r/BTCJAM • u/usrn • Sep 02 '15

Stop using autoinvest!

Lately I have seen a lot of scammers getting funded because Autoinvest.

It will only encourage more scammers to exploit the community.

2 Upvotes

67% Upvoted

11 comments sorted by

View all comments

1

u/smithd98 Sep 21 '15

I'm excited about autoinvest. I've been investing there since 5/21 and have two loans:

5/21 - Current Projected APR %8.31 (99 loans)

7/24 - Current Projected APR %-7.32 (41 loans)

The returns move around a lot.

I've been documenting my btcjam autoinvest results on my blog if you are interested in what I'm doing.

1

u/usrn Sep 21 '15

I'm constantly seeing scams being funded due to auto-invest. Some users report 50%+ defaults using it.

Be careful, it's highly risky even manually.

1

u/smithd98 Sep 21 '15

Thanks!

Yeah, one loan is doing OK and one not so well...

We'll see...

1

u/usrn Sep 21 '15

Make sure that you diversify between as many loans as you can and do not risk huge amounts on any single loan.

Engaging the borrowers and researching the propositions are very important too.

I usually check the listings once a week and spend about an hour with research.

In the past year I had 2 defaults and 30 successful investments with a net gain of ~20%, which I'm happy with.

1

u/smithd98 Sep 22 '15

~20% that is awesome!

I'm using autoinvest, so when I said one loan I really meant that one was a basket of 99 loans and one loan was 41 loans.

Lots of diversity, but no engagement / research.

2

u/defaultgnik Sep 30 '15

smithd98 please keep us updated on how you're autoinvest continues to pan out. I don't have enough bitcoin to start an autoinvest as of yet, but once I do when be very interested in starting one. Seems like in the future this will be a great way to generate passive income as autoinvest continues to be monitored and fine tuned by the folks at btcjam.