BTCjam - Any Thoughts or Experiances

[Bourbon44]

None of these lending operations can work well unless they find a way to collateralize these loans. Saying "if the lender does not pay, I ll pass his documents to you" does not work. What am I gonna do with info about somebody from South Africa, for example?

Well if you live in South Africa...? Are you an expert on South African Law? What would those documents be that would be passed on? What if they were a claim on a debt which South African law recognized? I'm curious. Are you knowledgeable on the subject? Please enlighten us.

Explain how these lending operations would be more beneficial if one would collateralize. How would it work? Explain the ins and outs. You seem knowledgeable on the subject.

[1714840406]

1714840406

[Magnesium Coin]

BTCJam is going worse day by day!

They way they deal with scammers are pretty derogatory and they don't have any radical policy towards the defaulters.

That's why I stopped investing there from now on.

It's best to provide loans on Bitcointalk with a valid collateral rather than investing on a site where the support team has no role in supporting the lenders.

Highly Disappointing!

[jadefalke]

BTCJam is going worse day by day!

They way they deal with scammers are pretty derogatory and they don't have any radical policy towards the defaulters.

That's why I stopped investing there from now on.

It's best to provide loans on Bitcointalk with a valid collateral rather than investing on a site where the support team has no role in supporting the lenders.

Highly Disappointing!

True, the did nothing during the last 6 Month to improve that significantly. New users get tricked into investing by high APR Numbers advertised. The Reality is, if you invest in these high APR Loan's you will get scammed again and again. Even with low APR and A/B Rated Loans you will loose a lot.
The Fees are ridic high and the Service you get is almost 0.

[Magnesium Coin]

BTCJam is going worse day by day!

They way they deal with scammers are pretty derogatory and they don't have any radical policy towards the defaulters.

That's why I stopped investing there from now on.

It's best to provide loans on Bitcointalk with a valid collateral rather than investing on a site where the support team has no role in supporting the lenders.

Highly Disappointing!

True, the did nothing during the last 6 Month to improve that significantly. New users get tricked into investing by high APR Numbers advertised. The Reality is, if you invest in these high APR Loan's you will get scammed again and again. Even with low APR and A/B Rated Loans you will loose a lot.
The Fees are ridic high and the Service you get is almost 0.

That's why they are trying to advertise every other listings (whether they are A+ or a D-) and is luring everyone to fall for this trap!

Guess what! I got a shit load of emails relating to that!

Another policy of scamming new members out there!

[notaek]

BTCJam sucks in many aspects w.r.t Loanbase (former BLC)!

In my opinion, BTCJam is highly dysfunctional when compared with Loanbase.

[syndria]

BTCJam sucks in many aspects w.r.t Loanbase (former BLC)!

What is w.r.t means?

I have accounts with both and have funded a loan in btcjam and so far i was getting paid on time, and 2 more to go ill get my roi. Hopefully me

[Magnesium Coin]

BTCJam sucks in many aspects w.r.t Loanbase (former BLC)!

What is w.r.t means?

I have accounts with both and have funded a loan in btcjam and so far i was getting paid on time, and 2 more to go ill get my roi. Hopefully me

I guess he tried to mean "w.r.t" as "with respect to".

Then you have chosen the right lender who pays everyone on time.

Would you mind sending me the link of that listing to where you've lent the loan?

[syndria]

BTCJam sucks in many aspects w.r.t Loanbase (former BLC)!

What is w.r.t means?

I have accounts with both and have funded a loan in btcjam and so far i was getting paid on time, and 2 more to go ill get my roi. Hopefully me

I guess he tried to mean "w.r.t" as "with respect to".

Then you have chosen the right lender who pays everyone on time.

Would you mind sending me the link of that listing to where you've lent the loan?

I never heard of that before

Not sure he has still 3 pending payments not 2 my fault.

And yes i will pm you the link.

[notaek]

What is w.r.t means?

"w.r.t" is the abbreviation of "with respect to".

I have accounts with both and have funded a loan in btcjam and so far i was getting paid on time, and 2 more to go ill get my roi. Hopefully me

Maybe you got lucky this time.

_______________________________________________________________________________ _______________________________________________________


I wonder why the founder of BTCJam, Tulkas is silently stalking on the forum? I saw he was online today but found that his last post was made on July 23, 2014, 07:05:07 PM!

Is he banned by the mods? Or, is he trying to get some statistics on how many lenders went against BTCJam and how many are still believing that the site is trusted?

[enquirer]

BTCJam is a total scam and its owners belong in jail.

[notaek]

BTCJam is a total scam and its owners belong in jail.

You cannot come to a conclusion so quickly, dude. See this! syndria is getting repayments from time to time and he'll probably reach ROI if he receives 2 more payments.

I have accounts with both and have funded a loan in btcjam and so far i was getting paid on time, and 2 more to go ill get my roi. Hopefully me

BTCJam isn't actually a scam. The ones who are asking for loans are sometimes turning out to be scammers.

[syndria]

BTCJam is a total scam and its owners belong in jail.

You cannot come to a conclusion so quickly, dude. See this! syndria is getting repayments from time to time and he'll probably reach ROI if he receives 2 more payments.

I was wrong that should be 3 not 2. But i already received 3 times on time and the total amount loaned is 20 Bitcoins that is pretty huge and that was not his first loan so i believe he will pay the remaining debt.

[BTCJamSupport]

What is w.r.t means?

"w.r.t" is the abbreviation of "with respect to".

I have accounts with both and have funded a loan in btcjam and so far i was getting paid on time, and 2 more to go ill get my roi. Hopefully me

Maybe you got lucky this time.

_______________________________________________________________________________ _______________________________________________________


I wonder why the founder of BTCJam, Tulkas is silently stalking on the forum? I saw he was online today but found that his last post was made on July 23, 2014, 07:05:07 PM!

Is he banned by the mods? Or, is he trying to get some statistics on how many lenders went against BTCJam and how many are still believing that the site is trusted?

We've answered a lot of the issues your brought up repeatedly within this thread. Regardless, you are entitled to your own opinion. You are misinformed about a few things.

1. We dont remove commenting from borrowers if they are late. There are many late borrowers who have commented today without such restrictions. Not sure where you even get this idea. Many borrowers say they cannot comment, when in fact they have no restrictions against their account.

2. We dont permit links of any kind - simple as that its been like that for a long time.

3. Support is very active throughout the many places we cover on the internet. We are well aware of their activity and they handle hundreds of inquiries a day.

4. Forum - We are trying to build more product tools on a daily basis. Unfortunately, no we arent interested in a forum. There is a forum right here and many other places on the internet that you can use (which you already use for this anyway) so we thought we'd just limit one more place. You want us to know something just send us an email. THANKS

[owlcatz]

Bullshit tulkas. nice try scammer. BTCJAM == BTCSCAM

[lama-hunter]

What is w.r.t means?

"w.r.t" is the abbreviation of "with respect to".

I have accounts with both and have funded a loan in btcjam and so far i was getting paid on time, and 2 more to go ill get my roi. Hopefully me

Maybe you got lucky this time.

_______________________________________________________________________________ _______________________________________________________


I wonder why the founder of BTCJam, Tulkas is silently stalking on the forum? I saw he was online today but found that his last post was made on July 23, 2014, 07:05:07 PM!

Is he banned by the mods? Or, is he trying to get some statistics on how many lenders went against BTCJam and how many are still believing that the site is trusted?

We've answered a lot of the issues your brought up repeatedly within this thread. Regardless, you are entitled to your own opinion. You are misinformed about a few things.

1. We dont remove commenting from borrowers if they are late. There are many late borrowers who have commented today without such restrictions. Not sure where you even get this idea. Many borrowers say they cannot comment, when in fact they have no restrictions against their account.

2. We dont permit links of any kind - simple as that its been like that for a long time.

3. Support is very active throughout the many places we cover on the internet. We are well aware of their activity and they handle hundreds of inquiries a day.

4. Forum - We are trying to build more product tools on a daily basis. Unfortunately, no we arent interested in a forum. There is a forum right here and many other places on the internet that you can use (which you already use for this anyway) so we thought we'd just limit one more place. You want us to know something just send us an email. THANKS

Hi there BTCjam Supüport Team,

i really like the Site and the mention to invest in somebodys loan. Uppon the late repaying of several users i wanne u to ask, what btcjam does if the lender did not response for over 30 Day.
Will there income any calls to the lender? Emails or at the End?

Would be great to know

regards
lama-hunter

[BTCJamSupport]

What is w.r.t means?

"w.r.t" is the abbreviation of "with respect to".

I have accounts with both and have funded a loan in btcjam and so far i was getting paid on time, and 2 more to go ill get my roi. Hopefully me

Maybe you got lucky this time.

_______________________________________________________________________________ _______________________________________________________


I wonder why the founder of BTCJam, Tulkas is silently stalking on the forum? I saw he was online today but found that his last post was made on July 23, 2014, 07:05:07 PM!

Is he banned by the mods? Or, is he trying to get some statistics on how many lenders went against BTCJam and how many are still believing that the site is trusted?

We've answered a lot of the issues your brought up repeatedly within this thread. Regardless, you are entitled to your own opinion. You are misinformed about a few things.

1. We dont remove commenting from borrowers if they are late. There are many late borrowers who have commented today without such restrictions. Not sure where you even get this idea. Many borrowers say they cannot comment, when in fact they have no restrictions against their account.

2. We dont permit links of any kind - simple as that its been like that for a long time.

3. Support is very active throughout the many places we cover on the internet. We are well aware of their activity and they handle hundreds of inquiries a day.

4. Forum - We are trying to build more product tools on a daily basis. Unfortunately, no we arent interested in a forum. There is a forum right here and many other places on the internet that you can use (which you already use for this anyway) so we thought we'd just limit one more place. You want us to know something just send us an email. THANKS

Hi there BTCjam Supüport Team,

i really like the Site and the mention to invest in somebodys loan. Uppon the late repaying of several users i wanne u to ask, what btcjam does if the lender did not response for over 30 Day.
Will there income any calls to the lender? Emails or at the End?

Would be great to know

regards
lama-hunter

We are actively reaching out to borrowers more and more to keep in the loop for payments that are upcoming. We do call borrowers and touch base to see how things are going. The past two months we've experimented with this and we're seeing great results so far with some of the experiments. We send an SMS, email and now are trying to touch base with borrowers more and more to get a better idea of how repayment is going.

We're really experimenting with this data and info right now but I'll try to come back and share some of the results in the future. It's a good question, thanks for taking the time to send it over.

[CoinPro*]

Has anyone been successful with uploading bank statements for income verification? If so, what am I missing/doing wrong? They have rejected my easily verifiable bank statements numerous times now with the same "This document does not meet the required type.". Yes, in .jpg form, and .png (as they request). I even included the bank managers business card once in the photo, with a bank stamp, on the bank printed income/deposit summary. Besides for getting a sample of the bank managers DNA, what else could I possibly do?

BTW, it is the same bank account I have verified/linked on file with them. I would assume they could just cross reference the files, account number, name, transactions, etc.

Also rejected, was my 1099 tax income form ( U.S. document that is requested by major lending institutions to verify sales, and is also reported to our govt). This document, I assumed, is also easily verifiable through my linked PayPal account, and/or social security number. They returned that one as well, as: "This document does not meet the required type".

BTCjam has now rejected the 2 out of 3 items they request to verify income. The 3rd, is paystubs/paychecks, which would be impossible (for me), as I own the business, am self-employed.

Anyone have any suggestions?

Misc: The bank statements (major U.S. banks) & other docs (PayPal/eBay/1099 tax form, etc) I supplied them with were already accepted by well known lending institutions like Kabbage, and OnDeck. Other crypto lending sites (Loanbase, BitBond, Btclend) have also verified/accepted them. I am really at a loss on how BTCjam could not accept them. I am even more at a loss, on why they have decided to not let me start any new loans, with everything else verified/linked, an A credit rating, 117+ BTC paid back (13 total loans), with no late payments, some early. That is even more mind-boggling than the income verification situation.

User ID: CoinPro - https://btcjam.com/users/10677

I have already PM'd @BTCJamSupport (Nov 24th) & @Tulkas (Dec 2) about the issue. No response yet. I even sent Celso a private e-mail, assuming the e-mail on the @Tulkas profile is correct.

This post is not intended to spread FUD, or make people think BTCjam is not a good site. Up to this point, everything has been great, and I really enjoy BTCjam, and the community. Hopefully this gets resolved soon.

[Kanati]

I think a lending website that works on the concept of trusting nobody except reputable escrows. The amount of borrowers of your website who are con artists is staggering. In addition, I think a social lending website should be able to develop a mechanism that enables the sale of ownership of debts. Any information would be provided and a good hacker/detective can probably recover a purchased debt. There is far too much leverage for borrowers on BTCJam.

Appreciate the feedback. We are working hard on getting great borrowers & I think over our growth we have made advancements here. Fraud rates are down which is good thing. As blockchain tools/services keep growing I think one day something you mentioned might be possible.

It would be more fair to us investors if a portion of the fees that BTCjam collects went to an insurance fund that would refund the principal on our investments in the event of borrower default. It would also likely improve motivation for borrower screening and debt collection if BTCjam assumes some risk by having skin in the game.

Having a marketplace as a business is having complete skin in the game.. If the marketplace isn't good, rates arent good, borrowers arent good 0 we lose - it is a very simple theory. It's out business, Im not sure we could have more skin in the game than that. Screening is something that we are working very hard on to delivery better practices and lower defaults across the board.

I will grant you that a good business reputation has value, but judging from the amount of negative feedback on this forum from burned lenders, I would say that BTCjam has at minimum a skin rash problem . Equating the dings and dents to your business reputation to what lenders are losing in cash to defaults is begging the question of how to prevent defaults in the first place. Basically all you are saying here is that BTCjam is working really really really hard to lower the amount of defaults, and by implication that we lenders should trust you because you are working really really really hard on this (would also be interested in seeing some statistics on the number of BTCjam defaults and how much debt has been lost and recovered b.t.w.).

As a lender I would personally feel more secure about investing if I knew that the company doing the screening is working transparently and has more than just its already damaged reputation at stake. 

We are working towards lowering defaults, that is part of the business in many ways. Being transparent about screening is tricky because we are then providing a lot of details about how we screen etc. Not sure that is the best idea at this time, but your comments are noted. We are trialling out some different collection methods/tools but aren't at a point to comment about that any more at this time. Thanks for sharing this.

Out of the 12 Brazilian loans I have made since September...

• 5 are paying on time
• 5 have not made the first payment
• 2 remain to be seen (first payment not due yet)

Looks like we are headed for minimum 50% default rate on Brazilian loans 

Adding insult to injury is the fact that investors in BTCjam fiat backed loans are now getting massacred by a 100% spike in Bitcoin rates since September (that's a 90% loss of principal for a 10% loan - BTCjam is able to rate the borrowers and determine "fair" loan interest for them risk free, since BTCjam collects their fees up front when investors fund the loan).

Is BTCjam some sort of stealth philanthropy project for Brazilian borrowers or WTF?!?

Can you PM me an alias so I can check this out in more depth? Quite frankly we have more and more Brazilian borrowers and 12 listings is a very small sample size but I'd be more than happen to look into this and see what is going on, thanks!

I sent you a PM a long time ago - any news? I have also noticed since then a user called "BTCjam Debt Collections" is buying up some loans, but not others (example - "https://btcjam.com/listings/49302-vehicle-needs-transmisssion").

Why are some lenders getting help, and others not?

[Magnesium Coin]

BTCJam Support team just came out of nowhere and started defensing against the claims, without any proofs!!

WTF dude! Show us some proofs before bragging yourself about your de-flawed system!

For now, I'll stick to this hard truth until I get some valid evidences:

BTCJAM == BTCSCAM

[jadefalke]

Has anyone been successful with uploading bank statements for income verification? If so, what am I missing/doing wrong? They have rejected my easily verifiable bank statements numerous times now with the same "This document does not meet the required type.". Yes, in .jpg form, and .png (as they request). I even included the bank managers business card once in the photo, with a bank stamp, on the bank printed income/deposit summary. Besides for getting a sample of the bank managers DNA, what else could I possibly do?

BTW, it is the same bank account I have verified/linked on file with them. I would assume they could just cross reference the files, account number, name, transactions, etc.

Also rejected, was my 1099 tax income form ( U.S. document that is requested by major lending institutions to verify sales, and is also reported to our govt). This document, I assumed, is also easily verifiable through my linked PayPal account, and/or social security number. They returned that one as well, as: "This document does not meet the required type".

BTCjam has now rejected the 2 out of 3 items they request to verify income. The 3rd, is paystubs/paychecks, which would be impossible (for me), as I own the business, am self-employed.

Anyone have any suggestions?

Misc: The bank statements (major U.S. banks) & other docs (PayPal/eBay/1099 tax form, etc) I supplied them with were already accepted by well known lending institutions like Kabbage, and OnDeck. Other crypto lending sites (Loanbase, BitBond, Btclend) have also verified/accepted them. I am really at a loss on how BTCjam could not accept them. I am even more at a loss, on why they have decided to not let me start any new loans, with everything else verified/linked, an A credit rating, 117+ BTC paid back (13 total loans), with no late payments, some early. That is even more mind-boggling than the income verification situation.

User ID: CoinPro - https://btcjam.com/users/10677

I have already PM'd @BTCJamSupport (Nov 24th) & @Tulkas (Dec 2) about the issue. No response yet. I even sent Celso a private e-mail, assuming the e-mail on the @Tulkas profile is correct.

This post is not intended to spread FUD, or make people think BTCjam is not a good site. Up to this point, everything has been great, and I really enjoy BTCjam, and the community. Hopefully this gets resolved soon.

3 out of your 8 References are overdue or Suspended, that might influence it.