Ninjastic
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Re: BTCjam - Any Thoughts or Experiances
by
BTC-Bank
on 06/04/2015, 22:43:07 UTC
Quote from: thy on April 06, 2015, 10:06:23 PM
Quote from: BTC-Bank on April 06, 2015, 06:19:51 PM
Quote from: thy on April 06, 2015, 06:05:48 PM
Quote from: kapetan on April 06, 2015, 01:39:42 PM
hi

i have try in the past to take a loan with collateral, but with no success

unfortunately there is no p2p lending service with collateral yet

now about http://blog.btcjam.com/

"Payment cycle options reduced

Four payments a month is just too many… and if you miss a payment, it could hurt your credit score. Our new monthly loans make repayment easy as it matches your schedule.  Payments are only on a monthly basis only."

i always pay in these 3 loan per week never had an issue, all times pay days early or on the time.

If they want to help they can leave payment per week and 15 days. Some investors like to receive their payment per week or asap.


There is still people listing loans with payment cycle less than 1 month(every 3 days and weekly payment is still possible options) so btcjam hasent implemented the thing you mentioned that they posted on there blog the March 27, 2015.

Hello @thy! These are the previous loans which have been listed before the update, now the system let you to choose only from 30 , 60, 90 and 365days with new additional terms added 120 and 270days, also the payment cycle have change too, now is only possible for 1st, 5th and 10th.
I just check it to be sure! Smiley

Another new update on the site is that we cant anymore sell defaulted notes (i don't know if it is only temporary) did anyone notice that or found a post about this?

Kind Regards,
BTC-Bank.


I havent seen any information from btcjam about the change on the notes but as far as i can tell they have changed it so you cant directly flip a note maby they want a bigger differentiation on what notes is out on the 2nd hand market. If for example someone would list a note in your loan at 100% yield many people would probably want to buy it and then either keep it or flip it directly for maby 5-10% yield instead, now there is a delay, unknown how long between a note has been posted the last time to its possible to post it again and it effects notes that someone else has posted to that you buy to so its not only a delay on how ofthen you can post the notes you already have. Defaulted notes can still be posted instead the change seems to be that no notes that has been out on the market cant be posted directly after the 7 days time has ended, wether its changed to something like 10 days, 14 days or something like that until you can repost a note is not known yet but it surely cant be that a note can only be posted once and never more then btcjam will end up with a lot of complaints especially as btcjams partner isent delivering the arbitrage awards to everyone that they should.

Yes i agree with you i didnt thought about a time limit, i believe that they won't make a limit to selling notes as is profitable for both parties and also there is the problem with arbitration as you mention..I have contact support couple months ago with some suggests about note market as is one of my favorites sections, it was about organize it better because it cost a lot of time to trade notes as borrower category is confused on searching and they can separate it to healthy, overdue and defaulted notes.I hope that we will see only good changes from now on and i will update if they publish any information.

Kind Regards,
BTC-Bank.