BTCjam - Any Thoughts or Experiances

[DavieT 1337]

Hopefully i will get my lendings from btcjam pack. I ve already 0.28 late in payment...
thats really sad :/

regards
 DavieT 1337

[CoinPro*]

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

You believe that they would reject bank statements based on how many deadbeat referrals you have? And/Or, you think they would not allow someone to create loans just because your referrals are clowns? That seems a bit strange, and would not be fair to do to the reliable/trusted borrower. Imagine if FICO, Experian, Transunion, Equifax, etc, checked out peoples crappy "friends" on Facebook before granting credit. HA, nobody would get a loan

Funny you say something about the references though. I sent BTCjam an e-mail/support ticket back on Sept 1st. Case #91577, asking them if it was possible to remove the references from defaulted borrowers. To this day, I never got a response. I forgot about it until you just brought it up. I do not want to be associated with anyone that has defaulted. We should have the option to remove references, especially if they turn out to be scumbags. Thats like not being able to un-friend someone on FB, when you found out they ran over your cat (on purpose), or worse. If I found out a referral was part of ISIS, KKK, or westboro baptist church, etc, and BTCjam would not let me remove that referral, that might be grounds for a lawsuit of some type.

If your hypothesis is true, why would they just not tell me that, instead of "Does not meet the required document type"? I wear big boy pants, pretty sure I can take the truth, even if the truth makes no sense at all.

[sbtctalk]

Btcjam support team has to defend the tide against them across various coin boards. There seem to be more lenders than those who need loans..

[jadefalke]

Btcjam support team has to defend the tide against them across variois coin boards. There seem to be more lenders than those who need loans..

quite easy that there are no lenders, it's more or less impossible to get an A/A+ if your not form US, since only they can confirm Bank and Credit Card...
Without A/A+ Rating the Lending Rate is >12% which is riddic.

[CoinPro*]

Btcjam support team has to defend the tide against them across variois coin boards. There seem to be more lenders than those who need loans..

quite easy that there are no lenders, it's more or less impossible to get an A/A+ if your not form US, since only they can confirm Bank and Credit Card...
Without A/A+ Rating the Lending Rate is >12% which is riddic.

We made it to an A credit rating without having income verified. You are mistaken about the "if your not form US, since only they can confirm Bank" statement. I am in the U.S., and I have sent in very easily verifiable bank statements, and they keep rejecting them as ""This document does not meet the required type". If they could confirm bank accounts, our income would have been accepted/verified 6+ months ago when we first tried, 2 months ago when we tried again, and than this month again. Rejected all 3 times, so it is confirmed that they must not have a way of confirming U.S. info. They should say that though, instead of telling people it "does not meet the required type". We sent in tax documents, and bank statements, all rejected. At a complete loss as to why and, and support has not explained the situation. I even offered to log into all of my accounts in a live cam Skype session(or similar client that has screen share function), to verify my bank accounts/income/sales history, etc, so that its guaranteed proof of income. I offered a very easy solution, but they did not seem to be interested in working with me on that.

[Magnesium Coin]

I can predict that many lenders are quitting to login to their accounts as a result of their inconsistent support system, since most of the account remain inactive for months!

For me, it would be too risky to invest my coins there. Not even worth a dime!

[lama-hunter]

ahh its annoying to used this service... iam still missing funds

Missing Funds on btcjam : 0.3 btc :/

regards
lama-hunter

[BTCJamSupport]

Hopefully i will get my lendings from btcjam pack. I ve already 0.28 late in payment...
thats really sad :/

regards
 DavieT 1337

Drop me a PM with your alias, I can see whats maybe going on. Thanks!

[owlcatz]

ahh its annoying to used this service... iam still missing funds

Missing Funds on btcjam : 0.3 btc :/

regards
lama-hunter

Or.. do you mean someone ripped you off like usual at that scam factory site?

[BTCJamSupport]

Btcjam support team has to defend the tide against them across various coin boards. There seem to be more lenders than those who need loans..

Defend tides? Not sure what you mean here - I think the sentiment online (minus some of the trolls in this thread) has been pretty good in the recent months. Lots of investors flooding the market which happens to take loans off the marketplace at a rapid pace. AutoInvest has gotten a lot of attraction as well & success for many. You're right though we are always looking for quality borrowers. If you know some use that referral code so you get a cut too!

[BTCJamSupport]

ahh its annoying to used this service... iam still missing funds

Missing Funds on btcjam : 0.3 btc :/

regards
lama-hunter

Deposits are coming in at around 6 confirmations - might take a bit longer but be patient, they will arrive!

[DavieT 1337]

>Hmm Iam still missing funds over this site for 0.254 btc and its before christmas.
Thats really sad :/

regards
DavieT 1337

[CoinPro*]

Btcjam support team has to defend the tide against them across various coin boards. There seem to be more lenders than those who need loans..

You're right though we are always looking for quality borrowers. If you know some use that referral code so you get a cut too!

If you are always looking for quality borrowers, why have you blocked my account from creating new loans? With 117+ BTC paid back (13 loans), all on time, or early, it boggles my mind why you would block someone like me. There are probably 50+ other A rated users that are now currently blocked due to the new income verification policy. Is paying back $51,000+ (at todays index avg.) BTC worth of loans NOT quality?

Speaking of blocking, why were my comments deleted on the site, and/or ghost blocked on the site when I asked borrowers which documents they uploaded to verify income? It is a legitimate question, which prospective lenders would probably like to know. I was only asking to try to figure out why you have rejected my income documents multiple times. Documents that every other lending site has approved, and are easily verifiable.

I sent you a PM on November 24th which has gone unanswered. It seems like you are reading/responding to forum, posts, so here it is publicly:

::begin copy::
« Sent to: BTCJamSupport on: November 24, 2015, 03:00:16 AM »
Hello,

I see that you have responded to a few users on this forum in regards to some support issues they are having. I was hoping that you may be able to help/advise on where the hold up is with our support tickets:

See post : https://bitcointalk.org/index.php?topic=499995.msg12953941#msg12953941

The last response was from a support member named Brett on November 7th, but we have not heard anything since. Maybe Brett left the company, and nobody has followed up on his tickets?

We would like to resume creating loans ASAP for our regular/repeat investors, but possibly can not do so until these two issues are resolved.

Thank you
::end copy::

I also sent a PM to Tulkas/Celso about this matter which has also gone unanswered. That was on Dec 2nd.

This is NOT intended to spread FUD btw, I am only trying to work out a solution on getting income verified to continue offering guaranteed/safe returns to investors. It seems very strange to me that my requests would get ignored, or not followed up on.

I have invested a little over 80 BTC (through poxy, not my main CoinPro account) also on your platform, and I have noticed a major decline in people I would actually invest in. So many people have "income verified", yet it is very easy to tell they are scammers looking to run with the money. If not scammers, they have business plans/loan requests that are just so ridiculous (not to mention the interest they are willing to pay), that its almost guaranteed they will default. I have no clue how they got their income verified so easily, and ours has been rejected as "This document does not meet the required type." 3 times now. Those are they types of people you are allowing to create loans, but denying someone like me. Something is not adding up.

If you no longer want me as an investor/borrower any more, just say so. But if that is the case, you really need to retract the statement "You're right though we are always looking for quality borrowers". You have so many FUD'sters on here trying to defame your site, yet it does not seem like you are doing enough to retain the good borrowers you have that could shut them up/down. For example: me

To sum it up:
#1. Why have I been blocked from creating new loans?
#2. If the answer to #1 is "because your income is not verified", than why are you not working with me on solutions to get it verified?
#3. Why have my comments on loans been deleted, and ghost blocked, when asking borrowers what documents they have uploaded to get their income verified?

[jadefalke]

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

You believe that they would reject bank statements based on how many deadbeat referrals you have? And/Or, you think they would not allow someone to create loans just because your referrals are clowns? That seems a bit strange, and would not be fair to do to the reliable/trusted borrower. Imagine if FICO, Experian, Transunion, Equifax, etc, checked out peoples crappy "friends" on Facebook before granting credit. HA, nobody would get a loan

Funny you say something about the references though. I sent BTCjam an e-mail/support ticket back on Sept 1st. Case #91577, asking them if it was possible to remove the references from defaulted borrowers. To this day, I never got a response. I forgot about it until you just brought it up. I do not want to be associated with anyone that has defaulted. We should have the option to remove references, especially if they turn out to be scumbags. Thats like not being able to un-friend someone on FB, when you found out they ran over your cat (on purpose), or worse. If I found out a referral was part of ISIS, KKK, or westboro baptist church, etc, and BTCjam would not let me remove that referral, that might be grounds for a lawsuit of some type.

If your hypothesis is true, why would they just not tell me that, instead of "Does not meet the required document type"? I wear big boy pants, pretty sure I can take the truth, even if the truth makes no sense at all.

What i wanted to point out was that their whole Rating System is not transparent and fair.

[Lies]

Investors, People who have invested in BTCJam and are tired of scammers, [->Edit]
Consider joining https://www.seen.is/group/8437
 Investor forum for users of peer to peer BTC lending websites on the Internet.
 Focus is on sharing experience, promoting safe investment practice, and working together to recover bad loans and expose scammers.

[Edit] Addition:
Some of us who are tired of scammer that are able to get loans funded and never repay. So, this group is not for just wining about it, like most do here. It is for exposing the scammers and looking for ways to make them repay their depts. As a group we can achieve more then an indivuals to make claims.

[owlcatz]

Investors,
Consider joining [scam link removed]
 Investor forum for users of peer to peer BTC lending websites on the Internet.
 Focus is on sharing experience, promoting safe investment practice, and working together to recover bad loans and expose scammers.

No.

[sionsandman]

Please explain the new BTCJam Debt Collection.

Why is it buying partial in some loans and total debt in others?

At this moment I dont have much to say because we are currently testing a few different things with regards to collections. When we get a better idea and learn more about these early programs. Thanks for asking though, we do look forward to making some improvements in these areas.

What can you say now?

I don't see Debt Collection user buying debt nowadays.

And frankly I can't say the situation is better now than it was 2 months ago. I'm still in the red!

Now I only have autoinvest for A and B profiles and even with those many don't pay.

[BitcoinMarketStore]

It since October I try to register on BTCjam, and everytime my ID documents will be rejected because "are poor quality , not clear, blurry etc". I resend  my id at least 10 times, and photo was made from a Canon Eos 700 d reflex too (so I think is really difficult to make bad photos using this reflex   ). Then I contact their support a lot of time and everytime they say me to be patient and resend docs with high resolution! I'm really tired of them 😒. Hope that someone of BTCjam here contact me for solve my problem.

[oblomov]

My experience with BTCJam over the past several months has been mixed.

Upon joining, I examined all of the loan listings and quickly decided that only the "A" listings merited investment.

BTCJam does not document default rates and provides only scant information on returns, but I was able to piece together that the "A" borrowers had a default rate of 5-10%, which is high, but this risk is compensated by AERs in the range of 13-20%.  The AERs for the B, C, and D credits did not adequately compensate for the heightened default risk.

I invested in several individual loans, all of which have been paid on time to this point.

What I didn't realize at the time was that the loans were denominated in local currency.  So my rate of return was in local currency rather than BTC.  The 25% rise in BTC from the point of investment has killed my return on these loans.  With these BTC, I didn't get to benefit from the rise in BTC/USD.

If I wanted to do P2P loans in USD or EUR or BRL, there are established P2P lending sites that insist upon collateral- I would have gone there rather than BTCJam.  I was expecting to do loans in BTC and stay with the BTC world.

As I have received loan payments, I have not reinvested.  There are just a few new "A" listings in the past month.  These new listings didn't impress me sufficiently (e.g., need a loan while searching for a new job, paying off previous loans with a new loan, etc).  These are "A" credits?

I plan to move my BTC out in the near future.  I am looking for better BTC-based investment opportunities than BTCJam, but haven't found them yet.

[Kanati]

My experience with BTCJam over the past several months has been mixed.

Upon joining, I examined all of the loan listings and quickly decided that only the "A" listings merited investment.

BTCJam does not document default rates and provides only scant information on returns, but I was able to piece together that the "A" borrowers had a default rate of 5-10%, which is high, but this risk is compensated by AERs in the range of 13-20%.  The AERs for the B, C, and D credits did not adequately compensate for the heightened default risk.

I invested in several individual loans, all of which have been paid on time to this point.

What I didn't realize at the time was that the loans were denominated in local currency.  So my rate of return was in local currency rather than BTC.  The 25% rise in BTC from the point of investment has killed my return on these loans.  With these BTC, I didn't get to benefit from the rise in BTC/USD.

If I wanted to do P2P loans in USD or EUR or BRL, there are established P2P lending sites that insist upon collateral- I would have gone there rather than BTCJam.  I was expecting to do loans in BTC and stay with the BTC world.

As I have received loan payments, I have not reinvested.  There are just a few new "A" listings in the past month.  These new listings didn't impress me sufficiently (e.g., need a loan while searching for a new job, paying off previous loans with a new loan, etc).  These are "A" credits?

I plan to move my BTC out in the near future.  I am looking for better BTC-based investment opportunities than BTCJam, but haven't found them yet.

Your story sounds similar to mine, except I did understand that some BTCjam loans are linked to fiat.

I started with JAM in September during a long period of BTC price stability, and I decided to also invest in handpicked  B, C, and a few D fiat linked loans thinking that higher interest earned (around 15%..) would help to hedge against BTC volatility. Unfortunately, that part of my plan failed miserably since I didn't foresee BTC doubling in November, and settling at over $400 since then  .

Added to that are my problems with defaults and late payment. I currently have 36 active loans on JAM ranging from A+ to D, and of these 15 are either late or haven't paid at all. Of the 15 problem loans 7 are rated C+ or D+ and linked to BRL, 5 are rated C+ or D+ linked to BTC (their repayment cost has doubled, and JAM won't let them refinance into fiat), and the last 3 loans are USD linked, where one borrower who doesn't pay at all is actually rated B+, and the other two D+.

When you lose, then don't lose the lesson. Due to poor screening, no investor security, and general dissatisfaction with BTCjam support (REALLY slow, always "looking at" something instead of doing anything, and bad at following up) I am winding down my engagement with JAM, and increasing it at BTCpop, where the seem to be doing more than JAM to address these issues. Since I have just started at POP I don't feel ready to actually come with an endorsement, but you can take a look at them and decide for yourself if it would be a good fit - www.btcpop.co

Even though you apparently are not chasing any defaulted loans, you would also be welcome at our investor forum to exchange ideas and experience with us - www.seen.is/group/8437 . If you would like to join, then please sign up with your JAM username, or your username from another P2P site.