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Author Topic: Is BTCJam trustworthy?  (Read 2773 times)
nomtka
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September 23, 2013, 03:17:51 PM
 #1

Hey Guys,


Since I am new here with no reputation, I would like to try out btcjam in order to prove that I am trustworthy.

However, first I would like to make sure that the site is not a scam. I really don't wanna be scammed.

So does anybody has an experience with that site?

Thank you,
nomtka

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Tomatocage
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brb keeping up with the Kardashians


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September 23, 2013, 04:03:57 PM
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If you're borrowing, it's fine. If you're lending, you're going to get scammed.

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nomtka
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September 23, 2013, 04:27:03 PM
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If you're borrowing, it's fine. If you're lending, you're going to get scammed.

So the website does not provide any aid against the scammers? Then how do they ensure safety?
saif313
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September 23, 2013, 04:29:51 PM
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some things you have to manage by yourself not all services provided by the site

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September 23, 2013, 05:06:50 PM
 #5

If you're borrowing, it's fine. If you're lending, you're going to get scammed.

So the website does not provide any aid against the scammers? Then how do they ensure safety?

They don't ensure safety.  All they do is collect and verify personal information so one person cannot scam twice.

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monbux
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September 23, 2013, 10:28:54 PM
 #6

If you're borrowing, it's fine. If you're lending, you're going to get scammed.

So the website does not provide any aid against the scammers? Then how do they ensure safety?

They allow you to use net-arb, in which you must pay the $300 USD fee, plus I heard they don't even release any of the user's personal info.

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September 24, 2013, 08:56:07 AM
 #7

hi.  i think btcjam provides net-arb for free.  in fact, i got plenty of email from net-arb, together with their findings and the corresponding award and the borrower's information.  now, after this, what's next?  who will collect the coins from the runaway borrower?

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AlexC
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September 24, 2013, 10:55:39 AM
 #8

hi.  i think btcjam provides net-arb for free.  in fact, i got plenty of email from net-arb, together with their findings and the corresponding award and the borrower's information.  now, after this, what's next?  who will collect the coins from the runaway borrower?

There is a outstanding question about this in this https://bitcointalk.org/index.php?topic=244638.0.

monbux
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September 24, 2013, 10:04:57 PM
 #9

hi.  i think btcjam provides net-arb for free.  in fact, i got plenty of email from net-arb, together with their findings and the corresponding award and the borrower's information.  now, after this, what's next?  who will collect the coins from the runaway borrower?

Well, other users told me that it had a huge fee, but I've never used a net-arb, so I have no idea. :/

BitcoinLeader
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September 24, 2013, 11:11:51 PM
 #10

hi.  i think btcjam provides net-arb for free.  in fact, i got plenty of email from net-arb, together with their findings and the corresponding award and the borrower's information.  now, after this, what's next?  who will collect the coins from the runaway borrower?

Well, other users told me that it had a huge fee, but I've never used a net-arb, so I have no idea. :/

Are you telling me they actually make money off defaulting users at the cost of investors?  That doesn't sound right to me.

I'm quite concerned they haven't answered the question in that thread.

However, I have quite positive experiences as a borrower and as an investor.
If you have all verifications and an A+ rating like me it's quite easy to get your loans completely funded within 2 days. If you're willing to spend an interest rate of minimim 7-10 % per month for loans > 1 BTC.

As an investor I advice only to invest small amounts up to 0.10 to people who already repaid previous loans. Higher investments would be in people with A+ to B credit rating. Always look at people's loan history. Only invest if they have repaid a loan in similar range before.

This does not guarantee you of a 100% risk free investment but those are good tips for a starter.

Also don't only ask for loans but invest too. Even if it's just O.OO1 BTC. People will return the favor and follow you to be the first in your next loan. You get what you give.

TradeFortress
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September 25, 2013, 02:23:29 AM
 #11

Quote
Are you telling me they actually make money off defaulting users at the cost of investors?

They do charge the fee even if borrowers default but that's hardly noteworthy.
BitcoinLeader
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September 25, 2013, 10:31:23 AM
 #12

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Are you telling me they actually make money off defaulting users at the cost of investors?

They do charge the fee even if borrowers default but that's hardly noteworthy.

They should charge it at the expense of the defaulter. If they are sure they can claim it back. A no cure no pay would also be a good method for investors. Defaulters should eat all the fees.

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