BTCjam - Any Thoughts or Experiances

[jadefalke]

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

just double checked my stat's and i did 5 Loan's to people from India all A Score, all 5 did not repaid.
And those accounts are still all active, BTCjam did nothing about it!

[xarca]

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

just double checked my stat's and i did 5 Loan's to people from India all A Score, all 5 did not repaid.
And those accounts are still all active, BTCjam did nothing about it!

That's horrible. These sites really can't guarantee a moneyback or ROI for your investment. It is hard to predict. Even the loan section here got lots of scammers. Didn't BTCJam requires you to upload a copy of your passport? And they have an international arbitrage too but I don't know if a country's jurisdiction would cover this up.

[arallmuus]

Didn't BTCJam requires you to upload a copy of your passport ID card? And they have an international arbitrage too but I don't know if a country's jurisdiction would cover this up.

Basically the higher someone's rating is that means the more he has submitted document for verification or has a good track record of returning the loan. However if someone decided to scam, all BTCjam will give you is an arbitration award that contains all the documents that has been submitted by the person. you will then need to sue this person at your own will with your own expenses as well

[thy]

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

just double checked my stat's and i did 5 Loan's to people from India all A Score, all 5 did not repaid.
And those accounts are still all active, BTCjam did nothing about it!

5 out of 5 late/defaulted is not representative for loans from India on btcam, India has better repayment rate than countrys like Germany, Spain, Unitid Kingdom for example and is just slightly below the sites avg.

[iram66680]

Didn't BTCJam requires you to upload a copy of your passport ID card? And they have an international arbitrage too but I don't know if a country's jurisdiction would cover this up.

Basically the higher someone's rating is that means the more he has submitted document for verification or has a good track record of returning the loan. However if someone decided to scam, all BTCjam will give you is an arbitration award that contains all the documents that has been submitted by the person. you will then need to sue this person at your own will with your own expenses as well

The best part is that the info they received is 80% of the time fake. There are many people who take reputation loans to boost their reputation and eventually scam down the road. BTCJam's support is non existent, I have contacted them several time in a few months but they gave me no response at all.

[arallmuus]

Didn't BTCJam requires you to upload a copy of your passport ID card? And they have an international arbitrage too but I don't know if a country's jurisdiction would cover this up.

Basically the higher someone's rating is that means the more he has submitted document for verification or has a good track record of returning the loan. However if someone decided to scam, all BTCjam will give you is an arbitration award that contains all the documents that has been submitted by the person. you will then need to sue this person at your own will with your own expenses as well

The best part is that the info they received is 80% of the time fake. There are many people who take reputation loans to boost their reputation and eventually scam down the road. BTCJam's support is non existent, I have contacted them several time in a few months but they gave me no response at all.

Not too sure about this but it seems possible if you have some skills in editing but it is indeed pretty much easy to fake where you are coming from. They track you by your IP and put up a flag in your account info based on where you are coming from despite that you submit an ID card from another country to them.

Regarding the reputations loan, this has been a long time practice there and basically people are already aware of this practice but It couldnt help that some people are greedy when they see an obvious scam loan that put up a massive amount for the interest.
What more depressing is that there are several user with pretty good track record in repaying their loan and in the end since they have earned all the trust, they borrow up a huge amount of it and never came back

[tommorisonwebdesign]

I was considerin g using BTCJam to consolidate my credit card balance, but now after reading this thread, it would hurt my reputation on this forum since I would be assocaiting myself with scammers.

[subSTRATA]

I was considerin g using BTCJam to consolidate my credit card balance, but now after reading this thread, it would hurt my reputation on this forum since I would be assocaiting myself with scammers.

consolidating a loan with another loan is never a good idea, its a short term fix but itll bite you harder in the end. and the userbase isnt all scammers, just a few who choose not to repay the loan, but I do believe there is a legal arbitration process if the borrower defaults.

[favdesu]

I was considerin g using BTCJam to consolidate my credit card balance, but now after reading this thread, it would hurt my reputation on this forum since I would be assocaiting myself with scammers.

consolidating a loan with another loan is never a good idea, its a short term fix but itll bite you harder in the end. and the userbase isnt all scammers, just a few who choose not to repay the loan, but I do believe there is a legal arbitration process if the borrower defaults.

around 50% default rate is more than a "few".

[arallmuus]

I was considering using BTCJam to consolidate my credit card balance

Alot has been doing this there and it seems it worked for them. Interest given are quite high for this type of loan usually

but I do believe there is a legal arbitration process if the borrower defaults.

The arbitration award is nothing more than a document containing ID and other verification that has been submitted to BTCjam by the borrower, you then will need to seek legal actions by your own will and your own expense.

In the end you will be lucky if the defaulters are in the same country as you but if the defaulter reside in another country then I believe the cost to take a legal actions may be higher than what you loaned him

[jadefalke]

i recently discoverd the Fee's they charge if you issue a Note of a Loan you Invested in is 4%!!!!.
And if someone is not paying back the Loan, they do NOTHING!!!

[Wattda]

Unfortunately, I wanted to help those in need  buying into the concept the they promoted. Lost half my investment..., oh well live and learn. Too bad I liked the concept. So I cut my losses and ran.

[Rude Boy]

I'm unlucky with btcjam. I was lost some bits on bycjam at this listing -> https://btcjam.com/listings/43680-mining-5-ths <- this borrower having positive reputation too. But didn't repaid his 2nd load. And this is my first investment on btcjam. And i don't want to invest on btcjam anymore.


~Rude Boy

[desired_username]

Out of the hundreds of listings expect 99.99999999% to be worthless crap (trading and mining loans mostly) and the rest are mostly scams and a very tiny number are legit borrowers.

[jadefalke]

Out of the hundreds of listings expect 99.99999999% to be worthless crap (trading and mining loans mostly) and the rest are mostly scams and a very tiny number are legit borrowers.

+1, i'm currently -68% with my BTC investments in BTCjam that Site is a complete Joke.

[Rmcdermott927]

I actually have had mostly good experiences with the site.  Most of the scams are obvious with insanely high interest rates to bait people.   As a borrower and lender on there, I think it is good but they need to clean up some of the trash. 

[jadefalke]

I actually have had mostly good experiences with the site.  Most of the scams are obvious with insanely high interest rates to bait people.   As a borrower and lender on there, I think it is good but they need to clean up some of the trash. 

I have also a lot of Investments with quite low APR and guess what, they do not pay. My Advice is, stay away from BTCJam!

[endlessdark]

I'm leaving BTCJam forever, putting my money here was one of the many mistakes I made with my bitcoins that ultimately made me end up with 1/5 of the bitcoins I once had.
Here is the final view of all my investments there at the moment that I'm withdrawing the rest of the bitcoin that are left in my wallet, I don't expect to recieve anything else from the people who defaulted anymore.



I'm not saying that everyone is going to lose money there, this is just my personal experience using this site.

[shmoula]

BTCjam is just like most of other "crypto-services" - makes money just for their authors and you are the source of income, deal with it

[dukeneptun]

I'm leaving BTCJam forever, putting my money here was one of the many mistakes I made with my bitcoins that ultimately made me end up with 1/5 of the bitcoins I once had.
Here is the final view of all my investments there at the moment that I'm withdrawing the rest of the bitcoin that are left in my wallet, I don't expect to recieve anything else from the people who defaulted anymore.

http://i59.tinypic.com/2ptur1c.png

I'm not saying that everyone is going to lose money there, this is just my personal experience using this site.

Too much defaulted loans, yet you still give loans to people. I wonder why you gave loans after first 2 default? It's kinda late but I guess lesson learned though.