OMG..You sound like a bunch of whiney, government fed babies on here: "Wahhh..I want to invest with zero risk..wahhh"
Grow the F up. Why don't you look at the LOAN HISTORY of people and see if they have repaid loans? Invest with people who you can verify their online identity and reputation.
Honestly, you all sound like you want someone to hold your hand while you take a shit.
Holy *whoosh* of sonic boom proportions, Batman...impressive job of missing the point entirely.
My point from before, for your convenience:
Meaningless borrower ratings. With a Google Voice number, some bogus social networking accounts, a paypal account, and a falsified government ID...suddenly you're probably easily at over 10 points without actually proving any sort of reliability. Even judging a user by their past performance is no guarantee as I once found out the hard way after successfully loaning to this user a few times. To me, it seems there is no reliable way to judge a user's actual credibility given the information presented on BTCJam, and that bothers me greatly.
Again,
this user had a crystal clear loan history prior to defaulting on 19 loans and making off with at least 190 BTC. So yes, their loan history
now is tarnished beyond repair...but
at the time, their loan history was spotless enough to con several dozen users. A proper comprehensive solution has to go beyond just a loan history check. I'd invite you to similarly "grow the F up" and think of a constructive solution, rather than mindlessly lashing out for no conceivable reason and trolling what could otherwise be a helpful discussion. And also to put on the big-boy pants and type out "fuck" properly.
This is a P2P lending site, we verify the identity of borrowers, only paypal verified accounts are accepted. They have a very rigid procedure to verify an account, you must have access to the credit card statement of the person, you must be able to deposit some pennies via credit card on paypal account with the same identity and the address must match.
Please, i invite you to submit a falsified ID to the site an try to get it approved.
We have also started to implement the first steps toward collection, we have now international arbitration and the identities of the borrowers will be disclosed in case of default. More news soon.
I am strongly tempted to take up your offer to submit falsified information, if only to see what happens with my own eyes. I'm still not wholly convinced that all parameters used to build user's credit rating are foolproof, nor am I fully convinced by Paypal's seal of verification (if only because I'm skeptical of Paypal these days).
But, with all that said, I'm very pleased to hear that BTCJam is aware of these recurring problems and that ya'll are taking a proactive approach to resolving them. You have my kudos for that if nothing else, and I may use the site more frequently in the future with such guarantees in place.
