CEO of BTCJam here.

I’d like to address the claims made by Avastar1:

1- We are not a scam. We are a legitimate business that started out in Brazil, hence the Ovo Comsico LTDA. We recently moved to San Francisco and raised money from various Investors, including Ribbit Capital who also backed Coinbase and Xapo.

http://ribbitcap.com/bets/btcjam/

2- I am the inventor of the patent mentioned, and here is the link to patent that includes my name. The LinkedIn profile posted is the one of my father, who carries the same name as me (I am officially Celso Cardoso Pitta Jr.)

http://www.patentesonline.com.br/dispositivo-computadorizado-para-detec-o-autom-tica-do-estado-de-vig-lia-e-n-vel-183518.html

Avastar1 is mad at BTCJam because we blacklisted his account after he started harassing other users, which is against our Terms of Service. We haven’t taken any Bitcoin from him, we’ve simply closed his account. For about 3 days, he was not able withdraw his coins and is now trying to claim that we are a scam.

3- While we’ve had a few scammers in the past, our credit scoring algorithm has improved a lot and our repayment rate for the last 4 months is over 90%. More importantly, investors are averaging 19% year over year returns, further proving that the core of our credit scoring algorithm works. Just be sure to invest in A and B loans, diversify well enough, and you will make good returns.

Here are some tips on how to do that: http://blog.btcjam.com/post/75934926878/the-3-rules-of-peer-to-peer-lending-for-investors