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Author Topic: Do i need at least 1 BTC to invest in BTC Jam?  (Read 1857 times)
calkob
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November 18, 2015, 12:26:26 AM
 #1

just sent 0.2 btc to BTC Jam to try it out but when i go to autoinvest it says i must invest >1 .... ?
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November 18, 2015, 05:45:26 AM
 #2

It sounds like you do need to invest at least BTC1.

However, their website doesn't explicitly say. Can you share an image of your screen? Or have you contacted their support team?

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November 18, 2015, 06:40:06 AM
 #3

I'm pretty sure that there is no minimum.
Is the transaction confirmed?
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November 18, 2015, 07:43:26 AM
 #4

I'm pretty sure that there is no minimum.
Is the transaction confirmed?

Yeah the autoinvest is just for diversifying. You can invest small amounts of Bitcoin, but you will have to do it by picking your preferred listing(s)

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Shibashi Dogemoto
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November 18, 2015, 07:45:26 AM
 #5

I've invested 0.05 just to try out their system... It works, but prepare to be scammed if you use autoinvest Smiley
I think it's better to manually review all loan requests, and only chose the ones you feel safest about... Even then, you'll get scammed now and then.
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November 18, 2015, 07:49:55 AM
 #6

just sent 0.2 btc to BTC Jam to try it out but when i go to autoinvest it says i must invest >1 .... ?

Autoinvest dude is not a good choice like what the guy above said over this function you are letting btcjam to distribute your money even to scammers although you have the option to choose to who you like to fund or to invest doing this manually is the best option to see their profiles.
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November 18, 2015, 07:52:07 AM
 #7

I'm pretty sure that there is no minimum.
Is the transaction confirmed?

Yeah the autoinvest is just for diversifying. You can invest small amounts of Bitcoin, but you will have to do it by picking your preferred listing(s)
Can you say how effective the autoinvest system is? I used loanbase and lost BTC0.2 out of my BTC0.3 .
I don't think I'll use lending as an investment any time soon again. There needs to be some kind of collateral invented to prevent theft.

To all of you wanting to invest in lending sites, use people like myself as an example do be extra careful before investing.


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November 18, 2015, 07:54:29 AM
 #8

Good to know not to use the autoinvest option, I was thinking about this last week and whether it would be worth it or not.  Sounds like even when you manually look after your  BTC there is still a high chance of getting scammed?

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November 18, 2015, 07:56:17 AM
 #9

I've invested 0.05 just to try out their system... It works, but prepare to be scammed if you use autoinvest Smiley
I think it's better to manually review all loan requests, and only chose the ones you feel safest about... Even then, you'll get scammed now and then.

Yeah I completely agree with this strategy. I personally wouldn't use the autoinvest feature. I have seen many scammers on BTC Jam in the past, so definitely do your due diligence and don't expect to get rich from BTC Jam Wink

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November 18, 2015, 08:05:38 AM
 #10

Am I correct that there is no way to enforce your coins back to you? That is just crying for a scam, even if members have good rating.

They could just build some trust and than start borrowing and stealing like mad men.

I would stay away, untill the interest and the loan can be enforced by colateral or something.

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November 18, 2015, 08:08:31 AM
 #11

No way dude I have invested in BTC jam before and never they have asked to set up a minimum amount.You can always invest whatever you can as an investor there are no bars in investing because anyway you're profiting the company.I do know you've lending restrictions but thats for obvious reasons.You could contact their support team.They will reply soon.


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November 18, 2015, 08:16:40 AM
 #12

be aware that aven a+ rating are scammer soem times, it's very random, i would start with even a lower amount just to try out
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November 18, 2015, 08:23:58 AM
 #13

No way dude I have invested in BTC jam before and never they have asked to set up a minimum amount.You can always invest whatever you can as an investor there are no bars in investing because anyway you're profiting the company.I do know you've lending restrictions but thats for obvious reasons.You could contact their support team.They will reply soon.
That's what i'm thinking. BTC lending without collateral is just plain silly. People build up trust to lend bigger amounts and then just run with the money. The manhunt after that is left to the investor not the actual site who is the middleman of the whole operation. Until there is a way to actually get some collateral beforehand, there is just way too much risk involved.
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November 18, 2015, 08:36:41 AM
 #14

Many thanks for all the replies.  i think it mybe just the auto invest option then.  ill try and invest in a few that i pick and let you know how it went. 

calkob
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November 18, 2015, 09:26:44 AM
 #15

Many thanks for all the replies.  i think it mybe just the auto invest option then.  ill try and invest in a few that i pick and let you know how it went. 

calkob

A good "trick" is to do the following when investing:
  • only invest in A+, A and A- members... At least they have something at stake (their reputation amongst their friends, future employers, CC company, PP,...)
  • only invest in projects that are very clearly described, and feasible
  • never invest if the borrower has only taken out small loans, and is suddenly asking for a huge loan (like tenfold of the total loaned amount in the past)
  • be carefull with borrower from "certain" countrys... not going to list them because i don't want to sound racist, you get the hint...

I've followed these rules, and even tough sometimes i get late repayments, the amount of loan defaulters is low, and i make a marginal profit... For me it's just a smallscale experiment tough, i'm not even making beer money with this Wink
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November 18, 2015, 09:39:23 AM
 #16

I don't understand why would people choose to lend online to people they don't know anything about and even that without any collateral. If you lend here on the forum you'd actually get better returns and since there is strict policy of no collateral no loan you'll get better security. Lending money on these lending sites is almost same as throwing it away, you might as well donate it to someone needy or gamble with it and enjoy it atleast imho.

 

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November 18, 2015, 10:45:57 AM
 #17

I don't understand why would people choose to lend online to people they don't know anything about and even that without any collateral. If you lend here on the forum you'd actually get better returns and since there is strict policy of no collateral no loan you'll get better security. Lending money on these lending sites is almost same as throwing it away, you might as well donate it to someone needy or gamble with it and enjoy it atleast imho.

They don't give out collateral, but to get an A+ status, they do have to give out all their personal information...
In case of default, the information goes to an arbitrage company, and after a couple of months, the lender gets the borrower's private info (drivers licence, utility bill, paypal, linkedin, facebook, ebay,...).

So, in case of a small loan, the borrower can lose his reputation amongst his friends, for a big loan, he risks being sued...
Offcourse, the chance of being sued is pretty small, so it's a risk some people are seemingly willing to take.
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November 18, 2015, 10:54:41 AM
 #18

I'm pretty sure that there is no minimum.
Is the transaction confirmed?

Yeah the autoinvest is just for diversifying. You can invest small amounts of Bitcoin, but you will have to do it by picking your preferred listing(s)
Can you say how effective the autoinvest system is? I used loanbase and lost BTC0.2 out of my BTC0.3 .
I don't think I'll use lending as an investment any time soon again. There needs to be some kind of collateral invented to prevent theft.

To all of you wanting to invest in lending sites, use people like myself as an example do be extra careful before investing.




What did you do after they defaulted? That is much the same when i got loss from gambling lol
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November 18, 2015, 12:43:45 PM
 #19

just sent 0.2 btc to BTC Jam to try it out but when i go to autoinvest it says i must invest >1 .... ?

Mate has anyone told you that you are entering pretty risky endeavor here! Lending is very risky, and Btcjam is risky as well in my opinion.

I would stay out of it completely. You will just risk a lot for not to much of the reward!
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November 18, 2015, 12:49:00 PM
 #20

IMO, any p2p online lending is very very risky, no matter how much you diversify it. It is very hard for any independent party to verify the authencity of the documents submitted. With BTCJam, they do not do anything even if the user default, arbitration will not work unless the ID is correct and you live nearby the borrower.


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