I am on a breakeven point at this moment, the interest earned is almost equal to the bad debts so it was an average experience for me, still appreciate the efforts of BTCjam.
But there are still many people who are in loss due to bad debt. Personally I think BtcJam is complete failure and they may come up with new improved and secure lending platform. Almost all P2P lending platforms are struggling to give secure lending service and nobody have found a proper way to do it.
Yes, it was a failed experiment and I ended up at break even position just because I have been investor since years and decided to stop investing further when I realized the percentage of bad debts. I am not feeling guilty or something I understand that the model was having some issues and it was not a scam.
While dealing with cryptocurrencies, loans without collateral are unsustainable. (Unfortunately) other companies will follow BTCJam's example (sooner or later)...
Yes we might see imitations but you simply can't do anything about it.