What's going on with BTCJAM.com ?

[virus40]

Twitter is pretty much dead and they didn't announce anything there. I believe they stopped loan requests because the scam level was so high and they couldn't stop it anymore, I find it as a good decision personally as everyone was scamming using fake accounts and ID's. While googling, It says It's permanently closed (I assume their offices):

https://i.imgur.com/venTCBc.png

wow, this makes me feel wow. I always thought BTCjam was doing real good even with their credibility rating system, you could pick different types of loan. Seems that account ID with personal details just couldn't secure the business good nuff :/

No interest on his service, they can't keep life their site. and they can't run the dead service with no interest in there. And finally btcjam is die. Erase the word of btcjam from the world of crypto.

BTCJAM comes alive! HOORAY!

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[gentlemand]

Even if it's still twitching with signs of life, it's an astonishingly shitty idea that deserves to be stabbed until it doesn't move any more.

Lending an irreversible currency to strangers on the internet? Hmm. I think I can see a problem with that in there somewhere.

[lumeire]

Even if it's still twitching with signs of life, it's an astonishingly shitty idea that deserves to be stabbed until it doesn't move any more.

Lending an irreversible currency to strangers on the internet? Hmm. I think I can see a problem with that in there somewhere.

It's a nobel idea, as done right it becomes an avenue for the unbanked to loan the capital that they need, that's one of the initial purpose of btc anyway right, to provide financial services to the unbanked.

But it was not done right, so many issues here and there, it didn't prosper.

[zoufou]

Even if it's still twitching with signs of life, it's an astonishingly shitty idea that deserves to be stabbed until it doesn't move any more.

Lending an irreversible currency to strangers on the internet? Hmm. I think I can see a problem with that in there somewhere.

It's a nobel idea, as done right it becomes an avenue for the unbanked to loan the capital that they need, that's one of the initial purpose of btc anyway right, to provide financial services to the unbanked.

But it was not done right, so many issues here and there, it didn't prosper.

true !
take the example of microcredit banks, they lend people money with zero paperwork, everything is based on reputation and recommendations, so why not it does not succeed through bitcoin ..

[Vod]

This is great news to me.

I've always been in opposition of btcjam because of the easiness to scam - so much to the point their admin blocked me from commenting on loans.   

I don't blame the admin though - they had their hands tied and did the best they could.  The scammers simply had more resources.

[xypos]

Hi guys,

Since some weeks btcjam seems to be on freeze, no new listings at all ! it's like no one is still borrowing on that platform.

Some say btcjam is over, it's closed, but meanwhile i'm receiving payouts from guys who borrowed from me ...

Anyone have an idea ?

Interesting, because BTCJam usually are really active on social media but haven't posted any updates on their site or on twitter since last year April.

I think that it is certainly possible that they have closed due to the high fraud rates, but i don't think that it is the most likely situation right now. They are probably experiencing some unforeseen delay or hack.

Bitlendingclub has closed last year as well.

I mean when people are taking out loans for "trading" or "personal purposes" without ever telling you what they are going to do with that coin in detail, it is probably not a good idea to lend to them... And the irreversibility of bitcoin just makes it worse.

[gentlemand]

It's a nobel idea, as done right it becomes an avenue for the unbanked to loan the capital that they need, that's one of the initial purpose of btc anyway right, to provide financial services to the unbanked.

But it was not done right, so many issues here and there, it didn't prosper.

The unbanked will be just as likely to panhandle free money and bugger off as the little shits who were on BTCJAM already.

There must be a way of doing it right but I've no idea how myself.

[Trcream]

I have always wanted to know the real reason why they closed. Scammer or regulatory pressure or both?