BTCjam - Any Thoughts or Experiances

[notaek]

BTC jam is absolutely terrible.  I invested in a couple guys who had the max trust rating possible, yet all of them defaulted.  That seems to be the consensus on the site.  Notice how most of the people that have said they actually had a good experience with btcjam were all newbie accounts.

If they really had something they would be running it more like a bank.   People would deposit bitcoins and get interest in bitcoin, BTCjam (the bank) would be making the loans and collecting them.  Instead they are using this loan broker model then insures they get paid and pushes all the risk on the lenders.   I also think that BTCjam is trying to be deceptive for example they way they present the loans.  Clearly many lenders wouldn't do a linked loan if they understood they were also taking on the risk of the value of BTC to currency changing.   BTCjam doesn't make this information easy to sort through or to even find a lot of times. 

Though I agree that we can improve on educating, we do have the explanation on our FAQ page. We recommend users to take out linked loans if their income is denominated in Bitcoin since it is less risky for them. The average loan term is about 34 days and the likelihood of the Bitcoin price to rise an incredulous amount in that time is very unlikely which make investments in linked loans less risky for investors to loose BTC (though they will always be receiving the dollar amount they invested with linked loans so technically no money is lost). Read more about it here: https://btcjam.com/faqs#Loans
See which loan is right for you here: https://btcjam.com/faqs/loan-type-chart

I am so glad I read those wonderful resources.  Now I feel confident in my ability to earn back the money I lost from the defaulted loans I got caught up in on your great website.

[1714781678]

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[1714781678]

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[zhinkk]

It is SHIT.

What they don't tell you is that, when you lend, they will give you back much less than what you gave because "the value increased so it is the same".

Fuck it.

What do you mean? They should give you the same amount in terms of BTC that you invested... that's bullshit.

[dyask]

BTC jam is absolutely terrible.  I invested in a couple guys who had the max trust rating possible, yet all of them defaulted.  That seems to be the consensus on the site.  Notice how most of the people that have said they actually had a good experience with btcjam were all newbie accounts.

If they really had something they would be running it more like a bank.   People would deposit bitcoins and get interest in bitcoin, BTCjam (the bank) would be making the loans and collecting them.  Instead they are using this loan broker model then insures they get paid and pushes all the risk on the lenders.   I also think that BTCjam is trying to be deceptive for example they way they present the loans.  Clearly many lenders wouldn't do a linked loan if they understood they were also taking on the risk of the value of BTC to currency changing.   BTCjam doesn't make this information easy to sort through or to even find a lot of times. 

Though I agree that we can improve on educating, we do have the explanation on our FAQ page. We recommend users to take out linked loans if their income is denominated in Bitcoin since it is less risky for them. The average loan term is about 34 days and the likelihood of the Bitcoin price to rise an incredulous amount in that time is very unlikely which make investments in linked loans less risky for investors to loose BTC (though they will always be receiving the dollar amount they invested with linked loans so technically no money is lost). Read more about it here: https://btcjam.com/faqs#Loans
See which loan is right for you here: https://btcjam.com/faqs/loan-type-chart

It is great for the borrower and well explained for them.   It is the lenders that are getting duped.   It can work both ways of coarse, when BTC goes down you get more BTC back, but my point is it isn't clear and you can't even search on non-linked loans.   Your chart is even very pro-borrower pointing out that the linked loan protects the borrower form BTC price volatility.   Many potential lenders like myself want to grow BTC, not fiat.  If we wanted to grow fiat we wouldn't have BTC in the first place.

[BTC-Bank]

I am a btcjam memeber too and i get scammed from https://btcjam.com/listings/16101 a small amount but scam is scam .I see that the user from sinsin888 made his username sossos and i want to ask btcjam if he want to pay but he can not afford the hole amount instantly ( i know that he wouldnt take the loan if he can not afford it but) i think its more wisely that one user when is over due he maybe have the opportunity to make smaller payments that he could afford and pay back the loan more slowly  this wil take more time but at least some loans that was taken by mistake it will be repaid sometime.its just an idea.

[Outlander]

I have a plan to take a loan in Btcjam.
I Have
- $300 Monthly income
- Ebay and Paypal (about 4 years old)
- Facebook (2 years old)
- Twitter (4 years old)
I didn't have land line phone, only mobile phone.
How much should I apply ? Can I get 2 Btc loan?

[tuanvie]

There should not damage the system kindness scammers have been provided, they help facilitate providing loan funds,

[nwfella]

Bit early for me to call any of my investments with btcjam a 'success' as of yet but I can say that I do like the UI.  Clean and simple.  Doesn't seem to be down very often either unlike other sites I use quite a bit.  I'd say insofar as what the platform does it works quite well.

[joshraban76]

I invested .15 for my first loan and it was paid back early. I now have about .5 invested now should have .63 when loans are paid back. There is one guy that im not sure if he will pay back but I only invested .0001 on him so im not bothered.

[ThomasCrowne]

So far not so good.  Definite gotcha depending upon whether or not loan tied to price of BTC at the time it's initiated and whether interest rate is denominated in BTC or USD.

[dyask]

I saw an advertisement on BlockChain.info for borrowers to get a loan from 6.49% at BTCJam.   They playing both sides here, advertising that lenders can make 19% a year and low rates for borrowers.   Their main concern is just getting the loans going and collecting their fees.  Borrowers and lenders be dammed.

[michael555]

Hey guys I've invested into:
https://btcjam.com/listings/16904
When do I get paid out? Is it after it expires or after the 'term'

[leevalle]

I have actually gotten 2 loans from BTCjam, within the same week. Really appreciate all the investors there, well minus the hating investors that threw insults at me for asking for a loan in a lending site.  Thats after he invested in my loan listing.  I really did get lucky that alot of investors took a chance on me.

[MeBerserk]

I find that BTCJam is lacking friendly navigation for investigating users. Got annoyed with it and setup a website that collects, displays and calculates the data.

http://btcjam.zaibot.net/

Hope it can help people here with their investment choices.

[duke1839]

I saw an advertisement on BlockChain.info for borrowers to get a loan from 6.49% at BTCJam.   They playing both sides here, advertising that lenders can make 19% a year and low rates for borrowers.   Their main concern is just getting the loans going and collecting their fees.  Borrowers and lenders be dammed.

Yes BTCJam is a business.  They advertise and they charge for their services.  I do agree that their site navigation could be improved a little bit but I have been lending on there for about three months and so far I am very happy. As expected some of my borrowers are defaulting.  Most aren't though.  Based on my own calculations I am way ahead. 

[endlessdark]

My final experience in BTCJam after almost a year, I've invested in 9 loans of A or A+ borrowers.

5 repaid.
4 defaulted.

Almost all of them have a D- or E rating by now.
This means a 44% of probability of your money to be gone once you invest it.

I started with 1 BTC for trying one year ago, now I have 0.1
I will not be posting any opinion or conclussion, this is just my data. Just for all you out there to make your choices.

[bitbunnny]

Continuously investing smaller amounts. Got scammed few times, but on the other hand got also some good interests on my investments.

[thy]

Hey guys I've invested into:
https://btcjam.com/listings/16904
When do I get paid out? Is it after it expires or after the 'term'

The borrower can activate the loan before it expires if the loan has been funded at least 70%, when the loan is activated the term is starting so on that example a 365 day loan with daily repayment you will get repayment from the day after the loan is activaed and then every day for a 365 day period.

[guigui371]

My final experience in BTCJam after almost a year, I've invested in 9 loans of A or A+ borrowers.

5 repaid.
4 defaulted.

Almost all of them have a D- or E rating by now.
This means a 44% of probability of your money to be gone once you invest it.

I started with 1 BTC for trying one year ago, now I have 0.1
I will not be posting any opinion or conclussion, this is just my data. Just for all you out there to make your choices.

invested 1btc too on guys with B+ mark and when they got their loan funded the mark went from B+ to E
They faked the identity process

All of their previous loans have been repaid but then they decided to scam people.
Turned out they run away with the $$ !!

On scammed investor of almost 10 000us$  the other one 2500us$

check it by yourself.

So far : BTCjam is not protecting investor at all !

be carefull when investing you are most likely to get scammed.

The two loans that made me lose 1 BTC

https://btcjam.com/listings/19486-loan-for-cloud-mining

https://btcjam.com/listings/19849-rep-builder

[superresistant]

 
OMG people still using this scammers-den despite all warnings ?
Some people just want to throw money out the window.


BTCJam Support bullshit :

The scammers and dishonest people are a minority

Reality :

44% of probability of your money to be gone once you invest it.

invested 1btc too on guys with B+ mark
(...)
two loans that made me lose 1 BTC

Between 44% to 100% chance of getting scammed on BTCJam.
REDFLAG

[oscarftw]

Maybe you can look for ppl from the bitcointalk forum. So u can double check their forum & btcjam profile. I dont think that anyone with a trusted forum profile would try to scam anyone on btcjam.