[ANN BTCJam] - Loans denominated in other currencies (USD/EUR/RU)

[Tulkas]

I am also concerned that Tulkas is confused. Compare these two contradictory quotes.

In the first one, the borrower returns the principal's value in USD. In the second, the borrower returns the borrowed amount about regardless of the value of USD.

You borrow 30.0 BTC today, to pay next month, suppose BTC is at USD$30.00.
Next month you will make the payment, BTC price is now USD$ 60, instead of paying 30 BTC back, you will pay 15 BTC, the amount in MtGox USD remains constant.

If you borrow 10 bitcoins today, to pay next month, you will theoretically pay aprox. USD $300.
Now suppose that in 10 days the bitcoin price jumps to USD$ 1000.00 per bitcoin, you still need to pay 10 bitcoins back, but now you will need USD$ 10,000.00 to buy 10 bitcoins!

I gave two opposite examples. The first illustrates the USD referenced loan, the other a BTC referenced loan.

[wholesaler]

I am also concerned that Tulkas is confused. Compare these two contradictory quotes.

In the first one, the borrower returns the principal's value in USD. In the second, the borrower returns the borrowed amount about regardless of the value of USD.

You borrow 30.0 BTC today, to pay next month, suppose BTC is at USD$30.00.
Next month you will make the payment, BTC price is now USD$ 60, instead of paying 30 BTC back, you will pay 15 BTC, the amount in MtGox USD remains constant.

If you borrow 10 bitcoins today, to pay next month, you will theoretically pay aprox. USD $300.
Now suppose that in 10 days the bitcoin price jumps to USD$ 1000.00 per bitcoin, you still need to pay 10 bitcoins back, but now you will need USD$ 10,000.00 to buy 10 bitcoins!

I gave two opposite examples. The first illustrates the USD referenced loan, the other a BTC referenced loan.

You never answered my question about what happens when a user verfies all doc and decides to scam you with out ever paying you back and  it says right here https://btcjam.com/legal/rules_for_borrowers. "Any controversy or claim arising out of or relating to this contract, or the breach of this contract, shall be settled by binding internet arbitration to be defined. The arbitrator's decision shall be final and legally binding and judgment may be entered thereon."

I  think I deserve at least a responce like "hay man I'm sorry that you got scammed on my site but you gotta watch out for those people who verify all documents and whose credit score was a 14/17. And you gotta watch out when I don't do anything with this documents even though I claim I will on my site peace out sucker."

I'd love a public reponce man can you at least do that for m.?

[Tulkas]

It clearly states that the loan amount is 50 BTC and the payment is 17.00111 BTC per month, but those are completely false. The amount paid back will not be 50 BTC and the payments will not be 17.00111 BTC. Both will change depending on what happens in the future. My suggestion is to show the numbers in the currency of the loan agreement. Otherwise, you are going to have a lot of angry lenders who were fooled by the hidden terms of the loan.

I see. Yes, this is confusing.

This needs more clarification. The point is we also must be clear about the fact this is not a USD loan.

[Monster Tent]

http://www.judge.me/  I think you should integrate this into the site and  people wanting to get loans could pay the $150 fee upfront as a "bond". Anyone who lent money to the person can then contribute to the case fee if a default happens.

The personal details you collect can then be sent to the impartial third parties. It would make collection of the debt easier.

[Tulkas]

http://www.judge.me/  I think you should integrate this into the site and  people wanting to get loans could pay the $150 fee upfront as a "bond". Anyone who lent money to the person can then contribute to the case fee if a default happens.

The personal details you collect can then be sent to the impartial third parties. It would make collection of the debt easier.

Yes, we are in contact with then.

[wholesaler]

http://www.judge.me/  I think you should integrate this into the site and  people wanting to get loans could pay the $150 fee upfront as a "bond". Anyone who lent money to the person can then contribute to the case fee if a default happens.

The personal details you collect can then be sent to the impartial third parties. It would make collection of the debt easier.

Yes, we are in contact with then.

Hahah yah I had a funny chat over your site with a judge.me employee ;/

[gappie]

When creating a loan linked to MtGoxUSD, what rate is used to determine the equivalent USD value of the loan when it is activated and then the equivalent amount of BTC when it is repaid?

Is it the last price on the MtGox website or some weighted average for an hour, 6 hours, a day? Where can I see the exact rate that is used? I need to know at what rate I am working with.

[Tulkas]

When creating a loan linked to MtGoxUSD, what rate is used to determine the equivalent USD value of the loan when it is activated and then the equivalent amount of BTC when it is repaid?

Is it the last price on the MtGox website or some weighted average for an hour, 6 hours, a day? Where can I see the exact rate that is used? I need to know at what rate I am working with.

At activation, using the last sell price (updated every 7 minutes).

[gappie]

When creating a loan linked to MtGoxUSD, what rate is used to determine the equivalent USD value of the loan when it is activated and then the equivalent amount of BTC when it is repaid?

Is it the last price on the MtGox website or some weighted average for an hour, 6 hours, a day? Where can I see the exact rate that is used? I need to know at what rate I am working with.

At activation, using the last sell price (updated every 7 minutes).

• I assume you use the same sell price (updated every 7 minutes) to determine the payment amount in BTC upon payment?
• Where can I see the BTC sell rate being currently used on the BTCjam website? I want to know exactly the rate I am accepting when activating a loan and paying an instalment. 7 minutes is a long time with a volatile BTC/USD exchange rate.
• If the exact rate is not available, could you at least indicate the 7 minute interval for exchange rate updates. At what time does the 7 minute interval start? 12:00 AM, 12:07 AM, 12:14 AM etc?

[Tulkas]

When creating a loan linked to MtGoxUSD, what rate is used to determine the equivalent USD value of the loan when it is activated and then the equivalent amount of BTC when it is repaid?

Is it the last price on the MtGox website or some weighted average for an hour, 6 hours, a day? Where can I see the exact rate that is used? I need to know at what rate I am working with.

At activation, using the last sell price (updated every 7 minutes).

• I assume you use the same sell price (updated every 7 minutes) to determine the payment amount in BTC upon payment?
• Where can I see the BTC sell rate being currently used on the BTCjam website? I want to know exactly the rate I am accepting when activating a loan and paying an instalment. 7 minutes is a long time with a volatile BTC/USD exchange rate.
• If the exact rate is not available, could you at least indicate the 7 minute interval for exchange rate updates. At what time does the 7 minute interval start? 12:00 AM, 12:07 AM, 12:14 AM etc?

The exchange rate being used is displayed side by side with the bitcoin value at every payment.

The exchange rate at activation will be included at the activation dialog ASAP (today). I will also change the update interval to 3 minutes.

[Tulkas]

• I assume you use the same sell price (updated every 7 minutes) to determine the payment amount in BTC upon payment?
• Where can I see the BTC sell rate being currently used on the BTCjam website? I want to know exactly the rate I am accepting when activating a loan and paying an instalment. 7 minutes is a long time with a volatile BTC/USD exchange rate.
• If the exact rate is not available, could you at least indicate the 7 minute interval for exchange rate updates. At what time does the 7 minute interval start? 12:00 AM, 12:07 AM, 12:14 AM etc?

The exchange rate being used is displayed side by side with the bitcoin value at every payment.

The exchange rate at activation will be included at the activation dialog ASAP (today). I will also change the update interval to 3 minutes.

The site has been updated. The exchange rate update interval is now set to 3 minutes and you can see the exchange rate used both on activation and payment dialogs.

[gappie]

• I assume you use the same sell price (updated every 7 minutes) to determine the payment amount in BTC upon payment?
• Where can I see the BTC sell rate being currently used on the BTCjam website? I want to know exactly the rate I am accepting when activating a loan and paying an instalment. 7 minutes is a long time with a volatile BTC/USD exchange rate.
• If the exact rate is not available, could you at least indicate the 7 minute interval for exchange rate updates. At what time does the 7 minute interval start? 12:00 AM, 12:07 AM, 12:14 AM etc?

The exchange rate being used is displayed side by side with the bitcoin value at every payment.

The exchange rate at activation will be included at the activation dialog ASAP (today). I will also change the update interval to 3 minutes.

The site has been updated. The exchange rate update interval is now set to 3 minutes and you can see the exchange rate used both on activation and payment dialogs.

Thanks for the update. It is working well. Can you do something about the formatting of tables on mobile devices. I have tried 3 different browsers on android and on all of them the payment button is missing in on the loans page. The last 2 columns are cut off from view.

[eXme]

nice idea i like it! no more long waiting time and paperwork by banks.. hura