A man in UAE took six figure loan and lost 85% of his crypto value - page 2.

kent47400

newbie

Activity: 210

Merit: 0

Quote from: vederfreds on September 05, 2018, 11:29:31 PM

Jesus think about his situation now. The market is getting taken apart piece by piece. Hopefully the poor chap had a bit of luck come his way since the big loss. Life is funny like that. He probably has received some good fortune already.

The essence of all that is grateful.
I can see the financial condition with such value is enough to survive for 2 years if I live in my place.

I think that person is too ambitious for things he hasn't understood about cryptocurrency.

vederfreds

jr. member

Activity: 155

Merit: 1

Jesus think about his situation now. The market is getting taken apart piece by piece. Hopefully the poor chap had a bit of luck come his way since the big loss. Life is funny like that. He probably has received some good fortune already.

yayat

full member

Activity: 434

Merit: 102

The risk is very high for that and that is a silliness that is not worthy of imitation.
Don't just invest in cryptocyurrency with your savings or loan, if the result is negative then you can see the example like that.

mindrust

legendary

Activity: 3276

Merit: 2442

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.

Mimaville

newbie

Activity: 24

Merit: 0

Why you??? Do you want to make the whole bucks? This is greed playing out here. But come to think of it, why would a man borrow such amount of money??? You know what, just take heart. Its a lesson.

Msile

hero member

Activity: 658

Merit: 503

Well that is just a stupid thing to do, look at the coins, look at the market, just look at one chart and you will see that the market is still incredibly volatile and unstable. No one should be investing borrowed money into this market, you should not even be investing money that you will need in the near future. You should never invest more than you can afford and are willing to lose.

organelles

member

Activity: 350

Merit: 10

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Times without number has it been said that people should never invest more than they can afford to lose into crypto. It is just like any other market, you have to familiarize yourself with the risks and also make sure that you are making smart investment decisions that will last for the long term. You should never invest in the market using a loan.

beeelzebub

full member

Activity: 602

Merit: 101

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It is very normal. People are greedy and when something goes up they always think it will go up forever.

But crypto is a new market and risky market so the outcome is not unexpected.

energodar2019

member

Activity: 210

Merit: 10

This is an example of greed and Mal-investment. Emotions can make mistakes, investments need common sense!

ostsee77

sr. member

Activity: 518

Merit: 258

oh. the man played poker and lost. that happens a lot in life when you're too greedy. many people think they get the quick money in crypto. but all those who invested in december and january must now wait very long until they will have won again

JakenBake

member

Activity: 150

Merit: 11

Wow you can never take out a loan no matter how sure of the outcome you are. Bad things always spring up at the worst times and you just cannot take risks like that. Hopefully he moves on an recoups his losses.

AiloveYouks21

sr. member

Activity: 560

Merit: 250

Quote from: Yudhisthir on August 15, 2018, 09:58:08 AM

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.”

very stupid action, for what you borrow money from the bank if you don't have a reserve of money.

anahata

sr. member

Activity: 523

Merit: 300

That's why crypto has golden rule, invest only that you can afford to loose. He made a bet and failed heavily.

graysato

newbie

Activity: 154

Merit: 0

He took a loan of this much of money to invest for cryptocurrency!!! That’s not a good idea. There goes a proverb, “Grasp all, lose all”. So, think twice before doing anything.

Endank

member

Activity: 294

Merit: 10

Always something like this will happen, because the only biggest problem is knowing the limits of a fluctuation. But I think crypto isn't finished, and let's face it. We should enter at our own risk, and the difficulties of others can even be made easy as a lesson.

garybyerz

newbie

Activity: 294

Merit: 0

Those who invested in December, it was a great loss to all of them. A lot of people lost everything after investing. It was not an appropriate time at all. We should have to take a lesson from this.

graysato

newbie

Activity: 154

Merit: 0

It was not wise to take that much of loan for investing in the cryptocurrency. Because there is no stability at all in this market. You can invest money, no problem, but not by taking a loan. It’s not wise.

garymorgen

newbie

Activity: 280

Merit: 0

How can a man take this type of decision? The market is uncertain and also it’s not stable now. Everyone knows this. At this moment taking loan and investing in crypto market it’s really bad decision. Everyone should take a lesson from it.

GalacticSight909

newbie

Activity: 64

Merit: 0

He is right, that should be a lesson for everyone out there so that no one makes such stupid decision like him. I have been investing in cryptos since early 2017 and one single rule that I have always go by was to only invest an amount that won't make your homeless. When someone takes such huge loan just to invest on a volatile market like cryptos then they are definitely asking for it, in my opinion.

voltagecrypto

newbie

Activity: 182

Merit: 0

Six figure as loan! I really doubt that he understand the cryptocurrency market well. Otherwise such a big risk can not be taken. But i feel sad for his bad luck. The scenario could be different.

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