never use loan money to invest in crypto.
this may be a case in point a small part of an investment that you cannot predict a loss or fortunately. always use your own money if you want to invest in crypto.
Topic: A man in UAE took six figure loan and lost 85% of his crypto value - page 4. (Read 806 times)
August 23, 2018, 02:59:30 AM
August 23, 2018, 02:56:23 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.”
This is a common thing, when the people get into crypto on the time of the hyped.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.”
and when the market turn into bearish. this is what happens
we all know crypto could bring a lot of money or fortune.
however we cannot trust the volatility of the market.
this very absurd way to learn. and painful though.
August 23, 2018, 02:47:42 AM
That's why smart people say that you have to invest only the amount that you can afford to lose while not being broke. But I also know the story of a guy who sold his crib in 2017 and put that money into crypto. So the right time is something to consider.
August 23, 2018, 02:36:06 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.”
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.”
Of course this is a good example, for bad things that can be accepted at any time. And I think the great potential of course is offset by the big risks, even though it's not in the crypto industry. And it's proven that the right coin won't help if it's bought in the wrong time.
August 22, 2018, 07:15:42 PM
Well, i am sorry about that, but yes this type of approach is really bad because the borrowed money is what is called scared money and scared money can never give you the profit for sure no matter whatever the market conditions may be and no matter whatever your financial status may be. This man who took the loan should have given some time to learn and test the market, should have invested some time and money to grasp the trading skills before moving to trade this big account.
August 22, 2018, 06:58:18 PM
I think it's totally his fault. If he can not bear the losses so why should he invest in cryptocurrency. Taking huge loans for investment in crypto looks totally worthless to me. I guess we all know about the fluctuations.
August 22, 2018, 05:53:35 PM
I feel really sad for this guy. At least he had the courage to invest a big money in crypto. But I'd say it was a very stupid decision to invest such huge amount of money by taking loan which he can't afford to lose. An investor should choose his investment amount wisely.
August 22, 2018, 05:41:05 PM
very sorry,
real news or fake news, we have to respect to him. no need to bully.
This is can be used as lesson for all of us. We must be careful about investing in ico, because most of ico (almost all) is not real investment, but gambling.
real news or fake news, we have to respect to him. no need to bully.
This is can be used as lesson for all of us. We must be careful about investing in ico, because most of ico (almost all) is not real investment, but gambling.
August 22, 2018, 05:47:47 PM
The first thing that came to my mind is, why on earth a bank will give a loan of this huge amount to a guy without any business plan! This seems very suspicious to me. This incident has got many peoples' attention and many people are leaving the crypto business, which is not good for the crypto world. We need to know about the details of his claim.
August 22, 2018, 05:39:38 PM
I think he didn't know anything about cryptocurrency at all. The first rule of investing in any business is that there can be risks. And in case of crypto, there are definitely risks. The market never stays the same. An investor should invest in crypto the amount he can afford to lose. Taking a huge loan from bank and using it in crypto was a very stupid decision.
August 22, 2018, 05:36:02 PM
I think it is entirely his fault. He didnt know much about cryptos. If he knew, he would have never took loan and then invest. First, rule of investion into cryptos that, Dont invest if you cant affort to loose.
August 22, 2018, 05:23:30 PM
It's all his fault. Crypto market is always volatile and he should know it. I think he didnt have enough knowledge and he invested in the hype. That's why he is facing this now.
August 22, 2018, 03:36:43 PM
it is heart touching story. i think you should give time here and study more. it will be make your profit because crypto are more secure and profitable trading platform. here you invest by you intelligence. it will back you money and make more profit.
August 22, 2018, 02:50:35 PM
it is very bad with you but don't be upset. you should study more and get much knowledge than you make a proper investment to get more profit. you should give time in crypto market and develop your skill. it will make your profit.
August 22, 2018, 01:44:36 PM
Crypto are more profitable and potential market. it will be more make your profit but you should justify before invest. you invest your money with you intelligent than you will make more profit.
August 22, 2018, 01:32:31 PM
yeah I also hear about this news as well and it is very unfortunate news but the fact is as a investor we must know the first rule of investment and that is never invest more than you can effort so you can't deal with this place if you don't have the proper knowledge about the place .
August 22, 2018, 01:14:32 PM
I am really sorry to say that but this was a very foolish move from him he never should invest all the money he has, one should never invest more than he can afford cause risk is always available in this place so you can't be careless about this kind of matter
August 22, 2018, 12:59:58 PM
If this is true, I hope people will learn something from it. Talking loan for making investment on crypto is too much risky. Nobody should be this much desperate to make investment. One should invest what he/she has extra in their pocket.
August 22, 2018, 12:42:29 PM
First thing one should keep in mind before investing that he/she mustn’t invest what he can’t afford. I hope this incident will teach people a good lesson. No one should let the greed destroy his/her life.
August 21, 2018, 06:13:11 PM
He Was excessively eager, that is the reason he put such a major sum in crypto. Furthermore, everybody knows crypto showcase is dependably on hazard as it runs 24 Hours.on which premise that bank gives a credit to that individual. Never put resources into crypto with advance cash as it isn't your cash.
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