BTC Jam is a peer-to-peer lending site using Bitcoins as currency. I signed up about a year ago and invested a small amount (0.04 BTC) spread over several loans (around 50 in all). Here is my experience using this site to-date:
I have collected 0.0199 BTC, have 0.0133 BTC in late loans and 0.0147 in defaulted loans. In all probability I will walk away losing half of what I invested, as experience has shown me that late loans always turn into defaulted loans.
I contacted Kevin Palley from https://www.enforcemyarbitrationaward.com/ to consult how I could recover at least some of the defaulted loans. He very kindly supplied me with the following information:
Dhami Law Firm, who issues the arbitration awards for all BTCJam defaulted loans, is apparently a "phantom" firm which cannot be contacted- there's no up-to-date web site, phone or physical address. Furthermore, the awards are unenforceable as their authenticity cannot be validated and no judge can contact Dhami Law to verify the said arbitration awards are actually theirs.
BTCJam is not assuming any responsibility for these loans. I strongly recommend to anyone who's considering investing in BTCJam to refrain from doing so.
Super post
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This is brutal man, found your post through Googling the Dhami Law Firm. I am owed ~ 2BTC from nearly 50 arbitration notices. The funny thing is, if you match up BTCJam's Invested / Received and Amount Remaining columns, I find super often that they don't add up and you are owed alot more than it suggests. I also noticed all the arbitration notices came in value of BTC. I mean if BTCJam is involved in the fake loans knowingly, we have to have some equity as a collective against them.
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I would recommend the alternative https://getline.in - but, of course, bitcoin p2p lending is inherently a very risky idea, as I've touched in my article Bitcoin Peer to Peer Lending - Not for the Faint of Heart
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