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Author Topic: Does any one else have an large volume of defaulted loans on BitBond?  (Read 2092 times)
kleopa
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August 11, 2014, 12:00:36 AM
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In last 30 days I have made 21 loans and 8 of them are late 30. I am sure other lenders also having problems, lets use this forum to connect and exchange our experiences, If this is a pattern for BitBond, potential lenders have to know.
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August 11, 2014, 08:12:04 AM
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If it's anything like BTC Jam, then yes, this is normal.  Most people applying for loans at these sites are viewing your BTC as "grants", not loans.  The consequences for not repaying are pretty tame due to the unsecured nature of the loan, although BitBond releasing the docs to all noteholders upon unsuccessful collections might deter some, but IMO is a disaster waiting to happen.  All it takes is one psychopathic lender wanting his money back and the willingness to do the detective work, and we have a tragedy on our hands.
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August 11, 2014, 11:53:14 AM
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If it's anything like BTC Jam, then yes, this is normal.  Most people applying for loans at these sites are viewing your BTC as "grants", not loans.  The consequences for not repaying are pretty tame due to the unsecured nature of the loan, although BitBond releasing the docs to all noteholders upon unsuccessful collections might deter some, but IMO is a disaster waiting to happen.  All it takes is one psychopathic lender wanting his money back and the willingness to do the detective work, and we have a tragedy on our hands.
Two things I would like to point out:

1. If someone steals from a lender and the lender goes after them, tough luck. Maybe they shouldn't have scammed a lender.
2. I'm sure a decent percentage of fraudulent users are using fraudulent documents.
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August 23, 2014, 03:40:00 AM
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If it's anything like BTC Jam, then yes, this is normal.  Most people applying for loans at these sites are viewing your BTC as "grants", not loans.  The consequences for not repaying are pretty tame due to the unsecured nature of the loan, although BitBond releasing the docs to all noteholders upon unsuccessful collections might deter some, but IMO is a disaster waiting to happen.  All it takes is one psychopathic lender wanting his money back and the willingness to do the detective work, and we have a tragedy on our hands.
Two things I would like to point out:

1. If someone steals from a lender and the lender goes after them, tough luck. Maybe they shouldn't have scammed a lender.
2. I'm sure a decent percentage of fraudulent users are using fraudulent documents.

That's the main problem.  Bitbond cannot detect the fraud (or doesn't care) and all my loans are late!  Thought this was finally going to be a nice P2P lending site but oh well...

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October 26, 2014, 08:35:27 AM
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In last 30 days I have made 21 loans and 8 of them are late 30. I am sure other lenders also having problems, lets use this forum to connect and exchange our experiences, If this is a pattern for BitBond, potential lenders have to know.

I put 10mBTC in a Bitbond account to try lending them, just now. I would try to follow the 5 principles of bitcoin lending Bitbond wrote in its blog. However, i don't know if can commit more BTC there.
Actually, I would like to know other people experience with lending on Bitbond. As an example i've found a post from user bitswipe who's suggesting most of North American borrowers are defaulting on their bonds (maybe they are scammers); while borrowers from Australia, Italy and Germany refund on time.

I have majority of my bitcoins invested in local loans
Usually the Australian loans payout (experiences of mine) as well as Italian and German ones
Defaulted loans usually from USA and Canada...as well as late payments from Israel
[..]

Probably Italian and German borrowers being in the SEPA (Single European Payment Area) are checked better than North American one.

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