BTCJam is the peer-to-peer lending platform where, when things are working properly, those in need of extra capital can get funded by those with Bitcoin to spare, and those with Bitcoin to invest can earn a healthy return.
When things are working properly, which needs to be stressed. Because although the platform has methods of verifying people’s identities and their income, it’s very easy for people to walk away from their debts there. Often, when they do so, it is without consequence.
Until now. Perhaps the first known case has been settled in a Kentucky courtroom. A man Breathitt County, Kentucky, by the name of Dennis Kerley, borrowed a significant sum of bitcoins, about 11.95, in December 2013, the absolute worst time to do such a thing. What was he borrowing for? The miners amongst us have already guessed it: mining equipment. By May, the value of the initial loan had dropped nearly $5000, but Kerley was still on the hook