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Author Topic: about BTCJAM  (Read 1778 times)
frodoe7
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July 18, 2015, 11:26:37 PM
 #1

is BTCJAM.com safe enough to invest there ?
how BTCJAM Ensure that the borrowers will return the borrowed money ?

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Blazed
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July 19, 2015, 12:29:48 AM
 #2

Not recommended at all...default rates are high.
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July 19, 2015, 12:49:03 AM
 #3

Not recommended at all...default rates are high.

exactly this, people can get as many fake "references" to make themselves look trustable, but the default rate is definitely over 50%. ive put a few dollars into 2 loans there, both defaulted.

theres nothing here. message me if you want to put something here.
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July 19, 2015, 07:10:50 AM
 #4

is BTCJAM.com safe enough to invest there ?

Depends on what do you mean by "safe" because you are not investing into BTCjam but you are "investing" by lending the other people which might default

how BTCJAM Ensure that the borrowers will return the borrowed money ?

BTCjam dont ensure that borrowers will return what they owed you because few months after they default, BTCjam will send you arbitration award which contains the identity of the borrower that he/she had submitted to BTCjam. You will then proceed the legal step by your own admission and funds ( or you can choose to let it go )

for more references : https://bitcointalk.org/index.php?topic=499995.0

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favdesu
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July 19, 2015, 08:52:32 AM
 #5

short: no
long: noooooooooo

the defaulting rate is growing, btcjam was bad from the start, and it's even worse now. you could just throw your coins in a bitcoin-double ponzi. same risk, higher reward Cheesy

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July 19, 2015, 09:21:42 AM
 #6

short: no
long: noooooooooo

the defaulting rate is growing, btcjam was bad from the start, and it's even worse now. you could just throw your coins in a bitcoin-double ponzi. same risk, higher reward Cheesy


I wouldn't suggest a ponzi either way, but you get the point across. btcjam it's a joke, given that the loans taken out are usually small, and lenders usually only invest a small amount, there is not that much incentive for people to pursue a case.

theres nothing here. message me if you want to put something here.
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July 19, 2015, 01:10:08 PM
 #7

You need to look at what you are investing in, most of the stuff there seems insane to me.

The borrowers take the money and buy miners, or invest in some other scam. You take on all the risk of those miners and the scams (because they won't pay you back when those schemes fail) PLUS the risk that they just rip you off if they make money out of the schemes, for less of the possible reward because they loans are designed for them to still make a profit if the scheme goes according to plan.
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July 20, 2015, 03:10:59 AM
 #8

I registered (as I do as most sites Wink ) and was surprised of the level of scrutiny they let new costumers go through. I even was rejected on some submitted documents.

It could be a marketing thing, to appear almost as a bank when I borrow fiat, but when you look at the interest rates it's insane. It's hard to imagine anyone takes a loan and invest them to actually be able to pay for these rates.
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July 20, 2015, 03:21:17 AM
 #9

I registered (as I do as most sites Wink ) and was surprised of the level of scrutiny they let new costumers go through. I even was rejected on some submitted documents.

It could be a marketing thing, to appear almost as a bank when I borrow fiat, but when you look at the interest rates it's insane. It's hard to imagine anyone takes a loan and invest them to actually be able to pay for these rates.


indeed, some of these loans go for thousands of % apr, and its just another incentive for borrowers to just default and take the money. if anything, the high interest rates just bait people in to lend (donate) people money on the site.

theres nothing here. message me if you want to put something here.
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July 20, 2015, 08:32:08 AM
 #10

Not recommended at all...default rates are high.
+1
but don't invest at 1 person
n2004al
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July 20, 2015, 08:50:12 AM
 #11

is BTCJAM.com safe enough to invest there ?
how BTCJAM Ensure that the borrowers will return the borrowed money ?

I'm going to comment if you will be a user. Everything which is invested online is in risk. This is the first rule. Then, contrarily of what I see here, I have read good things about btcjam (as a site). The problem is that they can't have control over the people who need loans. they have a system to do this but it is insufficient. On the other hand it is impossible to know someone through various online data. And at the end no one can predict how can go a investment. No data for this. Lately they have put in use a tool that help to invest and the return if you use this tool is very high (according to them). So, to conclude, you can try if you want to try.
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July 20, 2015, 08:52:29 AM
 #12

NO...
lot of scammers up there, even they are 'verified'   Angry

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August 05, 2015, 01:27:37 AM
 #13

I have only invested in 1 Bad loan. I think a lot of it was Luck. I did my best to try and find out info about people and didn’t go for Crazy APR. There are some who are legit on the site but I have not invested in about 5 months if that tells you anything. I have never taken a loan but I am thinking about trying it but only if it is a descent APR.
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August 05, 2015, 09:57:58 PM
 #14

I've heard from some that is not safe and from others that its safe so you should be careful

If anyone says it is safe they are not telling the truth. There are two types of investors on there. Those who have been scammed and those who will be scammed. You can limit your risk and come out ahead but you will lose on some if you invest long enough.
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August 07, 2015, 02:14:41 AM
 #15

is BTCJAM.com safe enough to invest there ?


Depends on who you choose to invest with, but even a proven track record doesn't mean that they will pay back the next loan.

how BTCJAM Ensure that the borrowers will return the borrowed money ?

That's your task as an investor, I think. But I do wonder myself if there have been cases where people have sent in fake identification and Bitjam didn't catch it.

ranlo
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August 08, 2015, 03:59:32 AM
 #16

Not recommended at all...default rates are high.
+1
but don't invest at 1 person

This cannot be stressed enough. You have to spread your risk out across many people, with the goal being to profit in the long-run. It's the same thing credit card companies do (they have a high default rate, 20-30% IIRC) but make it up on those that do pay. You should never base your progress on one loan, but rather a LOT. At least 20, if not more.
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August 08, 2015, 09:21:03 AM
 #17

Not recommended at all...default rates are high.
+1
but don't invest at 1 person

This cannot be stressed enough. You have to spread your risk out across many people, with the goal being to profit in the long-run. It's the same thing credit card companies do (they have a high default rate, 20-30% IIRC) but make it up on those that do pay. You should never base your progress on one loan, but rather a LOT. At least 20, if not more.

like your invest at bit-X
you should NOT invest the entire bitcoin What you Have in bit - x
You can invest in some well-known sites such as hashnet And haobtc
ALSO invests in some sites such ponzi scrypt cc ' '
IF One of that dead, you still have bitcoin at  Other Places
ranlo
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August 10, 2015, 04:09:02 AM
 #18

Not recommended at all...default rates are high.
+1
but don't invest at 1 person

This cannot be stressed enough. You have to spread your risk out across many people, with the goal being to profit in the long-run. It's the same thing credit card companies do (they have a high default rate, 20-30% IIRC) but make it up on those that do pay. You should never base your progress on one loan, but rather a LOT. At least 20, if not more.

like your invest at bit-X
you should NOT invest the entire bitcoin What you Have in bit - x
You can invest in some well-known sites such as hashnet And haobtc
ALSO invests in some sites such ponzi scrypt cc ' '
IF One of that dead, you still have bitcoin at  Other Places

Very true! And just saw your avatar... I didn't realize Coinchat came back to life. Who runs it now?
Proxiebuier
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August 10, 2015, 04:42:12 AM
 #19

Not recommended at all...default rates are high.
+1
but don't invest at 1 person

This cannot be stressed enough. You have to spread your risk out across many people, with the goal being to profit in the long-run. It's the same thing credit card companies do (they have a high default rate, 20-30% IIRC) but make it up on those that do pay. You should never base your progress on one loan, but rather a LOT. At least 20, if not more.

like your invest at bit-X
you should NOT invest the entire bitcoin What you Have in bit - x
You can invest in some well-known sites such as hashnet And haobtc
ALSO invests in some sites such ponzi scrypt cc ' '
IF One of that dead, you still have bitcoin at  Other Places

Very true! And just saw your avatar... I didn't realize Coinchat came back to life. Who runs it now?
you can join it at here
https://bitcointalk.org/index.php?topic=1137253.msg12084411#msg12084411
Rude Boy
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August 10, 2015, 04:27:34 PM
 #20

Highly Not Recommended.
BTCjam is the biggest playground of scammers. I just wanted to know that how btcjam was working, so i just invested 0.005BTC and loaned few peoples, they just defaulted.


~Rude Boy  Kiss
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