Topic: A man in UAE took six figure loan and lost 85% of his crypto value - page 6. (Read 744 times)
August 18, 2018, 05:40:46 PM
This is how bitcoin affects people and even countries and regions: it will show you that your greed is your worst enemy and that is something that you should try to know sooner.
August 18, 2018, 05:35:01 PM
I don't think he's an investor, he's gambler. An investor knows how much he should invest rather than borrow to gambling. Anw, this guy was unfortunate to buy bitcoin at its ATH.
There goes a saying that: "Investing is not for all. Only 5% investors win". Obviously, he's among the rest 95%.
August 18, 2018, 05:29:20 PM
The reaction is both positive and negative, because always in the fall you can find its advantages. I never blame myself for losing, as the best will come back. 
August 18, 2018, 05:02:52 PM
That's really a terrible experience I must say but i guess the person was kind of greedy, because I know during early this year, the market was still high he could have sold off some part of his investment to repay some part of the loan
August 18, 2018, 08:03:47 AM
This guy was just unlucky. If he had done the same thing just 6 months earlier, or 6 months later, like in June 2018, he would have had less worry. June 2017 would make him rich and June 2018 would make him either a holder or a small loss trader.
In fact, he probably heard about someone who did similar and tried to do the same.
I feel really bad for him, but then it's his mistake, and I am sure he can afford the loan. UAE citizens earn well, he just has to pay back all his salary for the next year or so, and if he does that, likely crypto will return their value to him. Auto holder I guess.
In fact, he probably heard about someone who did similar and tried to do the same.
I feel really bad for him, but then it's his mistake, and I am sure he can afford the loan. UAE citizens earn well, he just has to pay back all his salary for the next year or so, and if he does that, likely crypto will return their value to him. Auto holder I guess.
August 18, 2018, 07:52:58 AM
get back to btc with the remaining amount and start praying
the chance of finding good alts now is not going to be easy unless you have been studying this arena for a long time
If I were him I would slap 50% in btc
the rest in super undervalued alts that have a shot of mooning (those are not in the top 100 already)
x y z
those could make big reversals
those could also be reduced to dust by everyone dumping all alts and rushing back to btc but I like to take a few chances
the chance of finding good alts now is not going to be easy unless you have been studying this arena for a long time
If I were him I would slap 50% in btc
the rest in super undervalued alts that have a shot of mooning (those are not in the top 100 already)
x y z
those could make big reversals
those could also be reduced to dust by everyone dumping all alts and rushing back to btc but I like to take a few chances
August 18, 2018, 07:30:39 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.”
Some of the people are being harsh here. The man took his shot and lost. More than most of us sitting here diversifying our pennies sure not to make anything. I respect him. He may have been reckless but he had balls.
He hasn't lost anything yet, I don't know what kind of investments he made, but things can turn around.
August 18, 2018, 07:27:37 AM
It's unfortunate he did not succeed with it, most times in life we just have to take some certain risky to be a millionaire, had it been he succeeded with the it and the crypto was in steady bull run, the story won't have been the same by now, but i still think all hope is not yet lost, crypto market might still enter into bull run.
August 17, 2018, 10:44:49 PM
Making a loan to the bank to invest in cryptocurrency is totally not a wise decision to make.
The most wise decision would be to use an unused fund to make the investment and keeping some amount to spare for another need.
The most wise decision would be to use an unused fund to make the investment and keeping some amount to spare for another need.
August 17, 2018, 10:05:17 PM
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 don't think he's an investor, he's gambler. An investor knows how much he should invest rather than borrow to gambling. Anw, this guy was unfortunate to buy bitcoin at its ATH.
There goes a saying that: "Investing is not for all. Only 5% investors win". Obviously, he's among the rest 95%.
August 17, 2018, 09:50:41 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.”
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.”
Okay, I'll say this simply, one of the unwritten yet golden rules in cryptos is "DON'T INVEST MORE THAN YOU'RE WILLING TO LOSE". This implies that taking out a loan to invest is a no no, except of course you're willing to lose it. Again, it begs the question: would you seek a loan to invest if you had the money, and would you be willing to lose a loan? He made a wrong move and I'm sure he's learnt his lessons.
August 17, 2018, 09:38:14 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.”
The real question is if he learned his lesson, I have known about the dangers of getting in debt since I was a kid and it is something that I have avoided as much as I could, how it comes that someone that can get such a high credit from a bank can be so irresponsible with his own finances to the point of borrowing money to buy a speculative asset? It would be interesting to know what are the interest rates since those alone could be impossible to pay 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.”
August 17, 2018, 08:40:36 PM
only 85 % lol i think i lost more than him btw islamic bank doesnt collect interet so its not an islamic bank and dont invest what you cant lose
August 17, 2018, 08:31:18 PM
Investment has their profits and risks. When you invest, you must accept them. That's the rule of the game. When he loans the bank, he makes a mistake. The first rule when invest something is never loan or borrow to invest.
August 17, 2018, 08:28:06 PM
You know what they say, 'pigs get fat, hogs get slaughtered'. Having said that as long as he doesn't sell he hasn't lost.........
August 17, 2018, 08:19:39 PM
He did the right thing in the wrong time.
Everyone thought the prices were going to the moon and they are not going to stop. He believed he can make a good profit lending some money.
He was unlucky and wasn't able to analyse the market well.
Everyone thought the prices were going to the moon and they are not going to stop. He believed he can make a good profit lending some money.
He was unlucky and wasn't able to analyse the market well.
August 17, 2018, 08:15:02 PM
Getting a loan and investing it in crypto is the dumbest thing you could do. Loaned money is literally not a money you can afford to lose and you have the interest to pay to begin with. Add to it the volatility of the market, he should have studied the market more.
August 17, 2018, 08:10:30 PM
I feel bad for him because he lost so much, hope he could recover it someday. That loss is awful, wish we knew what he invested in though. Many thoughts came to me on how he loss that huge amount but a lesson will be learned from this man.
August 17, 2018, 07:58:20 PM
He is very brave to that, he must have a full confidence that the price will go up and these things happen, I guess greed gets the best of him, I don't know if he can still recover, but this is one of the stories if you are not investing what you can afford to lose feel sorry for him.
August 17, 2018, 07:55:37 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.”
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.”
Some of the people are being harsh here. The man took his shot and lost. More than most of us sitting here diversifying our pennies sure not to make anything. I respect him. He may have been reckless but he had balls.
Agreed. A guy bought steem power by taking loan when it was at cents because he believed in it. Sometimes balls make you rekt and sometimes make you big!
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