BTCjam - Any Thoughts or Experiances

[jadefalke]

it looks like that a lot of the Saving or income the People verify are totaly fake, have a lot of loans where people cannot repay and it turn's out that they have nothing...

[1714847086]

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[1714847086]

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[1714847086]

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[b-trading]

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

yes i agree with you..and i have an issue with btcjam because i can't withdraw my btc that still on my account there...i have contacted them also post on their thread in this forum but nothing answer until now...so i have to say good bye to btcjam...just eat my tiny amount btc there

[desired_username]

Crypto borrowing cannot work without reliable mechanisms to collect collateral from the meatspace.

[jeffthebaker]

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.

I've personally only invested in a couple of loans, but even with my little experience it is pretty obvious to tell which loans are/aren't legit. If you only loan out your BTC to people with good scores and a solid loaning history, you are unlikely to get scammed. The accounts without a profile picture that offer insane interest rates are going to default every time, end of discussion. However, if you stick to the safe loans, you can easily profit.

[jadefalke]

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.

I've personally only invested in a couple of loans, but even with my little experience it is pretty obvious to tell which loans are/aren't legit. If you only loan out your BTC to people with good scores and a solid loaning history, you are unlikely to get scammed. The accounts without a profile picture that offer insane interest rates are going to default every time, end of discussion. However, if you stick to the safe loans, you can easily profit.

What you say is total bullshit, i only invested in A and B loans and only when the people had really good feedbacks and even on that Loans you have a quite high Rate of People who do not pay back the Loans.

[spazzdla]

Crypto borrowing cannot work without reliable mechanisms to collect collateral from the meatspace.

It was working WAY better before for me........ 

Look at who you are loaning too... boo to the changes BOO!!

Bah the loan requests on there are down so hard .

[spazzdla]

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.

You should of assumed a default rate and played the loans accordingly.....

[dyask]

I've personally only invested in a couple of loans, but even with my little experience it is pretty obvious to tell which loans are/aren't legit. If you only loan out your BTC to people with good scores and a solid loaning history, you are unlikely to get scammed. The accounts without a profile picture that offer insane interest rates are going to default every time, end of discussion. However, if you stick to the safe loans, you can easily profit.

Well a couple of loans doesn't give you much experience.   I've now had "A" loans that defaulted.   That ratings are not very useful.   I did find a few borrowers that always pay and started investing heavy in them.   Because of that I'll get a small profit out but it is taking forever to get it out of the site.  

EDIT:  It is common for scammers there to have a series of loans that were paid off quickly and then to just default on a larger loan and run off.   If you follow the advice of the site, you will only lose a small amount per scammer, however, that also means that it would cost you more to collect the debt than the debt is worth when you finally do get an arbitration award.

[Miss Fortune]

I think after seeing the first couple of rows of the defaults on the screen cap above me, id be scared to lend.

Esp now seeing that picture, I might as well go gamble it and lose it on my own with that .6 they want to borrow.

[mrhelpful]

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.

You should of assumed a default rate and played the loans accordingly.....

Thats a shame, looking out your lending history.. I feel you.

I mean they had a good rep short time, but I guess that also was short lived. And personally I would of tested smaller amounts then giving out like that.. I`d would of a test amount on how fast a lower btc would be repaid rather then percent. But this is just me on how I measure risk.

[shmoula]

ZOMFG! If I sell note, there is just price in the transactions and I don't know what I sold, to whom, what I paid for that... Guys, are you serious? But, well, at least we have autoinvesting and another must have features!

[dyask]

ZOMFG! If I sell note, there is just price in the transactions and I don't know what I sold, to whom, what I paid for that... Guys, are you serious? But, well, at least we have autoinvesting and another must have features!

Yup!   I felt the same way when I sold a note.

[aquarat]

BTC lending on all the platforms I've seen so far (BTCJam, Bitlendingclub and BTCPoP) is exceptionally dodgy.

BTCJam's autoinvest feature is a brilliant way to lose a ton of BTC and their API is really quite useless; they don't expose loan history via their API, so it's difficult for members of the public to do their own research/calculate their own statistics. By contrast, BLC does expose loan history via their API and in general their API is sensible with language-neutral documentation. I have a copy of BLC's entire loan history in a MariaDB database, so I can go and query their loan history and generate my own stats whenever I want. Transparency is important.

Both BLC and BTCJ are filled with scammers, but BTCJam more so as a result of their forced-APR. Good borrowers on BLC will work towards a good reputation and will eventually demand lower interest rates whereas borrowers on BTCJ always pay ridiculous rates and as a result the platform attracts scammers.

I only invest on BLC these days. I use a machine learning system (the results of which are publicly available) to filter out loans with reasonable rates of success and then I personally scrutinise those loans. It takes time to work out the tell-tale signs of a scammer and the signs vary depending on the type of scammer (incompetent individual, scammer individual or group of scammers).

Point is, don't use BTCJam's Autoinvest, it's dangerous... and in general be very wary of investing in BTC P2P lending platforms, it's a great way of losing your BTC. Also, don't invest large amounts of BTC (greater than 0.1) in a borrower/listing unless you're absolutely sure that they (1) can pay you back, (2) will pay you back and (3) you'll be able to recover the debt legally if all else fails.

[kingscrown]

im at + but had loads of problems to do so.

[dyask]

I only invest on BLC these days. I use a machine learning system (the results of which are publicly available) to filter out loans with reasonable rates of success and then I personally scrutinise those loans. It takes time to work out the tell-tale signs of a scammer and the signs vary depending on the type of scammer (incompetent individual, scammer individual or group of scammers).

That is what I feel.   These lending sites just take too much work and effort to avoid the scammers for the meager gains you can make.   Frankly I think BTCjam likes the scammers and they probably only really care about collecting their up-front loan fee.   They sure don't make it easy for the lenders.

[shmoula]

Sure thing they like scammers! They are interested just in fees collecting and those fees they get from scammers too. If there is some mechanism that the fee for BTCjam will be subtracted only after successful repay, they'll act differently (and probably does not exist anymore).

Lending business is like so:
1) Start a new lending site.
2) Get a lot of scammers.
3) . . .
4) PROFIT!

That is what I feel.   These lending sites just take too much work and effort to avoid the scammers for the meager gains you can make.   Frankly I think BTCjam likes the scammers and they probably only really care about collecting their up-front loan fee.   They sure don't make it easy for the lenders.

[shmoula]

So I took their survey they sent into my email thinking I can write about all this, but there was no place for that. It was just survey about "you naughty user, you did not share your loan between your friends and you did not make them another users from which we can steal."

[Coins168]

they ask for a lot of requirements and some of those is ridiculous and yet they will deny your loan

[crazyivan]

Compare it to commercial banking. What would happen if banks would provide loans to people without contracts and COLLATERAL. No bank would be able to survive.

Well, in this case, you are that bank.

As long as there s no BTC lending service which ll solve the issue of collateral, these things are going to crash. Period.

[BTCJamSupport]

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 sure where you are gathering this data & it is not true. We actually stopped taking reputation loans months ago as well. We built out a support/fraud team in March of this year to tackle these problems. Maybe you contacted us before that, but we have been very active in these areas you speak about. You should drop us a line at support@btcjam.com so we can help you out if we missed you some time ago, apologies for that.