Is BTCJam a Fraud!? Should you get out now!?

[Avastar]

I spent 15 minutes to find the following information. I'm not good at this kind of stuff, can you find more things that BTCJam is trying to hide?

The address on their contact page is fake; a Suite is required: 1 Bluxome St., San Francisco, CA 94107

Alexis Aiono, Head of Support, is only 19 years old.

Celso Pitta, CEO, refuses to respond to emails requesting information about why my account was blacklisted and why my balance was reduced to zero.

Celso's linkedin page is a fake! It lists the following patent as his:
http://www.linkedin.com/pub/celso-pitta/59/368/a9
Dispositivo computadorizado para detecção automática do estado de vigília e nível de atenção de um ser humano num posto estático.
Brazil Patent MU8702413-6 Issued October 7, 2008
Inventors: Celso Pitta

The patent is here:
http://www.patentesonline.com.br/dispositivo-computadorizado-para-detec-o-autom-tica-do-estado-de-vig-lia-e-n-vel-183518.html

The real inventor is here:
http://br.linkedin.com/pub/celso-cardoso-pitta/34/285/35a

Company claims to be based in San Francisco, Ca.
It is actually owned by a company called Ovo Cósmico LTDA and is based in Brazil.

BEWARE, so should you get your BTC out NOW!?



Reply to CEO's response:

Anyone else notice how the "ceo" didn't deny that the contact address is a fake?

Nor did he provide any evidence that Celso Cardoso Pitta is not Celso Cardoso Pitta Jr?

Nor did he provide any evidence that his full name is Celso Cardoso Pitta Jr?

I admit I got into an argument with a close friend, Leslie Davis, of Alexis Aiono, the 19-year-old Head of Support. After VtechX left a harassing and defaming unsolicited comment, which had no purpose other than to persuade investors to not invest in my A credit rating short-term opportunity, I went to address the concerns in the investors group. There I found that Leslie had goaded VtechX into harassing me "bad cop" style and had listed me as a "Do Not Invest" solely because I had thanked him for investing in me. After attempting to reason with Leslie he became irate and threatened to go "Moses" on me and bring down the "Armageddon" on my profile. Leslie then persuaded Alexis to blacklist my account.

Nobody was DOXed.

At the minimum, I believe that this is a terrible company that hires immature teenagers who will blacklist and empty your account without your permission because of mere favoritism.

[UsernameBitcoin]

And most of the people who ask for loans are scamming, too. Gambling is a better investment.

[Tulkas]

CEO of BTCJam here.

I’d like to address the claims made by Avastar1:
1- We are not a scam. We are a legitimate business that started out in Brazil, hence the Ovo Comsico LTDA. We recently moved to San Francisco and raised money from various Investors, including Ribbit Capital who also backed Coinbase and Xapo.
http://ribbitcap.com/bets/btcjam/

2- I am the inventor of the patent mentioned, and here is the link to patent that includes my name. The LinkedIn profile posted is the one of my father, who carries the same name as me (I am officially Celso Cardoso Pitta Jr.)
http://www.patentesonline.com.br/dispositivo-computadorizado-para-detec-o-autom-tica-do-estado-de-vig-lia-e-n-vel-183518.html

Avastar1 is mad at BTCJam because we blacklisted his account after he started harassing other users, which is against our Terms of Service. We haven’t taken any Bitcoin from him, we’ve simply closed his account. For about 3 days, he was not able withdraw his coins and is now trying to claim that we are a scam.

3- While we’ve had a few scammers in the past, our credit scoring algorithm has improved a lot and our repayment rate for the last 4 months is over 90%. More importantly, investors are averaging 19% year over year returns, further proving that the core of our credit scoring algorithm works. Just be sure to invest in A and B loans, diversify well enough, and you will make good returns.
Here are some tips on how to do that: http://blog.btcjam.com/post/75934926878/the-3-rules-of-peer-to-peer-lending-for-investors

[gzus07063]

I am a current and active member of BTCjam. BTCjam is a great community, and like all communities throughout this world, there are bad apples. I have NO stake in BTCjam other than the btc that is borrowed/lent. For Avastar1 to trash our community is sad. If he had left his stalker type tendencies in RL, then maybe he could have been a productive member. However, any mna that speaks ill about another, because of feelings and emotions, simply isn't a man @ all.

BTCjam is a great place for many to earn and learn about btc and share in the ideas of the dreamers, many of whose dreams are now a REALITY, in part t the BTCjam community. All I can do is speak for myself and my experiences while a member of jam. The only other thing to do is INVITE you all over to have a look for yourselves.

Experience BTCjam for yourselves, then make your INFORMED decision on BTCjam. https://btcjam.com/

After all "Experience is the best teacher in life".

[VtechX]

This is pure nonsense. This guy is seriously unstable. He went on a spree posting my personal information in rating's comments section on the BTCjam website (he gave negative ratings to people who loaned him money before). At first he threatened to "visit" me at my home, and then threatened me with a defamation lawsuit - all for a comment that advised him to seek a smaller loan when he asked to go from .5 BTC to 10 BTC - it wasn't rude in any way whatsoever. He kept insisting even after everyone told him that it's ridiculous and all it would achieve is a SLAPP lawsuit. Not to mention Mr. Genius deleted his own posting, including the comment - thus destroying his "evidence".

BTCjam is a great site that keeps improving. The staff listens to the users and adds the features we request most. Sure, they are a small company so they may not respond instantly at all times, but they do respond and I've never had to wait longer than I'd expect at any other website.

They are DEFINITELY not a fraud. They are 100% legitimate and they provide a valuable service. This claim is the OP's insane tantrum. QQ, guy, and get on with your life.

[Avastar]

Anyone else notice how the "ceo" didn't deny that the contact address is a fake?

Nor did he provide any evidence that Celso Cardoso Pitta is not Celso Cardoso Pitta Jr?

Nor did he provide any evidence that his full name is Celso Cardoso Pitta Jr?

I admit I got into an argument with a close friend, Leslie Davis, of Alexis Aiono, the 19-year-old Head of Support. After VtechX left a harassing and defaming unsolicited comment, which had no purpose other than to persuade investors to not invest in my A credit rating short-term opportunity, I went to address the concerns in the investors group. There I found that Leslie had goaded VtechX into harassing me "bad cop" style and had listed me as a "Do Not Invest" solely because I had thanked him for investing in me. After attempting to reason with Leslie he became irate and threatened to go "Moses" on me and bring down the "Armageddon" on my profile. Leslie then persuaded Alexis to blacklist my account.

Nobody was DOXed.

At the minimum, this is a terrible company that hires immature teenagers who will blacklist and empty your account without your permission because of mere favoritism.

[VtechX]

I find the fact Avastar thought that it would fund quite funny. Nobody is about to get a 10 BTC loan after having paid back only .5 BTC - and I pointed that out in a calm, rational and non-threatening message.

Leslie was the one who funded your loan - and was rated negatively in exchange. He has been a great contributor to the community and has the respect of literally hundreds of people on the site and group. He is an upstanding individual who has exerted much effort in order to help fund a library in Gambia for children - one in so much need it literally has no electricity.

Avastar just would not accept these simple facts:

1. His attempt at essentially a 2000% credit limit increase is an obvious scam alert and not going to be funded
2. His threats of a defamation lawsuit after I informed him of the above in a calm manner were silly and destroyed his credibility with literally every single person that read the comments.
3. His posting of personal information, threatening and consistent harassment got him booted out of the group
4. His blatant posting of personal information (a direct violation of BTCjam rules) and rating Leslie negatively for investing in him got him blacklisted as he proved to be a menace
5. His continued attempts at posting other's personal info was again out of line and in breach of any standards of conduct

A lot of people make similar mistakes of trying to go up to fast on loan sizes, but when informed of the way things work on BTCjam, they listen and come back doing the right thing. Unfortunately, Avastar made a different choice, an aggressive one - and decided it would be better to fight the entire community.

"Nobody was DOXed"... Call it what you want, but Avastar kept posting people's private information and made repeated threats. Clearly he's a sour cyber-bully who thinks he can go around threatening to sue people when they don't like what they say and then goes on a tantrum when he's kicked out of proper establishments for his unacceptable behavior. To be honest, I'm somewhat glad he went off sooner rather than later, because if he had listened to my advice and opened a 1 BTC loan instead, I would have definitely funded it - and that would have been an awful investment in retrospect.

[hackbyte]

I'm a regular user of BTCJam too and can confirm that it is _NO SCAM_...

But Avastar did a lot of mistakes and got his account deleted by reason..

So, read his words carefully.....

[Avastar]

Another thing you all should notice is that everyone that is pumping BTCJam are admins of the facebook group Investors of BTCJam.com, which includes Alexis Aiono.

[scriptio]

This is a message from Kuwait supporting what BTCJam is doing and doing right. Of course, there is much more they can do and I know they are doing their best to iron out issues and make it better platform for both investors and those borrowing. It is great idea and my hats off to those who set this up. Until now I thought Brazil to be just sun, sand, samba and beautiful women. I stand corrected now!

Have I been scammed by borrowers? YES. Would I blame it on BTCJam? Certainly not. They are as legitimate as one can expect. Last month one of my friends (there are only two from Kuwait on BTCJam so far) lost a few bitcoins from BTCJam through the heart bleed vulnerability. Guess what BTCJam did? They returned it back to him within the blink of an eye! Wow. Now which fraudulent company does that?

I am somewhat active on the BTCJam unofficial FB group and privy to what happened with Avastar1. He does not belong there - not even by a long shot. What he is doing here is nothing more than shouting out "sour grapes". Best to disregard people like him who are nothing but a nuisance to good and thriving communities like BTCJam and all those honest people who have benefited one way or the other through that platform.

[dez82]

BTCJam is one of the best services on the internet, period.

It has a fantastic community, the best support from their staff. And while there are the usual minor teething problems as you'd expect from any startup, they are always open and receptive to suggestions, implementing any features which are necessary. (Heck, the other day, a couple of people mentioned the lack of transaction history and "BOOM," 2 hours later, it's been added.)

Just because one dickhead made a fool of him/herself and got what was coming, doesn't mean that the entire site and community is fraudulent.

I give BTCJam and the community a 6 star rating out of 5 and highly recommend anyone with any business sense and an interest in crypto gets involved.

-Damon

 

[wendellv]

I am a member of BTCjam and the investors of BTCjam. I am member not an admin or affiliated with BTCjam.com in any other way than being member.  I tend to stay to myself and not post much.  However, in this instance I felt it was important to speak up.  The investors of BTCjam has been great about giving advice on who to invest in an who not to.  The posts from leon, leslie, jacob and many others are well respected in the community.  This in my opinion comes down to a person trying to move to fast. I won't say that avastar was scamming, rather instead listing to the advice of the community to slow down began to throw a tantrum of sorts.  So now its let berate the site and community.   


As for the BTCjam.com I have nothing but positive experience with any one i have contacted. I don't know the age of the members, but does it really matter the age 19 or 99? I don't think so as long as they do there job who cares and frankly in this case the community and the site did a great job.

[PetrGasparik]

BTCJam is reasonable investment tool for mature investors and borrowers.

Everyone else should go away play in a park in a sandbox.

I am admin of FB group, mostly because I use BTCJam for longer time. But that means nothing.
FB group has no affiliation with BTCJam, it is natural and voluntary gathering of members of BTCJam.
Nothing for scammers, or hit'n'runners.

I hope Avastar will return one day, more mature than today, to acknowledge that BTCJam is one of far better services in this Wild Bitcoin West.

[Avastar]

It's been over a week and I still have btc that they will not allow me to withdraw.

[CorkTrader]

Since you are the CEO, I have a question I would like to ask:

Do you have a support team?

I ask this because as of late, I have encountered a technical issue on the BTCJAM platform, and have been unable to access by bitcoins. I have send numerous emails to your posted contact address, but have yet to hear back from anyone. I think this is very shady and wrong. As someone who works in the financial field, I can tell you that what your team is doing warrants prosecution by the SEC and is a very big risk to be taking. I understand the "hands-off" approach your team has with overall business management, but you should not be so nonchalant when it comes to such a risk business such as money (bitcoin) lending.

CEO of BTCJam here.

I’d like to address the claims made by Avastar1:
1- We are not a scam. We are a legitimate business that started out in Brazil, hence the Ovo Comsico LTDA. We recently moved to San Francisco and raised money from various Investors, including Ribbit Capital who also backed Coinbase and Xapo.
http://ribbitcap.com/bets/btcjam/

2- I am the inventor of the patent mentioned, and here is the link to patent that includes my name. The LinkedIn profile posted is the one of my father, who carries the same name as me (I am officially Celso Cardoso Pitta Jr.)
http://www.patentesonline.com.br/dispositivo-computadorizado-para-detec-o-autom-tica-do-estado-de-vig-lia-e-n-vel-183518.html

Avastar1 is mad at BTCJam because we blacklisted his account after he started harassing other users, which is against our Terms of Service. We haven’t taken any Bitcoin from him, we’ve simply closed his account. For about 3 days, he was not able withdraw his coins and is now trying to claim that we are a scam.

3- While we’ve had a few scammers in the past, our credit scoring algorithm has improved a lot and our repayment rate for the last 4 months is over 90%. More importantly, investors are averaging 19% year over year returns, further proving that the core of our credit scoring algorithm works. Just be sure to invest in A and B loans, diversify well enough, and you will make good returns.
Here are some tips on how to do that: http://blog.btcjam.com/post/75934926878/the-3-rules-of-peer-to-peer-lending-for-investors

[Man_of_moon]

The same problem I can not contact support (((need to resolve the issue with the secret code - but not here in the forum and address specified in the FB group contacts and no one responds ((

[joenobody211]

I have only had good experiences . . . Other than a few bad investment choices. Alexis has helped me out in a few situations in a timely manner. Support through the site seems a bit slower. It is also commonplace for companies to be owned by other companies and to have contact information that differs from the actual place business is conducted. This being said they do have many areas in need of improvement and could stand to interact with their customers/clients a LOT more than they do ppresently

[stheroriser]

Its a damn fraud , they locked my account for over a year now with no valid explanation

[crazyivan]

The problem is they offer no protection for the lender besides providing info of the borrower. If I m in US and lend money to someone in Ukraine, what the fuck can I do with his info? Unless there s some form of collateral, lending s pointless. Too many people tend to scam.

[mbuk81]

the site been around to long to be a scam the information you find on the web is not always right as you can see the ceo as replyed  to this thread get his help to sort out your problems

you must also remember that using  any kind of site like this is used at your own risk so if you don't want to take the risk don't use it.