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Author Topic: Anything on BTCJam...  (Read 1158 times)
Kelticfox
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April 04, 2013, 11:41:41 AM
 #1

In light of all the recent problems with BTCJam, I decided to look at their T&C and noticed a few problems.

This is probably stating the obvious to many people, but I think it should be a warning to newbies...


General Terms & Conditions:

Quote from: BTCJam
... In no event shall BTCJam or its suppliers be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption,)...

Quote from: BTCJam
... BTCJam may discontinue or make changes in the content and site at any time without notice to you and without any liability to you.

Lenders Terms & Conditions:

Quote from: BTCJam
Under no circumstances should you attempt collection on a late payment yourself. In doing so you run the risk of creating a legal liability for yourself and the website cannot be hold responsible.

Privacy Policy:

Quote from: BTCJam
We will not share the personal information you submit to the site, such as phone number, identity, address and credit score. This information will only be used to rate you.


So if a person defaults (like many have), BTCJam will not release the borrowers details, you cannot collect the deby yourself and you cannot sue BTCJam to reclaim any bitcoin.
It's a scammer's paradise! Get BTC and have no legal ramifications for paying it back!



BTCJam: Protecting the scammers and defaulters whilst legally taking a cut....

Veni, Vidi, Cidere, Prenda In Gen, Interlitum Verlgo Stipes, Dissiptum.
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John (John K.)
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April 04, 2013, 11:53:47 AM
 #2

I'm still evaluating if this should belong here or Service Discussions, but I agree with your points there. Being verified on BTCJam does not mean anything at all - there is no legal ramifications, or even a simple doxing for the scammer. I've learnt to not invest anything on BTCJam since I read the TOS a long time ago. 

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Kelticfox
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April 04, 2013, 12:25:45 PM
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I'm still evaluating if this should belong here or Service Discussions, but I agree with your points there. Being verified on BTCJam does not mean anything at all - there is no legal ramifications, or even a simple doxing for the scammer. I've learnt to not invest anything on BTCJam since I read the TOS a long time ago. 

I understand your points, but if possible, can you please leave it here?

It's intended as a warning for BTCJam and potential scamming and the fact there is no ramifications.

Veni, Vidi, Cidere, Prenda In Gen, Interlitum Verlgo Stipes, Dissiptum.
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April 04, 2013, 12:30:51 PM
 #4

I'm still evaluating if this should belong here or Service Discussions, but I agree with your points there. Being verified on BTCJam does not mean anything at all - there is no legal ramifications, or even a simple doxing for the scammer. I've learnt to not invest anything on BTCJam since I read the TOS a long time ago. 

I understand your points, but if possible, can you please leave it here?

It's intended as a warning for BTCJam and potential scamming and the fact there is no ramifications.
Yep - IMO BTCJam should change their policies to dump all data on the scammers publicly or help to pursue the scammers legally.

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
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Kelticfox
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April 04, 2013, 03:08:04 PM
 #5

I'm still evaluating if this should belong here or Service Discussions, but I agree with your points there. Being verified on BTCJam does not mean anything at all - there is no legal ramifications, or even a simple doxing for the scammer. I've learnt to not invest anything on BTCJam since I read the TOS a long time ago. 

I understand your points, but if possible, can you please leave it here?

It's intended as a warning for BTCJam and potential scamming and the fact there is no ramifications.
Yep - IMO BTCJam should change their policies to dump all data on the scammers publicly or help to pursue the scammers legally.

That's what I'm hoping.

If enough people vote with their bitcoins by refusing to use BTCJam as they protect the scammer or defaulter, eventually either BTCJam changes their policy or goes bust.
The risk is solely on the lenders side. There needs to be protection for the lender as much as the borrower.

Veni, Vidi, Cidere, Prenda In Gen, Interlitum Verlgo Stipes, Dissiptum.
squall1066
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April 06, 2013, 02:58:55 PM
 #6

I now, No longer use it. Tho the new update is promising, Allowing Facebook/E-bay and the like to gain proof, But still is no real link to sorting out who is actually who they say they are, I am staying away until at least 2PA or PGP signed and verified elsewhere.
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April 07, 2013, 01:10:32 AM
 #7

I have to wonder how many of these accounts that default have the potential to be set up by the site creators ... seriously, let a few serious guys get loans going and post lots of garbage accounts....

much more profitable than taking a cut and they obviously never pursue those who default..... wonder if this is why.
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April 07, 2013, 12:20:32 PM
 #8

There's a reason they're on the suspected list.

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