BTCjam - Any Thoughts or Experiances

[techgeek]

TBH, btcjam isn't the best way to invest your BTC at the moment. BTCJam accounts can and is being sold on open markets, which means a person's credit ratings might be false. I wouldn't recommend anyone use this site.

I was about to comment about this.

Just like how we see on the forum on accounts being bought with btctalk accounts - it should be known that any form of accounts can lead to a potential scam.

I guess it just depends of the luck of the draw on investing for most, but I rather not take a chance.

[ranlo]

TBH, btcjam isn't the best way to invest your BTC at the moment. BTCJam accounts can and is being sold on open markets, which means a person's credit ratings might be false. I wouldn't recommend anyone use this site.

I was about to comment about this.

Just like how we see on the forum on accounts being bought with btctalk accounts - it should be known that any form of accounts can lead to a potential scam.

I guess it just depends of the luck of the draw on investing for most, but I rather not take a chance.

This is very true. Some of us would never sell our accounts but there are many that would, just for a little bit of money.

That said, off a small amount I put on the site a couple months ago, I'm at:

CoindeskUSD:
8.69%
Bitcoin:
13.95%

I wonder how long this will last though. I've been very careful with what I fund. But based on horror stories, I get even more wary of even trusting those that seem like they can be trusted.

[altcoinhosting]

I've been very carefull to: only invest in A and A+ loans, only when i liked the plan of the borrower, only invest if the ammount they were loaning was equal to or smaller than the sum of the ammount loaned in the past.

However, lately more and more A+ borrowers seem to default on their loans, i calculated that even with all my precautions i'm going to end at a loss

[zipmaster]

I've been investing for over a year and have been able to regain my entire principal from my investments. I am currently investing only with reinvested interests.

My general approach is to avoid borrowers that attempt to borrow more than they have been able to pay back in previous loans. I do make exceptions for small loans (< 2 BTC) with high return potential where I typically invest close-to-dust amounts.

Overall I'm happy with my BTCJam experience. The only aspect I'm sad about is that the number of available listings seems to have dropped significantly over the last 12 months. I wonder if management can maybe do more to advertise their service. As of now, good loans get gobbled up in a matter of hours as there is a surplus of lenders relative to borrowers.

Happy Investing!

[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

I don't know how BTCJam works now. This guy defaulted on his loans and his rating plummeted from A+ to F. Now his rating is back to A+ again...while he is still defaulting on his loan.

[owlcatz]

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

I don't know how BTCJam works now. This guy defaulted on his loans and his rating plummeted from A+ to F. Now his rating is back to A+ again...while he is still defaulting on his loan.

I know right? Wtf. Sure looks like a rich fuck who doesn't need any loans to me.... wth.  https://www.linkedin.com/in/dringdahl

[bctmke]

In on two loans recently.

One A+ - 60 days.  Repaid well within the 60 days.
One C- - 365 days.  So far 9 of the 12 payments were made and he's only into month 3 of the loan.  So this one is in good shape too.

I've gotten lucky but I did some research before just tossing money at this (and it was a very small amount anyways).

Right now I've made more than I initially invested so I'm in the clear but I'll wait for the 2nd loan to complete before I move on to the next.

[syndria]

In on two loans recently.

One A+ - 60 days.  Repaid well within the 60 days.
One C- - 365 days.  So far 9 of the 12 payments were made and he's only into month 3 of the loan.  So this one is in good shape too.

I've gotten lucky but I did some research before just tossing money at this (and it was a very small amount anyways).

Right now I've made more than I initially invested so I'm in the clear but I'll wait for the 2nd loan to complete before I move on to the next.

How you did the research to know who will pay and not if most of them are fake? Can you give a point of view

[owlcatz]

In on two loans recently.

One A+ - 60 days.  Repaid well within the 60 days.
One C- - 365 days.  So far 9 of the 12 payments were made and he's only into month 3 of the loan.  So this one is in good shape too.

I've gotten lucky but I did some research before just tossing money at this (and it was a very small amount anyways).

Right now I've made more than I initially invested so I'm in the clear but I'll wait for the 2nd loan to complete before I move on to the next.

How you did the research to know who will pay and not if most of them are fake? Can you give a point of view

He just got lucky, there is no way to research anything - Pretty much all "borrowers" start off small, with "Reputation loans", then when they prove they can pay back a few coins, they make a big loan and then just run.

My point of view is to run away from that site, it's just a bunch of scammers enabling other scammers IMO.

[bctmke]

In on two loans recently.

One A+ - 60 days.  Repaid well within the 60 days.
One C- - 365 days.  So far 9 of the 12 payments were made and he's only into month 3 of the loan.  So this one is in good shape too.

I've gotten lucky but I did some research before just tossing money at this (and it was a very small amount anyways).

Right now I've made more than I initially invested so I'm in the clear but I'll wait for the 2nd loan to complete before I move on to the next.

How you did the research to know who will pay and not if most of them are fake? Can you give a point of view

He just got lucky, there is no way to research anything - Pretty much all "borrowers" start off small, with "Reputation loans", then when they prove they can pay back a few coins, they make a big loan and then just run.

My point of view is to run away from that site, it's just a bunch of scammers enabling other scammers IMO.

He's not incorrect.  I just looked at previous loans / what the person was rated and jumped in "hoping" that I got it right.

I didn't just pick the first loans I saw that were A+ rated.  But in the end it truly is luck (and having the stomach for knowing that you'll likely lose)

[ranlo]

In on two loans recently.

One A+ - 60 days.  Repaid well within the 60 days.
One C- - 365 days.  So far 9 of the 12 payments were made and he's only into month 3 of the loan.  So this one is in good shape too.

I've gotten lucky but I did some research before just tossing money at this (and it was a very small amount anyways).

Right now I've made more than I initially invested so I'm in the clear but I'll wait for the 2nd loan to complete before I move on to the next.

How you did the research to know who will pay and not if most of them are fake? Can you give a point of view

He just got lucky, there is no way to research anything - Pretty much all "borrowers" start off small, with "Reputation loans", then when they prove they can pay back a few coins, they make a big loan and then just run.

My point of view is to run away from that site, it's just a bunch of scammers enabling other scammers IMO.

He's not incorrect.  I just looked at previous loans / what the person was rated and jumped in "hoping" that I got it right.

I didn't just pick the first loans I saw that were A+ rated.  But in the end it truly is luck (and having the stomach for knowing that you'll likely lose)

It's definitely a gamble. If you are constantly throwing it all back in, you'd have better luck playing dice or slots -- at least then you know you lost due to luck and not because someone stole from you.

[Bourbon44]

Why does BTCJam Debt Collections have an A+ credit rating after verifying nothing but their identity? Why does the Phwner have an A- credit rating, lower than BTCJam Debt Collections, after verifying everything minus their credit card in addition to paying off their loans and establishing a credit history with no late payments, have a credit rating lower than BTCJam Debt Collections? Why is this rating lower than BTCJam Debt Collections?

Why does User #639815422 have a D+ rating after verifying 4 more items than BTCJam Debt Collections while having an equivalent credit history?

Based on my own experience, the credit rating goes higher to the person from a country like USA or some other country in the europe zone if they verify their bank account , especially credit card however if you are from other country the rating will always be lower. Apart from that, if you have an open loan, your rating will be lowered from your actual rating like what they did to phwner

Sorry, I've been away for a while.

I know you are not saying this, and this is what you have observed, but that is ridiculous. I posted that as evidence that credit ratings are purely arbitrary. Phwner is from the US. What I was trying to get at is there is, among the plenty of fucked up things that jam does, no way to have any trust in the system that they have set up. How can one justify an A+ rating to one borrower and a D+ rating to another based simply on country? Not to mention, at least in my experience, as I'm from the US, that borrowers from the US are generally of a lower class of borrowers. The simple reason being is that people with good credit from the US, and I would have to imagine other western countries, have better and lower rate options for taking out loans. So why wouldn't they take them? Well it's because their credit is in the toilet. I broke this down for a US borrower a number of pages ago, you can find it.

It comes down to the simple fact is that there is an inherent conflict of interest when the same entity profits off of the amount of debt produced and is responsible for providing the credit ratings on the same debt.

BTCJam has posted in this forum and on this discussion a number of times. I may have been callous but my point has been clear. They are more than welcome to come on here and prove me wrong and provide a justification for the discrepancy that I have observed as an investor and what measures they have taken to mitigate the inherent conflict of interest that arises from their business structure.

[btiAndy]

I am now wondering what is going to happen to all of these existing US loans on BTC Jam will be handled (that in some cases still have some 12 months to run). It appears indirectly that BTC Jam has taken on the decision to deny any future loans to US users. I have seen no official announcement regarding this decision on the BTC Jam site, only indirectly from fellow users as well some pretty basic internet research.

I will agree that a lot of these US loans are crap, just like their global counterparts are...but many are good with those users faithfully honoring their obligations and many times clearly stating they are working towards a better rating so they can borrow on more competitive terms in the future. If there is no future for these borrowers on BTC Jam due to a geographic decision what is their incentive to make servicing their current obligations moving forward?? BTC Jam does not seem to take enforcement of unpaid debts that seriously, should I just write off the entire US portion of my investment in BTC Jam now or wait for the obvious to happen?

[Bourbon44]

I am now wondering what is going to happen to all of these existing US loans on BTC Jam will be handled (that in some cases still have some 12 months to run). It appears indirectly that BTC Jam has taken on the decision to deny any future loans to US users. I have seen no official announcement regarding this decision on the BTC Jam site, only indirectly from fellow users as well some pretty basic internet research.

I will agree that a lot of these US loans are crap, just like their global counterparts are...but many are good with those users faithfully honoring their obligations and many times clearly stating they are working towards a better rating so they can borrow on more competitive terms in the future. If there is no future for these borrowers on BTC Jam due to a geographic decision what is their incentive to make servicing their current obligations moving forward?? BTC Jam does not seem to take enforcement of unpaid debts that seriously, should I just write off the entire US portion of my investment in BTC Jam now or wait for the obvious to happen?

I agree that there are "many" borrowers who take their loans seriously. However there are many that don't.

As to your first question, this relates back to the fee structure. BTCJam has no incentive. They collected their fee when the loan was funded. They will scoop up occasional notes on bad borrowers when it is apparently in their interest to do so. Keep in mind, that their service that does this and has the ability to operate on information that is not available to investors when these loans are issued, NOR WHEN THE LENDERS ISSUE THESE BAD NOTES. Jam receives the paperwork, jam provides a rating, loan goes bad, investors dump, jam buys. This is after Jam, has already received their fee.

As to your second question. I don't think that is a question anyone on here can (or should) answer. If this is a big concern for you, you should probably consult a financial advisor and/or a lawyer.

[Digital_Lord]

TBH, btcjam isn't the best way to invest your BTC at the moment. BTCJam accounts can and is being sold on open markets, which means a person's credit ratings might be false. I wouldn't recommend anyone use this site.

BTCjam is good site. but for peoples who can wait for long time. because btcjam takes long time to payback.. it is an lending btc site and it is like a third person between two peoples, when it get loans back from people then it pays to the lenders.

[ranlo]

TBH, btcjam isn't the best way to invest your BTC at the moment. BTCJam accounts can and is being sold on open markets, which means a person's credit ratings might be false. I wouldn't recommend anyone use this site.

BTCjam is good site. but for peoples who can wait for long time. because btcjam takes long time to payback.. it is an lending btc site and it is like a third person between two peoples, when it get loans back from people then it pays to the lenders.

Seriously? You couldn't take 3 seconds to read that post? Your response had absolutely NOTHING to do with his concern. Not even a little. And his concern is legitimate -- it's the same reason why people are losing trust in BCT users as well.

[Republikcoin.com]

Until now I could not withdraw money in BTCjam always appeared "withdrawal error" I'm sure all was fine no problems but that is what happened
I tried to send an email to support but never received a response. I also do not have an active loan is there experiencing the same thing and what should I do ?

[alyssa85]

In on two loans recently.

One A+ - 60 days.  Repaid well within the 60 days.
One C- - 365 days.  So far 9 of the 12 payments were made and he's only into month 3 of the loan.  So this one is in good shape too.

I've gotten lucky but I did some research before just tossing money at this (and it was a very small amount anyways).

Right now I've made more than I initially invested so I'm in the clear but I'll wait for the 2nd loan to complete before I move on to the next.

Out of interest, what sort of research did you do beyond looking at the credit rating? And what sort of interest do you earn typically?

[altcoinhosting]

I'm in a loss at the moment... My biggest borrower defaulted after just a couple payments...
There's a guy buying notes, but i need to verify my account in order to trade them
Guess it's not worth my time, so i'll basically stop investing and disregard my (small) loss and write it off as learning costs.

[Pro Gamers]

I'm in a loss at the moment... My biggest borrower defaulted after just a couple payments...
There's a guy buying notes, but i need to verify my account in order to trade them
Guess it's not worth my time, so i'll basically stop investing and disregard my (small) loss and write it off as learning costs.

What is the borrowers rating who defaulted over you