BTCjam - Any Thoughts or Experiances

[jayce]

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?

The A ratings is from their previous loan and from the form that they submitted not their current loan. If you earned alot of your paycheck and have alot of good reputation in btcjam then you will have A ratings there forever even if you make a consolidation loan then you will still have the A rating

[BitcoinMarketStore]

If anyone is insterested in lending, could see My signature. Have collateral or reliable For other Kind of partnership.

[CoinPro*]

Update - Still no response from BTCjam.com support, or Celso/Tulkas (signed on here on 12/28), or BTCJamSupport (signed on here 12/29).

When/if you do respond, can you please explain the business decision behind blocking a very reliable borrower from creating new loans to investors, and also why you have discouraged people like myself (with income to spare) to not invest in other borrowers.

I am starting to get the sense that someone at BTCjam may have taken one of my e-mails the wrong way, maybe got their feelings hurt, and thinks that playing games is a smart business move. Just say'n. At this point, nothing else really makes sense. If your going to allow ego's to run your business, the future does not look bright. I would expect that from a 14 year old running a forum about Call of Duty, but not from a company whose main goal is/should be to offer their investors the best possible borrowers. Vice versa, offer their borrowers clients with disposable income.
Example:
My comments on loans asking what documents people used to verify income were removed almost immediately1, but its taken over two months to get a response on questions I have sent into support. Are the comment moderators just REALLY good at their job, but all other departments are not? Not saying that removing a legitimate important question to borrowers is "good" by any means, BTW. Still very confused on why those comments were removed. Maybe the comment moderators would like to explain here on the forum.

1Luckily, a few borrowers(and some of my repeat investors) contacted me after reading my posts on here, and confirmed that their incomes were approved with the exact same method I used (bank statements only). Some of them even divulged how much income they showed (which was significantly less than mine), and they were approved first try. So whats the story BTCjam? Why verify lower income borrowers with no loan history right away, but reject A rated borrowers (and block them from creating new loans) who have a proven history of paying back loans?

Lets start a professional dialog here, I'm not trying to spread FUD. Just looking to get back to using my account that would benefit all parties involved.
 

[owlcatz]

Update - Still no response from BTCjam.com support, or Celso/Tulkas (signed on here on 12/28), or BTCJamSupport (signed on here 12/29).

When/if you do respond, can you please explain the business decision behind blocking a very reliable borrower from creating new loans to investors, and also why you have discouraged people like myself (with income to spare) to not invest in other borrowers.

I am starting to get the sense that someone at BTCjam may have taken one of my e-mails the wrong way, maybe got their feeling hurt, and thinks that playing games is a smart business move. Just say'n. At this point, nothing else really makes sense. If your going to allow ego's to run your business, the future does not look bright. I would expect that from a 14 year old running a forum about Call of Duty, but not from a company whose main goal is/should be to offer their investors the best possible borrowers. Vice versa, offer their borrowers clients with disposable income.
Example:
My comments on loans asking what documents people used to verify income were removed almost immediately1, but its taken over two months to get a response on questions I have sent into support. Are the comment moderators just REALLY good at their job, but all other departments are not? Not saying that removing a legitimate important question to borrowers is "good" by any means, BTW. Still very confused on why those comments were removed. Maybe the comment moderators would like to explain here on the forum.

1Luckily, a few borrowers(and some of my repeat investors) contacted me after reading my posts on here, and confirmed that their incomes were approved with the exact same method I used (bank statements only). Some of them even divulged how much income they showed (which was significantly less than mine), and they were approved first try. So whats the story BTCjam? Why verify lower income borrowers with no loan history right away, but reject A rated borrowers (and block them from creating new loans) who have a proven history of paying back loans?

Lets start a professional dialog here, I'm not trying to spread FUD. Just looking to get back to using my account that  would benefit all parties involved.
 

Don't bother. They are a scam site. Noone makes profit there except scammers.

[Tstar]

I have experiece with BTCjam and BitLendingClub (LoanBase). In both defaulted is way to high to be able to make any profit. I ended on - on both... If they do not do something against scammers i don't believe anyone could win there!

[CoinPro*]

Don't bother. They are a scam site. Noone makes profit there except scammers.

Yes, there are a few bad apples on BTCjam, but I would not go as far as to say the owners/operators, or the site itself is a scam....yet. I may have to change that view if they continue to run operations the way they have done up to this point.  

Why (exactly) do you think that "they" are a scam site? Are you referring to the owners/operators, or just the borrowers in general?

Speaking on scammers/defaulters on the site. I wonder what the percentage of people is that die, go to jail, or get hospitalized (accidents, heart attacks, strokes, etc,). BTCjam can't be blamed at all for those types of defaulters, so it would be interesting to know. I don't think they can be 100% blamed for other defaulters either, not unless there is some conspiracy happening. Example: creating fake profiles, purposely "verifying" documents that are obvious fakes, and/or stealing peoples credentials to create loans. That would certainly be a major scam operation. The best they can do is cross reference IP's, mac addresses, browser cookies/identifiers, etc. to try to weed out the scumbags as much as possible. At the end of the day though, it is up to the lenders to make educated decisions on who to lend BTC to.

[owlcatz]

Don't bother. They are a scam site. Noone makes profit there except scammers.

Yes, there are a few bad apples on BTCjam, but I would not go as far as to say the owners/operators, or the site itself is a scam....yet. I may have to change that view if they continue to run operations the way they have done up to this point. 

Why (exactly) do you think that "they" are a scam site? Are you referring to the owners/operators, or just the borrowers in general?

Speaking on scammers/defaulters on the site. I wonder what the percentage of people is that die, go to jail, or get hospitalized (accidents, heart attacks, strokes, etc,). BTCjam can't be blamed at all for those types of defaulters, so it would be interesting to know. I don't think they can be 100% blamed for other defaulters either, not unless there is some conspiracy happening. Example: creating fake profiles, and/or stealing peoples credentials to create loans. That would certainly be a major scam operation. The best they can do is cross reference IP's, mac addresses, browser cookies/identifiers, etc. to try to weed out the scumbags as much as possible. At the end of the day though, it is up to the lenders to make educated decisions on who to lend BTC to.

I was just referring to the whole operation. The support is sad (in my experience), and yes, at least one of the scammers who burned me  are happily carrying on their lives on facebook, so I don't think the majority of defaults are due to things like that, myself, but who knows. 

[CoinPro*]

Don't bother. They are a scam site. Noone makes profit there except scammers.

Yes, there are a few bad apples on BTCjam, but I would not go as far as to say the owners/operators, or the site itself is a scam....yet. I may have to change that view if they continue to run operations the way they have done up to this point. 

Why (exactly) do you think that "they" are a scam site? Are you referring to the owners/operators, or just the borrowers in general?

Speaking on scammers/defaulters on the site. I wonder what the percentage of people is that die, go to jail, or get hospitalized (accidents, heart attacks, strokes, etc,). BTCjam can't be blamed at all for those types of defaulters, so it would be interesting to know. I don't think they can be 100% blamed for other defaulters either, not unless there is some conspiracy happening. Example: creating fake profiles, and/or stealing peoples credentials to create loans. That would certainly be a major scam operation. The best they can do is cross reference IP's, mac addresses, browser cookies/identifiers, etc. to try to weed out the scumbags as much as possible. At the end of the day though, it is up to the lenders to make educated decisions on who to lend BTC to.

I was just referring to the whole operation. The support is sad (in my experience), and yes, at least one of the scammers who burned me  are happily carrying on their lives on facebook, so I don't think the majority of defaults are due to things like that, myself, but who knows. 

HA, I'm going to have to add a few of my defaulters to that list. Thank you for that link. I was reading some of the comments, and 'd at your posts/comment: "They don't reply to emails or facebook messages, so fuck them, let them ride to the top of google searches, not my problem." Haha, good stuff. I might even throw a few cents at google adsense to make sure my defaulters go straight to the top of google searches. There might be some policy against that though, would have to check    Just add it to their bill as "interest".

[syndria]

Not all of borrowers are defaulter my running loan has been paid 4 months and 2 more months to go and its done. He has 10+ btc in debt but he is paying

[oblomov]

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.

Thanks- I have registered at BTCpop and will check into it further.  So far, I like the fact that loans are collateralized and the business investments are profitable companies.

I've also joined the Bitcoin P2P lending forum.

[squall1066]

I was one of the first customers back when it started, I was heavily in the lending scene, I lent from micro to quite big sums (big for me)

One day one of my big loans just diapered, Just the one mind, and the biggest! Removed from my account completely, I found out personal details about BTCjam and was going to local authorities.

tulkas claimed a site error and paid me back and I never logged on again!

end off/

[jayce]

I was just referring to the whole operation. The support is sad (in my experience), and yes, at least one of the scammers who burned me  are happily carrying on their lives on facebook, so I don't think the majority of defaults are due to things like that, myself, but who knows. 

There are alot defaulter howeverthey are doing their best to annihiliate the potential scammer from their system and to be honest their support just decent, they may not be here around but if you send them email then they will reply faster. I have good experience with their support before, I was asking them to block my account because someone got into my email and my btcjam account

[calkob]

I have only been lending since October and i have had a few debtors default but the majority have paid what they owe, obviously only after say a year will i be able to tell what my profit margin is. 

i will post back here if i find that it is a waste of time, but so far i am doing ok.

[Tavos]

I have never used it because from what I heard, a lot of people default their loans so it is too risky for me.
Some people have had some success with it though

[Pro Gamers]

I have never used it because from what I heard, a lot of people default their loans so it is too risky for me.
Some people have had some success with it though

I have 2 left pending payments but for me i consider it already as a success the amount borrowed is 20btc and never payed late the first 4 months

[ranlo]

I have never used it because from what I heard, a lot of people default their loans so it is too risky for me.
Some people have had some success with it though

Based on their stats, if you loan ONLY to reputable people, you're looking at 26%+ in APR but losing 15%+ due to defaulters, for a net of around 10% APR.

[jadefalke]

I have never used it because from what I heard, a lot of people default their loans so it is too risky for me.
Some people have had some success with it though

Based on their stats, if you loan ONLY to reputable people, you're looking at 26%+ in APR but losing 15%+ due to defaulters, for a net of around 10% APR.

which is bullshit.

[strayanbit]

Am I missing something here?  10% a year is pretty good    Personally, I haven't had any defaulters on btcjam yet (touch wood)... I guess that's something to look forwards to!
Anyone had any experience with bitbond?

[oblomov]

I have never used it because from what I heard, a lot of people default their loans so it is too risky for me.
Some people have had some success with it though

Based on their stats, if you loan ONLY to reputable people, you're looking at 26%+ in APR but losing 15%+ due to defaulters, for a net of around 10% APR.

And what happens if the global economy slips into recession, as indicated by commodities prices and CNY devaluation?  The default rate increases to 30% and you are net unprofitable at best.

[defaultking]

I am still in the positivebut it's almost impossible to net that return and divest your lending like they tell you and invest in only reputable people. I am managing a positive return at this point but the number of defaultets increases on a daily basis. My best returns are in c and s loans.