We invest in the most non-profitable asset of 2014. Experience at the site of P2P-lending BTCJam.com
I think that now is the time to add some new projects on Habr related to Bitcoins.
P2P loans in "hard" currency still do not cause much confidence among the population. And what about loans in Bitcoins? This is what I decided to check using one of the largest P2P lending portals - BTCJam.com. In the course of the story, I will point out a few pitfalls and mistakes that I made, and you can avoid it if you suddenly decide to get involved in this adventure.
I want to immediately note that I do not have the need for credit money now. All actions were carried out out of curiosity and in order to analyze any possibilities in this area. Opportunities are our everything!
Your profile on such sites is 90% success in getting money at low interest.
BTCJam uses a rating scale from E- (negative) to A + (positive).
Rating depends on what data you are ready to disclose and confirm.
')
To get started, at least you need to confirm your identity (Identity) using a passport scan or driver's license and address. I confirmed the identity by uploading photos of bilingual rights of the new sample. The address was a bit more complicated.
The main problem is to find an official document in English with the address of residence.
At first, I thought that they would have enough of a scan of the stamp of registration in the passport and bills for housing and communal services. It is clear that they will not be able to read, but it is realistic to verify the identity of addresses in the passport and in the account. Unfortunately, we could not.
Further, I decided to upload a scan of the expired certificate of residence in Germany. First, there everything is indicated in Latin. Secondly, in my opinion, the “Bundesland” gave immediately +10 to trust. Thirdly, the address on the pink Aufenthaltstel card is indicated on the reverse side, and the validity period of the card is on the front one. Thus, I expected that the scan of one side is enough for them. And then it did not work out. They requested a scan of the front side.
For a couple of days I took a break and waited until all the support came back from the holidays (registration took place on the 25th of December). As a result, on January 1, without losing all the “alcohol courage” and in God Mode I quickly added my name in Latin letters to the housing utility bill PDF file in red letters and wrote the heading in even larger print - Utility Bill, December 2014. Around 6 The next morning I received a letter confirming my data.
Then it was a little easier - standard phone number confirmation via SMS. Join accounts on Facebook, Twitter, LinkedIn, PayPal and CoinBase. To confirm the income (Income Verification), I took an extract from the Internet bank for November, where two lines besides shopping in the stores were Salary. Accepted.
To get a personal reference, I had to register my wife while she was bathing the child, and quickly leave a text like: “Alexey is my husband. We are growing up together a 10 months son. ” A bit of psychological pressure on the site’s public here too.
As a result - B- .
To confirm the bank, as I understand it, they need to provide a username and password from the internet bank. So far this is beyond my level of openness.
Interestingly, I still can’t find where to confirm a bank card. Can this feature be activated only after confirmation of the bank?
Since the credit rating depends on the credit history on the site, the easiest way to increase it is to create “reputational” loans, a reputational loan. These are loans for small amounts, short term and often with instant payment.
So, click Get a Loan . To create an application you need:
What else you should pay attention to:
BTCJam lives on a percentage of the amount borrowed. Only the borrower pays. Up to 5 BTC - 4% rate, all that is higher - 1%.
The fact that the percentage is taken from the money received, and not from the paid is the main disadvantage of this platform and differs from its competitor BitLendingClub. Raising money from the funds paid to investors motivates the site administration to more strictly relate to the problems of borrower defaults and the fight against scammers (from English scum is a mean-spirited person).
After a successful loan, you get the funds to your account minus the commission.
The amount of payment is calculated according to the formula for calculating the annuity postnumerando, i.e. with payment at the end of the period. The formula for calculating is on Wikipedia . The idea is to pay the entire debt in equal parts for the period you specified, taking into account the main body of the debt and interest on the balance of the debt at the same time.
In order to standardize interest rates on all loans, the system calculates an annual interest rate (APR) regardless of the loan term. APR is calculated as the total return on a deposit for the year, ie:
We consider the regular payment:
I created the first loan at 0.88 BTC, 60 days at 2.5% with payment every 10th day of the month.
So
Where,
0.0025 - interest rate
0.88 - loan amount,
2 - the number of periods.
Consider APR:
We verify:
The size of expected losses (Expected loss) is calculated on the basis of their sixth sense, and more precisely the statistical probability of default of such loans.
I collected the required 0.88 BTC in three days from 62 people. The size of deposits varied from 0.0075 BTC to 0.2 BTC. This is not the fastest fundraising, but I am pleased with the result.
An interesting situation happened before activation. Confirming the loan on the 8th, I realized that the first day of payment should be January 10, in a day. Google suggested that the system really puts the nearest specified date of the month in accordance with the settings of the payment regularity. But the date can be changed, and it is worth writing in support. Those in turn, without any problems, changed the date of the first payment to February 10. I find it difficult to judge how payments would be calculated if the first would fall on January 10th. But to be due immediately after receiving the money was not part of my plans.
After I activated the loan, the rating immediately went down to C.
I do not have a strategy, so here is only a tactic.
Obtained 0.88 BTC, as originally planned, I decided to return in the form of investments in other loans. Walk so walk.
To determine who to trust and who does not, in which egg basket to put, and in which not, statistics is important. With her on BTCJam everything is bad. Therefore, there are several resources from enthusiasts who have established data collection and processing at a much higher level. I like BTCJamTop the most .
First, it has its own simple 10-point investment appraisal system. At a minimum, you need to think less, even despite warnings from the creator of the resource, that he is not responsible for anything.
Secondly, for each loan there are a lot of schedules and additional information, for example, the ratio of overdue debts to timely payments, and an individual analysis and general data on the country of the borrower are presented:
And thirdly, all in one place.
The main disadvantage of the portal is the delay in updating the data. It happens that you find a great loan, and it is already fully assembled.
For myself, I decided to invest in a short reputational loan (7-30 days). The interest is higher, and the risk of not repaying the first loan is lower, I think, rather than repaying several small loans, and then collect a large amount and go into non-existence. More than 0.1 BTC did not give anyone yet. This is about all the eggs in one basket.
At the moment I posted about 1.15 BTC. The return went through 0.45 BTC with a 10% profit in 2 weeks. The statistics is very small, but there is a risk, adrenaline and interest to see what happens next.
I would be glad to hear your experience of P2P investments and loans in bitcoins.
PS About errors or typos (regardless of their severity), please report to the PM. Thank you in advance.
P2P loans in "hard" currency still do not cause much confidence among the population. And what about loans in Bitcoins? This is what I decided to check using one of the largest P2P lending portals - BTCJam.com. In the course of the story, I will point out a few pitfalls and mistakes that I made, and you can avoid it if you suddenly decide to get involved in this adventure.
I want to immediately note that I do not have the need for credit money now. All actions were carried out out of curiosity and in order to analyze any possibilities in this area. Opportunities are our everything!
The first step is to register and fill out a profile.
Your profile on such sites is 90% success in getting money at low interest.
BTCJam uses a rating scale from E- (negative) to A + (positive).
Rating depends on what data you are ready to disclose and confirm.
')
To get started, at least you need to confirm your identity (Identity) using a passport scan or driver's license and address. I confirmed the identity by uploading photos of bilingual rights of the new sample. The address was a bit more complicated.
The main problem is to find an official document in English with the address of residence.
At first, I thought that they would have enough of a scan of the stamp of registration in the passport and bills for housing and communal services. It is clear that they will not be able to read, but it is realistic to verify the identity of addresses in the passport and in the account. Unfortunately, we could not.
Further, I decided to upload a scan of the expired certificate of residence in Germany. First, there everything is indicated in Latin. Secondly, in my opinion, the “Bundesland” gave immediately +10 to trust. Thirdly, the address on the pink Aufenthaltstel card is indicated on the reverse side, and the validity period of the card is on the front one. Thus, I expected that the scan of one side is enough for them. And then it did not work out. They requested a scan of the front side.
For a couple of days I took a break and waited until all the support came back from the holidays (registration took place on the 25th of December). As a result, on January 1, without losing all the “alcohol courage” and in God Mode I quickly added my name in Latin letters to the housing utility bill PDF file in red letters and wrote the heading in even larger print - Utility Bill, December 2014. Around 6 The next morning I received a letter confirming my data.
Then it was a little easier - standard phone number confirmation via SMS. Join accounts on Facebook, Twitter, LinkedIn, PayPal and CoinBase. To confirm the income (Income Verification), I took an extract from the Internet bank for November, where two lines besides shopping in the stores were Salary. Accepted.
To get a personal reference, I had to register my wife while she was bathing the child, and quickly leave a text like: “Alexey is my husband. We are growing up together a 10 months son. ” A bit of psychological pressure on the site’s public here too.
As a result - B- .
To confirm the bank, as I understand it, they need to provide a username and password from the internet bank. So far this is beyond my level of openness.
Interestingly, I still can’t find where to confirm a bank card. Can this feature be activated only after confirmation of the bank?
The second step - we get a "reputation" loan
Create a loan
Since the credit rating depends on the credit history on the site, the easiest way to increase it is to create “reputational” loans, a reputational loan. These are loans for small amounts, short term and often with instant payment.
So, click Get a Loan . To create an application you need:
- Come up with a name. Already at this stage, I managed to make a mistake - I swapped the letters and did not notice: Rep UA tion Loan # 1. I note that the name can be changed only through contacting support.
- Choose a term. From 7 to 365 days.
- Indicate the regularity of payments to investors. There are five options - every 3 days, weekly, every 1/5/10 of the month.
- Rate as a percentage for the above payment period. Those. if you choose the payout period for some day of the month, then the monthly rate. If every 3 days or weekly, then the rate will be 3 or 7 days respectively.
The portal calculates for you the recommended interest rate depending on your rating. If you indicate a rate lower than recommended, then investors will be notified that the rate on this loan is undervalued.
- Choose whether your rate will be tied to the rate of CoindeskUSD (it used to be Bitstamp, but after all the known events they had to switch to Coindesk).
- Description of the loan. It is customary to write a short letter of motivation.
- End date for fundraising.
- And language. Here the choice is interesting - 5 variants of Spanish, 2 variants of Portuguese and English. The roots of the project are growing from Brazil. This is the reason.
What else you should pay attention to:
BTCJam lives on a percentage of the amount borrowed. Only the borrower pays. Up to 5 BTC - 4% rate, all that is higher - 1%.
The fact that the percentage is taken from the money received, and not from the paid is the main disadvantage of this platform and differs from its competitor BitLendingClub. Raising money from the funds paid to investors motivates the site administration to more strictly relate to the problems of borrower defaults and the fight against scammers (from English scum is a mean-spirited person).
After a successful loan, you get the funds to your account minus the commission.
The amount of payment is calculated according to the formula for calculating the annuity postnumerando, i.e. with payment at the end of the period. The formula for calculating is on Wikipedia . The idea is to pay the entire debt in equal parts for the period you specified, taking into account the main body of the debt and interest on the balance of the debt at the same time.
In order to standardize interest rates on all loans, the system calculates an annual interest rate (APR) regardless of the loan term. APR is calculated as the total return on a deposit for the year, ie:
Let's sort everything out by my example:
We consider the regular payment:
I created the first loan at 0.88 BTC, 60 days at 2.5% with payment every 10th day of the month.
So
Where,
0.0025 - interest rate
0.88 - loan amount,
2 - the number of periods.
Consider APR:
We verify:
The size of expected losses (Expected loss) is calculated on the basis of their sixth sense, and more precisely the statistical probability of default of such loans.
Fundraising
I collected the required 0.88 BTC in three days from 62 people. The size of deposits varied from 0.0075 BTC to 0.2 BTC. This is not the fastest fundraising, but I am pleased with the result.
An interesting situation happened before activation. Confirming the loan on the 8th, I realized that the first day of payment should be January 10, in a day. Google suggested that the system really puts the nearest specified date of the month in accordance with the settings of the payment regularity. But the date can be changed, and it is worth writing in support. Those in turn, without any problems, changed the date of the first payment to February 10. I find it difficult to judge how payments would be calculated if the first would fall on January 10th. But to be due immediately after receiving the money was not part of my plans.
After I activated the loan, the rating immediately went down to C.
Tactics of my investing
I do not have a strategy, so here is only a tactic.
Obtained 0.88 BTC, as originally planned, I decided to return in the form of investments in other loans. Walk so walk.
To determine who to trust and who does not, in which egg basket to put, and in which not, statistics is important. With her on BTCJam everything is bad. Therefore, there are several resources from enthusiasts who have established data collection and processing at a much higher level. I like BTCJamTop the most .
First, it has its own simple 10-point investment appraisal system. At a minimum, you need to think less, even despite warnings from the creator of the resource, that he is not responsible for anything.
Secondly, for each loan there are a lot of schedules and additional information, for example, the ratio of overdue debts to timely payments, and an individual analysis and general data on the country of the borrower are presented:
And thirdly, all in one place.
The main disadvantage of the portal is the delay in updating the data. It happens that you find a great loan, and it is already fully assembled.
For myself, I decided to invest in a short reputational loan (7-30 days). The interest is higher, and the risk of not repaying the first loan is lower, I think, rather than repaying several small loans, and then collect a large amount and go into non-existence. More than 0.1 BTC did not give anyone yet. This is about all the eggs in one basket.
At the moment I posted about 1.15 BTC. The return went through 0.45 BTC with a 10% profit in 2 weeks. The statistics is very small, but there is a risk, adrenaline and interest to see what happens next.
I would be glad to hear your experience of P2P investments and loans in bitcoins.
PS About errors or typos (regardless of their severity), please report to the PM. Thank you in advance.
Source: https://habr.com/ru/post/375879/
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