So as the quest for fast, quick, relatively easy money that also involves a few minutes worth of clicking labor to feel as it was not too easy and merited in someway continued I happened upon a website https://btcjam.com/ 

BTCJam: Peer to Peer Bitcoin Lending BTCJam: Peer to Peer Bitcoin Lending

The concept is simple enough if I understand correctly. I’ve never had an account with BTCJam, but have considered similar types of money lending websites before. Such as the lending clubs.com and the prosper.com and the rest of the smaller Peer 2 Peer money lending business model websites.

In theory the idea is simple enough lend people money (or borrow if that’s your objective) through BTCJam‘s website, they borrow it and pay it all back in a timely manner with interest, making your money turn into more money over time. The holy grail of life. Lending money and getting interest on it, making you more money on your money. Similar to what one facet of a bank’s operation engages in.

I would consider testing it out and posting the results as an exercise and to contribute something of value to a loyal subscriber base . My initial gut feeling tells me that my money would vanish into a black hole, a void where good money goes to die chasing a high risk high return most likely doomed from the beginning venture were I to lend money on there.

Maybe because I got the one out of a thousand borrowers on there that was not creditworthy. Or its saturated with those uncreditworthy borrowers the particular day I decide to lend yet all other days it’s people on top of their finances that repay all their debts back with interest. I suppose this would have to be done a numerous amount of times to get a decent sample size for final assessment.

Even lending money out at a return rate of one percent a month is generally, extremely high risk. One percent a month times twelve is 12 percent a year. Consider the 10-30 year treasury note and bonds as a good barometer of what a safe investment return really is. We’re talking very low single digits as of today.

Lending to borrowers with low credit scores, low income, sounds risky to me. I would only consider lending money on the prosper.com’s of the world and BTCJams if there was an absolute foolproof way to enforce regaining my principal initially invested, better if I could enforce the interest as well but as long as my initial capital is safe I’m somewhat appeased. We’re talking any close to guaranteed method of collecting money back including sending a debt collector to make in person collection pickups routinely. Or having claim on assets. Say being able to repo their Mont Blanc pen collection, salt water aquarium complete with: miniature sharks and assorted exotic amazon tropic fish collection, or other insert any other high value items as examples bought of course with investor money never paid back.

Something effective, the ability for the borrower to simply not pay back the loan is too much of an easy way out for me to trust the lending platform as is. Perhaps being able to eyeball out creditworthy borrowers would give you an edge when using that platform.

Look I’m reasonable, I understand as with almost any investment you assume a certain amount of risk while stretching for the highest return possible while trying to assume the lowest amount of risk at the same time. But I want my money back, all of it. Now. With interest. What I think is finding the best platform with the best lender base. I don’t think sally deadbeat or john the debt defaulter care too much when their latest inevitable debt default knocks their FICO scores from 338 to 328 which also happens to be my hundred dollars I loaned out to them on BTCJam.com There’s got to be a more enforceable manner. I get to place a lien their paychecks until my money’s back or something along those lines.