BTCjam - Any Thoughts or Experiances

[jayce]

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?

That is approximately return so you could get much higher than that or lower than that but most people on average will get that if they keep on lending frequently .Also that rate is per year so assuming you only lend once per year with 15 % interest approximately then you will get yourself 15 % a year

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[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.

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.

Well, yeah. This is why you would never risk more than you can afford to lose. And I personally don't risk much at ALL in things like this (as in very, very small amounts). I deal almost purely in equity-based transactions.

[strayanbit]

By equity do you mean you buy shares in bitcoin?  Or on a traditional stock exchange?

[ranlo]

By equity do you mean you buy shares in bitcoin?  Or on a traditional stock exchange?

Both, :p. I'm always up for hearing people's business ideas/opportunities and seeing if we can work something out.

[biggbox]

An A+ rated user has defaulted on his loan.

This is the beginning of the end for BTCJam.

Link: https://btcjam.com/listings/51749-2nd-loan-for-s7-miners

Scroll to the comments at the bottom half of the page.

Edit: While he has defaulted on his loan, he has seek more refinance loans, https://btcjam.com/listings/54943

[Phildo]

An A+ rated user has defaulted on his loan.

This is the beginning of the end for BTCJam.

Link: https://btcjam.com/listings/51749-2nd-loan-for-s7-miners

Scroll to the comments at the bottom half of the page.

Edit: While he has defaulted on his loan, he has seek more refinance loans, https://btcjam.com/listings/54943

So you leant money to a guy to buy money making machines, and expected him to buy the machines and give you the money back?

Buying miners is a risky thing, why would you add in several more places to get screwed over?

[strayanbit]

Honestly, all my the loans that I have helped fund on Bjam are going well, I haven't even gotten 1 late payment or default yet. 
I have fairly strict criteria to fund a loan and I dig around, but if i'm at all doubtful, I don't fund something even if its A graded
Remember that some people are shameless and just want to steal money... Some people are honest but rubbish at investing the money they have borrowed, so they're not scammers, but they wouldn't get a loan from a bank either.

[owlcatz]

Honestly, all my the loans that I have helped fund on Bjam are going well, I haven't even gotten 1 late payment or default yet. 
I have fairly strict criteria to fund a loan and I dig around, but if i'm at all doubtful, I don't fund something even if its A graded
Remember that some people are shameless and just want to steal money... Some people are honest but rubbish at investing the money they have borrowed, so they're not scammers, but they wouldn't get a loan from a bank either.

Give it time. many pay for a while, then just disappear. In fact, you can now buy btcjam aged/verified/used with good rep accounts to scam with over in the digital goods section here now, so i'd say you've just been lucky so far myself.

[strayanbit]

Yeah, maybe I should of bought a lotto ticket the other day!  I guess it's a just a matter of time till someone defaults really. 

[owlcatz]

Yeah, maybe I should of bought a lotto ticket the other day!  I guess it's a just a matter of time till someone defaults really. 

ha... Lotto.. I laugh at those fools. Better to buy bitcoins, they will actually pay off someday and not just pissing your money away to others!

[strayanbit]

Awgh, you gotta live a little and besides its ok to gamble occasionally, just don't expect to win ever and you're doing it right.

[owlcatz]

Awgh, you gotta live a little and besides its ok to gamble occasionally, just don't expect to win ever and you're doing it right.

Ha, I know that man, I'm an old guy. I just have to laugh when I hear store clerks tell me that people come in and literally drop hundreds of dollars on powerball.. talk about grasping at straws!   I'd rather just get a scratch off, i prefer instant gratification!

[strayanbit]

Thats sad, I hope they have done their grocery shopping first... I really do 

[ranlo]

Awgh, you gotta live a little and besides its ok to gamble occasionally, just don't expect to win ever and you're doing it right.

Ha, I know that man, I'm an old guy. I just have to laugh when I hear store clerks tell me that people come in and literally drop hundreds of dollars on powerball.. talk about grasping at straws!   I'd rather just get a scratch off, i prefer instant gratification!

I get the best of both worlds: upside potential through lottery and I jack off right there in the gas station for the instant gratification. Win-win.

[strayanbit]

You can use your lotto ticket to clean up too, they're probably cheaper than buying a box of tissues.

[owlcatz]

You can use your lotto ticket to clean up too, they're probably cheaper than buying a box of tissues.

True that... only 1 of 6 is a winner, so you should have plenty of wipes... Hahahaha.. good one ranlo thanks bud!

[biggbox]

An A+ rated user has defaulted on his loan.

This is the beginning of the end for BTCJam.

Link: https://btcjam.com/listings/51749-2nd-loan-for-s7-miners

Scroll to the comments at the bottom half of the page.

Edit: While he has defaulted on his loan, he has seek more refinance loans, https://btcjam.com/listings/54943

So you leant money to a guy to buy money making machines, and expected him to buy the machines and give you the money back?

Buying miners is a risky thing, why would you add in several more places to get screwed over?

My first criteria in funding a loan is to look at loanee's ratings and track records. He is the highest, if not one of the highest in BTCJam. Fortunately it is a small amount and I could forgo it. But doesn't leave a good feeling though. Lesson learnt.

[oblomov]

Honestly, all my the loans that I have helped fund on Bjam are going well, I haven't even gotten 1 late payment or default yet. 
I have fairly strict criteria to fund a loan and I dig around, but if i'm at all doubtful, I don't fund something even if its A graded
Remember that some people are shameless and just want to steal money... Some people are honest but rubbish at investing the money they have borrowed, so they're not scammers, but they wouldn't get a loan from a bank either.

To provide an update on my experience with BTCJam:

- Of two loans made, one has been fully repaid (60 day term).  Final payment was made early, 45 days after initiation of the loan.
- Due to BTC appreciation against BRL, my ROI on the repaid loan in BTC terms was  0.87:1 over 45 days, for an annualized return of -67%
- Second loan (90 day term) is paying on time.  If I receive full timely repayment, the ROI will likely be similar to the first loan.

I would have been better off simply keeping the coins in a paper wallet.

Now, to get my remaining money out as cheaply as possible.  Last time, BTCJam reserved 50K satoshi for transaction fees per withdrawal.  This despite the fact that the destination wallet covers transaction fees.

[Art3mis]

It's legit. I've had positive feedback with them.

Good luck!

[Temo58]

I don't really like BTCjam and if I ever need a loan I usually post it here. I think BTCjam requires too much of my personal info to get a trade. While investing is pretty profitable the only time you will see my use BTCjam is investing.