Topic: A man in UAE took six figure loan and lost 85% of his crypto value (Read 806 times)
October 31, 2018, 01:49:52 AM
That's exactly why you do not need to take credit money and invest in cryptocurrency, you need your money for this!
October 27, 2018, 12:02:20 AM
I don't think there is nothing wrong talking a loan to help improve ones life, leverage is a great tool to use, it is just that he was very stupid investing in a market that has increased this much, I have read where some people trying to crucify him, assuming he is investing now, what do you think he would be saying this time next year, market move in circle that is why we need to be very careful when we invested into project
October 26, 2018, 11:13:38 PM
What a moron.
The first rule of any investment, particularly crypto, is to only invest what you can afford to lose. A loan, by definition, is not money you can afford to lose.
The first rule of any investment, particularly crypto, is to only invest what you can afford to lose. A loan, by definition, is not money you can afford to lose.
I won't really blame the man, if he had succeeded with the move, probably people will be praising him by now, I recall beginning of this year, there were a lot of high hopes that crypto would worth trillions of thousands and that this year will be best year for cryptos, everybody was investing hoping this year will be great, but it didn't work as planned, so it's not really his fault, he took a risk but it didn't work out for him.
October 26, 2018, 10:55:55 PM
What a moron.
The first rule of any investment, particularly crypto, is to only invest what you can afford to lose. A loan, by definition, is not money you can afford to lose.
The first rule of any investment, particularly crypto, is to only invest what you can afford to lose. A loan, by definition, is not money you can afford to lose.
Great answer! In fact, it is the truth. How can a man who is into Crypto world has no knowledge of it. He truly deserve his fate...
October 26, 2018, 10:50:05 PM
It's his own choice and decision to invest in cryptocurrency and there's no one to blame but himself, but i think if he did not already sold his holdings he still have a chance to make profit until 2021. Crypto has still a lot of room to grow and never invest any money that you can't afford to lose.
October 26, 2018, 10:45:20 PM
Crypthomie, a Reddit user identifying as a 32-year-old male living in Abu Dhabi, recently posted a photo of his repayment schedule pertaining to a six-figure loan that he took out on the 18th of December, 2017.
The Redditor borrowed 338,000 dirhams (roughly $126,500 USD), with a total outstanding amount of 393,296.80 dirhams ($147,200 USD) including interest from Emirates Islamic Bank. The document outlines a repayment schedule of 8194 dirhams ($3067 USD) monthly until December 14, 2021.
The investor wrote: “Here is my bank installment related to the loan I took to invest in crypto. Still three-and-a-half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85 per cent loss. I hope it gives you a lesson.”
I think that is a mistake, I'm so against making an investment in cryptocurrency using the fund that we get by borrowing the bank or any other institution.The Redditor borrowed 338,000 dirhams (roughly $126,500 USD), with a total outstanding amount of 393,296.80 dirhams ($147,200 USD) including interest from Emirates Islamic Bank. The document outlines a repayment schedule of 8194 dirhams ($3067 USD) monthly until December 14, 2021.
The investor wrote: “Here is my bank installment related to the loan I took to invest in crypto. Still three-and-a-half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85 per cent loss. I hope it gives you a lesson.”
If we really wish to invest that would be using the spared unused fund to make an investment in cyptocurrency.
October 26, 2018, 10:34:13 PM
This is really very bad, he really took a great risky with such movement, and it reminds me what is been said all the time about the cryptos space, don't invest all your money, invest what you cannot afford to lose, I don't know how the man in question will be dealing about the situation right now? considering when he borrow the money and the amount lost the crypto price have made since the time he borrow, this should serve as a lesson to everyone. Invest what you can afford to lose.
October 26, 2018, 09:59:52 PM
This guy bought into FOMO hook line and sinker. To be fair I think most people thought the market would keep going up. I had a bad gut feeling about the fast rise, so I sold some when BTC was around $14K... bought back in at a lower price.
October 26, 2018, 09:19:40 PM
I do not understand that they took the decision for "loans".
The loan to the Bank is not recommended in any case because the interest is always up and up.
I hope that this forum is not the same as this person.
The loan to the Bank is not recommended in any case because the interest is always up and up.
I hope that this forum is not the same as this person.
September 10, 2018, 11:29:33 PM
I find this very hard to believe, some people take risk foolishly .The rule in crypto is to always invest what you can afford to lose, the guy should blame himself not the market.
September 10, 2018, 11:25:05 PM
Ah man that sucks. I imagine he isn't the only one either. Think of all the longs on margin who though it just couldn't go any lower. Think about the shorts who think they are on a hot streak and just can't lose right now. For every winner there is a loser. IT's a brutal game and profession.
September 10, 2018, 11:21:01 PM
This is a big lesson to all greedy one's out there , this show the level of greedy in him and now he has himself to blame ,
He saw a move of the crypto and never understand how it's works but jumped in to have huge gain and get his fingers burned, am sure he has to find way to pay his loan now and definitely never near crypto again , this are set if people that gives crypto names with out knowing they are at fault by jumping in to what they didn't understand , if he had know how it works am sure he will be in money now because that time was when alts moon even after the dip of Bitcoin but cos he never got to know what he is getting in to only to get profit as made him the losser
This is a big lesson for his type of people to always do their research before getting in to any form of investment.
He saw a move of the crypto and never understand how it's works but jumped in to have huge gain and get his fingers burned, am sure he has to find way to pay his loan now and definitely never near crypto again , this are set if people that gives crypto names with out knowing they are at fault by jumping in to what they didn't understand , if he had know how it works am sure he will be in money now because that time was when alts moon even after the dip of Bitcoin but cos he never got to know what he is getting in to only to get profit as made him the losser
This is a big lesson for his type of people to always do their research before getting in to any form of investment.
September 10, 2018, 11:19:04 PM
The man got it wrong and I think his drive then was to get rich quick. It does not make sense to borrow money to invest in the market that you have no control over
September 10, 2018, 11:18:09 PM
Investing in digital cryptocurrencies must be played with free money that you can control. Otherwise, the consequences are very serious. Because the risk of digital currency is very large, it is difficult to grasp.
September 10, 2018, 11:17:20 PM
Do he check first all the movement and nature of crypto currency before entering on this world? Or just putting all of his money without any other plan?. If you don't understand that, it will be a disaster like that man. So please don't be an idiot by putting your asset without enough experience and knowledge on this league. So learn and educate yourself first and make sure you are capable to encounter the unexpected problem like losing money and how to deal on it by find the way to get it back.
September 10, 2018, 11:17:15 PM
Investing is risky no matter how profitable it seems it is and its a rule to only invest what you can afford to lose or your spare money.
Its not right to take a loan to invest in crypto (or in other investment out there) because there's no guarantee you can gain from it.
Just like now we are in bear market no one knows when will the market recover, although some experts says the market will soar high again but still there's no concrete basis to back up their statement.
Its not right to take a loan to invest in crypto (or in other investment out there) because there's no guarantee you can gain from it.
Just like now we are in bear market no one knows when will the market recover, although some experts says the market will soar high again but still there's no concrete basis to back up their statement.
September 10, 2018, 11:09:47 PM
So he did not follow the Golden rule of investing (not just crypto) "Do not invest more than you can afford to lose"! I do not like to borrow anything from the banks anymore they simply rip you off with interest I even pay my credit card in full each month and only use it for the convenience and miles accumulation. I think the guy should seek a support group as he has a terrible gambling addiction.
September 10, 2018, 11:07:57 PM
Crypthomie, a Reddit user identifying as a 32-year-old male living in Abu Dhabi, recently posted a photo of his repayment schedule pertaining to a six-figure loan that he took out on the 18th of December, 2017.
The Redditor borrowed 338,000 dirhams (roughly $126,500 USD), with a total outstanding amount of 393,296.80 dirhams ($147,200 USD) including interest from Emirates Islamic Bank. The document outlines a repayment schedule of 8194 dirhams ($3067 USD) monthly until December 14, 2021.
The investor wrote: “Here is my bank installment related to the loan I took to invest in crypto. Still three-and-a-half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85 per cent loss. I hope it gives you a lesson.”
That is why we need to learn more about the technology background. The internet is a good example. We need to know that things get too fast, they will decrease very quickly and it takes a long time to recover. That is a very good lesson for him. The Redditor borrowed 338,000 dirhams (roughly $126,500 USD), with a total outstanding amount of 393,296.80 dirhams ($147,200 USD) including interest from Emirates Islamic Bank. The document outlines a repayment schedule of 8194 dirhams ($3067 USD) monthly until December 14, 2021.
The investor wrote: “Here is my bank installment related to the loan I took to invest in crypto. Still three-and-a-half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85 per cent loss. I hope it gives you a lesson.”
September 10, 2018, 11:04:20 PM
that's why living in the US is great. you can take out a huge loan, default, hide your assets, claim BK, and start fresh
September 10, 2018, 10:49:12 PM
Some people did the same thing just months before December moon happened and they all ended up as millionaires.
This dude was beyond unlucky. I mean people who bought at the top from $20k price were unlucky. This dude just leveraged his non-existent luck to oblivion. If bitcoin doesn't go above $50k by December 2021, he is pretty much rap*d.
Good news is, I am pretty positive it'll go above $100k by then.
if they has strong mental and psychology no matter holding till bitcoin reached $100k.but how about their loan payment for each month if they did not have source income ? i am worry about that. This dude was beyond unlucky. I mean people who bought at the top from $20k price were unlucky. This dude just leveraged his non-existent luck to oblivion. If bitcoin doesn't go above $50k by December 2021, he is pretty much rap*d.
Good news is, I am pretty positive it'll go above $100k by then.
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