BTCjam - Any Thoughts or Experiances

[glennmatthew]

The BTCjam withdrawal fee of 0.005 is a bit ridiculous. What exactly am I paying $1.89 for? A simple bitcoin transfer?

[1715001031]

1715001031

[williamj2543]

The BTCjam withdrawal fee of 0.005 is a bit ridiculous. What exactly am I paying $1.89 for? A simple bitcoin transfer?

Actually its 0.0005 fee. Go to the withdraw page. And that is actually for the tx fees, they do not charge a withdraw fee.

[glennmatthew]

Actually its 0.0005 fee. Go to the withdraw page. And that is actually for the tx fees, they do not charge a withdraw fee.

You're right, my bad. I was using my iPhone and missed a zero when I counted.

[williamj2543]

Still a big fee though, but it guarantees your withdraw will confirm fast. Some people actually use a tx fee of 0.0005.

[thy]

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

If you look around on other loans or take a look at the map on the /stats page you see that there is users from Romania that has taken loan(112 loans sofar), so they have had there documents verified.

[williamj2543]

Just got one withdraw of 0.13 btc processed and successfully withdrawed.

[philipaedie]

I've been an active lender on btcjam for about a month and so far  I've been scammed 3 times.
If you don't pay attention to the signs you will get scammed some are very obvious such as members
who have 300 facebook friends yet none of the friends have given a reference for the btcjam member.

[superresistant]

about a month (...) scammed 3 times.

Nice one.

This system is obviously flawed. The borrower must provide collateral. Reputation is just a way of getting a lot of money before scamming.

[dyask]

about a month (...) scammed 3 times.

Nice one.

This system is obviously flawed. The borrower must provide collateral. Reputation is just a way of getting a lot of money before scamming.

I agree, BTCjam is only geared for making BTCjam money.   There are a lot of bad things you have to be careful about for investors.   I expect a lot of people that have over invested in the exchange linked loans are going to be hurting soon too.   Those are dangerous to your BTC wealth. 

* It is hard to get your money out ... I have 1 BTC invested there that will take many months to payout if it every does.
* The website is very subpar, lots of time it doesn't work well or is just very, very slow.
* It takes a lot of effort to reinvest.
* Lots of scammers there ... ugh I hate that!
* They use funny math to compute APRs ... It has to be intentional and it is confusing.
* Since you are always reinvesting it is almost impossible to determine what you have made or have. 
* They won't let me rate borrowers because I haven't sent them a picture ID.   REALLY?   I'm an investor, I shouldn't need to confirm my identity!!! 

Just be warned it isn't nearly as nice as the BTCjam owners claim. 

[bitbunnny]

Why do you think that investors shouldn't confirm their identity?

[williamj2543]

Why do you think that investors shouldn't confirm their identity?

Because there is zero risk of scam in the investor. The investor can't take back the money, and theres nothing they can do to scam.

[oshnap]

I love the basic idea of btcjam(providing capital directly from those with it to those who need it) but I think the implementation is really lacking a lot. As I said previously I doubt that most of these loans are within the usury limits(at least for US residents) and if that is the case there is some case law examples which would make me really nervous as an investor  investing in high interest loans like that.

[williamj2543]

I love the basic idea of btcjam(providing capital directly from those with it to those who need it) but I think the implementation is really lacking a lot. As I said previously I doubt that most of these loans are within the usury limits(at least for US residents) and if that is the case there is some case law examples which would make me really nervous as an investor  investing in high interest loans like that.

I think that the site should have some more security features, there is lots of verification that the users have to go through, but some of this can be faked, and if the user defaults the site doesn't really do anything about it. There should be an insurance option or they should add some more security features, like confirming bank account.

[dyask]

Why do you think that investors shouldn't confirm their identity?

I'm investing BTC into their borrowers, why should I need to confirm who I am?   I'm not asking for a loan.  I'm not dealing with fiat.   I don't want to take the risk of trusting my private information with people that might just sell it.   They really don't have any legal right to my identity and they need investors.   Without investors they have nothing. 

The only thing I would gain by confirming my identity would be the ability to rate people.   I should have that ability anyway as I have invested a lot more than the .5 BTC that is required to be on the leaderboards. 

[dyask]

I love the basic idea of btcjam(providing capital directly from those with it to those who need it) but I think the implementation is really lacking a lot. As I said previously I doubt that most of these loans are within the usury limits(at least for US residents) and if that is the case there is some case law examples which would make me really nervous as an investor  investing in high interest loans like that.

The implementation is lacking.  For example you can invest, but once you do you can't cancel that investment.   You should be able to cancel up until the loan is taken.  That would prevent some scams.   

[gordoh]

Why do you think that investors shouldn't confirm their identity?

I'm investing BTC into their borrowers, why should I need to confirm who I am?   I'm not asking for a loan.  I'm not dealing with fiat.   I don't want to take the risk of trusting my private information with people that might just sell it.   They really don't have any legal right to my identity and they need investors.   Without investors they have nothing. 

The only thing I would gain by confirming my identity would be the ability to rate people.   I should have that ability anyway as I have invested a lot more than the .5 BTC that is required to be on the leaderboards. 

I love the site, But I have to agree 100% with this. I should be able to rate people without verification. That way we can prevent further scams. Just worrying that people might abuse the rating system.

[glennmatthew]

The new requirement to verify your bank with your Internet banking login details is a disgusting joke, not to mention a breach of your contract with your bank if you're in Australia.

[dyask]

I have used and am still using BTCJam.

Currently have one loan being funded, and have dabbled in little investments here and there for gigs.

My only issue was getting verified with address. It took over 7 days until I tweeted them directly, which after that, it was about an hour or two since they had expedited my request.

Only thing I totally do not like, is one of their new "credit checks" which is requesting bank details to verify your accounts, current credits, current debts, etc.

Literally, your user ID and password for your financial institution...

I have a line which is, take my social networks, references, whatever you need, but stay out of my real dollar bank accounts.

Absolutely UNNECESSARY.

The problem is caused by all the scammers there.   There are many and I think ever investor that has been there for a while has been ripped off.   It is a horrible problem.

[williamj2543]

No I like the new verifications. More safety for investors and less scams.

[rammy2k2]

i was looking to invest some BTC here, but looks like its better to stay away ?
 ... no one invested in BTCjam and  got out happy from here ?