Even loanbase users are starting to default. These p2p services were promising from the start. But its ugly fangs are showing.
+1
It all comes to to collateral. No ability to collect on default loan means no way to get your money back.
Frankly, the lending section in this forum is more reliable than Loanbase and BTCJam combined. What do you think?
The problem is those services are supposed to be doing all the background checking and risk analysis. That's why they take fees. Their failure to do so means they're taking fees and providing a sub-par service, at best.
The fiat-based systems are better because their companies actually care. They take a fee and actually do their job. But as long as people continue investing in these sub-par crypto services, they'll continue pushing scams through. People need to quit being stupid.