BTCJam ; Experiences

[Illimensky]

Has anybody every encountered any problems with the level of personal information this website wants?

It seems like you have to submit a considerable amount of information, like your credit score and passport, to get a decent "reputation score".

[1714831352]

1714831352

[1714831352]

1714831352

[1714831352]

1714831352

[Micromancer]

I have gotten 3 loans from the site, but i might not be able to pay back one in full... how will it affect my rating on the site if i dont manage to pay it back in full immediately?

but ive only taken a few loans but it has worked out awesome, but i think i may have been slightly too generous with the interest rate on the last loan =/

[Wattda]

I have been on the site for a month and have loaned out .7 btc right now I am having a problem getting it to withdraw my funds? Here the message I am getting ....  "Error executing transaction".
I have sent emails for a few days and I am not sure if I am getting the blow off. I will keep everyone posted.
Wattda

[canadian1969]

more complaints here,  same support issues

https://bitcointalk.org/index.php?topic=112447.1260

[Wattda]

Ok guys my issue has been resolved and I am cool with the outcome. Now I only have to worry about the dead beets that won't pay back their loans. The joys of being a banker 

[Jay_Pal]

Now I only have to worry about the dead beets that won't pay back their loans.

That, will never be solved.
They request lot's of information and confirmations and blabla.
But when it comes to people not paying back their loans, it is us who get's burned, not btcjam.
At least, btcjam would pay us the initial investment and go after the person.
In the current model, all that information is simply useless.
BTCJam, you caught me once, you won't catch me again.

[Wattda]

I think I am going to stop investing until they (btcjam) can share the loses.

[BTC_ISTANBUL]

BTC Jam is a good and usefull site.Of course there are many abusers.

[Willisius]

Now I only have to worry about the dead beets that won't pay back their loans.

That, will never be solved.
They request lot's of information and confirmations and blabla.
But when it comes to people not paying back their loans, it is us who get's burned, not btcjam.
At least, btcjam would pay us the initial investment and go after the person.
In the current model, all that information is simply useless.
BTCJam, you caught me once, you won't catch me again.

This can be solved by BTCjam collecting on the loans themselves instead of forcing the individual lenders collecting on them individually.

The fact that lenders need to collect on defaulted loans means that collecting on defaulted loans is almost always not economical so lenders will not even attempt to do so

[bitcoinmining]

I think I am going to stop investing until they (btcjam) can share the loses.

What happened to your loses, isn't there any punishment for abusers on that site?

[sethminer14]

its a good site as long as you make sure you are dealing with reputable people.
If not, be warned of extra extra scam.

[clementinal]

The amount of scammers is scary over there

[aniltarnal]

I had good dealers on this.

[dot.onion]

BTC JAM is nothing but the SCAM of the century .
It is a company that colaborates a database of personal information Including PASSPORT / ID PHOTOS , FACEBOOK  verification , LINKED IN VERIFICATION , Proof of adress , income , phone verification , BANK ACCOUNT VERIFICATION , PAYPAL SYNC in order to be approved for your bit coin loan.
NEVER SEND THEM ANY INFO. BTC CAN DO WONDERS AGAINST YOU USING THE INFORMATION THEY COLLECT.
don’t be stupid . nobody knows who these guys are .
they can apply for credit cards with your information , open bank accounts , sell your identity to whoever.

Actually im already forgoing a lawsuit against BTCJAM and during that procedure hope to have them federally investigated. If there is anybody else out there that has had a bad experience please contact my lawyer directly at aaronshlomo@consultant.com.
and maybe your collaboration will help bring them down.

[Cinnob0n]

It's a flip of a coin. Imagine it this way: by lending bitcoins to someone, you're trusting that they'll pay you back.

[JackRipper]

BTC JAM is nothing but the SCAM of the century .
It is a company that colaborates a database of personal information Including PASSPORT / ID PHOTOS , FACEBOOK  verification , LINKED IN VERIFICATION , Proof of adress , income , phone verification , BANK ACCOUNT VERIFICATION , PAYPAL SYNC in order to be approved for your bit coin loan.
NEVER SEND THEM ANY INFO. BTC CAN DO WONDERS AGAINST YOU USING THE INFORMATION THEY COLLECT.
don’t be stupid . nobody knows who these guys are .
they can apply for credit cards with your information , open bank accounts , sell your identity to whoever.

Actually im already forgoing a lawsuit against BTCJAM and during that procedure hope to have them federally investigated. If there is anybody else out there that has had a bad experience please contact my lawyer directly at aaronshlomo@consultant.com.
and maybe your collaboration will help bring them down.

I'm sure that you have some proof to back up your claim. Being a newbie, there is no reason for anybody to just take your word for it, so please share your sources.

[Jeremycoin]

My experience so far in BTC Jam is good, and I never get scam by somone. The bad experience maybe when the borrower late to pay the money, but it's okay it's not a bad thing.

[Xialla]

The amount of scammers is scary over there

like everywhere, where is possible to trade bitcoin:) actually, it is just nature of something without reverse charge and authority..

[Sourgummies]

Just joined hopefully its not as I have read,the community really needs a credit/loan system.
Setting up a test loan,have to say they want a lot of details before signing up.

[spazzdla]

I've done quite well on that site, I like it. 

I loan out money, I do not take loans.