Kanati,
Regarding enforcemyarbitration we advise you not to work with them, they are using our user database without authorization (they got it from NET-ARB from when we used their service) and working with net-arb to enforce the loans, this is a violation of arbitration laws (the arbitror cannot work with the lawyer that is enforcing the award).
I'm verifying with Dhami what this authentication means. They are a separate arbitration firm and we are not allowed to interfere with the process since the loans are made inside our platform (arbitration needs come from an uninvolved third party).
Best,
Regarding enforcemyarbitration we advise you not to work with them, they are using our user database without authorization (they got it from NET-ARB from when we used their service) and working with net-arb to enforce the loans, this is a violation of arbitration laws (the arbitror cannot work with the lawyer that is enforcing the award).
I'm verifying with Dhami what this authentication means. They are a separate arbitration firm and we are not allowed to interfere with the process since the loans are made inside our platform (arbitration needs come from an uninvolved third party).
Best,
Tulkas,
I have no knowledge or opinion about your database dispute, and to be frank I don't see how it addresses any of the points I raised earlier -
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Whether our coins are 100% lost or not remains to be seen - the only way you lose for sure is to quit trying.
In any case our probability of recovery would increase if BTCjam provided us with AUTHENTICATED arbitration awards. This is also the VERY LEAST they could do considering how they've otherwise stacked the rules against us investors -
Jam collects their fees up front when investors finance the loan, which means they have no actual alignment with investor interests if the loan is not repaid.
Jam does not post statistics about the percentage of borrower defaults on their website, which is a huge risk disclosure omission for any prospective investor (https://btcjam.com/stats).
Jam suddenly changed the rules by announcing they no longer will issue loans to American borrowers. This of course is causing a wave of defaults on existing American loans, since it removes incentive for these borrowers to repay if they no longer have a future on the platform. So far no help or compensation for investors who got screwed when BTCjam decided to pull the carpet out from under them.
Jam suddenly dumped* net-arb.com as their independent arbitration provider, ostensibly "to protect members from spam". The new provider, Dhami Law Firm, has no functioning website, telephone, or e-mail, leaving investors no way to independently confirm the validity of Dhami Law Firm or the arbitration awards issued by them.
*Net-arb is still listed as Jams arbitration provider under bullet 5 of https://btcjam.com/terms-of-use
Jam is still not providing arbitration awards on defaulted loans for investors who bought notes.
Jam even threatens investors against getting help with collecting delinquent loans!..
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"As a reminder, BTCjams Terms of Use prohibit your from posting, uploading, publishing, displaying, transmitting, sharing, storing or otherwise making or attempting to make publicly available any personally identifiable information of a borrower. Accordingly, the content of this arbitration award may not be shared via any blog, forum, medium or other communication of any kind."
Basically anyone who sends or shares an arbitration award with other investors, a lawyer, or a collection service is in violation of Jams' terms of service Huh(
Potential investors should stay away from BTCjam until they up their game (a lot!). Current investors need to light a fire under BTCjams a** and make them move on these problems.
Solutions to the above problems would be appreciated, since my support cases on these topics (Case #: 128701 & 142221) seem to have been sucked into a black hole
Investors would not need Mr. Palleys services if BTCjam provided other means for recovering our coins, but until you decide BTCjam debt collection is mature enough to graduate from the experimental stage, and you establish a clear consistent debt collection policy that investors can understand, then Mr. Palley is only resource we have.
When or if that ever happens is out of my control. Right now I am dealing with a massive number of defaults (for example more than 72% defaults on BRL loans from before I turned off AutoInvest...) and the "independent" Dhami Law Firm arbitration awards of questionable authenticity. They are certainly not looking credible since Dhami Law firm removed their website (http://www.dhamilaw.com/) and does not answer phone calls or e-mails
Update -
BTCjam is unsure about what actually constitutes a valid digital signature. I attempted to steer them in the right direction with my last comment on this loan:
https://btcjam.com/listings/51749-2nd-loan-for-s7-miners
Here is a screendump of the comment, in case it's not visible at BTCjam
Latest comment update on loan https://btcjam.com/listings/51749-2nd-loan-for-s7-miners -
Still no response from Tulkas about if he AND Mr. Dhami share the opinion that "/s/ Sukhman Dhami" is a legally binding digital signature.
Update -
Jam deleted my comment about "/S/" not being a genuine digital signature, so the only place it can be found now is in the screen dump above. Jam gave no explanation for why it was deleted
At least some progress has been made, since now I am able to download arbitration awards for the notes I bought. I am still working on getting the arbitration awards authenticated though...
Quote
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JUN 20, 2016 | 08:51AM PDT
Original message
Kanati wrote:
The following loans have had defaulted status for several weeks now, but I have not seen any arbitration awards have issued for them yet:
kslabs Update monitoring of transport vehicles.
C - 0.01000 /
0.000000 0 of 2
defaulted 0.01356 Wednesday, October 14,
itscory Debt Consolidation (1st Loan)
C - 0.01016 /
0.011338 7 of 9
defaulted 0.00312 Tuesday, November 3, 2015
dandana Buying a car for my company
C - 0.06083 /
0.017570 1 of 6
defaulted 0.08785 Thursday, November 12, 2015
When will I be able to download the arbitration awards for these loans?
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JUN 22, 2016 | 05:10PM PDT
John replied:
The arbitration awards should be available for you to download in your Investments page. Just to make sure, I am sending you the description. Thanks for reaching out!
After 90 days of a borrower missing a payment, the borrower and investors go through the process of arbitration. Arbitration is a legally binding contract in which the investors of the defaulted loan receive all of the borrowers personal information via an arbitration award. The investors may then use this information to pursue legal action if desired. The borrower technically has 14 days from the date their case is escalated to arbitration to file a dispute. If no dispute is filed after that period, then yourself and the rest of the investors will receive the arbitration award with the borrowers information automatically via email.
Feel free to contact us with further questions and read more about arbitration here: https://btcjam.com/faqs#arbitration
http://blog.btcjam.com/post/78529756680/
Best,
BTCjam Support Team
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JUN 22, 2016 | 11:10PM PDT
Kanati replied:
Clarification - the loan listings mentioned in my last mail have no links to arbitration awards, they are only listed as "defaulted". Other defaulted loans on my "Investments" page do have links to arbitration awards, and I am able to download the awards from them.
The missing links to arbitration awards may possibly have something to do with the fact that I also own notes on these particular loans, but no matter what the reason may be I think that I am still entitled to receive arbitration awards on these loans showing the correct amount owed to me.
This issue is directly related to unresolved support case # 128701 (see attached mail for more information).
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JUN 24, 2016 | 08:04AM PDT
Kanati replied:
Dear BTCjam Support
I am still unable to download these awards, and still waiting for your answer.
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JUL 26, 2016 | 08:17PM PDT
John replied:
Thanks for your email and apologies for the delay, although this may have been answered on a different read, already. All Arbitration Awards issued after February 2016, should be available for your to download in your Investments Page. Please let me know if otherwise. All Arbitration Awards prior to February 2016, are to be issued by Net Arbitration and they should be contacted for that purpose. All Arbitration Awards are final, meaning they belong to the initial investor of the loan and cannot be transferred when a note is sold to someone else. Thanks for reaching out!
Best,
BTCjam Support Team
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JUL 26, 2016 | 09:52PM PDT
Kanati replied:
Hello John, and thanks for your reply.
In your last mail you wrote, "All Arbitration Awards are final, meaning they belong to the initial investor of the loan and cannot be transferred when a note is sold to someone else". BTCjam earlier provided arbitration awards in my name on notes I bought BEFORE the loans went through arbitration, so has this policy changed, or does the statement only apply for notes traded AFTER a loan has been arbitrated?
Your statement also appears to be in conflict with bullet 14 in our arbitration awards (emphasis added) -
"14. The total amount owed by the Debtor at the time the Debtor stopped making paymentsis 6.82991093 bitcoins and is immediately due and payable to the Creditor(s) and their successors and/or assigns as follows:"
I understand this section of the award to mean that I can transfer my share of a loan to a successor, basically contradicting what you wrote(?).
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JUL 29, 2016 | 05:06PM PDT
John replied:
Thank you for your email. I have already forwarded your question to my manager, please let me know if you dont receive a reply within a business day.
Best,
BTCjam Support Team
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AUG 02, 2016 | 05:41AM PDT
Kanati replied:
Hello John
One business day has come and gone, but I have not received the promised reply.
Is there any news?
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AUG 03, 2016 | 07:06PM PDT
John replied:
Thank you for your email. I have not heard back from the legal department, they have told me what I already told you, that all Arbitration Awards are final. Should they reply to me with an extensive answer, I will be happy to let you know. Thanks for reaching out!
Best,
BTCjam Support Team
The text in my netARB awards are nearly identical to Dhami Law Firm awards, and also signed with "/s/", so I am also following up on the verification and authenticity issues with them and Kevin Palley (enforcemyarbitrationaward.com). At the moment I am waiting for answers from the respective parties - I will post again here when I know more.
Since Jam is (still..) based in California it may be possible for us to get the California Attorney General to take action on our supposedly legally binding arbitration awards not being digitally signed or otherwise notarized. A more expensive option would be to sue BTCjam directly, but considering how many people are fed up with them I think we might be able to do this with crowd funding
Kindly post your (constructive..) comments here, so I can get an idea about how many people would be interested in pursuing these options
