BTCjam is piece of SHIT!

[Campsis]

People scam there too much, why does noone shut the site down?

[cdog]

This isnt a topic for this subforum.

I dont think there is such a thing as a zero risk investment, but BTCjam is at the higher end of the risk spectrum, by any measure - and probably by an order of magnitude.

[franky1]

you really thought it was an honourable site when the only credentials it asks for are social media and a phone number from a 'burner' phone..

.. lol

last year i decided to test them out. i google image searched 'passport' and grabbed an image. i then googled the name on that passport for a phone listing to get an address. (different person but the names matched). then created a google and facebook account.

yes btcjam accepted all of this info even with a 5 day old facebook account.

i never used it for any loans but i was shocked at how piss poor their verification process was. i even sent them a message and got no reply.

all i could do was warn people i know to stay well clear of them. and luckily never deposited any funds with them on my genuine account i also set up with them. now i simply invest privately with people setting up businesses which have proper business plans and can provide more evidence of plans of action rather than btcjams one paragraph descriptions.

it is totally a piece of crap and by no means anywhere close to the proper investment / kickstarter / angel sites that exist.

[arbitrage001]

Should do homework before sending out your money to a stranger whether it is bitcoin or fiat.

[franky1]

2 rules i live by.

1) if you do not know enough about the person to find them and slap them across the face with a wet fish, do not do it
2) if your would not give this amount to a cousin/relative who told you the exact same pitch. then dont do it to a stranger

[kamudimana]

don't be mad dude, cuz i've never invested there 

[UsernameBitcoin]

People scam there too much, why does noone shut the site down?

agree, I learned my expensive lesson, too

[doof]

People scam there too much, why does noone shut the site down?

"Lend" a pretty much anonymous currency, over the internet... and you expect people to pay it back?  LOL!

[bornil267645]

I was just thinking the same thing... 

[Eastwind]

People scam there too much, why does noone shut the site down?

"Lend" a pretty much anonymous currency, over the internet... and you expect people to pay it back?  LOL!

Use an escrow.

[RustyNomad]

Scammers and fraudsters will be around for as long as there are people who believe in a quick buck......

[inBitweTrust]

Use an escrow.

How does an escrow help when it comes to lending? The money has to be spent or invested and cannot be held in multisig. Are there escrows that hold collateral like car notes for btc?

[claimore]

Everyone want a quick buck sometime 

[coindetective]

Banks require 100 different papers and several days of analysis to approve a load and you expect this to work using BTC where everything is anonymous. Without a collateral, these loans are extremely risky.

[twister]

Could it be a possibility that btcjam itself creates fake verified users and take loans and scams investors funds?

[leannemckim46]

The difference between BTCJam and fiat based P2P lending (like prosper) is the paper trail. With BTCJam you receive your money via bitcoin which cannot easily be traced. With fiat based lending on the other hand the loan disbursement must be made to a bank account in your name or a check payable to you.

So while it may be easy to forge identification documents to be looked at digitally, it is much more difficult to forge ID documents that a teller or bank officer must look at personally and touch personally making ID theft much more difficult

[ahlidms13]

yes btcjam is a shit, wasting my time verifying and my profile completeness is 75% but still cannot make a loan

[favdesu]

yup, lost some coins in the very past there. BTCJam will always be a scamfest - I consider it a hard lessons learned

[Mieehayii]

2 rules i live by.

1) if you do not know enough about the person to find them and slap them across the face with a wet fish, do not do it
2) if your would not give this amount to a cousin/relative who told you the exact same pitch. then dont do it to a stranger

wise remarks,  very useful,

[crazyivan]

As I ve always said, BTC lending services without any kind of collateral system are doomed to fail.

Take a look at classic financial system which is 300 years old. Does anyone lends money without collateral or some kind of insurance? Why do you think is that?