Quote from: superresistant on October 14, 2014, 06:50:37 AM

Quote from: philipaedie on October 14, 2014, 05:19:08 AM

about a month (...) scammed 3 times.

Nice one.

This system is obviously flawed. The borrower must provide collateral. Reputation is just a way of getting a lot of money before scamming.

I agree, BTCjam is only geared for making BTCjam money. There are a lot of bad things you have to be careful about for investors. I expect a lot of people that have over invested in the exchange linked loans are going to be hurting soon too. Those are dangerous to your BTC wealth.

* It is hard to get your money out ... I have 1 BTC invested there that will take many months to payout if it every does.
* The website is very subpar, lots of time it doesn't work well or is just very, very slow.
* It takes a lot of effort to reinvest.
* Lots of scammers there ... ugh I hate that!
* They use funny math to compute APRs ... It has to be intentional and it is confusing.
* Since you are always reinvesting it is almost impossible to determine what you have made or have.
* They won't let me rate borrowers because I haven't sent them a picture ID. REALLY? I'm an investor, I shouldn't need to confirm my identity!!!

Just be warned it isn't nearly as nice as the BTCjam owners claim.