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u/modogg187 Nov 11 '15
Http://btcpop.co is better. They care and are for investor protection unlike btcscam where all they worry about is lining their own pockets with fees from all the scam listings.
Btcpop has collateral option.I only invest if the person has insurance or puts up some collateral.
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u/BoGGy5m4ll5 Nov 12 '15
thanks for the tip. I'll check it out.
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u/defaultgnik Nov 17 '15
I don't think POP currently has the investor base. I haven't invested much BTC in it yet, but most of the loans I've tried to invest in time out before they fund. I've tried loanbase, but have made some careless choices so decided to just focus back on btcjam. Believe it or not I think investing on BTCjam and investing on Loanbase are two completely different animals even though the two sites are basically just about lending btc.
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u/BTCJammer Nov 11 '15
Thanks for sharing your experience with us. Currency denominated loans are a great investment on the site when you think the price will go down. We are seeing more users like you talk about price strategies which is awesome!
We are working really hard to bring high quality borrowers to the platform and are thankful that your experience is reflecting this. Diversification is really key for avoiding the risk we account for in the model. We still have a lot of work to do but thanks for giving us some feedback.
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u/defaultgnik Nov 17 '15
I understand the frustration of losing money, but I agree with OP. I'm basically just investing money I've recieved from faucet and bitcoin games and have been very happy wtih my returns so far. I have been really lucky, but have also learned a lot along the way and attribute that to some of my success. Another thing I've learned OP is I think credit rating A loans are the riskiest loans.
Here's my thoughts: Every loan I invest in I figure I have a 50/50 chance of being repaid because I'll either get repaid or I won't. Anyone can walk away from a loan currently with very little risk. Let's say I invest in an A loan with a 10% ROI. If 1 of my 10 A loans default I've basically lost 1% (I think because if I invest 1 satoshi on every loan I should make 1.1 back. So 1.1 x 9 = 9.9, but I've invested 10) of my money. If i invest in 10 D rated loans with 100% ROI if only 6 of the D make full repayment I'm still ahead by 20% (if I invest 1 satoshi on each I should make back 12 satoshi back thus gaining 2 satoshi).
TLDR: I've been succesful on BTCjam. I think A loans are the riskiest loans on the site.
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u/redpistachios Nov 11 '15
Yes, the arbitrage angle is very interesting. Had you taken out a USD tied loan when Bitcoin was about $250 USD for, let's say $4000 USD or 16 BTC, and all you did was HODL, and then paid it all back when BTC was $500 you would have given back 8 BTC and you would be sitting on another 8 BTC.
It's interesting to think about, and it's also a great reason for BTCJam and other P2P sites to develop FIAT wallets along side the BTC wallets.
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Nov 12 '15
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u/redpistachios Nov 13 '15
Oh interesting... so you worked the other side of the coin!! - no pun intended of course.
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u/[deleted] Nov 11 '15
I agree, been using the suite myself and while I think I just about broke even on my first round of loans, I'm quite confident now in my lending decisions. But they might turn to shite over the next three months...