Best advice steer clear of BTCJam...total fraud at this point. Try building a rep up over on BTC Pop or Getline... something with a more active and communicative community that actively help each other point out and prevent scams, BTCJam is in its death throws and will be hopefully soon dead and buried...Serious investors are leaving or have left which is probably why Jam had to lower your rating in order to generate more interest in your loan with the promise of a better return.
Thank you for getline information.
https://getline.in/u/1925Thanks for kind words. Active community at
chat.getline.in is making GetLine different. We are also very picky at approving borrowers and not giving stars to anybody. But if you want to build rep Getline is way to go
What is stopping "Scammers" by gently build up their rep with small loans, then once they have good rep, loan large amounts then run away with the funds?
Exactly, rep means nothing. Cause not only people who intent to scam, actually scam. There re bunch of people who ask for a loan with full intention to repay it. Then somebody unpredictable happen and they stop paying. Negative rep s not going to prevent them from doing this if they have no other option. Even if you differentiate and out of 10 loans, 1 becomes non performing, you re gonna lose money. So, unless there is some form of collateral, stay away.
Good advice...I am watching one guy on getline right now who is just teetering on going full scam...he has debts all over and keeps borrowing from getline to pay off his other arrears on Pop and Jam (and who knows elsewhere...eventually it will explode in his face) I do not think he started with an intention to scam- but he is a bullshit artist and wants everyone to think he is a master of industry when in fact he sometimes can`t get a payment in on a 2 BTC loan. Best stick to loans with collateral and if not make sure the purpose for the loan makes sense: investments in crypto should be like investments in fiat: if you don't know about what you are investing in then don't invest!!