BTCjam - Any Thoughts or Experiances

[williamj2543]

Trying this out, will tell how it goes. They apparently take the guy to court or arbitrage or whatever, and in 90 days if he doesn't pay back they sue or arrest or something, and we get our money back.

[btcjamads]

Trying this out, will tell how it goes. They apparently take the guy to court or arbitrage or whatever, and in 90 days if he doesn't pay back they sue or arrest or something, and we get our money back.

great to hear that you are giving us a try. please make sure to invest in 'safe' listings that don't show the warning and diversify into 50 or more listings for best results. Read here for more information: http://blog.btcjam.com/post/75934926878/the-3-rules-of-peer-to-peer-lending-for-investors

you can email me at flavio@btcjam.com if you have any questions around investing.

[oshnap]

Trying this out, will tell how it goes. They apparently take the guy to court or arbitrage or whatever, and in 90 days if he doesn't pay back they sue or arrest or something, and we get our money back.

great to hear that you are giving us a try. please make sure to invest in 'safe' listings that don't show the warning and diversify into 50 or more listings for best results. Read here for more information: http://blog.btcjam.com/post/75934926878/the-3-rules-of-peer-to-peer-lending-for-investors

you can email me at flavio@btcjam.com if you have any questions around investing.

that assumes there are 50 worth investing in. I saw a lot of what I would consider high risk and most of those were secured against the current bitstamp price. With the price being down like this that is a fairly bad investment.

[superresistant]

Trying this out, will tell how it goes. They apparently take the guy to court or arbitrage or whatever, and in 90 days if he doesn't pay back they sue or arrest or something, and we get our money back.

great to hear that you are giving us a try. please make sure to invest in 'safe' listings that don't show the warning and diversify into 50 or more listings for best results. Read here for more information: http://blog.btcjam.com/post/75934926878/the-3-rules-of-peer-to-peer-lending-for-investors
you can email me at flavio@btcjam.com if you have any questions around investing.

that assumes there are 50 worth investing in. I saw a lot of what I would consider high risk and most of those were secured against the current bitstamp price. With the price being down like this that is a fairly bad investment.

That would be hilarious if he get scammed just after btcjam pushed him to invest.

Red flag everywhere, btcjam still pretending it's fine, he gives a try.
How could this possibly go wrong ?

[oshnap]

I am no lawyer but I suspect that some/most of those loans are above the California(where they are based) usury limits. I am not sure if they apply to these types of loans and I know that btcjam states that they use arbitration in the case of a default but I don't know how well that would hold given the high interest rates.

[williamj2543]

Got first payout, invested 0.01 into a high interest instant payout reputation loan, got double that back. 2 loans have started, and 2 have yet to be funded. Will update this when I get paid out, or scammed.

[thy]

Got first payout, invested 0.01 into a high interest instant payout reputation loan, got double that back. 2 loans have started, and 2 have yet to be funded. Will update this when I get paid out, or scammed.

If you go for that type of loans(100% instant interest) the chance is big that your test will not end well.
It would probably be better to spread out the investments over many loans and start out with small amounts until you get more experince on what loans and borrowers you trust and you should probably avoid those loans with the most extreme interest rates and the borrowers with the lowest credit rates if you want to invest safer.

Dont forget to read up on how BitstampUSD tied loans work before you invest larger sums in those loans so you understand how the repayments will be effected if the BTCprice will go up or down between the time of activation and repayment of a loan.

[williamj2543]

Got first payout, invested 0.01 into a high interest instant payout reputation loan, got double that back. 2 loans have started, and 2 have yet to be funded. Will update this when I get paid out, or scammed.

If you go for that type of loans(100% instant interest) the chance is big that your test will not end well.
It would probably be better to spread out the investments over many loans and start out with small amounts until you get more experince on what loans and borrowers you trust and you should probably avoid those loans with the most extreme interest rates and the borrowers with the lowest credit rates if you want to invest safer.

Dont forget to read up on how BitstampUSD tied loans work before you invest larger sums in those loans so you understand how the repayments will be effected if the BTCprice will go up or down between the time of activation and repayment of a loan.

The other reputation loans got cancelled because not enough funds to perform the investment. I am diversifying now, and so far everything is good.

[bitcoin24.ro]

Bad support. I need a loan to expand my website but it seems it's imposible. I sent my ID verfication twice in 4 DAYS and i have same answer.  "Ivalid Document" and just that. I sent two high resolution and high quality pictures with my ID and me holding ID near my face but they reject it.Not any clue why they reject my national ID issued by government and even they dont tell nothing i sent over 4 tickets to ask for an explanation but i think support team is dead because no answer. Perhaps my country is not allwed on this platform? I'm from Romania is there any problem with that? My luck was i found a similar platform, BitlendingClub and there accepted my ID in 2 HOURS. Sorry BTCJam you have bad support. Bitlending rules

[waterpile]

Bad support. I need a loan to expand my website but it seems it's imposible. I sent my ID verfication twice in 4 DAYS and i have same answer.  "Ivalid Document" and just that. I sent two high resolution and high quality pictures with my ID and me holding ID near my face but they reject it.Not any clue why they reject my national ID issued by government and even they dont tell nothing i sent over 4 tickets to ask for an explanation but i think support team is dead because no answer. Perhaps my country is not allwed on this platform? I'm from Romania is there any problem with that? My luck was i found a similar platform, BitlendingClub and there accepted my ID in 2 HOURS. Sorry BTCJam you have bad support. Bitlending rules

better stay away from them coz right now their services are bad and when you do some research most investors are not satisfied with them. about the verifications it will take you months before they will accept it LOL

[zolace]

Bad support. I need a loan to expand my website but it seems it's imposible. I sent my ID verfication twice in 4 DAYS and i have same answer.  "Ivalid Document" and just that. I sent two high resolution and high quality pictures with my ID and me holding ID near my face but they reject it.Not any clue why they reject my national ID issued by government and even they dont tell nothing i sent over 4 tickets to ask for an explanation but i think support team is dead because no answer. Perhaps my country is not allwed on this platform? I'm from Romania is there any problem with that? My luck was i found a similar platform, BitlendingClub and there accepted my ID in 2 HOURS. Sorry BTCJam you have bad support. Bitlending rules

yeah romania is red flag since the gipsies had ruined everything for that country

[fanBitcoin]

Bad support. I need a loan to expand my website but it seems it's imposible. I sent my ID verfication twice in 4 DAYS and i have same answer.  "Ivalid Document" and just that. I sent two high resolution and high quality pictures with my ID and me holding ID near my face but they reject it.Not any clue why they reject my national ID issued by government and even they dont tell nothing i sent over 4 tickets to ask for an explanation but i think support team is dead because no answer. Perhaps my country is not allwed on this platform? I'm from Romania is there any problem with that? My luck was i found a similar platform, BitlendingClub and there accepted my ID in 2 HOURS. Sorry BTCJam you have bad support. Bitlending rules

yeah romania is red flag since the gipsies had ruined everything for that country

Romania is red flag for you and some others that hate gipsies. I'm from Romania too and you think we love them? No they are established here in our country many time ago. Gipsies are over the world.
Another point of view is about red flag. I have account for just one month but i was witness to many scams and guess what. Most and biggest scams comes from United States, United Kingdom,France,Germany and so on. Besides that i observed many scam listings are from Indonesia, but indonesians scams low amount 1-5 BTC. You can't compare with 20-50 BTC scam by USA users. Now should BTCJam ban USA or UK?

[dyask]

Bad support. I need a loan to expand my website but it seems it's imposible. I sent my ID verfication twice in 4 DAYS and i have same answer.  "Ivalid Document" and just that. I sent two high resolution and high quality pictures with my ID and me holding ID near my face but they reject it.Not any clue why they reject my national ID issued by government and even they dont tell nothing i sent over 4 tickets to ask for an explanation but i think support team is dead because no answer. Perhaps my country is not allwed on this platform? I'm from Romania is there any problem with that? My luck was i found a similar platform, BitlendingClub and there accepted my ID in 2 HOURS. Sorry BTCJam you have bad support. Bitlending rules

yeah romania is red flag since the gipsies had ruined everything for that country

Romania is red flag for you and some others that hate gipsies. I'm from Romania too and you think we love them? No they are established here in our country many time ago. Gipsies are over the world.
Another point of view is about red flag. I have account for just one month but i was witness to many scams and guess what. Most and biggest scams comes from United States, United Kingdom,France,Germany and so on. Besides that i observed many scam listings are from Indonesia, but indonesians scams low amount 1-5 BTC. You can't compare with 20-50 BTC scam by USA users. Now should BTCJam ban USA or UK?

That is the biggest problem with BTCjam, it is infested with scams and the site doesn't offer any real projection to investors.   They will turn over contact information but assuming it isn't fake the investors end up doing all the work.   Their advice is diversify!!!!!!!!!!!!!!!  When that happens it just means that no investor has enough skin in the game to go after the scammers.   So BTCjam gets their cut and investors are at risk.   

[btcjamads]

Hey guys

We know that we've had a lot of scammers in the past and are spending a lot of time internally to make it harder for those people to get through. What we do today to verify the true identity of borrowers are, if available

• Facebook Account
• LinkedIn Account
• Paypal Account
• Ebay Account
• Coinbase Account
• Phone Verification
• Photo ID
• Utility Bill for Address Verification
• Paystub/Tax Return for Income Verification
• Personal References
• other undisclosed items

If the borrower doesn't connect some of those accounts, we show that on his profile and it likely also has a negative impact on his credit score.

We are also constantly looking at new data sources to add to BTCJam to make our credit scoring even better, and it shows in how much the credit scoring has improved. BTCJam now has an 87% repayment rate.

So it is unfair to say that we are not doing anything to protect our investors from scammers.

But even more important than looking at individual defaults, is to look at what happens for investors who diversify more.

As the stats page shows on https://btcjam.com/stats (measuring since Jan 2014), a perfectly diversified investors has positive returns, as a majority of investors on BTCJam actually have.

If you guys have feedback as to what we can do improve the credit score, we are very happy to listen and potentially have it influence our algorithms and you can email me at flavio@btcjam.com and I will read and answer any serious suggestions.

[glennmatthew]

I uploaded my verification docs 2-3 days ago, still pending. How long does it normally take?

[btcjamads]

Hi Glenn,

We can take up to two business days, so it should be verified within the next 24 hours.

thanks

Flavio

[glennmatthew]

Oh yeh, I forgot it was the weekend, my bad

[dyask]

We are also constantly looking at new data sources to add to BTCJam to make our credit scoring even better, and it shows in how much the credit scoring has improved. BTCJam now has an 87% repayment rate.

So it is unfair to say that we are not doing anything to protect our investors from scammers.

You think a 13% default rate is protecting your investors?   

[glennmatthew]

I think there needs to be more transparency beyond the 'income verified' section, rather than just 'yes' or 'no'.

Someone earning $20,000pa shouldn't have the same status as someone earning $150,000pa. It's a fundamental point to lending.

[williamj2543]

We are also constantly looking at new data sources to add to BTCJam to make our credit scoring even better, and it shows in how much the credit scoring has improved. BTCJam now has an 87% repayment rate.

So it is unfair to say that we are not doing anything to protect our investors from scammers.

You think a 13% default rate is protecting your investors?   

Hes just proving that with A and B investments (look on the states page) with the default rate, if you diversify you can still make a profit. Also this is bitcoin, completely anonymous so 13% isn't that bad, compare it to some of the loans on here. Many of the defaulted loans could also follow legal action.