BTCjam - Any Thoughts or Experiances

[knowhow]

I dont get why you pissed will you be the part honest into btcjam or will run with money from others as most are doing there?Anyway good luck with your investment sponshorships.

[sionsandman]

You might want to do some homework about how a company collects and the legal frameworks that need to be accomplished if you think this is an easy task. If it was easy, you'd see many companies doing this.

We are always looking into ways we can do this in the future. Not sure what you know about collections process but it is very difficult to do this as a company. There are many legal hurdles that we'd need to accomplish in order to do this and I'm not so sure we are going to be able to do this right now. Would we want to collect for you guys? Yes. Is it something that we think about and try to figure out? Yes. Is is something that gets done in a week? Sadly not.

If it's not easy for easy for you imagine how easy it is for your investors!

The way you are dodging your responsabilities is very disturbing.

You advise to invest small amounts into each loan and then you say you have nothing to do with collections.

So people from all over the world each with a $5 investment have to do all the work to make collections?


Basically what you saying here is that defaulting won't have any consequence at all.

[sionsandman]

Why is autoinvest slower than manual investors?

I have a plan for A rating loans and it failed to invest here: https://btcjam.com/listings/51807-trading-platform-test-funds

It doesn't make any sense.

[BTCJamSupport]

I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

[BTCJamSupport]

You might want to do some homework about how a company collects and the legal frameworks that need to be accomplished if you think this is an easy task. If it was easy, you'd see many companies doing this.

We are always looking into ways we can do this in the future. Not sure what you know about collections process but it is very difficult to do this as a company. There are many legal hurdles that we'd need to accomplish in order to do this and I'm not so sure we are going to be able to do this right now. Would we want to collect for you guys? Yes. Is it something that we think about and try to figure out? Yes. Is is something that gets done in a week? Sadly not.

If it's not easy for easy for you imagine how easy it is for your investors!

The way you are dodging your responsabilities is very disturbing.

You advise to invest small amounts into each loan and then you say you have nothing to do with collections.

So people from all over the world each with a $5 investment have to do all the work to make collections?


Basically what you saying here is that defaulting won't have any consequence at all.

Im not saying that at all, what we say is take the risk into the model when you invest because we calculate this and diversification is a good way to have positive returns given that we do this. There are people who use arbitration to go after borrowers with success and they usually buy up notes to do this providing other lenders with liquidity (even if it is at a fractional amount). It actually is easier for a lender to go after borrowers with these agreements then it is for a company to get aligned and formed properly to do this in house. Thats what I was saying.

[BTCJamSupport]

Why is autoinvest slower than manual investors?

I have a plan for A rating loans and it failed to invest here: https://btcjam.com/listings/51807-trading-platform-test-funds

It doesn't make any sense.

That loan went in about 2 minutes. It's something we are working on when it comes to AutoInvest getting into these plans. We're gonna be tinkering with some adjustments to AutoInvest so that you get into these loans when they become available.

[tommorisonwebdesign]

I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

I'm actually developing my own website which operates on the concept of trusting no one. If I were on your dev team I would be looking into a way to crack down on scammers and require collateral to sell if lenders default. There should be consequences for defaulting.

[knowhow]

Well working with collateral will be the safe way but well should be above the interest lets say someone wanna 20 btc and offering a 10 % montly for 3 months the collateral should be something like 160% since the altcoin may loose value in 3 months,but well dont know till where someone would use those service with colateral as most people just play with bitcoin ,soo most of the loans wouldnt happen,but will work as works here at the forum.

[neurotypical]

I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

I'm actually developing my own website which operates on the concept of trusting no one. If I were on your dev team I would be looking into a way to crack down on scammers and require collateral to sell if lenders default. There should be consequences for defaulting.

I still don't understand why people is default after delivering all of their personal details on BTCJam... all that does is ruining your rep and as a side effect ruining any chances at getting any money in the future. I guess the people that default in BTCJam (which are A class) just can't pay for real? I don't see any other explaination. Is it true that there should be consequences, which is where collateral is useful.
I don't see how this process would be automated without trusting in a 3rd party tho (escrow that holds the collateral)

[Kanati]

I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game.

[knowhow]

I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game.

Sure this would be one way to make all investors happy but ,when the user doenst pay the btc promised on the lending you would get a part of the btcjam funds to pay some of your loss ,pretty sure this wont happen they live for profit not to cover what scammers steal.

[Kanati]

I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game.

Sure this would be one way to make all investors happy but ,when the user doenst pay the btc promised on the lending you would get a part of the btcjam funds to pay some of your loss ,pretty sure this wont happen they live for profit not to cover what scammers steal.

I'm pretty sure that they would make MORE profit if lenders feel more secure about lending! Also it would up their game when they are rating borrowers, so fewer defaults would also give them more profit (Win-Win  ).

[owlcatz]

BTCScam.com?

If anyone here has been ripped off or scammed by loaning money there, and have gotten nowhere with net-arb, feel free to post their dox here:

https://bitcointalk.org/index.php?topic=605994.msg12536615#msg12536615

[BTCJamSupport]

I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game.

Having a marketplace as a business is having complete skin in the game.. If the marketplace isn't good, rates arent good, borrowers arent good 0 we lose - it is a very simple theory. It's out business, Im not sure we could have more skin in the game than that. Screening is something that we are working very hard on to delivery better practices and lower defaults across the board.

[Kanati]

I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game.

Having a marketplace as a business is having complete skin in the game.. If the marketplace isn't good, rates arent good, borrowers arent good 0 we lose - it is a very simple theory. It's out business, Im not sure we could have more skin in the game than that. Screening is something that we are working very hard on to delivery better practices and lower defaults across the board.

I will grant you that a good business reputation has value, but judging from the amount of negative feedback on this forum from burned lenders, I would say that BTCjam has at minimum a skin rash problem . Equating the dings and dents to your business reputation to what lenders are losing in cash to defaults is begging the question of how to prevent defaults in the first place. Basically all you are saying here is that BTCjam is working really really really hard to lower the amount of defaults, and by implication that we lenders should trust you because you are working really really really hard on this (would also be interested in seeing some statistics on the number of BTCjam defaults and how much debt has been lost and recovered b.t.w.).

As a lender I would personally feel more secure about investing if I knew that the company doing the screening is working transparently and has more than just its already damaged reputation at stake. 

[knowhow]

Btcjam helps some hones people to make their projects live ,but there is scammers that only collect bitcoin and creat another account and ask again bitcoins,this is unlimited money income ,even the rate system wont protect anyone who lend there isnt an option safest as lending into exchanges as poloniex has a great program,the return is 0,03% usually but is 99.99% safe loan and you will get paid atleast even if not all a part of the lend.

[BTCJamSupport]

I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game.

Late fees are split between Investors and Us for this reason. We do have skin in the game

[BTCJamSupport]

I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game.

Having a marketplace as a business is having complete skin in the game.. If the marketplace isn't good, rates arent good, borrowers arent good 0 we lose - it is a very simple theory. It's out business, Im not sure we could have more skin in the game than that. Screening is something that we are working very hard on to delivery better practices and lower defaults across the board.

I will grant you that a good business reputation has value, but judging from the amount of negative feedback on this forum from burned lenders, I would say that BTCjam has at minimum a skin rash problem . Equating the dings and dents to your business reputation to what lenders are losing in cash to defaults is begging the question of how to prevent defaults in the first place. Basically all you are saying here is that BTCjam is working really really really hard to lower the amount of defaults, and by implication that we lenders should trust you because you are working really really really hard on this (would also be interested in seeing some statistics on the number of BTCjam defaults and how much debt has been lost and recovered b.t.w.).

As a lender I would personally feel more secure about investing if I knew that the company doing the screening is working transparently and has more than just its already damaged reputation at stake. 

We are working towards lowering defaults, that is part of the business in many ways. Being transparent about screening is tricky because we are then providing a lot of details about how we screen etc. Not sure that is the best idea at this time, but your comments are noted. We are trialling out some different collection methods/tools but aren't at a point to comment about that any more at this time. Thanks for sharing this.

[sionsandman]

Please explain the new BTCJam Debt Collection.

Why is it buying partial in some loans and total debt in others?

[BTCJamSupport]

I am from Turkey,
and it is not possible to verify my credit card and my bank,
BtcJam should work on that, Not all the people live in USA or Brasil

We are working on that daily. It is a complicated issue as getting international service for everyone is really difficult, we have to prioritize a bit in some ways here but we'll try to get more options up for you guys soon. Thanks for the feedback.