users?

About 50 minutes ago I was in my account, the Bitcoin from my ballance were present. No missing Bitcoin at my account. I use 2-Phase autorisation for everything.


RealMalatesta please write in detail what you know, rather than just spread fear...  Wink

SwissMike
adaryian
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August 10, 2014, 07:13:39 PM
 #1159

Hey RealMalatesta

What do you say "but all their Bitcoins have been withdrawn" ?  Are you in contact with the support or with other users?

About 50 minutes ago I was in my account, the Bitcoin from my ballance were present. No missing Bitcoin at my account. I use 2-Phase autorisation for everything.


RealMalatesta please write in detail what you know, rather than just spread fear...  Wink

SwissMike


Well what worries me is this:

http://www.cryptocoinsnews.com/news/btc-stolen-btcjam-ongoing-heist/2014/04/08


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             .███████████████;             
                `'████████,               
U.K.-BTC
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August 10, 2014, 07:20:47 PM
 #1160


Thanks adaryian for info, this is new for me. I will read kindly. It seems to be an old story, as I confirmed, my Bitcoin are ok at my last login.

RealMatesta, any other news or source?

SwissMike
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