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Author Topic: Do i need at least 1 BTC to invest in BTC Jam?  (Read 1858 times)
USB-S
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November 18, 2015, 03:08:11 PM
 #21

Be careful with BTCJam site itself aswell. Some users report, that they are holding back withdrawals. I have no clue to how accurate this info is though. You can read more about it at https://www.reddit.com/r/Bitcoin/comments/3t8fl7/btc_jam_to_hold_peoples_bitcoins/

There are other p2p lending sites out there as well such as loanbase.
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cellard
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November 18, 2015, 03:08:50 PM
 #22

One of the biggest points of Bitcoin is that you can make smaller transactions and do stuff with them, including loaning. "Microloans". If 1 BTC was the minimum it would make no sense. I have considered myself trying BTCJam but I always end up thinking that I am better off just holding than gambling with some guy in god knows where paying me back or running with the money.

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BTCJamSupport
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November 18, 2015, 06:34:11 PM
 #23

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 - there is a minimum of 1BTC.

The screenshots above are not our platform but they are that of a competitor. Please mark their review as so since this was not our Autoinvest plan.

Let me know if you have some questions about AutoInvest or anything regarding BTCjam.

Thanks!
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November 18, 2015, 06:40:22 PM
 #24

I used Btcjam some time ago, and you have to look the reputation of the users as you can loose your money. I don't think that autoinvest is a great feature.
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November 18, 2015, 06:40:54 PM
 #25

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.

AutoInvest returns are beating that of manual investors returns. Those who review us and lash out about scammers and losing BTC, they are those who manually invest. Im not saying its impossible but I do think the curve for learning the borrowers and investing wisely takes time just as starting out any new investment. AutoInvest is nice because you're starting with a small amount and you are diversifying it across a marketplace where we've accounted for the risk as well.

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November 18, 2015, 06:41:37 PM
 #26

I used Btcjam some time ago, and you have to look the reputation of the users as you can loose your money. I don't think that autoinvest is a great feature.

How long ago did you use us?
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November 18, 2015, 06:42:53 PM
 #27

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.




This is not our company nor our AutoInvest.
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November 18, 2015, 06:43:48 PM
 #28

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

https://www.reddit.com/r/Bitcoin/comments/3sdkjd/i_got_a_btcjam_update/

Could also ask this guy for those interesting in hearing from others.
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November 18, 2015, 06:46:19 PM
 #29

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?

That isnt from our company. Im not really even sure that they have AutoInvest yet. Looking at their site it doesnt seem like they do have AutoInvest.
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November 18, 2015, 06:51:04 PM
 #30

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.

We have many users who use arbitration when awards get issued. We're in the works of testing out more collections based services right now to strengthen this up so hopefully we'll have some updates to strengthen the consequences in the future.
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November 18, 2015, 06:54:37 PM
 #31

Be careful with BTCJam site itself aswell. Some users report, that they are holding back withdrawals. I have no clue to how accurate this info is though. You can read more about it at https://www.reddit.com/r/Bitcoin/comments/3t8fl7/btc_jam_to_hold_peoples_bitcoins/

There are other p2p lending sites out there as well such as loanbase.

I'll check it out, thanks for sending this over. Could be many reasons
faince222
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November 18, 2015, 06:58:38 PM
 #32

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

If you want to invest you have to deposit at least 1 BTC. The only advice that I can give you is to don't use the autoinvest option because you'll be scammed. I can ensure you this.
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November 18, 2015, 07:01:21 PM
 #33

I used Btcjam some time ago, and you have to look the reputation of the users as you can loose your money. I don't think that autoinvest is a great feature.

How long ago did you use us?

Some months ago (5 or 6 months ago), and all was nice, i lended an small quantity and i recovered all plus the interest. But i think with bitcoin prices rising lending its more risky.
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November 19, 2015, 01:56:02 PM
 #34

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.

That all sounds good but do you thing people who take small loans will worry about their online reputation and that is if we believe that they are providing all the legit info, which I doubt they are. And for the bigger loans, even if you find out all the info you need to sue someone, would you take the hassle and funds to sue someone in another country? The costs of doing that might be more than the loaned amount. IMHO it's quite foolish to give loans online without collateral, even with collateral they're not fully safe as the collateral might lose value.

 

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