BTCJam

[speeder]

BTCJam is a site that allow you to lend and borrow BTC, also it has some credit rating features, it bumps up your rating if you give them your id and whatnot.

Except, that you can give them even your underwear colour, and default, and nothing will happen to you. I already contacted them multiple times, and they NEVER replied.

Another defaulted lender I had contact with, claims they promised him they would put a arbitration system in place, but when the big defaults started to happen, they postponed it, and they keep postponing it for ever.

The only times I saw a defaulter return money, was when that default received real death threats, and I think that when things come to this, it means things are NOT working, thus BTCJam should be considered a scam, since they have ZERO intention of supporting defaulted lenders in any way, and allow borrowers to default at will.

EDIT: this is not a question of waiting out, I send them multiple e-mails, over a period of 8 months already, they NEVER replied any of them.

[FeedbackLoop]

BTCJam essentially "Defaulted" on their promises of forwarding what they have to their arbitration "partners". Multiple times.

[speeder]

BTCJam essentially "Defaulted" on their promises of forwarding what they have to their arbitration "partners". Multiple times.

Mind explaining this more? This one is new to me

[FeedbackLoop]

Their site stated, back in January that defaulted loans would be forwarded to arbitration:

 http://web.archive.org/web/20130425212242/https://btcjam.com/legal/rules_for_lenders

Then they changed their terms saying that only the loans after 30 of March  would be sent to arbitration:

https://btcjam.com/faq/arbitration

Then they didn't send even the loans done and defaulted after that to arbitration as you can see in their thread. 

[speeder]

Indeed, I noticed this... :/


BTCJam people live nearby, their HQ is near my sister home...

I am wondering if people would want to sue them.

[theecoinomist]

Scam site with scam staff and full of scam borrowers.

Btcjam is stealing from investors and ignoring all contact.

[Tulak]

Being the complete and utter moron that I am, invested my coins in summer 2013 into two loaners. I got my money paid back tho, but 0.00023 coins or something are stuck in there because if their withdrawal minimum.
Does make sense considering txfees but looking back:

Reputation loans are scammers preparing for the big heist.
Btc jam is scammer heaven. Pure trash

[dogjunior]

BTCJam sucks. I had a loan to a guy who was offering 15% interest on a 3 BTC loan for 30 days. I did the loan and then at the end of the term he couldn't pay the interest but did pay back the initial amount. When I pulled my  BTC out they kept 5% for their fee. What they did to earn that  5% I don't know.

[paulolellis]

Hello there,

  BTCJam is a cool idea and great implementation, but we all know that it's still a small company that need to grow bigger to deal with the challenges of becoming a global reference. The business of lending attracts basically three opposite profiles: the majority of people in the World who needs fair credit, disciplined and organized people who invest money and bloodsuckers that spot opportunities to make easy money on trust-based relationships.  

  There are legal questions regarding the arbitration process and the loans granted before that are not legally candidates for that, since the investors didn't agree nor signed up the terms. Besides, NetArb are not a collections company, which is in my opinion really disappointing; they are basically a former way of posting an official stamp on a debt letter. The costs for opening an arbitration process are almost USD 50/each and no real collections actions are taken, which it's a huge gap in the whole process.

  However, if you consider the site proposal to provide peer-to-peer credit, it's easy to understand that the efforts to create a global collections program would exceed a lot the conception, not to mention the costs. The notes and motions had helped a lot of investors/ borrowers to settle down defaulted loans.

  Nevertheless, with the BTC worthing 10 times more now than it was just few months, those old debts are becoming increasingly interesting and attracting more and more collectors, that are buying debts notes from other users.


  regards,
    paulo

[speeder]

Hello there,

  BTCJam is a cool idea and great implementation, but we all know that it's still a small company that need to grow bigger to deal with the challenges of becoming a global reference. The business of lending attracts basically three opposite profiles: the majority of people in the World who needs fair credit, disciplined and organized people who invest money and bloodsuckers that spot opportunities to make easy money on trust-based relationships.  

  There are legal questions regarding the arbitration process and the loans granted before that are not legally candidates for that, since the investors didn't agree nor signed up the terms. Besides, NetArb are not a collections company, which is in my opinion really disappointing; they are basically a former way of posting an official stamp on a debt letter. The costs for opening an arbitration process are almost USD 50/each and no real collections actions are taken, which it's a huge gap in the whole process.

  However, if you consider the site proposal to provide peer-to-peer credit, it's easy to understand that the efforts to create a global collections program would exceed a lot the conception, not to mention the costs. The notes and motions had helped a lot of investors/ borrowers to settle down defaulted loans.

  Nevertheless, with the BTC worthing 10 times more now than it was just few months, those old debts are becoming increasingly interesting and attracting more and more collectors, that are buying debts notes from other users.


  regards,
    paulo

BTCJam STILL is a scam.

It for example collect user info for nothing, deliberate defaulters are fully protected, since loaners have no way to collect it, and BTCJam does not help it at all.

Noone is buying any note, because it is silly to buy the notes, because there is no way to collect anyway, so why buy them?

[smracer]

BTCJam is a scam.  100% of the loans are scams or reputation loans that will eventually lead to a default.

[paulolellis]

Currently BTCJam's repayments rate are 86% in overall and increasing, mostly due to the constant improvements of the credit score system. For A class, for instance, the default rate is ~2%, far below the majority of credit geo-markets repayments rate - in my country, the national default rate is almost 17%, which makes it more safe to invest money in BTCJam that selling goods in a supermarket.

In case of defaults, BTCJam has an agreement that allows it to disclosures all information provided by the borrower and share with the investors, so they can decide how to follow up and proceed with the collections.

Each day, with the Bitcoin reaching the 1000USD mark, the small loans defaulted in the past are becoming more and more valuable to collectors - many users already realized that and are using the arbitrated award certificates and buying the notes to start their own collections processes or taking legal actions; there's for instance, a one year-old debt worthing 150 BTCs that even defaulted, the notes sold below the rate had profited more than 2 times the original payoff.

So no, BTCJam is not a SCAM, it's a serious business that is consolidating trust and reputation as a future commodity, using the asymmetries of the current financial system and sharing revenue among peers worldwide. The ones who didn't realize that are mistaken the business with a really small part of its users, and certainly are already missing several opportunities to make great investments.

[speeder]

Currently BTCJam's repayments rate are 86% in overall and increasing, mostly due to the constant improvements of the credit score system. For A class, for instance, the default rate is ~2%, far below the majority of credit geo-markets repayments rate - in my country, the national default rate is almost 17%, which makes it more safe to invest money in BTCJam that selling goods in a supermarket.

In case of defaults, BTCJam has an agreement that allows it to disclosures all information provided by the borrower and share with the investors, so they can decide how to follow up and proceed with the collections.

Each day, with the Bitcoin reaching the 1000USD mark, the small loans defaulted in the past are becoming more and more valuable to collectors - many users already realized that and are using the arbitrated award certificates and buying the notes to start their own collections processes or taking legal actions; there's for instance, a one year-old debt worthing 150 BTCs that even defaulted, the notes sold below the rate had profited more than 2 times the original payoff.

So no, BTCJam is not a SCAM, it's a serious business that is consolidating trust and reputation as a future commodity, using the asymmetries of the current financial system and sharing revenue among peers worldwide. The ones who didn't realize that are mistaken the business with a really small part of its users, and certainly are already missing several opportunities to make great investments.

You are talking out of your ass.

I am yet to see proof of that, I only see lots of defaulted loans, people trying to collect, you not doing your job (some defaulters want to pay partial loans, that can be done with some tech fix, but instead those people are instructed to buy notes, this is fairly shitty, since some people get money before others AND it is cumbersome to deal with), and some on purpose defaulters (like Conny) not getting their information released at all.

Of course your "A" class has default rate of 2%, when people default you degrade their score... It is easy to say that people are defaulting only 2% if you remove from the counting any defaulters.

And you are also a scam because beside you that recently came here on the forums, BTC Jam crew ignore everyone, I am sending e-mails for almost a year already, with no reply, and other lenders that are in contact with me say the same.

[Julia Sanders]

I'm not sure what you guys are talking about. I've had nothing but great success with BTCJam

[paulolellis]

Hello speeder,

  That's not how the way things work, since it's not that simple to build reputation as people tend to believe.

  Regarding the partial payments it's not a simple tech fix, because we it's about to create partial payments over partial payments, which introduces a new level of complexity all over the operation and business support systems. And the metrics for calculating the credit scoring default rate uses more standardized methods to be calculated than only downgrade the bad payers and classify them in a lower class otherwise class A would have 100% of good payers.

  We don't have the right to publish defaulters data before the Net Arbitration Award unless there's a specific order from our legal advisors, and each case is analyzed individually, as the emails asking for information about default loans. Again, we are not a collection business but a peer-to-peer lending platform that are creating a global reputation system that will embrace not only crypto-coin miners and early enthusiasts but a vast diversity of people looking for opportunities to make safe investments and have fair access to credit.

 And as Julia Sanders can attest, BTCJam is doing great now that this sad and angry person had been banned or simply cannot play around with people's trust anymore, stealing people's hard worked money instead of finding a proper job that pays for this person strange psychotic skills. his/her ways will naturally lead this person to loneliness, society exclusion and return to jail, where the nickname Julia Sanders surely had come from!

  Thanks & Regards

[AlephconZero]

Hello all,
How can I be blacklisted/banned from the btcJAM site?
I do no want to invest, I do not want to open a loan.
I have a balance account of 0.0005 BTC
And I do not ant it back.
They can take that.
It is impossible to unsubscribe from the site.
They will charge you if you are inactive for more of 365 days with a fee of up to 5$!!!!!!! Rule 19 of the TOS.
The sire are full of scammers and if you invest in something you will lose oll your money!
fuching  btcJAM site blacklist/ban me from your service
My fake name on the site is Aleph ConZero: blacklist it

[ChristmasGainerCoin]

if you details of your defaulted loan users check this thread

https://bitcointalk.org/index.php?topic=1366288.40;topicseen