My NET ANNUALIZED RETURN is now even lower, -11.5%
That's really frustrating. It's like throwing money to the wind.
That's really frustrating. It's like throwing money to the wind.
Yep...mine is creeping down in that direction also...all thanks to the US Users who are now defaulting en masse! Thanks BTCJam!!
When I found out that BTCjam was starting to block all U.S. clients, I remember telling someone that U.S. borrowers would use that as a "get out jail free" card, and not worry about paying back their loans. In other words, if they could never borrow again, they would have zero incentive to pay back, keep their credit in good standing.
Jam should have had a contingency plan in place knowing full well that was a major possibility. Instead, their contingency plan was "Lets not tell anyone we are going to start blocking U.S. clients, and keep it a secret until we are called out on it". They probably decided to cancel all U.S. clients, afraid of potential lawsuits, and heat from the U.S. govt, but ironically, they probably just made matters much worse for themselves when investors start looking for who's responsible for the "US Users who are now defaulting en masse!" Glad I stopped investing in people on Jam a while ago. I will stick with pop, LB, and bond.
BTCJam is going to have to find a solution to this problem and at some point talk with its investors...I see that the OP Tulkas is still checking in here but as of yet has not had the guts to add any commentary...I guess if they cannot provide updates on their own Facebook page or website maybe absurd to believe they would do anything here.
We all knew the risk lending money on a P2P site like Jam, however what we did not know is that Jam would change the rules of that investment so dramatically after the fact. Lawsuits-a-comin!!
