Topic: A man in UAE took six figure loan and lost 85% of his crypto value - page 7. (Read 806 times)
August 17, 2018, 06:48:26 PM
This is very sad to read, I wish the market will return to bull run to make some good profit for the man to repaid back all the loans, but this is also a warning to people borrowing and taking loan to invest in cryptos, crypto currency is so volatile so don't invest what will cost you so much.
August 17, 2018, 06:44:11 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.”
Taking such a huge loan to invest in crypto was a very bad idea. never you take a loan for crypto investment. You have always been advised to invest only the amount you can afford to loose.
August 17, 2018, 06:40:33 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.”
This is why they always said that it is very risky to invest here in crypto and only invest money which you can afford to lose. The way i see it, that guy is greedy that he invested that kind of amount thinking that he will got it back in a less time or maybe he is a rich guy and that amount is only a penny to 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, 06:32:51 PM
That's really sad for him, but the chance are than in 2021 when his loan are payed out, the crypto he bough might have a greater value than when he bought it in december 2017.
I think he should hold most of it in Bitcoins, and then trade some big altcoins when they swing, that cut be Bch Neo, Eth or other big coins hitting its low.
I think he should hold most of it in Bitcoins, and then trade some big altcoins when they swing, that cut be Bch Neo, Eth or other big coins hitting its low.
August 17, 2018, 06:32:21 PM
It seems very strange to me.Top of hossa was in February so i think it was possible for him to make at least 30% . I don't know what he want teach if his story is real.
Make some photo shop screenshots is not so hard
Make some photo shop screenshots is not so hard
August 17, 2018, 06:26:34 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.”
This is the craziest idea have seen in investment, greatest risk, my advice in Crypto, never use a fund that can get you in trouble, things can go sideways.
When you actually own your fund, even if the coin you invested in drops in price you simply relax and know it has turned to a long term investment.
August 17, 2018, 06:11:05 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.”
This is indeed a good lesson not to get a loan to invest in cryptocurrency because as everybody knows it's highly volatile, it's loss-loss situation you are paying your loan and you are running at a loss, it's hard to fic the situation even if the price increase you are paying your very high interest with your profit.
August 17, 2018, 06:00:57 PM
If he has not sold them off, there is still a good chance he can still get return of his investment, just a lot of patience, In any case, it is not a great idea to borrow large chunk of money to invest in cryptos
August 17, 2018, 05:57:37 PM
This is one of the reason why it is always said that you should always invest what you are willing to lose, don't borrow money or sell your property in other to invest in crypto currency, this should serve as a lesson and an eye opener to everyone.
August 16, 2018, 05:16:19 PM
it has been repeatedly said that taking a loan to invest in cryptocurrencies is a great risk and should not be done so.
August 16, 2018, 05:13:34 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.”
People are ready to sell their shirt to invest money in cryptocurrencies. It's a bad idea to take credits, sell cars or estate for this purpose. I always advise investing only10% of your saving, which you won't regret in case of downfalls.
August 16, 2018, 03:32:46 AM
He destroyed his life. It is unwise to borrow so much money to invest in encryption. This year, it is obvious that the market is going downhill.
August 15, 2018, 02:23:26 PM
Maybe I'm not very strong in financial matters, and I can be wrong about this, but tell me, someone heard that banks give loans to buy crypto currency. If given, then this person is just a fool, and if not, then he is another fraudster who did not manage to quickly put together a fortune.
August 15, 2018, 02:21:42 PM
He put all eggs and even borrowed eggs into one capricious basket. Sometimes the risk is just not worth taking. On the other hand, he would have been famous if he had tripled or multipled the borrowed sum. 
August 15, 2018, 02:08:46 PM
Feel for him. I think this is not the only case, many had a veil on the eyes when there was a mad growth of cryptocurrencies at the end of last year. It is greed, the desire to make money and failed me. I also used borrowed money, though much less. Still, it affected me and I got a lesson for life.
August 15, 2018, 01:42:13 PM
trading can be extremely risky, especially if you attempt to day trade using borrowed money. Individual investors frequently lose money by trying to use this approach.
August 15, 2018, 01:12:43 PM
This is very devastating. He didn't ask questions before diving into 2017 FOMO. Investment gone wrong. I feel for him.
August 15, 2018, 01:11:32 PM
two scenarios that I can imagine:
He is rich already, but he tried to do it from a loan. OR
He wanted to be rich, badly. Turned out to be a huge mistake investing into crypto.
I hope for the first, but believe in being the second.
He is rich already, but he tried to do it from a loan. OR
He wanted to be rich, badly. Turned out to be a huge mistake investing into crypto.
I hope for the first, but believe in being the second.
August 15, 2018, 01:10:53 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 he doesnt know too much about crypto, he invested a huge amount of money without knowing the risk, he doesnt know what he might get after that, he only invest because he knows that crypto is a good opportunity to earn money. 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 15, 2018, 01:05:07 PM
Crypto market is too much similar to Stocks.
Even in stocks people tend to buy more taking loans if the market has had a sharp growth and tends to sell at loss in desperation when the price is low.
If you want to invest, current time is the best time to take a loan.
Even in stocks people tend to buy more taking loans if the market has had a sharp growth and tends to sell at loss in desperation when the price is low.
If you want to invest, current time is the best time to take a loan.
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