BTCjam - Any Thoughts or Experiances

[BTC-Bank]

Pretty much my experience too.   The given advice of diversifying only gets you a lot more useless arbitrations.   Too little money per award to really go after someone.   

This arbitrage cost you something? Have anybody seen any starts about recovery of debts?

I think that you mean arbitration, (arbitrage is an advantage between two or more prices where you can invest in both or all with a sure profit as result).I have a ton of arbitration, in my opinion is totally useless.

Now about the recovery of debts it can be happen if the borrower wasn't a scam or identity thief and decides to pay back.This is the only way i have see so far to get back anything... 

Note: It was only one time when BTCjam found that the borrower was an identity thief,  around four months after he was overdue and refund us the whole investing amount.

Kind Regards,
BTC-Bank.

[ders01]

 

BTC-Bank - Thank you a lot!


May be as more experienced you can help me with my original questions:


How you calculate return on BTCjam.

it is quite simple to see what are dates and amounts of my deposits. Seems I can see received Interest (as one sum)

But I have problems to understand what are my outstanding principals today.

Also I cannot understand where to find info about gain/losses when I am buying/selling notes.

Also, anybody need split between principals and interest - I think it is base to declare taxes (as example). I am right that at BTCjam all is mixed together?

Thank you for any advise or links describing calculation of xirr at btcjam.

[BTC-Bank]

BTC-Bank - Thank you a lot!


May be as more experienced you can help me with my original questions:


How you calculate return on BTCjam.

it is quite simple to see what are dates and amounts of my deposits. Seems I can see received Interest (as one sum)

But I have problems to understand what are my outstanding principals today.

Also I cannot understand where to find info about gain/losses when I am buying/selling notes.

Also, anybody need split between principals and interest - I think it is base to declare taxes (as example). I am right that at BTCjam all is mixed together?

Thank you for any advise or links describing calculation of xirr at btcjam.

You welcome @ders01! 

My explanation is with some words nothing special as i cant explain you exactly because i dont know how they calculate things in BTCjam,

Well your question about interest it can be found in every loan per week, per month etc. with days of payment before you invest, if you want see the exact amount without calculate it, you will see how much you will receive or the amount left after your invest if you go to your notes section and type or search the name of the borrower.

About the total amount there is the Net Annualized Return board on the dashboard and also in the investments section with the Received and Invested stats But when you trading notes this it will effect the numbers and give you a false as the system it doesn't count it as it is.In my opinion the right way if you dont want to miss any stats you can write it your own.

Now about the buying and selling Notes, when you are going to buy a note which is current and not funding it shows you the actual interest remaining and you can see if this is profitable for you.When you are going to sell a note you have to calculate you own and add 4%(not necessary in some cases) on the remaining amount which must be under the interest price, this is the fee for trading Notes but in general you have to low more the amount to be more attractive for someone to buy it then if you are happy with the result you sell it,(on overdue loans which you think it doesnt worth you may sell it much lower to be more attractive).

More information can be found on the official BTCjam blog here: http://blog.btcjam.com/

Kind Regards,
BTC-Bank.

[ders01]

Thank you! will look one more time and will try to understand how they do it.   

[Gisado]

Well, my first invest was not that bad but next one was scam and lost 0.0025 (yes, amount is really small but I don't have much coins deposited on btcjam.)

I'm going to forget about them after I receive other pending payments.

[BTC-Bank]

From my experience you cant avoid scam or fails, you can be more carefull but you cant avoid it even from the most reputable members , always there will be red in your calender, i have sell more than 200 overdue notes (and think that, i am small investor) and burn more than 4BTC there and still fall on scams or failed, with new red coming everyday..Anyway you can stay more carefull as i said but is not easy to stay green on all..The positive is that you learn a lot of things around, you help people, (also) earn interest and have experience.

Kind Regards,
BTC-Bank.

[shmoula]

Sooo, btcjam introduced reviews of new listings and it looks like it's deployed already. I'm just wondering, if they hire some new staff, since their support answering time sucks, so they can be able to review listing on time? Well, maybe it's time to leave this platform.

[BTC-Bank]

Sooo, btcjam introduced reviews of new listings and it looks like it's deployed already. I'm just wondering, if they hire some new staff, since their support answering time sucks, so they can be able to review listing on time? Well, maybe it's time to leave this platform.

In my opinion they are going from worse to worst as they adding more useless ''improvements'', they review a loan i want to invest in so they can decide better than me where i want to invest!and as the loan will be review from a anti fraud specialist and it will be ok, none sign of fraud!It will be ok to invest in so if the borrower will scam me and i had the secure from the anti fraud agent reviewer which have analyze it when i invest in, will i get my Bitcoins back?My point is that there will be more organized scammers attempting for greater Bitcoins scam loans!Many members special new ones will fall in with bigger investments as they will feel more ''secure'' from this!

Unacceptable wrong they must take some serious improvements on the security and shield better borrowers profile and not just review a loan from an anti fraud agent which will cost me more time to invest on the borrower i want to and will may declined good borrowers also.

Example from last days, two friends of mine has decide to cancel the loan one for the standard interset which in some times it is unaffordable and the other want to give a bonus loans for a thank you for his big loan he get yesterday and get mad because he see that was in a review and delete it, he decide to make 2 more payments for a thank you!They will loss in all cases with those type improvements which actually doesnt improve anything!

@BTCjam do you want to make security improvements add borrowers with collateral (example:altcoins) and borrowers with not! or make/find an insurance programm for those who want to be more safe...i am not an expert but there are so many solutions if you try...

Kind Regards,
BTC-Bank

[Gisado]

From my experience you cant avoid scam or fails, you can be more carefull but you cant avoid it even from the most reputable members , always there will be red in your calender, i have sell more than 200 overdue notes (and think that, i am small investor) and burn more than 4BTC there and still fall on scams or failed, with new red coming everyday..Anyway you can stay more carefull as i said but is not easy to stay green on all..The positive is that you learn a lot of things around, you help people, (also) earn interest and have experience.

Kind Regards,
BTC-Bank.

Yes, people learn from mistakes and experiences of being scammed, but they seem to have too much scams for me, so yeah....

[crazyivan]

Until lending websites introduce some form of investor protection, investing in lending s no different then BTC gambling. You can have all possible info about the lender, he can have great credit history and still can turn bad and you will not be able to do anything about it. BTCjam providing us with info of the lender means nothing to me, what am I going to do with personal info from a lender in Austria or China or Brazil?

The only thing which works here s collateral.

[dyask]

Until lending websites introduce some form of investor protection, investing in lending s no different then BTC gambling. You can have all possible info about the lender, he can have great credit history and still can turn bad and you will not be able to do anything about it. BTCjam providing us with info of the lender means nothing to me, what am I going to do with personal info from a lender in Austria or China or Brazil?

The only thing which works here s collateral.

I agree completely.   I have dozens of awards of information.   What good is it to me when the guy only owes me $0.67.    BTCjam is basically ripping off investors by encouraging them to diversify on their site.   That only ensures that you will get scammed and when you get an award for the scam it won't be worth your effort to try and collect.   Great for scammers, bad for investors.   

[kapetan]

Generally good

i have take 3 loans there all of them has per week payments.

now this is removed and only allowed per month only payment why ?

i like to be per 1 , 3 , 7 ,15 , 30 days not 30 days only

yes there are many scammers in crypto world and we must find a way to block them

 

[BTC-Bank]

Hello @kapetan yes i know about your loans i have invest in one of them, they have make many changes lately as monthly payments only, fixed rates, review loans from an antifraud agent (which really annoying in many cases), 14 days funding for all and generally they try to improve their services..you can follow their blog for more news..i beleive that if they where more fast on reported loans as me and others have report a lot of them in the past from obvious scams and block their withdrawl we may have save some coins..anyway there are a lot of scams there and i agrre with @crazyivan the only lend it can really work is here or anywhere with collateral.Scams are hard to block it in all crypto world as they grow they technics in system as fast as we getting in crypto.

Kind Regards,
BTC-Bank.

[kapetan]

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.

[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.

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.

[thy]

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.

[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.

[thy]

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.

Hi there BTC-bank maby there is some bug then that lets some members still post loan with payments every 3 days and weekly payments as there is a number of weekly payment loan that dont have any investments before 28 mars AKA most likely listed after 27 mars for example:
https://btcjam.com/listings/39274 has first investment 2015-03-29
https://btcjam.com/listings/39364 has first investment 2015-03-30
https://btcjam.com/listings/39591 has first investment 2015-04-01
https://btcjam.com/listings/39474 has first investment 2015-03-31

[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.

Hi there BTC-bank maby there is some bug then that lets some members still post loan with payments every 3 days and weekly payments as there is a number of weekly payment loan that dont have any investments before 28 mars AKA most likely listed after 27 mars for example:
https://btcjam.com/listings/39274 has first investment 2015-03-29
https://btcjam.com/listings/39364 has first investment 2015-03-30
https://btcjam.com/listings/39591 has first investment 2015-04-01
https://btcjam.com/listings/39474 has first investment 2015-03-31

Yes it must be a bug but i saw also that it still exist on investing section the choice 7-30 days when i filter loans, probably they will remove the 7 or replace it with the new days added after this loans will be funded/activated..Anyway i dont know what is your opinion but i really dont like most of their changes special the fix rate which will make many good borrowers to avoid loaning, example Craig already delete his big one...and the notes now, did you check it?I am sure for the defaulted notes but i don't know for the overdues, i know that selling defaulted notes sounds like a ponzi because in many cases the last one burned but there are members which buying them for gambling as the difference of the price can touch 0.01% or investing in members like Mac, gas7uazz which are near to deafaulted but still looking for a solution.


Kind Regards,
BTC-Bank.

[thy]

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.