BTCjam - Any Thoughts or Experiances

[dyask]

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 ?

I think that is the worst problem.  There isn't any easy way out.  Basically you have to wait until everyone pays the loans off and hope that you have fewer defaults than profits.   You can sell notes but they don't really sell except maybe at a deep loss. 

[kapetan]

Mining Contracts expansion loan #2 (ltcgear and gawminers) and win 1,2 btc max !!!

Hi BTCJam Community,

This is my second loan, I have listed. This loan will be used to build my reputation, but more importantly, I will use this loan to purchase Mining Contracts from GAWminers and LTCgear.

Basis of this loan:

My current contracts are more than 3.500 mhs scrypt (and some sha-256) in many companies. i am also a miner. My income is easy 1.2 btc daily.

I am aiming to have more shares and hashlets. after that my income will be more that 2.3 btc daily. (in 2 days i will have the payment covered)

You can found more info about me in my first loan User Comments.

I'll be able to repay this loan EARLY and in FULL well before the due date as i did in the past.

if you choose to be my investors, Your benefits are:

* 100 % payments covered.

* some payments will be some days early.

* i offer 1.2 BTC total Gift for my 3 biggers investors ! in btc, or shares or hashlets (the loan must funded at 100% and the gifts will send just after i will finish the expansion will take some days (about 431 usd gift), 0.7 btc for the first , 0.3 btc for the 2nd and 0.2 btc for the 3rd investor

* for all of my investors i give 1.50 % more Rate (the suggested rate was 1.40%)
 

Feel free to ask any questions you have and I'll be sure to answer them here.

You can find me at hashtalk.org @kapetan


Thank's for your time.

Stratos Kapetanakis

more
https://btcjam.com/listings/26232-mining-contracts-expansion-loan-%232-(ltcgear-and-gawminers)

this is my first loan
https://btcjam.com/listings/22707-mining-contracts-upgrade


i take this loan for one month 5 payments 1 per week . i have payed all my payments on time and 3 of them earlly ! (total the loan payed in 3 weeks ! )
and a plus i gave 100$ as a gift to my bigger investor !

after my second and perchaps a third loan i will be a investor to other !

[MRBONG411]

I have about 1 bitcoin spread out over some investments on BTCjam.

Some have done quite well and some have not paid and overdue and some I am kinda nervous about.

What I would like to see from BTCjam is to do away with rep loans or at the very least add a special section or category for rep loans.

Make it where if it is listed as a rep loan the funds cannot be removed because if it is truly a rep loan there would be no reasons for the funds to be removed.

[kapetan]

hi,
perhaps i have understand it wrong
sorry for my english

reputation means for me that i double my efforts to payback my loan all of it on time
reputation means for me  offer more ...like the gift i have make 100 $ to my fisrt biggest investor (in to my 1st loan) 1.2 btc as gift to my 3 best investors an the 2nd loan
reputation means for me that i pay the loan earlly as soon as posible ! that the time normaly i must pay it
reputation means for me i give if i can more money as rate % (in my 1st i dint have the power today i have)
reputation means for me that i do the investment i have take the loan not to other reasons, my loan money goes there i have write and i can proove it
reputation means for me i look my self as a loaner and also as investor and i do the best i can
reputation means for me so i ask from all my investor to give me a rate after that  as  good reputation.

in your city reputation means something else ?
 

[MRBONG411]

A good reputation is good to have I just think it should be earned over time and not through a bunch of small rep loans that people list.

[robmob]

My personal experience with BTCJam was not good. Took 0.2 and spread it out over 4 different people and 2 of them are still yet to pay me back this was almost 5 months ago and they have disappeared.

[Vod]

hi,
perhaps i have understand it wrong
sorry for my english

reputation means for me that i double my efforts to payback my loan all of it on time
reputation means for me  offer more ...like the gift i have make 100 $ to my fisrt biggest investor (in to my 1st loan) 1.2 btc as gift to my 3 best investors an the 2nd loan
reputation means for me that i pay the loan earlly as soon as posible ! that the time normaly i must pay it
reputation means for me i give if i can more money as rate % (in my 1st i dint have the power today i have)
reputation means for me that i do the investment i have take the loan not to other reasons, my loan money goes there i have write and i can proove it
reputation means for me i look my self as a loaner and also as investor and i do the best i can
reputation means for me so i ask from all my investor to give me a rate after that  as  good reputation.

in your city reputation means something else ?
 

reputation means for me that you are building up for a large scam.   

[superresistant]

 
A reputation system is a way to get more money without any collateral.
Once you are satisfied with the amount, you just leave.
You will never meet anyone IRL. There will be no consequences to scam.

[dyask]

A reputation system is a way to get more money without any collateral.
Once you are satisfied with the amount, you just leave.
You will never meet anyone IRL. There will be no consequences to scam.

That is exactly right! 

[kapetan]

sorry i want to understand

reputation for me and as i understand and every p2p lending service is
have the qualities as a borrower
so it is easier from a investor to come into p2p service, search and invest to you with payback the investment plus the rate.
better reputation means next loan with better rate

i say something wrong ?

here is the
Rules for Borrowers
https://btcjam.com/legal/rules_for_borrowers
Rules for Lenders
https://btcjam.com/legal/rules_for_lenders

[dyask]

sorry i want to understand

reputation for me and as i understand and every p2p lending service is
have the qualities as a borrower
so it is easier from a investor to come into p2p service, search and invest to you with payback the investment plus the rate.
better reputation means next loan with better rate

i say something wrong ?

here is the
Rules for Borrowers
https://btcjam.com/legal/rules_for_borrowers
Rules for Lenders
https://btcjam.com/legal/rules_for_lenders

Reputation inside BTCjam is worthless and even false.   It is abused by scammers to get larger loans.   Collateral should be required by BTCjam or else BTCjam shouldn't be able to collect until the investors do.   

[MRBONG411]

sorry i want to understand

reputation for me and as i understand and every p2p lending service is
have the qualities as a borrower
so it is easier from a investor to come into p2p service, search and invest to you with payback the investment plus the rate.
better reputation means next loan with better rate

i say something wrong ?

here is the
Rules for Borrowers
https://btcjam.com/legal/rules_for_borrowers
Rules for Lenders
https://btcjam.com/legal/rules_for_lenders

Reputation inside BTCjam is worthless and even false.   It is abused by scammers to get larger loans.   Collateral should be required by BTCjam or else BTCjam shouldn't be able to collect until the investors do.   

I don't think that is fair to say as there are some honest users on BTCjam who have earned their reputation.

I do think they should do away with and not allow the rep loans though.

[dyask]

sorry i want to understand

reputation for me and as i understand and every p2p lending service is
have the qualities as a borrower
so it is easier from a investor to come into p2p service, search and invest to you with payback the investment plus the rate.
better reputation means next loan with better rate

i say something wrong ?

here is the
Rules for Borrowers
https://btcjam.com/legal/rules_for_borrowers
Rules for Lenders
https://btcjam.com/legal/rules_for_lenders

Reputation inside BTCjam is worthless and even false.   It is abused by scammers to get larger loans.   Collateral should be required by BTCjam or else BTCjam shouldn't be able to collect until the investors do.   

I don't think that is fair to say as there are some honest users on BTCjam who have earned their reputation.

I do think they should do away with and not allow the rep loans though.

The good borrowers are important but BTCjam is tainted by the swarm of scammers there.   I should have never invested anything there, I'll probably never get the BTC I invested there all back. 

[MRBONG411]

sorry i want to understand

reputation for me and as i understand and every p2p lending service is
have the qualities as a borrower
so it is easier from a investor to come into p2p service, search and invest to you with payback the investment plus the rate.
better reputation means next loan with better rate

i say something wrong ?

here is the
Rules for Borrowers
https://btcjam.com/legal/rules_for_borrowers
Rules for Lenders
https://btcjam.com/legal/rules_for_lenders

Reputation inside BTCjam is worthless and even false.   It is abused by scammers to get larger loans.   Collateral should be required by BTCjam or else BTCjam shouldn't be able to collect until the investors do.   

I don't think that is fair to say as there are some honest users on BTCjam who have earned their reputation.

I do think they should do away with and not allow the rep loans though.

The good borrowers are important but BTCjam is tainted by the swarm of scammers there.   I should have never invested anything there, I'll probably never get the BTC I invested there all back. 

I think I have seen your name there commenting on a listing.

I have about 1 bitcoin spread across some investments on that site and am hopeful but have also started to taake a closer loom at what and who I am investing in.

I guess there will be scammers everywhere so all we can do is use our best judgement.

[WestChi]

I have made some really good returns on BTCJam, but you have to really research and study your loans.  I did fairly well on Prosper and a few other USD P2P lending sites, so I applied some of the same principles to these.  It was a lot risky then those sites, but I made a better return. 

I think there are too many people who see a 200% return on their investment and think this who I need to invest with only to lose their money.  If you follow a set of guidelines and not chase the biggest riskiest investment, you can make some serious BTC.  I think a lot of the complaints come from a lack of research and analysis in P2P in general and with borrowers. 

[williamj2543]

Other than rep loans, dont trust anything with over 150%. Also make sure that you diversify, so that if someone defaults you dont lose everything.

[dyask]

Other than rep loans, dont trust anything with over 150%. Also make sure that you diversify, so that if someone defaults you dont lose everything.

That is just the plain old BTCjam advice.   BTCjam tolerates and even encourages scammers.   There is a lot they could do to change it but they aren't.   Instead they are just pointing to there rating system which doesn't work well.   

Things they could do:
* Let investors remove their money from a loan before the loan is started. 
* When someone is late and trying to pay so slap late fees on them, the late fees just discourage people from paying.
* Don't allow people with active loans to invest.  (I know someone can just create another account, but a least make them do it.)   Sometimes scammers work together completing each other's loans.   
* Make very public lists of people that are late or defaulted.   Use lots of shame.
* Enforce a rule of only one loan at a time.   
* Don't collect any fees on the loan up front, only when the borrower pays that a cut spread out over the life of the loan.   Right now BTCjam doesn't have any skin in the game.

The scammers there are simply out of control.   

[Wattda]

Hello forum I need some help I have been lending on BTCJAM for over a month with about 1.4 coins and I really need my money. I have been trying to get a hold of support from btcjam but all I get is the automated replies. I did a test this morning and it will take deposits but when I try to request a withdraw and  reenter my withdraw address it says that it will send me a verification email but I never get them. I really believe in the concept of helping others so now I really need someone to help me.
Regards
DW

[Wattda]

Sorry guys I wanted to add that maybe I am freaking out and a little bit impatience with btcjam. It is just I do not have a lot of money and my wife is not happy with all of my bitcoin escapades LOL.

[MRBONG411]

A response from BTCjam can take a couple days or up to a week.

I wasn't sure on your post but if you have your 1.4 bitcoins invested you will have to wait to be paid back. You can issue notes on your investments in the note marketplace of the site for faster payments but there is a fee and you might not get your full asking price.

If your 1.4 bitcoins are just sitting there in your account you should be able to transfer them to coinbase.

Hopefully customer support will get back to you quickly.