BTCjam - Any Thoughts or Experiances

[MRBONG411]

Oh i misread your post I guess. You say about tryng to withdrawl and not getting your emails to confirm.

Maybe the email could have gone to spam? If not again hopefully CSwill get back to you quickly

[Wattda]

Thanks for your reply, when you say spam (I have outlook) do you mean outlook's junk mail folder? I get their responses to emails that I request assistance from, but not the confirmation email that I have change my withdraw address. I also asked them if they could manually change the address for me. Again thanks for your help.
DW

[eneloop]

My experience:
After 2 defaulted loans (0.1 BTC in total only) and watching a lot of loans they went overdue, I got really restrictive:
- no rep.-loans anymore
- no investing in loans with amounts higher than borrowed ever before (this prevents from accounts made for one single purpose: scam)
- accounts with history only (old accounts, high count of positive feedbacks - not only from small rep.-loans)
- investing in accounts with already opened loans with high caution only (depending on amount)
- always calculate the total interest, if it's much higher than a bank loan or an overdued bank account or credit card (something around 15 % in Germany/Austria each quarter = ~3,75 %/month) stay away. Employed people do have a bank account.
- almost no ivestments for mining (most miners won't achieve break-even)

[Wattda]

All good points, do you think the site itself is healthy?

[eneloop]

Hard to say (same for about all bitcoin sites). They have at least a comprehensible business model.
There is just one big negative point in comparison to BTC lending club: BTCJam earns interest when loans are activated, BTC lending club when they are repaid. Thus, BTCJam is earning even with scam loans.

[Wattda]

I am worried do you think they will release my funds?

[eneloop]

I never had any withdrawing issues. You should really check your spam folder. Not your local one in outlook but your email provider.

[Wattda]

I am not sure how I check my spam folder from my internet provider?
I really appreciate all the help.

[Wattda]

Good news tech support is answering my emails and it appears that I am not receiving my verification emails so they ar going to manually update my account.
I will keep everyone posted.
DW

[Crypto SI]

I've been using BTCJam for almost 2 months now, I'm in positive territory providing the loans get paid back. There are a LOT of scammers there, and the fact that BTCJam get paid upon loan opening is definitely a problem and a bad idea. I've also joined BitlendingClub but not invested there. BTCJam uses a scoring system which I don't think provides much of a guide, however others may find it useful. The fact is that ID can be easily bought on the darkweb as can social accounts so they are not really a very secure form of verification. I go on the previous history of the borrower if they have any, and the description that they have placed on the loan.  I would definitely recommend Jam to anyone interested in crypto, as it grows the legit borrowers will easily outweigh the scammers and with the crowd funding nature of the site if you do invest in a loan, you will need loads of other people not to realise it's a scam for the loan to get activated, in practice this is the best security measure of all. The comments sections are censored far too heavily for my liking and I think this coupled with the 'earning from scammers' factor will ultimately be the only reasons I would leave BTCJam.

[Miasma]

Hard to say (same for about all bitcoin sites). They have at least a comprehensible business model.
There is just one big negative point in comparison to BTC lending club: BTCJam earns interest when loans are activated, BTC lending club when they are repaid. Thus, BTCJam is earning even with scam loans.

What an excellent point. Why should BTCjam get paid if the lender does not get paid

[iCECooLSNiPAH]

Im looking to invest my cold storage stash. Is there some consensus on the rate of return on BTCjam? What can I expect to make annually? Do you see this as a risky investment?

[shmoula]

Of course  it's risky. Even after you pick your invstments (and diversify) there is a bug chance you will be scammed. At your place I'll leave your coinz in your cold storage and try it with some small amount for a short time.

Im looking to invest my cold storage stash. Is there some consensus on the rate of return on BTCjam? What can I expect to make annually? Do you see this as a risky investment?

[thy]

Im looking to invest my cold storage stash. Is there some consensus on the rate of return on BTCjam? What can I expect to make annually? Do you see this as a risky investment?

Btcjam post some info from time to time about it, some months ago they mentioned that the overall repayment rate was 87% and that the repayment rate for A rated borrower had been 98% during 2014.
If you would have invested evenly on all A rated borrowers loan you would have made 22-28% profit during 2014 accourding to btcjams official numbers depending on if you invested in normal BTC loans or USD tied loans. For B rated borrowers the numbers were 18,38%/4,12%, C rated 13,65%/-1,05% and so on.

Lending out btc on btcjam is risky just like any investment in the btcworld is but If your able to avoid most of the loans that dont get payed back or only gets partially payed back or your able to collect the missing payments throu collecting agencys/courtsystem in the borrowers country you could of couse do way better than those numbers to but its a learning process to get to know what loans to invest in and what loans/borrowers to avoid. If you decide to try it out i recommend that you start with a learning period of a few months where you only invest small amount and evaluate your result so you get better at screening loans before investing bigger. something like 50%-100% yearly interest is surely possible to achieve as a lender on btcjam if your good at it.

[subseaguru]

well i had some issues with bad players on btcjam. the admins dont seem to do much about them as those scammers are still showing up and asking for loans. hell i cant even get the btc out of my account. i have tried several times but the confirmation email never comes and there is no reply to support emails. IMHO just stay away. of course its your fiat.

[netdev]

well i had some issues with bad players on btcjam. the admins dont seem to do much about them as those scammers are still showing up and asking for loans. hell i cant even get the btc out of my account. i have tried several times but the confirmation email never comes and there is no reply to support emails. IMHO just stay away. of course its your fiat.

The support is in fact bad, but the email to confirm the withdraw address it's always sent, if it's not, then yes you'll have a hard time as the support is almost non existant.

[subseaguru]

well i had some issues with bad players on btcjam. the admins dont seem to do much about them as those scammers are still showing up and asking for loans. hell i cant even get the btc out of my account. i have tried several times but the confirmation email never comes and there is no reply to support emails. IMHO just stay away. of course its your fiat.

The support is in fact bad, but the email to confirm the withdraw address it's always sent, if it's not, then yes you'll have a hard time as the support is almost non existant.

did the withdrawal request yesterday and today. still no email i guess they plan to keep my .08273 BTC.

[Roquene]

Has there ever anyone managed to get his money back from a scammer?

For example, by net-arb.com or with local debt collectors.

A C-rated investment is overdue since yesterday. The guy is from Moldova.

Unfortunately, I see little chance ...

[monbux]

well i had some issues with bad players on btcjam. the admins dont seem to do much about them as those scammers are still showing up and asking for loans. hell i cant even get the btc out of my account. i have tried several times but the confirmation email never comes and there is no reply to support emails. IMHO just stay away. of course its your fiat.

bitjam IMO is worse than gambling.  Even if someone defaults, it takes forever for the case to be transferred to netarb.  In my experience, I don't even remember receiving any info regarding the borrower.

[thy]

well i had some issues with bad players on btcjam. the admins dont seem to do much about them as those scammers are still showing up and asking for loans. hell i cant even get the btc out of my account. i have tried several times but the confirmation email never comes and there is no reply to support emails. IMHO just stay away. of course its your fiat.

The support is in fact bad, but the email to confirm the withdraw address it's always sent, if it's not, then yes you'll have a hard time as the support is almost non existant.

did the withdrawal request yesterday and today. still no email i guess they plan to keep my .08273 BTC.

I dont think you need to worrie, sometimes btcams support have a lot to do and it might take a few days before they get to your email, if they havent answered you in 5 days or so you could send them a new email.