borrow money from teh bank.. then inject it straight to BTC. - page 3.

phillipsjk

legendary

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Let the chips fall where they may.

Quote from: Omikifuse on October 16, 2014, 11:30:43 PM

What if something bad happens and I need the money before we reach moon?

sell Bitcoin.

It is not the end of the world if you do that.

Being able to do that requires the ability to secure said Bitcoin. Cold-storage helps: even against scammers pressuring you to "sell" your whole stash (ask me how I know).

Omikifuse

legendary

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What if something bad happens and I need the money before we reach moon?

phillipsjk

legendary

Activity: 1008

Merit: 1001

Let the chips fall where they may.

Quote from: Cluster2k on October 16, 2014, 11:10:20 PM

If you're confident bitcoin will go up in price then yes, borrow money and buy bitcoin. Even cash advances from your credit card should be maxed out. What's the interest rate? Maybe 20%? That's nothing compared to bitcoin's ability to double in price over a matter of days or weeks (see 2013).

Just be aware of what happens if bitcoin falls in price while you're forced to make regular repayments to the bank. Gamble responsibly.

I would not advise maxing out your credit card for this. While in the past, the price of Bitcoin has grown like 10,000%/year (100x), that is less likely to continue every time that happens.

My bank did recently offer to extend my credit limit. I plan to purchase about $850 worth every month for 3 months: leaving my original credit available. I also have a "low fee" credit card ("only" 11.99% annually). I do expect the price of Bitcoin to exceed that growth, but have no idea if it (a doubling) will actually happen before 2016.

Cluster2k

legendary

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Merit: 1018

If you're confident bitcoin will go up in price then yes, borrow money and buy bitcoin. Even cash advances from your credit card should be maxed out. What's the interest rate? Maybe 20%? That's nothing compared to bitcoin's ability to double in price over a matter of days or weeks (see 2013).

Just be aware of what happens if bitcoin falls in price while you're forced to make regular repayments to the bank. Gamble responsibly.

Klubknuckle

sr. member