The issue with BTC Jam was that they loaned out bitcoins and required repayment in bitcoin.  This is fine if the price is stable, but if the price is increasing by 20-30% a week, people are never going to be repaid.  Additionally, borrowers were not vetted properly (a very difficult task), so most loans were defaulted on. 

Sell when needed and invest as much as possible.  The future is very bright.

This really depends on whether you have made profits.  If you have and are happy to pay taxes, use an exchange.  You'll lose a percentage in costs and possibly exchange costs if USD is not your currency but will be liable for taxes (if applicable).  Alternatively, use local bitcoins, Purse.io (for Amazon purchases), bitcoin credit cards etc.  Many ways to skin a cat.

It is pretty easy to avoid tax on income mining and trading etc) if you really wanted to. Its far harder to avoid coming to the tax authorities notice when you want to cash out into Fiat. Difficult to explain where all that extra money came from.  Especially as the tax authorities have the perfect record of transactions (the block chain).  I don't think tax authorities are there yet but as crypto increases in value, they will take more and more notice.

I received a flurry of very low value payments last week.  Looks like he has lowered the payout threshold again.


I have just checked and it looks like I was wrong.  The accounts dont seem to be paying out at a lower threshold. 

Bizzare

Loving the idea but not sure you can scan from a T-shirt.  Please confirm.

I would be interested in other colours also.

Site appears to be back up.  I have logged into several of my accounts and all seems OK, including recent credits!

Agreed, however, the difficulty has been increasing at a greater rate, so we will still get less.

My latest payment was late April 2015.  I think its still running but just doesn't generate much at all, so pays out very rarely.

Site currently:

Maintenance in progress (blockchain backup, bitcoind upgrade).

Mining activity is not affected.

We apologize for the inconvenience.


Here is the link to the forum discussion.

So assuming this hasn't been there for ages, things are still happening.

A communist/ socialist/ everyone is equal, even those who haven't invested as much or who joined late etc, approach is clearly not going to work.  What incentive is there to join if you think that as soon as you get 50% of your money back you will get screwed over in favor of someone who joined 1 year after you???  This is business not some socialist class struggle.

Agreed, it should be random, like it was in the beginning with members who joined on their own.  People have to stop trying to penalise those who have already made money, or joined a long time ago in order to benefit newer members.

I have started using this site several weeks ago and I am really interested in the concept of peer to peer lending, however I feel there is more that can be done to restrict or prevent scammers on the site.  I have several loans which looked good initially, but when funded, they opened up a number of additional loans and got them funded and never make payments on any of them.

I know this has been mentioned before, but why are users not restricted to 1 or max 2 concurrent loans on the site? 

Another solution would be to decrease the credit rating every time a loan is taken out and increases it when paid back.  I agree the subsequent loans should not be funded and anyone doing their due diligence doesn't do so, but when you initially invest, you have no way of knowing if someone will take out 10 extra loan as soon as the first one is funded.

I m pretty sure he sent me pics some time ago before the latest ASIC upgrade (may have even been the FPGA stage).  He has previously sent out pics personally if you have PM'd him!!

You read the t&C before investing real money.  How stupid was that.  I thought the idea was to simply go in blind, then come on here and complain all the time and 'lost' funds!!

My Opinion:

1.  He should have stuck to the original T&C.  This is what everyone signed up to and everyone was aware of (at least those who bothered to read them).  If you couldn't be bothered to do your Due diligence, that's your bad luck.

2.  He hasn't done as described in 1, but has produced a bonus hashrate directed at oldest 10 accounts.  This is unfair and should be split evenly across all accounts.  I am happy for the T&C to change for NEW MEMBERS OR ACCOUNTS but not for existing ones.  Even this has not been done as I had some BTC in the queue and that is now under the new 'get the hashrate you buy' scheme and not the old scheme.  Good for those accounts but not good for existing members.

3.  Any talk of suspending accounts in profit until those not in profit have caught up is ludicrous.  Why should sensible, early investors be penalised to offset the losses of late adopters who invested at the wrong time or set up their accounts poorly.  That is penalising success and rewarding failure.  I do not say this because I stand to gain, but rather because it is common sense.

4.  Any solution similar to 3 above is simply robbing one group to pay another.  This is unfair.  Everyone should get what they signed up to at the time they signed up.  You cant tell Warren Buffet he has had enough money from the stock market, so his fund will be suspended until all those who lost money in any market crash get a chance to get their investment back!!  What is needed is a sustainable plan to generate more income.  The amount owed is not going to decrease, so if we ever want to see those coins back, we need to increase the income.

5.  Why have the referals not been fixed so people can advertise etc again?  This may assist with 3 and 4 above.

6.  The other alternative is for everyone to take a haircut.  Write down all outstanding investments!  This will be universally unpopular, but it will mean that people will get something back and should allow for further investment going forward.  I am not saying I support this, but its an option.  However, it would need to be a straight 20/50//80% across all accounts.  None of this talk of 'he earnt more than me so he should now lose more!!).

Just my thoughts!

BUMP- still buying

I think he should do what was advertised (and mentioned by others above).  Forget the bonus for the oldest 10 accounts, which will benefit virtually no one and split that hash rate across all accounts. I did not join a 'pay the oldest 10 accounts' set up.  I joined a ' split hash rate across all accounts' set up, which is what we had until recently.

Are we still getting NMC?  My last credit was 13 Dec?