BTCjam - Any Thoughts or Experiances

[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.

What is the borrowers rating who defaulted over you

This one was A+, everything verified, clear picture, long loan history,...
He was asking for a 55 BTC loan while he repayed 200+ BTC in the past. Together with his rating, i tought he was a realiable loan, but then he defaulted

[shulio]

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

This one was A+, everything verified, clear picture, long loan history,...
He was asking for a 55 BTC loan while he repayed 200+ BTC in the past. Together with his rating, i tought he was a realiable loan, but then he defaulted

Borrowing 55 btc at once sure triggers red alert. Thats totally 25 % of all his repaid loan and as far as Im aware, people usually lost huge for borrowing A+ rating lender . The rating is totally stupid and btcjam should forbid these kinds of high amount to prevent more of this to happen in the future, something like limiting it to X btc would be ideal to avoid huge lost IMO

[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.

What is the borrowers rating who defaulted over you

This one was A+, everything verified, clear picture, long loan history,...
He was asking for a 55 BTC loan while he repayed 200+ BTC in the past. Together with his rating, i tought he was a realiable loan, but then he defaulted

Borrowing 55 btc at once sure triggers red alert. Thats totally 25 % of all his repaid loan and as far as Im aware, people usually lost huge for borrowing A+ rating lender . The rating is totally stupid and btcjam should forbid these kinds of high amount to prevent more of this to happen in the future, something like limiting it to X btc would be ideal to avoid huge lost IMO

In my defence, the borrower did have a solid plan with loads of details that matched his previous loan requests. All in all, I'm done with btcjam.

[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.

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

He seems to be a respectable figure, based on his CV.

[Barnabe]

The sad thing nowadays is that you have to assume that all people are corrupt and thiefs. Even guys like this one (who seem really legit) commit fraud for pennies ...

[syndria]

The sad thing nowadays is that you have to assume that all people are corrupt and thiefs. Even guys like this one (who seem really legit) commit fraud for pennies ...

Welcome to the world of internet bro where people can easily fake their identity to scam people. The best thing to do to avoid getting scammed is to think twice before you click.

[ranlo]

The sad thing nowadays is that you have to assume that all people are corrupt and thiefs. Even guys like this one (who seem really legit) commit fraud for pennies ...

Welcome to the world of internet bro where people can easily fake their identity to scam people. The best thing to do to avoid getting scammed is to think twice before you click.

As I tell people elsewhere, "if you wouldn't hand the user your cash if you met them on a street corner, you probably shouldn't do it online."

[Iseecookies]

Stay clear of sites like this it will cause you a lot of issues when they suddenly disappear from the web.
Few months later your phone will be ringing and you will be hit up by mail,email and every other aspect you give them.
The fact they ask people to circumvent banking rules,tells you they are up to something shady.

[syndria]

The sad thing nowadays is that you have to assume that all people are corrupt and thiefs. Even guys like this one (who seem really legit) commit fraud for pennies ...

Welcome to the world of internet bro where people can easily fake their identity to scam people. The best thing to do to avoid getting scammed is to think twice before you click.

As I tell people elsewhere, "if you wouldn't hand the user your cash if you met them on a street corner, you probably shouldn't do it online."

Yep but mostly did because the internet is much more convenient

[ranlo]

The sad thing nowadays is that you have to assume that all people are corrupt and thiefs. Even guys like this one (who seem really legit) commit fraud for pennies ...

Welcome to the world of internet bro where people can easily fake their identity to scam people. The best thing to do to avoid getting scammed is to think twice before you click.

As I tell people elsewhere, "if you wouldn't hand the user your cash if you met them on a street corner, you probably shouldn't do it online."

Yep but mostly did because the internet is much more convenient for scammers.

Fixed your post, .

Just annoyed at people calling stuff like this investing, which is a common claim. It has nothing to do with investing. No legitimate investor would throw money at random people and hope they earn -- they analyze the business and people behind it and ensure it has chances of success.

[el kaka22]

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?

The interest from the persons who claim for loan is about 6.7% so I think the website will give some fractions to it, so the amount will be around 4% to 5%, but it is also a better earning if he is giving high loans.

[thesame12]

I'm still waiting on a loan to be repaid since Nov 25, but it's a long-term loan, so lets see how it goes.

[ranlo]

I'm still waiting on a loan to be repaid since Nov 25, but it's a long-term loan, so lets see how it goes.

If... IF you're going to throw money in something like this, you absolutely HAVE to diversify. Minimum of 100 loans, but ideally 1k+. You can absolutely count on people defaulting, but by diversifying, you have a better chance of coming out ahead. That said, anonymous loans... dangerous. It's a high-risk, low-reward system.

[Supercrypt]

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

This one was A+, everything verified, clear picture, long loan history,...
He was asking for a 55 BTC loan while he repayed 200+ BTC in the past. Together with his rating, i tought he was a realiable loan, but then he defaulted

Borrowing 55 btc at once sure triggers red alert. Thats totally 25 % of all his repaid loan and as far as Im aware, people usually lost huge for borrowing A+ rating lender . The rating is totally stupid and btcjam should forbid these kinds of high amount to prevent more of this to happen in the future, something like limiting it to X btc would be ideal to avoid huge lost IMO

I think the BTC jam has to increase its security and thay have to take strict actions against that people who scam here at BTCjam. BTCjam is a better source for people to help but because of scammers the needies are restricted in this way.

[altcoinhosting]

I think the BTC jam has to increase its security and thay have to take strict actions against that people who scam here at BTCjam. BTCjam is a better source for people to help but because of scammers the needies are restricted in this way.

Lately, i get the feeling they don't even care... Just read a couple messages above your post: a guy (A+) defaults on his loan, gets bumped to F... Without repaying anything, he gets a good status again, and asks for even more loans...

TBH: this is just my personal feeling about the subject. I haven't verified the claims made in those posts, neither do i have concrete evidence to support my thoughts.


Original text:

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.

[Bourbon44]

Stay clear of sites like this it will cause you a lot of issues when they suddenly disappear from the web.
Few months later your phone will be ringing and you will be hit up by mail,email and every other aspect you give them.
The fact they ask people to circumvent banking rules,tells you they are up to something shady.

I'm waiting for that day to come. I haven't put a penny in that site in months, and never will again. Borrowers have dropped off precipitously. When I receive a payment on some of the long term loans for borrowers that are actually paying, i funnel them out almost immediately. That site is dying. When it is dead, good riddance, but if you have a balance already....

well you won't have BTCJam Debt collections to fuck you over by buying your highly discounted loan while having the ability to act on insider information...


You know one new thing they did... you can't post on loans that you didn't invest in. That means that for defaults, someone can't come in and undercut BTCJam Debt Collections by offering a lower price for notes. If you are an investor, they are out to fuck you over. I'd like to hear a justification for why BTCJam put in that stipulation. I doubt we will get one.

[shulio]

That site is dying. When it is dead, good riddance, but if you have a balance already....

The site is dying but it wont be dead. There will always be a fool that put his money on all those loans and until there is no legit borrower anymore then the site will finally die. Some people consider this as gambling and if you really diversify your investment across several borrowers then you are likely to be in positive in a year

[syndria]

That site is dying. When it is dead, good riddance, but if you have a balance already....

The site is dying but it wont be dead. There will always be a fool that put his money on all those loans and until there is no legit borrower anymore then the site will finally die. Some people consider this as gambling and if you really diversify your investment across several borrowers then you are likely to be in positive in a year

There is always a fool mate. Many are too lazy to read or cant read and some are not yet aware of this info about btcjam or bitcoin in sincere understanding.

[barbara44]

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

This one was A+, everything verified, clear picture, long loan history,...
He was asking for a 55 BTC loan while he repayed 200+ BTC in the past. Together with his rating, i tought he was a realiable loan, but then he defaulted

Borrowing 55 btc at once sure triggers red alert. Thats totally 25 % of all his repaid loan and as far as Im aware, people usually lost huge for borrowing A+ rating lender . The rating is totally stupid and btcjam should forbid these kinds of high amount to prevent more of this to happen in the future, something like limiting it to X btc would be ideal to avoid huge lost IMO

I also will suggest that in deals like banks offering loans where the governments usually have to involve so that schemes like that run securely and remain best same way BTCJam is perfect if securely managed and monitored for those people who give loans to help others.

[ranlo]

That site is dying. When it is dead, good riddance, but if you have a balance already....

The site is dying but it wont be dead. There will always be a fool that put his money on all those loans and until there is no legit borrower anymore then the site will finally die. Some people consider this as gambling and if you really diversify your investment across several borrowers then you are likely to be in positive in a year

Doubt even that will kill it. Take a look at sites like BitFactory. It hasn't been paying out for MONTHS, yet people are STILL depositing money to it and then complaining because they can't withdraw.