This is why Bitcoin P2P lending is dead.

[kateaustin]

Lending is not useful at all without sufficient collateral IMO, you wouldn't get anything with lending if you don't keep something to stimulate the one taking the loan to payback and that's the issue of btcjam, having the documents of those taking loans are not useful most of the time too...

[sbtctalk]

I hope by posting my experience here would allow more people to understand the downsides of P2P lending.

Ok thank you for your share about the experience, where do you made investment in lending business? Usualy the people using loanbase or btcjam and it went fine, i think you have to show the details about the website.

It is loanbase. There have predefined investment settings. I chose the medium risk settings.

Now its resumed its old name bitlendingclub

It may be as bad as btcjam

Thank you for the informations, it is help. I must wait and see before using loanbase for make sure it is not bad as btcjam.

Please don't risk your coins. Do you know anyone who has profited from P2P lendings? In fact,the risk is much lower if you park your coins with Poloniex margin lending.

[dharkmadder]

No one is using BTCJam seriously anymore, The P2P lending could work but would require the same difficulties needed for bank loans "i.e collateral", No collateral loans are not working anymore and that's because of scammers and the like.

[sbtctalk]

No one is using BTCJam seriously anymore, The P2P lending could work but would require the same difficulties needed for bank loans "i.e collateral", No collateral loans are not working anymore and that's because of scammers and the like.

P2P lending lowers the bar for lenders without good credit and possibly attracting those who may have dubious characters. There are legit reasons for P2P lending such as small business loans (since the bar for commercial loans are pretty high)

[eternalgloom]

No one is using BTCJam seriously anymore, The P2P lending could work but would require the same difficulties needed for bank loans "i.e collateral", No collateral loans are not working anymore and that's because of scammers and the like.

P2P lending lowers the bar for lenders without good credit and possibly attracting those who may have dubious characters. There are legit reasons for P2P lending such as small business loans (since the bar for commercial loans are pretty high)

I agree that the concept itself is not inherently bad and that it could work, but there need to be more options to fight against defaults.
In cooperation with the site itself, I would say.

It's actually pretty sad that it doesn't work, because I could really see it being useful for people who don't have malicious intent that can't get a loan from a bank.

[Milkduds]

These sites that offer p2p lending are usually going to attract people that you would have stayed clear of otherwise but the site has given them enough credentials to make it look worthwhile. The reality is that very few can profit because it takes a certain kind of person to be able read through b.s and see the warning signs. Here we have the backup of selling the members account which usually ends you up in the plus if you do it right.
There is a reason banks do not get involved in small loans and leave it to cheque cashing shops. The default rates are high and the banks would be tied up in this small aspect and it would be to labour intensive for them to waste time on. If you are not juicing the person hard on interest and a collateral that will pay off the loan,its not worth the time.

With every business in bitcoin we have a bunch of people that think they can copy the mold and make a profit.
Take a look at all the default poker sites as a example of people thinking its as easy as bing bang boom!

[sbtctalk]

I read many positive reviews on Bitbond. One posting made an impression on me - it was said that always lend to seasoned eBay sellers who have extremely high positive reviews and run a successful eBay shop.

[Namiks]

Reading this is actually terrifying.

How are they able to get away with it having provided personal details? Are these sites not even bothering to go after those who scam?

[sbtctalk]

Reading this is actually terrifying.

How are they able to get away with it having provided personal details? Are these sites not even bothering to go after those who scam?

I doubt so. What can the site gain from this? Nothing. You are on your own.

[Namiks]

Reading this is actually terrifying.

How are they able to get away with it having provided personal details? Are these sites not even bothering to go after those who scam?

I doubt so. What can the site gain from this? Nothing. You are on your own.

Is there nothing in their ToS that implies some type of legal action against customers that refuse to pay back what they owe?

I mean, if they've handed over personal information, it's crazy how they can get away with it still.

[MONKEYJUNK]

What's this website?
So do you lend without colateral? Sounds like a great idea.

Bitcoin community is big af, a lot of scammers over there, they don't give a fuck about it.

[calkob]

You are def right, i gave up on the whole btc lending thing about a year ago, i doubt it will ever work due to the nature of bitcoin.  its a shame cause people want their bitcoin to work for them rather than sit in cold storage, but it just cant be trusted

[pereira4]

I remember BTCJam was big back then, im not sure if the site even exists anymore since im too lazy to even look it up and I honestly don't care since im never going to use it. It's just not serious that people can literally steal your money and get away with it without no consequences.

[alyssa85]

I just feel like bitcoin loans are not safe right now, not even here, using escrow and a collateral seems like a safe idea but it's not 100% safe, the escrow could get hacked or just scam himself, things like this have happened before so Im not just making this up, we really need a better system for normal people

They'll never be safe. And the way Bitcoin itself works and the way it's valuation works means there's no way it's ever going to be viable. Even if all parties are honest, if there's a violent price move in either direction then someone's going to get ravaged.

People should stop attempting to apply concepts that do work with fiat but just don't compute with Bitcoin.

The thing is, you never know for sure until you have tried something. OP was a guinea pig for the rest of us, and we are all very grateful!

[Chris!]

I had considered getting into the lending business when I started with bitcoins but it just didn't seem to be a viable business model. I think your four pages of red prove that. That's, what, a 90%+ default rate?! Why bother. Collateral loans on this forum make sense but nothing unsecured over the internet. People have no reason to pay it back! You can't hunt them down for $50.00

[Doamader]

Those p2p bitcoin projects had helped a few people to realize their projects as well improve them, but in the general if we push the stats the only thing that really happened were donations with a interest that wont be repaid at all.

[shinratensei_]

What's this website?
So do you lend without colateral? Sounds like a great idea.

What the hell is that, i can't understand what your mean. are missing with the op means... you may correcting your answer dude... seems like just a spam....

[sbtctalk]

I just feel like bitcoin loans are not safe right now, not even here, using escrow and a collateral seems like a safe idea but it's not 100% safe, the escrow could get hacked or just scam himself, things like this have happened before so Im not just making this up, we really need a better system for normal people

They'll never be safe. And the way Bitcoin itself works and the way it's valuation works means there's no way it's ever going to be viable. Even if all parties are honest, if there's a violent price move in either direction then someone's going to get ravaged.

People should stop attempting to apply concepts that do work with fiat but just don't compute with Bitcoin.

The thing is, you never know for sure until you have tried something. OP was a guinea pig for the rest of us, and we are all very grateful!

I am glad to contribute to this community. If you like my "efforts", you can consider tipping me: 33kgTJfNomeG2wpTGko1MQ7YLGSw7Ay6eF

Hahaha

[caxandra]

Nobody takes loans without collateral seriously anymore, the risk is just too great even with a market being present but people not ready to repay is just too much of the total people taking loans, You can't do anything with there documents anyway if you can't sue them..

[BrewMaster]

Nobody takes loans without collateral seriously anymore, the risk is just too great even with a market being present but people not ready to repay is just too much of the total people taking loans, You can't do anything with there documents anyway if you can't sue them..

Agree. If you lend there must be a collateral otherwise you can say bye bye to your money.

don't forget that a collateral must also be "valid" because i have seen that some people just went for the collateral just for the name of it and they receive a worthless thing in return and they can never sell it and the guy defaults the loan too.