Is BTCjam a scam? my experience about it

[RnD]

Hi Everyone,

this discussion is about my experience on btcjam. All americans that wish to invest on the platform, go to loanbase or bitbond instead as you will not be allowed on BTCjam.

I have started recently to be part of the peer to peer lending plateform BTCjam, as an investor. When you invest You need to make sure of few things before investing a single satoshi into any projects.

1) First, the history of the borrower. Is he/she new on the plateform? be cautious.
2) Has the borrower already applied and most importantly repaid previous loans? the more loan repaid the better (quite obvious though)
3) Does the guy brag about himself and tell you that his business is very profitable? no go if no previous loan repaid. you can study the case if the amount to borrow is similar to the former one but not much higher !!!
4) Does the guy intend to do speculation activity with the loan ? whatever credit score this borrower has, very highly risky profile !!!
5) invest a tiny amount of your BTC portofolio per project to be able to spread the risk of default.

out of 10 loans, one is on default so far. I didn't respect the top 3 first points on that investment. It is highly unlikely that this deadbet will honor his debt to us (investors), but this guy, which was american, stopped communication after BTCjam stopped taking american. I don't know if it is linked together but it happened. If you see this nick name jhilton232 or thepickingcouple on ebay. Run away. This guy tried to scam investors. He might be soon on the bitcoinbountyhunter dot com.

I am going to see what and how the arbitration is going to be done on this case. My overall impression of BTC jam is great so far and defenitly recommend people to go their to get a great ROI. if you wish a recommendation, let me know, we can both get 20 USD worth of BTC.

Good luck for your investment.

[doof]

Lending "anonymous" cash over the internet, to people you've never meet... what could go wrong?

[RealBitcoin]

Have you ever heard about risk management?
How about split your loan capital between more people, all with good reputation and business plan.

Of course if you put all your money into a 3rld world anonymous guy, he will run away with it....
Its just simple logic!

[gentlemand]

A dogshit idea seemingly filled with giant piles of dogshit wrapped up in human form. It's painfully obvious that it's going to be filled with nothing but thieves.

[Quartx]

Well played.. I got attracted by your clickbait which ended up as a promotion for BTCJam...

Meanwhile you still have not told us if you think BTCJam is a scam in your opinion or not

[BitcoinMalaysia]

BTCJam has too many defaulters, hence the sharply reduced volume on the site.

Would recommend other avenues to invest and grow your btc.

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[klarki]

They initially exhibited virtually impossible conditions on lending.
All sutih work, is not to help the loan, and in the gathering of investment in their area.

[zenitzz]

i don't see you get scam invest at btcjam so what the case in here, you just want promotion or you want to teach anyone to careful with top 3 points before you become investor.

[jacee]

Nah, btcjam is by far the worst lending service I know.
The site is full with scammers and the staffs are not even doing anything to prevent this from happening.

[Quickseller]

Btcjam is a cesspool for scammers and I would advise anyone considering to invest in their loans not to. I am not really sure about the other Bitcoin related websites however I would think it would be the case generally speaking.

One major problem with Btcjam is that they force you to collect on defaulted loans. If someone borrows $5,000 from 100 people, borrowing $50 from each person, then each person would need to invest additional money to only potentially recover a small amount, likely needing to invest the entire amount they are attempting to collect. A better solution would be for BTCjam to collect on behalf of the borrowers as a whole (or employ a collection agency) which would allow them to realize economies of scale when collecting on delinquent debts and it would obviously be much more worthwhile to collect on a $5,000 loan. 

[Patatas]

I say a big "NO" to the concept of Peer to Peer lending platforms.There are "ways" to scam around.I'm not mentioning names here but I had invested some money in a p2p platform which is ofcourse not BtcJam or Loanbase.I apparently invested in a trusted member of the site.I have been promised a particular interest per day which is less than a few satoshi's.Its been 4 months now,all I get is daily interest (less than 0.02) for 4 months.I need my principle amount but can't help it.People should stop investing on such platforms.I can probably forge my income/passport documents and run away with huge amount of coins.There is no way I can be arrested if I'm located in some slums of Philippines.

[nanonymousx]

I tried both btcJam and loanbase (used to be called somthing else). I lost money and made a little on BTCJAM.
Actually, I lost money making loan in both sites, like you said, one out of ten defaults, in total you are in red.
Here is how I made some in BtcJam, I bought a note there, then I sell the note for a little gain. This is really how I made money there. I tried to repeat, bough 5 notes, and none work out. I guess the first one is pure lucky.

[alyssa85]

If you want to lend, you are better off lending to margin traders on Poloniex. Poloniex handles the margin calls and if necessary forced liquidation of trades to make sure that loans are repaid. I've never heard of anyone losing money lending there. Rates arn't that great, but you can't have everything - it's a trade off between risk and interest rates.

[murphius]

How much can you borrow in BTCjam? Are there limits for new users with ID and proofs of income?

[Swisk]

I haven't heard of anyone who has consistently been able to make decent profits using BTCJam.

That being said, I view bitcoin as a risky investment already. There's no need to reinvest your investment for marginal gain (and substantial risk!).

[CasioK]

Lending "anonymous" cash over the internet, to people you've never meet... what could go wrong?

Exactly! What's so funny is that even though people knew what could possibly go wrong, they'd probably still go for it anyway.
At any rate, let's try to avoid this site because there are many holes in peer to peer lending. One can easily forge fake IDs and really high chance of being scammed.

[wesley32]

BTCjam BIG NO, hate it, lots of negative reviews

[SDRebel]

at the beginning btcjam wasnt too bad, but then it got really bad with lota of defaulters. btcjam was never any help. no way to recover the money

[BitMaxz]

at the beginning btcjam wasnt too bad, but then it got really bad with lota of defaulters. btcjam was never any help. no way to recover the money

I never heard that BTCjam has lots of defaulters.. and i think this is not a good place to lend our money.. but still al lots of people still considering it as legit.. but honestly its better to lend our money in poloniex i just heard from someone that poloniex has a lend option that you can earn in 1% interest a day..

[khyquer]

I am BTCJam user, and believe in the potential of the tool. The scammers are everywhere. In a week I suffered five coup attempts in the Mercado Livre.
I have sent several suggestions for improvement for them to avoid the blows. But their communication with users is not very good.
A good idea would be a guarantor. Another would they create debt collection offices in major countries.
I invested an amount relevant there and would not want to leave the injury. So far there was nothing bad, but I see many bad reviews on the internet, and this scares. Although most are superficial comments.
Good luck in your investments.

______________

Eu sou usuário do BTCJam, e acredito no potencial da ferramenta. Os golpistas estão em toda parte. Em uma semana eu sofri cinco tentativas de golpe no Mercado Livre.
Eu já mandei várias sugestões de melhoria para eles afim de evitar os golpes. Mas a comunicação deles com os usuários não é muito boa.

Uma boa ideia seria um avalista. Outra seria eles criarem escritórios de cobrança de dívidas nos principais países.

Eu investi uma quantia relevante lá e não gostaria de sair no prejuízo. Até agora não aconteceu nada de ruim, mas vejo muitos comentários ruins na internet, e isto assusta. Apesar que a maioria são comentários superficiais.

Boa sorte nos seus investimentos.