First and foremost, this post is in NO way meant to bash, slander or insult BTCJam or their platform.
I believe they have a great concept and a fairly decent execution.
The factors that I believe are faulty here, are the users and the verification processes implemented..
You must provide a legal document or two and an email or phone number, couple of other things.
Seemed fairly secure, but at this point, I'm beginning to think, not so much.
When I first joined the site, it looked promising..
Being able to invest in people and receive interest on their loans was more than appealing to me, especially as I had a larger working capital at the time I decided to invest.
My issue is, that many people who have taken out LARGE loans are not paying for many months now..
Causing my money to go "missing" essentially..
BTCJam claims that they are put into "arbitration" now that they've had non-payment beyond a certain time frame..
The problem with this is.. I don't believe the people on there actually are who they claim to be;
That arbitration is pointless to even attempt at this point, as they are not who they presented themselves as..
This is the post I just made on there and it explains my feelings towards some of the users on there.
I expressed my concerns and what I believe to have happened and I stand by it..
As anyone who truly did put their information on there, would know that they would be sought out legally to no avail by it's user-base and administration for the funds lent out and the non-payment of the loaned funds.
For months now, large payments have gone unpaid and it's honestly just aggravating knowing that I most likely won't get that money back..
The smaller payments I tend to receive no problem, it's the larger ones that aren't being paid, which is annoying since it wouldn't be so bad if it were the other way around.
I wouldn't mind losing a couple of dollars on a payment each month as opposed to a couple of hundred..
Other users post comments daily asking about when a person will pay or telling them that arbitration has started or is ongoing and that they should pay quickly to avoid massive fines/fees, but this is what further expands my beliefs that they are not who they say they are is that there is no contact.. No reply.. No "I'm working on it, but it's going to be a while.." Nothing.
If anyone else is having this issue, I feel deeply for you and hopefully we regain our "lost" investments with our interest in the near future, although I highly doubt it.
It's unfortunate to see this kind of behavior on such a seemingly secure platform and as I said, it's not BTCJam's fault, so I have no ill-will toward them or their platform, merely toward the users who refuse to make payments or keep people informed.
