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Author Topic: Is investing in BTCJam considered a form of betting?  (Read 874 times)
thejaytiesto
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January 29, 2016, 06:50:13 PM
 #1

I have been looking at loaning some of my BTC since my stack is just sitting there being bored all day (I don't do much gambling since I want to limit myself otherwise I become addicted and lose way too much).

I wonder if BTCJam would be part of gambling, since it's pretty much raw luck in guess who is going to pay your loan back and not only this, but they run with the money and nothing seems to happen once you lose this money. It seems even A+ certified borrowers don't pay a lot of the time.

As anyone made any consistent money from this?
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phibay
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January 29, 2016, 07:51:06 PM
 #2

you mean investing in btcjam is form of gambling? i would say yes cuz of the risks involved on it. gambling is basically taking risks

anyway, i never made a single satoshi with btcjam, instead i lost when the loanee went to scam. after that i never used that site, once is enough
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January 29, 2016, 07:57:30 PM
 #3

It is worse than gambling as it is pretty much guaranteed you will lose out.

https://btcjam.com/stats

Look at "Total Investor Returns" it is in the negatives.... Almost at -20% for bitcoins lol.
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January 29, 2016, 07:58:33 PM
 #4

BTCjam received lots of negative feedbacks now. There's also a thread here about those person involved. You might want to check that.

Rather than thinking of joining BTCjam, why not offered a micro loans in lending section here? Same risk but much convenient.

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January 29, 2016, 07:59:59 PM
 #5

Investing in gambling is a form of gambling. You must remember that someone might get lucky - hit the jackpot, and you might as well lose on that. It's a bit as if you bet on someone's bad luck
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January 29, 2016, 08:00:18 PM
 #6

BTCjam received lots of negative feedbacks now. There's also a thread here about those person involved. You might want to check that.

Rather than thinking of joining BTCjam, why not offered a micro loans in lending section here? Same risk but much convenient.

Less risk lending here as every one demands collateral which BTCJam does not offer. You are better off playing dice with your funds than lending them on Jam.
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January 29, 2016, 08:00:59 PM
 #7

BTCjam received lots of negative feedbacks now. There's also a thread here about those person involved. You might want to check that.

Rather than thinking of joining BTCjam, why not offered a micro loans in lending section here? Same risk but much convenient.
As well as this, you'll gain a reputation and you can possibly branch out into other trades and services.

BTCJam is definitely worse than doing some loans on here.

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January 29, 2016, 08:09:05 PM
 #8

It is worse than gambling as it is pretty much guaranteed you will lose out.

https://btcjam.com/stats

Look at "Total Investor Returns" it is in the negatives.... Almost at -20% for bitcoins lol.

That is just for D rated borrowers, the highest risk on the platform given the credit ratings. Other credit ratings are returning quite well.
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January 29, 2016, 08:13:39 PM
 #9

You can lose money doing any kind of investment. If the outcome is unclear for you the of course it is form of gambling.
Investment is a form of wagering your money when odds are in your favor, gambling is fighting against the odds - that is the only difference.

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January 29, 2016, 08:48:00 PM
 #10

BTCjam received lots of negative feedbacks now. There's also a thread here about those person involved. You might want to check that.

Rather than thinking of joining BTCjam, why not offered a micro loans in lending section here? Same risk but much convenient.

i don't think lending here and lending on btcjam do have the same risks. i believe lending here with be more safe cuz of the collateral rule, though sometimes you can be scammed if you are careless. i experience both ,and i think btcjam was worse
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January 29, 2016, 09:43:29 PM
 #11

Nope btcJam is not considered a part of Gambling.Its what we call as blind investing.There is enough discussion about this in the Commerce Books but in simple words .Invest once,Get fucked Over for your entire life.I came to know about BtcJams as soon as was introduced into bitcoin trading.For trying my luck,I invested my very first 0.20 btc's in the website as the loaner.I was quite convinced in the beginning about the returns as for my first two loans,I got money back in time .When I was trying to process a withdrawal,I get a notification saying a new client request is posted (in my email) with 10%  returns in 15 days.Having the persons bank details verified and stuff I invested more like 0.12 and never got a penny back.It shows funds available ,funds raising,profits made but its all only fuckin statements.Not a single withdrawal request is processed since.


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debuni
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January 29, 2016, 10:24:26 PM
 #12

Nope, it's blind investing.

But especially for BTCJam IMO it's worst than gambling Cheesy Site is full of scammers, default rate is over too high for breakeven/profit.

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January 29, 2016, 11:30:50 PM
 #13

Yes, I think so because there loan defaulters are more the people who pay back honestly. The site owners are not putting any effort to improve the service so I think investing in that site should be same a gambling because if your lucky than only your money will come back to you with interest otherwise all gone.
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January 29, 2016, 11:59:01 PM
 #14

BTCjam received lots of negative feedbacks now. There's also a thread here about those person involved. You might want to check that.

Rather than thinking of joining BTCjam, why not offered a micro loans in lending section here? Same risk but much convenient.

What I know is since quite long time this BTCjam site is only supporting scammers and they never care about there investors so it is a scam site just avoid this site to invest your money. You can try your luck in this forum with proper collateral to make some money but the competition is quite high for lenders and lend only with proper collateral.
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January 30, 2016, 12:09:59 AM
 #15

Providing loans without collateral is pretty much gambling, with not particularly good odds. Those guys in the lending section are not just accidentally used to ask for 110-120% collateral (with strict rules about what is a valid collateral) in the case of unknown/untrusted accounts.
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January 30, 2016, 12:13:53 AM
 #16

In gambling you have 50/50 chances to win or to lose but depends on the luck and how you analyze each bets the rate be based on. In btcjam you have 20/80 chances 20 is % you get in return so means you have less its is onlt though my opinion and 80 is % you wont get paid. Some people might say it is 100% you wont get paid but on my own experienced i got paid so not everyone on there are scammers
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January 30, 2016, 12:17:55 AM
 #17

Lol. Yes.  Cheesy Investing in it is the worst kind o gambling you'd ever play so far. It gives you false hope that you will get profit from the money you invested yet you' inly get nothing in return. Playing in dice, casino and other provably dair games are way more better because you hold your money and you can stop if you think you are already loosing.
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January 30, 2016, 12:38:48 AM
 #18

Gambling involves chance. BTCjam involves scum and dishonesty. The second one is a lot more dependable and predictable. You sometimes can't trust some of your oldest friends. I don't think some anonymous asshole on the internet is gonna be any better.
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January 30, 2016, 12:42:34 AM
 #19

Providing loans without collateral is pretty much gambling, with not particularly good odds. Those guys in the lending section are not just accidentally used to ask for 110-120% collateral (with strict rules about what is a valid collateral) in the case of unknown/untrusted accounts.

That is true, there are many people are waiting to scam people for free money. So it is very high risk to give a loan to any one who don't provide collateral and it may be worst than gambling. Because I usually bet only in sports and my winning chances so for more than 75% and I don't think we have such a high % chances people will pay back our money without proper collateral. 
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January 30, 2016, 12:48:33 AM
 #20

depending on the person who would you lend money, then find someone who already trusted.
which already has a lot of history


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