Hello BTCjam members,
Last week we had a LIVE Q&A session with our CEO, Celso Pitta in order to answer questions from our community regarding BTCjam’s plans for the future, and also to get some feedback on how we can improve the platform.
Our goal here is to be 100% transparent with our members and give a voice to the community. We believe that this is a step forward for the communication aspect of the platform; user feedback is important and can result in better returns for our investors as well as better loan rates for our borrowers, which is the ultimate goal at BTCjam.
The session took place on Wednesday, September 30th at 7pm.
If you didn’t get the chance to view the live session you can check out the video on YouTube or below:
Below you’ll find 26 questions that we answered during the live session. We’ve included the usernames and the original questions for your convenience.
- David (5:17 min)
Any plans to add images to loan requests?
- Apr Guy (6:43 min)
When will you fix your APR calculation to be mathematically correct?
- Cindy (9:09 min)
First, gotta say love the vision. It’s a tough market to figure out as evidenced by the thread here. Crowd mentality is difficult to deal with – how do you screen the loan and borrower base?
- Gene Kavner (9:20 min)
One of the biggest challenges you guys have is there is very little consequence for a bad borrower to not repay. Is there anything you are planning to do to add major consequences to defaulting?
- AlejandrodelM (9:28 min)
You have borrowers and lenders using your platform from all over the world. How many languages does your team of credit analysts speak?
- Wilberforce Ngugi (11:23 min)
Why are loans staying in review for so long?
- David Wilson (12:31 min)
What about an option with early payments lowering the amount of interest paid?
- Gene (12:37 min)
Let’s say you verify everything and the borrow still defaults. What is the next step towards recurring for the lenders? AKA: when borrowers don’t pay
- Martijn van Rooij (15:07 min)
Great initiative! As an investor, I am satisfied with the AutoInvest functionality, distributing investments in BTC in small 0.05BTC chunks … how do you see the growth rate of loans available?
- Wilberforce Ngugi (18:14 min)
You passed my question earlier about communication, there is a need of improved member support team communication, at least the response time from when a member emails the support team.
- Apr Guy (19:54 min)
Why should a borrower choose your platform when most other platforms do NOT charge an early repayment penalty (Prosper, Lending Club, etc.)?
- Cindy Bozz (21:35 min)
AutoInvest has been a huge time saver and also has done a nice job for my btc portfolio – also the support team has been pretty quick in my experience – keep it up and i look forward to great things.
- Dominic (22:35 min)
What keeps you up at night?
- Apr Guy (24:00 min)
Looking at your statistics page, the volume is slowing down over the past 6 months or so. What are your plans to accelerate growth?
- Dante Monaldo (25:20 min)
Any plans to allow the BTCjam credit score to be used outside of BTCjam loans?
- AsinfoA (26:29 min)
Why are short term loans so expensive?
- Pedro Cardoso (28:36 min)
How can I be sure that you’ll be around next year? I’m funding loans that will be paid in 12 months from now.
- Gene Kavner (29:44 min)
Any plans to introduce an API that allows querying of historical loans, payment history and investment history so that 3rd parties could provide better analytical tools?
- Dominique Godefroy (30:38 min)
Are you planning to add collateral features to strengthen credit score e.g., asset deposit?
- Apr Guy (31:24 min)
Where did the company name come from?
- AsinfoA (32:04 min)
Any plans to build reputation loans? (locked to withdraw)
- jagdish halde (33:20 min)
Why can’t we talk to other users directly?
- Craig Caruso (35:24 min)
How can we better protect ourselves from scammers and arbitration?
- Michael Milbrat (36:50 min)
I have around .1BTC in my btcjam wallet, how would you suggest investing it at your site?
- sgtpickle7 (Bitfinancefund) (37:20 min)
Will you allow all lenders to issue bonds for exchange again?
- AsinfoA (38:02 min)
Are you a regulated company(like banks are)? Are you obligated to follow some regulation/compliance?
We hope that we answered your questions as well, and if we didn’t, stay tuned because we’re planning to have live sessions on a regular basis so we can stay close to our community.
We would love to hear your thoughts on this. Should we keep doing it? Is it helpful? What times and days of the week do you prefer?
Leave your comments below or in the YouTube video comments section.
Talk to you soon,
– Yuri Moreno