BTCjam - Any Thoughts or Experiances

[syndria]

That site is dying. When it is dead, good riddance, but if you have a balance already....

The site is dying but it wont be dead. There will always be a fool that put his money on all those loans and until there is no legit borrower anymore then the site will finally die. Some people consider this as gambling and if you really diversify your investment across several borrowers then you are likely to be in positive in a year

Doubt even that will kill it. Take a look at sites like BitFactory. It hasn't been paying out for MONTHS, yet people are STILL depositing money to it and then complaining because they can't withdraw.

There are people that dont spend time to research where they are dealing from. And they are always the scammers target or victims

[1715206687]

1715206687

[Bourbon44]

That site is dying. When it is dead, good riddance, but if you have a balance already....

The site is dying but it wont be dead. There will always be a fool that put his money on all those loans and until there is no legit borrower anymore then the site will finally die. Some people consider this as gambling and if you really diversify your investment across several borrowers then you are likely to be in positive in a year

Diversification does not work when the markets are rigged against you. Two recent developments illustrate this point: BTCJam Debt Collections, which has the ability to buy notes from lenders off the market. These notes are issued from lenders, who do not have anywhere near the level of information that BTCJam Debt Collections have on the borrowers. Many lenders who issued these notes assumed that they were selling to other lenders who had the same information. This is no longer the case.

Secondly, people who did not invest in listings can no longer post on listings that they did not invest in. Superficially this might seem ok, however, what some were doing is that they were offering to buy notes on loans that were late or in default. Obviously, that cuts into BTCJam's ability to buy notes at better prices with their inside information, so they ended the practice.

There might have been a time when diversification on that site held true. Now, it's becoming nothing more than a scam site. Any profit one gains will be based on luck and not on strategy.

[BlueStackz]

I'm in a loss at the moment... My biggest borrower defaulted after just a couple payments...
There's a guy buying notes, but i need to verify my account in order to trade them
Guess it's not worth my time, so i'll basically stop investing and disregard my (small) loss and write it off as learning costs.

What is the borrowers rating who defaulted over you

This one was A+, everything verified, clear picture, long loan history,...
He was asking for a 55 BTC loan while he repayed 200+ BTC in the past. Together with his rating, i tought he was a realiable loan, but then he defaulted

Borrowing 55 btc at once sure triggers red alert. Thats totally 25 % of all his repaid loan and as far as Im aware, people usually lost huge for borrowing A+ rating lender . The rating is totally stupid and btcjam should forbid these kinds of high amount to prevent more of this to happen in the future, something like limiting it to X btc would be ideal to avoid huge lost IMO

In my defence, the borrower did have a solid plan with loads of details that matched his previous loan requests. All in all, I'm done with btcjam.

Yes he was a well planned scammer, he spend some big time to increase his trust at BTCjam and after that he flew away with a big money, if it occurs here at this site then I think it is not beneficial for both lenders and borrowers.

[6strings]

E-mail from net-ARB received a few hours ago:

In just the past few days it has been brought to our attention that BTCjam is distributing counterfeit arbitration awards bearing our name. We regret having to send you this email, but the consequences of trying to enforce a counterfeit arbitration award can be severe, both civilly and criminally. As a former client, it is our duty to inform you.

Any net-ARB arbitration award received from BTCjam is counterfeit (specifically, BTCjam never had a copy of your award). Valid awards come only from net-ARB.

While we are happy to check the validity of your awards if you send us the documents, you can quickly and easily check the validity of all your awards at www.enforcemyarbitrationaward.com, a site run by attorney Kevin Palley. If you provide your BTCjam member number and email address, you can get a complete list of your valid, arbitrated BTCjam loans. The site uses a crowdfunding formula to make enforcement affordable. There is no cost or obligation to sign up.

Best regards,

net-ARB Support
www.net-ARB.com
Online Arbitration

Email from Btcjam received soon after:

Hello Valued BTCjam Member,

You may have recently received an email from net-arb stating that BTCjam is issuing counterfeit arbitration awards. Please be assured that this is not true. Unfortunately, two months ago we abruptly discovered that Net-Arb had partnered with enforcemyarbitrationaward.com and began spamming our user base. As a result, BTCjam immediately terminated service with Net-Arb. We apologize for any concern that Net-Arb's announcement caused and cannot stress enough that their claims are false.

Our goal is to provide our members with industry-leading technology and services which is why we’re glad to announce that we will be using a new arbitration award provider The Dhami Law Firm. This transition process will be streamlined for both our investor and borrower members.

All loans whose default date is on or after February 1st, 2016 will be subjected to this change.

Keep in mind that the new arbitration timeline that has been effective since January 27th, 2016 looks like this:
1. Investor receives an email notifying them that the loan will be sent to arbitration in 14-days.
2. Borrower meets 90 days delinquency after first missed payment.
3. The arbitration award is then easily accessible via the investments page on the individual investment of the listing.

Thank you for being a part of the BTCjam community.
We appreciate your continued business.

What does all this crap mean?

This is also being discussed on the official thread:
https://bitcointalk.org/index.php?topic=112447

[CoinPro*]

E-mail from net-ARB received a few hours ago:

In just the past few days it has been brought to our attention that BTCjam is distributing counterfeit arbitration awards bearing our name. We regret having to send you this email, but the consequences of trying to enforce a counterfeit arbitration award can be severe, both civilly and criminally. As a former client, it is our duty to inform you.

Any net-ARB arbitration award received from BTCjam is counterfeit (specifically, BTCjam never had a copy of your award). Valid awards come only from net-ARB.

While we are happy to check the validity of your awards if you send us the documents, you can quickly and easily check the validity of all your awards at www.enforcemyarbitrationaward.com, a site run by attorney Kevin Palley. If you provide your BTCjam member number and email address, you can get a complete list of your valid, arbitrated BTCjam loans. The site uses a crowdfunding formula to make enforcement affordable. There is no cost or obligation to sign up.

Best regards,

net-ARB Support
www.net-ARB.com
Online Arbitration

Email from Btcjam received soon after:

Hello Valued BTCjam Member,

You may have recently received an email from net-arb stating that BTCjam is issuing counterfeit arbitration awards. Please be assured that this is not true. Unfortunately, two months ago we abruptly discovered that Net-Arb had partnered with enforcemyarbitrationaward.com and began spamming our user base. As a result, BTCjam immediately terminated service with Net-Arb. We apologize for any concern that Net-Arb's announcement caused and cannot stress enough that their claims are false.

Our goal is to provide our members with industry-leading technology and services which is why we’re glad to announce that we will be using a new arbitration award provider The Dhami Law Firm. This transition process will be streamlined for both our investor and borrower members.

All loans whose default date is on or after February 1st, 2016 will be subjected to this change.

Keep in mind that the new arbitration timeline that has been effective since January 27th, 2016 looks like this:
1. Investor receives an email notifying them that the loan will be sent to arbitration in 14-days.
2. Borrower meets 90 days delinquency after first missed payment.
3. The arbitration award is then easily accessible via the investments page on the individual investment of the listing.

Thank you for being a part of the BTCjam community.
We appreciate your continued business.

What does all this crap mean?

This is also being discussed on the official thread:
https://bitcointalk.org/index.php?topic=112447

Ha, it means that someone is lying

[biggbox]

E-mail from net-ARB received a few hours ago:

In just the past few days it has been brought to our attention that BTCjam is distributing counterfeit arbitration awards bearing our name. We regret having to send you this email, but the consequences of trying to enforce a counterfeit arbitration award can be severe, both civilly and criminally. As a former client, it is our duty to inform you.

Any net-ARB arbitration award received from BTCjam is counterfeit (specifically, BTCjam never had a copy of your award). Valid awards come only from net-ARB.

While we are happy to check the validity of your awards if you send us the documents, you can quickly and easily check the validity of all your awards at www.enforcemyarbitrationaward.com, a site run by attorney Kevin Palley. If you provide your BTCjam member number and email address, you can get a complete list of your valid, arbitrated BTCjam loans. The site uses a crowdfunding formula to make enforcement affordable. There is no cost or obligation to sign up.

Best regards,

net-ARB Support
www.net-ARB.com
Online Arbitration

Email from Btcjam received soon after:

Hello Valued BTCjam Member,

You may have recently received an email from net-arb stating that BTCjam is issuing counterfeit arbitration awards. Please be assured that this is not true. Unfortunately, two months ago we abruptly discovered that Net-Arb had partnered with enforcemyarbitrationaward.com and began spamming our user base. As a result, BTCjam immediately terminated service with Net-Arb. We apologize for any concern that Net-Arb's announcement caused and cannot stress enough that their claims are false.

Our goal is to provide our members with industry-leading technology and services which is why we’re glad to announce that we will be using a new arbitration award provider The Dhami Law Firm. This transition process will be streamlined for both our investor and borrower members.

All loans whose default date is on or after February 1st, 2016 will be subjected to this change.

Keep in mind that the new arbitration timeline that has been effective since January 27th, 2016 looks like this:
1. Investor receives an email notifying them that the loan will be sent to arbitration in 14-days.
2. Borrower meets 90 days delinquency after first missed payment.
3. The arbitration award is then easily accessible via the investments page on the individual investment of the listing.

Thank you for being a part of the BTCjam community.
We appreciate your continued business.

What does all this crap mean?

This is also being discussed on the official thread:
https://bitcointalk.org/index.php?topic=112447

Ha, it means that someone is lying

What's the latest saga with BTCJam now? Haha. I wasn't following. There will still be new comers who got sucked in

[ranlo]

E-mail from net-ARB received a few hours ago:

In just the past few days it has been brought to our attention that BTCjam is distributing counterfeit arbitration awards bearing our name. We regret having to send you this email, but the consequences of trying to enforce a counterfeit arbitration award can be severe, both civilly and criminally. As a former client, it is our duty to inform you.

Any net-ARB arbitration award received from BTCjam is counterfeit (specifically, BTCjam never had a copy of your award). Valid awards come only from net-ARB.

While we are happy to check the validity of your awards if you send us the documents, you can quickly and easily check the validity of all your awards at www.enforcemyarbitrationaward.com, a site run by attorney Kevin Palley. If you provide your BTCjam member number and email address, you can get a complete list of your valid, arbitrated BTCjam loans. The site uses a crowdfunding formula to make enforcement affordable. There is no cost or obligation to sign up.

Best regards,

net-ARB Support
www.net-ARB.com
Online Arbitration

Email from Btcjam received soon after:

Hello Valued BTCjam Member,

You may have recently received an email from net-arb stating that BTCjam is issuing counterfeit arbitration awards. Please be assured that this is not true. Unfortunately, two months ago we abruptly discovered that Net-Arb had partnered with enforcemyarbitrationaward.com and began spamming our user base. As a result, BTCjam immediately terminated service with Net-Arb. We apologize for any concern that Net-Arb's announcement caused and cannot stress enough that their claims are false.

Our goal is to provide our members with industry-leading technology and services which is why we’re glad to announce that we will be using a new arbitration award provider The Dhami Law Firm. This transition process will be streamlined for both our investor and borrower members.

All loans whose default date is on or after February 1st, 2016 will be subjected to this change.

Keep in mind that the new arbitration timeline that has been effective since January 27th, 2016 looks like this:
1. Investor receives an email notifying them that the loan will be sent to arbitration in 14-days.
2. Borrower meets 90 days delinquency after first missed payment.
3. The arbitration award is then easily accessible via the investments page on the individual investment of the listing.

Thank you for being a part of the BTCjam community.
We appreciate your continued business.

What does all this crap mean?

This is also being discussed on the official thread:
https://bitcointalk.org/index.php?topic=112447

Ha, it means that someone is lying

What's the latest saga with BTCJam now? Haha. I wasn't following. There will still be new comers who got sucked in

Even if you don't get caught up in the email scams, you are being scammed simply by investing on the site. There's almost zero due diligence done on borrowers, and the default rate (especially of the highest rated people) is ridiculously high.

[ermis1975]

To borrow or invest to btcjam is safe? Btcjam asks for id etc is it safe to send them all these documents?

[biggbox]

An A+ rated user has defaulted on his loan.

This is the beginning of the end for BTCJam.

Link: https://btcjam.com/listings/51749-2nd-loan-for-s7-miners

Scroll to the comments at the bottom half of the page.

Edit: While he has defaulted on his loan, he has seek more refinance loans, https://btcjam.com/listings/54943

This guy made one payment yesterday. But he is still 6 payments late.

[eye-drop]

To borrow or invest to btcjam is safe? Btcjam asks for id etc is it safe to send them all these documents?

Read the 30 pages. You will be able to make your mind after.

[btiAndy]

Thoughts on BTCJam? Simple...Stay Away, investing money there is like chucking it in a shredder!

[biggbox]

Even loanbase users are starting to default. These p2p services were promising from the start. But its ugly fangs are showing.

[btiAndy]

The reasons for Loanbase starting to tank are unknown to me, with BTCJam though I can clearly see the downfall starting with their crudely implemented decision to shut down operations in the U.S.; the way they handled it demonstrates their poor understanding of how important open communication is to a business like theirs. In my own portfolio I have seen the U.S. default rate jump from around 18% in February to 43% in the period of one month...Brazil is actually performing better now at 24% default rate!!

[crazyivan]

Even loanbase users are starting to default. These p2p services were promising from the start. But its ugly fangs are showing.

+1

It all comes to to collateral. No ability to collect on default loan means no way to get your money back.

[biggbox]

Even loanbase users are starting to default. These p2p services were promising from the start. But its ugly fangs are showing.

+1

It all comes to to collateral. No ability to collect on default loan means no way to get your money back.

Frankly, the lending section in this forum is more reliable than Loanbase and BTCJam combined. What do you think?

[btiAndy]

I would say lending here is definitely more reliable than BTCJam because of the general requirement for collateral as well the active community that in many ways patrols itself for scammers; though I would also surmise that the majority of users on BTCJam and LB would not know how to value an on-line reputation/User ID which is what I see is normally used here for security for loans...different audience really...

[ranlo]

Even loanbase users are starting to default. These p2p services were promising from the start. But its ugly fangs are showing.

+1

It all comes to to collateral. No ability to collect on default loan means no way to get your money back.

Frankly, the lending section in this forum is more reliable than Loanbase and BTCJam combined. What do you think?

The problem is those services are supposed to be doing all the background checking and risk analysis. That's why they take fees. Their failure to do so means they're taking fees and providing a sub-par service, at best.

The fiat-based systems are better because their companies actually care. They take a fee and actually do their job. But as long as people continue investing in these sub-par crypto services, they'll continue pushing scams through. People need to quit being stupid.

[seVell]

Anyone has experience with enforcemy arbitrationaward?

Are they really recovering any money at all?

Other alternatives?

[seVell]

Frankly, the lending section in this forum is more reliable than Loanbase and BTCJam combined. What do you think?

It's easier to invest in btcjam.

The lending section is better only IF you always demand a collateral to cover your potential loss. Of course that way is more reliable because you're always covered.

[Barnabe]

Frankly, the lending section in this forum is more reliable than Loanbase and BTCJam combined. What do you think?

It's easier to invest in btcjam.

The lending section is better only IF you always demand a collateral to cover your potential loss. Of course that way is more reliable because you're always covered.

When someone is lending money, the most important parameter is not effort, but return on investment. Saying that btcjam is easier to use is not really important if you're focused on making money. I agree that these lending sites are kind of scam. They don't really care if someone losses money, since they already took their share.

They should at least only take their commission on the paybacks of each loans. At least this way, they would require more information and would actually care about the payback...