BTCjam - Any Thoughts or Experiances

[cerberre]

Lent 0.1 btc, the guy did not repay a penny ...

[1715656890]

1715656890

[BTC-Bank]

hi

i have try in the past to take a loan with collateral, but with no success

unfortunately there is no p2p lending service with collateral yet

now about http://blog.btcjam.com/

"Payment cycle options reduced

Four payments a month is just too many… and if you miss a payment, it could hurt your credit score. Our new monthly loans make repayment easy as it matches your schedule.  Payments are only on a monthly basis only."

i always pay in these 3 loan per week never had an issue, all times pay days early or on the time.

If they want to help they can leave payment per week and 15 days. Some investors like to receive their payment per week or asap.

There is still people listing loans with payment cycle less than 1 month(every 3 days and weekly payment is still possible options) so btcjam hasent implemented the thing you mentioned that they posted on there blog the March 27, 2015.

Hello @thy! These are the previous loans which have been listed before the update, now the system let you to choose only from 30 , 60, 90 and 365days with new additional terms added 120 and 270days, also the payment cycle have change too, now is only possible for 1st, 5th and 10th.
I just check it to be sure!

Another new update on the site is that we cant anymore sell defaulted notes (i don't know if it is only temporary) did anyone notice that or found a post about this?

Kind Regards,
BTC-Bank.

I havent seen any information from btcjam about the change on the notes but as far as i can tell they have changed it so you cant directly flip a note maby they want a bigger differentiation on what notes is out on the 2nd hand market. If for example someone would list a note in your loan at 100% yield many people would probably want to buy it and then either keep it or flip it directly for maby 5-10% yield instead, now there is a delay, unknown how long between a note has been posted the last time to its possible to post it again and it effects notes that someone else has posted to that you buy to so its not only a delay on how ofthen you can post the notes you already have. Defaulted notes can still be posted instead the change seems to be that no notes that has been out on the market cant be posted directly after the 7 days time has ended, wether its changed to something like 10 days, 14 days or something like that until you can repost a note is not known yet but it surely cant be that a note can only be posted once and never more then btcjam will end up with a lot of complaints especially as btcjams partner isent delivering the arbitrage awards to everyone that they should.

Yes i agree with you i didnt thought about a time limit, i believe that they won't make a limit to selling notes as is profitable for both parties and also there is the problem with arbitration as you mention..I have contact support couple months ago with some suggests about note market as is one of my favorites sections, it was about organize it better because it cost a lot of time to trade notes as borrower category is confused on searching and they can separate it to healthy, overdue and defaulted notes.I hope that we will see only good changes from now on and i will update if they publish any information.

Kind Regards,
BTC-Bank.

[kapetan]

"Well what collateral did you mean, was a valid one?(example altcoins or a big rate account) did it cover the amount and the interest and where?here or on BTCjam?I see that you have a negative trust from @Vod for asking a 50BTC on Jam, i rememeber that loan and i undarstand everyone with concerns when you come and ask for 50BTC with out any reputation on BTCjam for the investors or a valid project+collateral to secure it from here.I remember that we have add you on a private investors group (with wellknown members from BTCjam) to discuss your loan and help fund you but with no success as you never responded.Anyway about the weekly payments i understand that, i had many weekly loans in the past but it is also the same in the end, if you keep every week and make one payment per month, weekly payments was better for investing but again you can take a loan and make a payment or more (weekly) earlier to award your investors so it is something you can fix your own...The mainly problem i beleive is the fix rate which in some cases you cant accept it... and the time to review the loan.

P.S.:About your negative trust i beleive that if you explain your project and intensions to @Vod and discusses it, i am sure that he is willing to remove it.

Kind Regards,
BTC-Bank."

by collaterals i mean a car a house  or other solutions that can cover investors this loan of 50 btc never goes to 70% so never funded even i ask for help from many escorts

i have discuss in the past with @Vod but with no success, i have provide him the btc address he ask for any extra info

[agath]

My experience so far is that during 1 year, I have been able to bring back home only a little less than 50% of the invested amount. Even lending only to the highest rated people. It is full of scammers and I said bye bye to those coins.

[BTC-Bank]

"Well what collateral did you mean, was a valid one?(example altcoins or a big rate account) did it cover the amount and the interest and where?here or on BTCjam?I see that you have a negative trust from @Vod for asking a 50BTC on Jam, i rememeber that loan and i undarstand everyone with concerns when you come and ask for 50BTC with out any reputation on BTCjam for the investors or a valid project+collateral to secure it from here.I remember that we have add you on a private investors group (with wellknown members from BTCjam) to discuss your loan and help fund you but with no success as you never responded.Anyway about the weekly payments i understand that, i had many weekly loans in the past but it is also the same in the end, if you keep every week and make one payment per month, weekly payments was better for investing but again you can take a loan and make a payment or more (weekly) earlier to award your investors so it is something you can fix your own...The mainly problem i beleive is the fix rate which in some cases you cant accept it... and the time to review the loan.

P.S.:About your negative trust i beleive that if you explain your project and intensions to @Vod and discusses it, i am sure that he is willing to remove it.

Kind Regards,
BTC-Bank."

by collaterals i mean a car a house  or other solutions that can cover investors this loan of 50 btc never goes to 70% so never funded even i ask for help from many escorts

i have discuss in the past with @Vod but with no success, i have provide him the btc address he ask for any extra info

I didnt say that you where funded or asked for help i just said that i liked your loans and wanted to discusses it back then as we are from the same country,as said before i have also support you on one of yout loans..I believe that there is an irony about the car and a house so anyway i just wanted to help and respond to your previous post.Be well kapetan.

P.S.: Sorry to hear that didnt work with @Vod.

Kind Regards,
BTC-Bank.

[Karartma1]

I know a guy in my neighborhood that bought a lot of fake id's from deepweb and then faking photos with id's in photoshop. BtcJam approved them memberships and then he fraud from 5 different accounts. Nobody catch him, now he is in a foreign country. I heard he did this multiple times and scam a lot of money. That's why I don't use BtcJam anymore, they do absolutely nothing about scams.

[thy]

Lent 0.1 btc, the guy did not repay a penny ...

Its always bad when that type of thigs happens but the sites statistics is improving over time, back in 2013 it was really bad, during 2014 the avg repayment rate improved a lot and hopefully it will become even better in 2015.
Last time i checked the repayment rate throu all time is up to 75.98% of all loans and is climbing. For loans taken out recent months it has been in the regions of something like 85-90%.

[Karartma1]

Lent 0.1 btc, the guy did not repay a penny ...

Its always bad when that type of thigs happens but the sites statistics is improving over time, back in 2013 it was really bad, during 2014 the avg repayment rate improved a lot and hopefully it will become even better in 2015.
Last time i checked the repayment rate throu all time is up to 75.98% of all loans and is climbing. For loans taken out recent months it has been in the regions of something like 85-90%.

I wouldn't call that improving. %75.98 means every 1 debt in 4 loans isn't paid. That's serious stats for lenders. Too much verification process but still %25 fail rate. They need to decrease it to %1-2 if they want to provide sustainable service. I don't recommend this site at all.

[thy]

Lent 0.1 btc, the guy did not repay a penny ...

Its always bad when that type of thigs happens but the sites statistics is improving over time, back in 2013 it was really bad, during 2014 the avg repayment rate improved a lot and hopefully it will become even better in 2015.
Last time i checked the repayment rate throu all time is up to 75.98% of all loans and is climbing. For loans taken out recent months it has been in the regions of something like 85-90%.

I wouldn't call that improving. %75.98 means every 1 debt in 4 loans isn't paid. That's serious stats for lenders. Too much verification process but still %25 fail rate. They need to decrease it to %1-2 if they want to provide sustainable service. I don't recommend this site at all.

75.98% is all loans throu all time, in the beginning there probably was <25% repayment rate when there was no verification of anything needed to be able to apply for loans.

[Karartma1]

75.98% is all loans throu all time, in the beginning there probably was <25% repayment rate when there was no verification of anything needed to be able to apply for loans.

Is there a detailed stats for repayments all/before/after verification? That would be good. I expect +%90 repayment rate to call it a successful service. Otherwise I stay out of that site.

[kapetan]

I know a guy in my neighborhood that bought a lot of fake id's from deepweb and then faking photos with id's in photoshop. BtcJam approved them memberships and then he fraud from 5 different accounts. Nobody catch him, now he is in a foreign country. I heard he did this multiple times and scam a lot of money. That's why I don't use BtcJam anymore, they do absolutely nothing about scams.

if a ardeva verification token https://ardeva.com/ given to you from a loan at btcjam as extra proof of identity you consider to invest to such a loan ?

Personally i was looking ways to proof that my loans are legit i have try out escort but unfortunately didnt help much.

i totally agree if something BTCJAM must do, is take actions from such scamming.

[thy]

I know a guy in my neighborhood that bought a lot of fake id's from deepweb and then faking photos with id's in photoshop. BtcJam approved them memberships and then he fraud from 5 different accounts. Nobody catch him, now he is in a foreign country. I heard he did this multiple times and scam a lot of money. That's why I don't use BtcJam anymore, they do absolutely nothing about scams.

if a ardeva verification token https://ardeva.com/ given to you from a loan at btcjam as extra proof of identity you consider to invest to such a loan ?

Personally i was looking ways to proof that my loans are legit i have try out escort but unfortunately didnt help much.

i totally agree if something BTCJAM must do, is take actions from such scamming.

Swisswatcher on btcjam has been offering some form of escrow service for borrowers in the past, not sure if he still does such thing. Different lenders look for different things, an ardeva token will most likely add some lenders to your loan and some lender might lend you more when more information is verified like that.
The only type of partial security that currently excist is if people has reinvested in other borrowers onsite, if someone has invested 10 btc in 1000 different loans, 0.01 btc in each loan and that person asks for a 1 month 1 btc loan its hardly any risk to loan to that person for example.

[thy]

75.98% is all loans throu all time, in the beginning there probably was <25% repayment rate when there was no verification of anything needed to be able to apply for loans.

Is there a detailed stats for repayments all/before/after verification? That would be good. I expect +%90 repayment rate to call it a successful service. Otherwise I stay out of that site.

There is limited amout of stats directly avaliable but the stat that is avaliable on the site can be used to get more interesting numbers. If you want specific stats for a specific period for the loans that was taken out back in 2012-early 2013 (probably somewhere in the 20/30%) when there was no verification worth the name then gh2k's 3rd party site that has all loan data up until august 2014 when btcjam broke his scraper with a change of the layout on the site, is probably easier to use to get data from than using btcjams site directly. but to just take some example:

Total BTC repayed(fully repayed loans)
 
7/7 2014                                   Repaid   Active   Funding   Overdue
last 6 months (8/1 2014-7/7 2014) 68,60%   14,10%   10,60%   6,80%
last 12 months(8/7 2013-7/7 2014) 69,50%   11,60%   8,50%   10,40%
all time       (sept 2012-7/7 2014)   60,10%    6,90%   4,50%   28,50%

2014-08-22
last 6 months (23/2 2014-22/8 2014) 70,00%   12,20%   9,90%   7,90%
last 12 months(23/8 2013-22/8 2014) 70,10%   10,60%   8,50%   10,60%
all time (sept 2012-22/8 2014)           61,20%     6,50%   4,70%   27,60%
---------------
Total repayed Loans

7/7-2014                                   Repaid   Active   Funding   Overdue
last 6 months (8/2 2013-7/7 2014)  64%         17,30%   6,30%   12,30%
last 12 months(8/7 2013-7/7 2014) 67,40%     12,10%   4,40%   16,10%
all time (sept 2012-7/7 2014)         66,80%      8,30%     3,0%    21,90%

2014-08-22
last 6 months (23/2 2014-22/8 2014) 64,50%   16,10%   5,70%   13,80%
last 12 months(23/8 2013-22/8 2014) 68,50%   11,60%   4,10%   15,80%
all time (sept 2012-22/8 2014)          67,70%     8,30%    2,9%    21,10%

24 oct 2014 71.64% fully repayed loans (and some partially repayed) and the remaining <28.36% is either Active or Overdue

5 april 2015 the stat are at 75.98% fully repayed loans (and some partially repayed) and the remaining <24.02% is either Active or Overdue so when all loans have reached the final repayment date the current fully repayed numbers will probably converge to something like 10% higher(->86%) number and the total will probably be something like 2-5% higher(->88-91%) if you also add payments on partually repayed loans that is currently overdue and defaulted. And the remaining 9-12% the borrower could try to send to some collecting agency or let btcjam handle when they have signed up with some of the collecting agencys they mentioned earlier that they were in negociations with.

7 april 76.10% fully repayed loans

If one looks at smaller timeframes then we have fully repayed loans:
18 oct 2014 -18 dec 2014 at 76.86%
8 nov 2014  - 8 jan 2014 at 80.67%
22 nov 2014 -22 jan 2014 at 81.39%
1 dec 2014  - 1 feb 2015 at 83.11%
1 jan 2014   - 1 mars 2015 at 88.04%

If you look at even shorter timeframes there is periods where fully repayed loans is over 90% for example
7 jan-7 feb when it at 91.32%

[kapetan]

BTCJam - Peer to Peer Bitcoin Lending
http://btcjam.blogspot.com

[jdebunt]

None of these platforms are perfect unfortunately. But by the sound of it, BTCJam might need to be a bit more thorough regarding ID verification. Just looking at documents isn't enough. Call these people, send them a letter by mail,....

[jadefalke]

i played a bit with btcjam and so far it turns out that even the a+ and B are full of scammer. I think it is a bit like Roulett or lottery.

[favdesu]

Lent 0.1 btc, the guy did not repay a penny ...

Its always bad when that type of thigs happens but the sites statistics is improving over time, back in 2013 it was really bad, during 2014 the avg repayment rate improved a lot and hopefully it will become even better in 2015.
Last time i checked the repayment rate throu all time is up to 75.98% of all loans and is climbing. For loans taken out recent months it has been in the regions of something like 85-90%.

I wouldn't call that improving. %75.98 means every 1 debt in 4 loans isn't paid. That's serious stats for lenders. Too much verification process but still %25 fail rate. They need to decrease it to %1-2 if they want to provide sustainable service. I don't recommend this site at all.

why should they care as long as they make money?

I used btcjam once 2013 - I was not paid back and btcjam did literally nothing to cover. So no, I recommend to not touch this site with a ten foot pole.

[jdebunt]

why should they care as long as they make money?

I used btcjam once 2013 - I was not paid back and btcjam did literally nothing to cover. So no, I recommend to not touch this site with a ten foot pole.

Makes you wodner why they need all that personal information then if they are not going to use it?

[Rocky X]

why should they care as long as they make money?

I used btcjam once 2013 - I was not paid back and btcjam did literally nothing to cover. So no, I recommend to not touch this site with a ten foot pole.

Makes you wodner why they need all that personal information then if they are not going to use it?

They use it. *for other purposes*

[Sam_794]

the site is full of scammers...not safe for investors but very good for borrowers