BTCjam - Any Thoughts or Experiances

[BTCJamSupport]

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.

We are overhauling that to make it better. I know that is a pain for some people . It's been noted. Thanks for sharing this!

You have a lot of work to do in that note marketplace.

Some suggestions:

1- Reduce the 4% fee. Why do you ven collect a fee on notes? It's not like you are having a lot of work doing this. In fact you have no work and no risk so it makes no sense to collect fees here.

2- When you put a note for sale it should show interest that you'll receive for that investment (yield, APR...) and interest that buyer can collect (right now you put the note for sale and have to navigate to find your note and check interest for buyer)

3- A separate page for your notes with the information on point 2 so you can easily adjust what you want

4- Have an option to automatically create notes with a predefined interest when the loan is activated

These are just some ideas for features that I lack related to the marketplace.

Thanks for sharing these. I'll pass these on the to dev team today. If more come to mind when using that secondary market, drop me a note here if you could please. Thanks again.

[BTCJamSupport]

And why doesn't btcjam have a forum like this where members can discuss this stuff?

Why no direct link to social media connections?

Why don't you update ebay feedback and create a direct link to ebay?

And why don't you create loans with collateral as an option?

1. We're not that interested in having a forum at this time. Primarily working to develop other features at the moment.

2. Privacy laws.

3. Regarding the update, we do get these things on the backend but we lock numbers for many reasons. Direct link falls under privacy laws as well.

4. Collateral is a lot tougher than you may assume, it's a really tough model. One thing immediately that comes to mind is that some loans might have hundreds of investors. Working that many investors around a piece of collateral is tricky. Also - this model has proven to have success (lendingclub + prosper).. I think we can find ways to strengthen the business and returns without having to move to collateral based loans.

[BTCJamSupport]

I invested some of my coins,  hopefully btcjam wont dissapoint me

After you test us out a bit, drop us a line at support@btcjam.com - We're actively looking for feedback from newer users. Any pains or struggles with the site let us know! Thanks and hope you enjoy our service.

[h4nn1b41]

And why doesn't btcjam have a forum like this where members can discuss this stuff?

Why no direct link to social media connections?

Why don't you update ebay feedback and create a direct link to ebay?

And why don't you create loans with collateral as an option?

1. We're not that interested in having a forum at this time. Primarily working to develop other features at the moment.

2. Privacy laws.

3. Regarding the update, we do get these things on the backend but we lock numbers for many reasons. Direct link falls under privacy laws as well.

4. Collateral is a lot tougher than you may assume, it's a really tough model. One thing immediately that comes to mind is that some loans might have hundreds of investors. Working that many investors around a piece of collateral is tricky. Also - this model has proven to have success (lendingclub + prosper).. I think we can find ways to strengthen the business and returns without having to move to collateral based loans.

1. I understand you can't do all at the same time but I see a severe lack of communication between staff and investors which leads to frustration. Recently some loans received a lot of comments and most are from confused investors not knowing what happened and staff never shows to explain. I guess you'll point me to the support e-mail (which I don't use often because I sense it must be overloaded) but investor keep saying they are not getting answers from staff. More and better communication between staff and lenders would benefit all and if you don't want a forum now at least please comment on the most controversial loans.

2. If borrowers agree to share in order to get a loan would that violate any law?

4. Collateral would have to be sold to the highest bidder. 

[BTCJamSupport]

And why doesn't btcjam have a forum like this where members can discuss this stuff?

Why no direct link to social media connections?

Why don't you update ebay feedback and create a direct link to ebay?

And why don't you create loans with collateral as an option?

1. We're not that interested in having a forum at this time. Primarily working to develop other features at the moment.

2. Privacy laws.

3. Regarding the update, we do get these things on the backend but we lock numbers for many reasons. Direct link falls under privacy laws as well.

4. Collateral is a lot tougher than you may assume, it's a really tough model. One thing immediately that comes to mind is that some loans might have hundreds of investors. Working that many investors around a piece of collateral is tricky. Also - this model has proven to have success (lendingclub + prosper).. I think we can find ways to strengthen the business and returns without having to move to collateral based loans.

1. I understand you can't do all at the same time but I see a severe lack of communication between staff and investors which leads to frustration. Recently some loans received a lot of comments and most are from confused investors not knowing what happened and staff never shows to explain. I guess you'll point me to the support e-mail (which I don't use often because I sense it must be overloaded) but investor keep saying they are not getting answers from staff. More and better communication between staff and lenders would benefit all and if you don't want a forum now at least please comment on the most controversial loans.

2. If borrowers agree to share in order to get a loan would that violate any law?

4. Collateral would have to be sold to the highest bidder.  

1. Totally get your point here. I am actively working on getting into those loan listings but the one issue is we just need to be tagged (emailed) to be aware of them. There are many listings (live on marketplace - old ones already activated etc). It's hard keeping up with them but definitely agree we can try to get to them in the comments to help that need. I'll start thinking about a way that maybe we can be reached for these scenarios.

2. Technically yes. I'm working to see what we can do in that area with the legal team. There are many liabilities around this especially in the US.

3. I can just find a lot of scenarios where users/investors would be really mad about this..

There are scenarios where random accounts become the biggest funder so that they get the collateral. Now users dont diversify and expose themselves to higher risk (eggs in smaller baskets). Those accounts might be controlled by the borrower.. Now collateral is useless. Collateral is in Russia, you are US based. How are you going to get that collateral? What about the other 400 investors-- what are they going to get out of this? They invested but now they get nothing? How are you going to vet the collateral? What happens if that collateral were to be devalued say in a market situation which crashes? Gold was the collateral and market crashes & the borrower had defaulted -- would that still satisfy you if you had such collateral?

edit: Not trying to be smart here, I'm truthfully just curious about the answers.

[sionsandman]

There are scenarios where random accounts become the biggest funder so that they get the collateral. Now users dont diversify and expose themselves to higher risk (eggs in smaller baskets). Those accounts might be controlled by the borrower.. Now collateral is useless. Collateral is in Russia, you are US based. How are you going to get that collateral? What about the other 400 investors-- what are they going to get out of this? They invested but now they get nothing? How are you going to vet the collateral? What happens if that collateral were to be devalued say in a market situation which crashes? Gold was the collateral and market crashes & the borrower had defaulted -- would that still satisfy you if you had such collateral?

edit: Not trying to be smart here, I'm truthfully just curious about the answers.

You would never hand the collateral to investors. Collateral is meant to be sold and the funds distributed by the investors.

If collateral is not enough to repay the total, something is better than nothing.

[BTCJamSupport]

There are scenarios where random accounts become the biggest funder so that they get the collateral. Now users dont diversify and expose themselves to higher risk (eggs in smaller baskets). Those accounts might be controlled by the borrower.. Now collateral is useless. Collateral is in Russia, you are US based. How are you going to get that collateral? What about the other 400 investors-- what are they going to get out of this? They invested but now they get nothing? How are you going to vet the collateral? What happens if that collateral were to be devalued say in a market situation which crashes? Gold was the collateral and market crashes & the borrower had defaulted -- would that still satisfy you if you had such collateral?

edit: Not trying to be smart here, I'm truthfully just curious about the answers.

You would never hand the collateral to investors. Collateral is meant to be sold and the funds distributed by the investors.

If collateral is not enough to repay the total, something is better than nothing.

The other hundreds investors get nothing? Just a reward for the whales?

[Winalunt]

If BTC Jam stops giving loans without collateral or rather give with collateral then its value is nowhere ..
majority of the people are using it because of no collateral deal.

[Sourgummies]

Would like to delete my account,are there steps to do this?
Meaning you do not hold any of my details in your system.

[BTCJamSupport]

Would like to delete my account,are there steps to do this?
Meaning you do not hold any of my details in your system.

Drop us an email to support@btcjam.com. Thanks

[BTCJamSupport]

If BTC Jam stops giving loans without collateral or rather give with collateral then its value is nowhere ..
majority of the people are using it because of no collateral deal.

As mentioned in above responses, this model has been proven to work for multiple companies. There are companies who have IPO'd using this very model. I disagree that it will not work, covering risk and exposure might have to be handled different ways.

[luciann]

If BTC Jam stops giving loans without collateral or rather give with collateral then its value is nowhere ..
majority of the people are using it because of no collateral deal.

So basically its a hell hole for investors wanting to lend.

I saw someones screep on what they actually got and barely breaking even, I`ll link it here if I run into it again.

But having no collateral is just gambling..

[subSTRATA]

If BTC Jam stops giving loans without collateral or rather give with collateral then its value is nowhere ..
majority of the people are using it because of no collateral deal.

So basically its a hell hole for investors wanting to lend.

I saw someones screep on what they actually got and barely breaking even, I`ll link it here if I run into it again.

But having no collateral is just gambling..

pretty much, since youre relying solely on the borrower's honestly to have the loan repaid at this point, and when money  is a factor on the internet, honesty is rather scarce. i also checked back on my btcjam account a bit back, and to my surprise, a 0.02  loan got repaid, which i really did not expect. turns out the borrower got doxxed. its quite sad that thats what it takes for someone to repay a few hundred dollars.

collateral sounds like something that would vastly improve the lenders' experience on btcjam, if they could implement an option for a borrower to provide some sort of collateral, and set up a system to hold such collateral, i could see btcjam becoming a real service. would be quite difficult though, since i would expect most collateral to be physical.

[jadefalke]

The whole Identity Verfification System is a Joke, i invested in a Listing which was A or B rated and guess what everything was FAKE.
The Guy run with the Money and is now bragging in the Comment's of the Listing that everything is Fake.
And guess what, BTCJAM does nothing about it.

Stay away from BTCJAM!!!!

[BTCJamSupport]

The whole Identity Verfification System is a Joke, i invested in a Listing which was A or B rated and guess what everything was FAKE.
The Guy run with the Money and is now bragging in the Comment's of the Listing that everything is Fake.
And guess what, BTCJAM does nothing about it.

Stay away from BTCJAM!!!!

Can you drop me a message with this listing? I can look into it and see what is going on, thanks man.

[BTCJamSupport]

If BTC Jam stops giving loans without collateral or rather give with collateral then its value is nowhere ..
majority of the people are using it because of no collateral deal.

So basically its a hell hole for investors wanting to lend.

I saw someones screep on what they actually got and barely breaking even, I`ll link it here if I run into it again.

But having no collateral is just gambling..

Wouldn't say that, there are a lot of investors who use the site daily throughout the world who are doing quite well in terms of investing. US based guy who is beating his 401K with his company because he is diversifying quite well over many loans. With that being said, many of those guys don't come here and report back telling you how to be profitable and inform you of their strategy. Just how the internet really works now, people who get hurt (ex. throw 90% of their principal into one borrower) come here and tell you how much they dislike our service etc. Not saying at all that this was the case with the user you mentioned, we don't have the data. This is something that sticks out when we dig into these cases that come across social media/here. Many here were involved at a very early stage with the company as well. That being said, we are growing and working on these very issues.

[subSTRATA]

The whole Identity Verfification System is a Joke, i invested in a Listing which was A or B rated and guess what everything was FAKE.
The Guy run with the Money and is now bragging in the Comment's of the Listing that everything is Fake.
And guess what, BTCJAM does nothing about it.

Stay away from BTCJAM!!!!

Can you drop me a message with this listing? I can look into it and see what is going on, thanks man.

its possible that the real borrower in that case used a stolen identity rather than falsified information/documents, and it might be prudent to investigate that case more in depth. im suspecting that is the case because the fake borrower is going around in the comments gloating as he believes that he will not be blamed for the issue; if the documents were faked there would be a larger investigation for falsifying legal documents.

[zenqer]

You would never hand the collateral to investors. Collateral is meant to be sold and the funds distributed by the investors.

If collateral is not enough to repay the total, something is better than nothing.

The other hundreds investors get nothing? Just a reward for the whales?

Where did you read that?

Collateral is sold and distributed. That's what is written.

How exactly is this a reward for the whales and hundreds of investors with nothing?

[dyask]

You would never hand the collateral to investors. Collateral is meant to be sold and the funds distributed by the investors.

If collateral is not enough to repay the total, something is better than nothing.

The other hundreds investors get nothing? Just a reward for the whales?

Where did you read that?

Collateral is sold and distributed. That's what is written.

How exactly is this a reward for the whales and hundreds of investors with nothing?

The BTCJam business model just seems to push ALL the risk onto the investors.   BTCJam never takes on any risk.   That is why BTCJam isn't a good place for investors.   For them to handle collateral would mean they would have to be reasonable, it isn't going to happen.

[Shinpako09]

I read in one thread before that it's more safe to lend and loan here in bitcointalk than btcjam.