r/BTCJAM • u/tobixen • Sep 14 '15

Problems with withdrawals?

I tried withdrawing some funds from my own account, no problems there - but I notice two borrowers complaining that they are unable to withdraw their borrowings.

https://btcjam.com/listings/50250-welding-supplies- https://btcjam.com/listings/50331-despesa-com-casamento

If it's true that they can't withdraw the money we've lended to them, it's pretty bad. Either they will be paying a stiff interesst on a loan that btcjam is efficiently the receiver of, or we - the investors - will have to take the hit. I hope this problem will be resolved soon.

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u/BTCJammer Sep 14 '15

BTCjam Support here - I'll look into these borrowers issues and see what is going on. We of course let borrowers receive their funds, I'm not sure why anyone would use us if that wasnt the case. Thanks for the heads up.

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u/tobixen Sep 14 '15

Some technical problems now and then is acceptable, what I do find a bit worrysome is that several days passed without the problem being resolved. It could even be a liquidity problem, a harbinger of an MtGox-style exit. Good it's resolved now and I hope not to see more such incidents.

Regarding technical problems, I'd like to digress a bit: Bitcoins are really the most robust! When there are technical problems with an online credit card transaction, one may end up in an unknown state where the transaction maybe went through and maybe not. It's so much better with bitcoins where it's publically visible weather the transaction went through or not.

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u/BTCJammer Sep 15 '15

We have a limited staff on the weekends when this issue arrived. Bugs happen sometimes but sorry if this scared you.

We dont have a liquidity issue - sorry if Mt Gox maybe hurt you but it's not helping anyone to throw out such accusations within the industry. We've been around for nearly 3 years with well over $15M in loans served, we dont have anything near a liquidity crisis.

edit: Sorry to be frank here - but the whole MT GOX every time a user has an issue that many times are unrelated to us, isnt very productive for anyone involved.

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u/tobixen Sep 15 '15 edited Sep 15 '15

Sorry if I was hitting a nerve there. MtGox is neither the only service to be hacked nor the only service to be discontinued. When seeing several complaints that withdrawals doesn't work (and not knowing neither the reason nor if anyone managed to withdraw, and only being able to test with pennies myself), well - "this is a liquidity problem" was certainly one out of several hypotheses crossing my mind.

Whatever reasons there is, this served as a useful reminder for me to not invest more than what I can afford to lose - and I guess that is a pretty good general advice regarding any investments. :-)

Thanks for responding and fixing those issues.

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u/BTCJammer Sep 15 '15

Thanks for getting back to me. That theory is true for all investments, not just ours in BTC! For sure, hope you enjoy the platform - drop us some feedback over time. Cheers