I still dont see the reason to take these risks and project the earning for the future, this is because the future is uncertain, not for bitcoin but you, your own health and life is never going to be running same. You dont want to hand over that debt to your next of kin in the midway do you?
Instead of thinking for the future, just buy bitcoin whenever its price drops and keep accumulating it. That is the most practical and safe method to grow your coins.
Topic: Don't make too much assumptions and take loan! (Read 74 times)
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The biggest mistake here is ofcourse the 3% returns a week. There is no way we can get that much returns consistently for 4 years.
I hope that person did'nt actually did it for real and it was just a cooked up story because only a fool would assume so much and make his financial decisions.
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The biggest mistake here is ofcourse the 3% returns a week. There is no way we can get that much returns consistently for 4 years.
I hope that person did'nt actually did it for real and it was just a cooked up story because only a fool would assume so much and make his financial decisions.
We never know the credibility of stories especially when we see on public forums but looks like he atleast give it a thought of doing it so even if he actually didn't because he was so detailed with all those things and only think that didn't make sense is he is thinking of everything will go right in the way we expected which isn't the reality.
Things don't always go as planned and this plan was something that even a beginner would say that its difficult to be achieved.
We don't know what the future holds and can't even predict it. How can one think that he would get consistent returns with certainty.
Taking a loan and buying Bitcoin might look profitable on the papers for now according to him. Whereas he forgot to add the duration and the interest he will be paying on that loan. Eventually he will be in profit but his expectations on returns to big to digest. Predicting the future is not that easy when investment is in a digital currency that is known for its volatility.
Take a look at the current price of Bitcoin now. Beginning of this year Bitcoin broke its previous ATH and created a new. Currently the price of Bitcoin is below its previous ATH and it is expected to go further down. Imagine if Bitcon keeps trading in the same price range and an investors bought 1BTC last year then he is in loss and still has to make a payment monthly towards the loan.
Take a look at the current price of Bitcoin now. Beginning of this year Bitcoin broke its previous ATH and created a new. Currently the price of Bitcoin is below its previous ATH and it is expected to go further down. Imagine if Bitcon keeps trading in the same price range and an investors bought 1BTC last year then he is in loss and still has to make a payment monthly towards the loan.
Also he forgot about 30% capital gains tax and 1% TDS on every crypto trades which shows that he is not completely aware of the taxations or thought it's so easy to evade them as such that.
I never take loan to invest which is highly risky apart from that can make our life miserable if things didn't go in the way we want, instead better take the stairs and plan things that doesn't hurt us financially even if it doesn't give the expected results.
That is correct he completely forgot about capital gain tax and TDS. He thought that his gains and his loss if he sells his Bitcoin will not be taxable. I feel that this user is either bluffing or he is trying to find out what kind of reaction such a post can get from the crypto community. Knowing reddit there are many speculative post than original ones. This might be another speculating post to check if his plan will be successful.
.
.
The biggest mistake here is ofcourse the 3% returns a week. There is no way we can get that much returns consistently for 4 years.
I hope that person did'nt actually did it for real and it was just a cooked up story because only a fool would assume so much and make his financial decisions.
.
The biggest mistake here is ofcourse the 3% returns a week. There is no way we can get that much returns consistently for 4 years.
I hope that person did'nt actually did it for real and it was just a cooked up story because only a fool would assume so much and make his financial decisions.
We never know the credibility of stories especially when we see on public forums but looks like he atleast give it a thought of doing it so even if he actually didn't because he was so detailed with all those things and only think that didn't make sense is he is thinking of everything will go right in the way we expected which isn't the reality.
Again, coming here with a Reddit story who is planning to retire at his age of 35 with his 10 LPA salary package.
You can read the full post too if you want but see he made too much assumptions about the future assumption and the big risky thing is copy trade bringing 3-5% returns every week which is no way possible even in my wild dreams so assuming the user took a loan of 20L to buy that 1 BTC gave the results but the future is highly unpredictable and never take such risky investment decisions will be my suggestion.
At last, how creative he went to plan his retirement too quickly...
Quote from: https://www.reddit.com/r/CryptoIndia/comments/1cgsq7d/this_is_how_i_plan_to_retire_by_35/
Now I did something beautiful. I took out a loan and bought a little over 1 BTC in Jan of last year. Its value went from 20L to 70L. Given the Bitcoin cycle trend. We're gonna go up this year and next, touching somewhere around $150,000. Then we'd crash in 2026. And then go up from 2027-2030. In the second cycle I predict we'd touch $300,000.
Then I took out another 1L loan at the start of last month and allocated it to a Copy Trader on Binance who only trades BTC (alpha currency) and makes ~3% every week. (He uses leverage and it's a pretty decent and conservative number). So at that rate in the next 4 years (which is how long I have left to pay off the loan). He'd make ~$300,000.
So in 2028: BTC will be worth ~$150,000 (assuming the average price on the BTC Power Law Calculator). And my Copy Trading balance would be ~$300,000 (this is also an average, as he makes anywhere between 3-5% every week).
This would bring my total to $450,000. Assuming the rupee keeps depreciating, this would be 4.5 Crores. Just 50L short of what I'd make if I had worked till 60.
Then I took out another 1L loan at the start of last month and allocated it to a Copy Trader on Binance who only trades BTC (alpha currency) and makes ~3% every week. (He uses leverage and it's a pretty decent and conservative number). So at that rate in the next 4 years (which is how long I have left to pay off the loan). He'd make ~$300,000.
So in 2028: BTC will be worth ~$150,000 (assuming the average price on the BTC Power Law Calculator). And my Copy Trading balance would be ~$300,000 (this is also an average, as he makes anywhere between 3-5% every week).
This would bring my total to $450,000. Assuming the rupee keeps depreciating, this would be 4.5 Crores. Just 50L short of what I'd make if I had worked till 60.
You can read the full post too if you want but see he made too much assumptions about the future assumption and the big risky thing is copy trade bringing 3-5% returns every week which is no way possible even in my wild dreams so assuming the user took a loan of 20L to buy that 1 BTC gave the results but the future is highly unpredictable and never take such risky investment decisions will be my suggestion.
At last, how creative he went to plan his retirement too quickly...
The biggest mistake here is ofcourse the 3% returns a week. There is no way we can get that much returns consistently for 4 years.
I hope that person did'nt actually did it for real and it was just a cooked up story because only a fool would assume so much and make his financial decisions.
Taking a loan and buying Bitcoin might look profitable on the papers for now according to him. Whereas he forgot to add the duration and the interest he will be paying on that loan. Eventually he will be in profit but his expectations on returns to big to digest. Predicting the future is not that easy when investment is in a digital currency that is known for its volatility.
Take a look at the current price of Bitcoin now. Beginning of this year Bitcoin broke its previous ATH and created a new. Currently the price of Bitcoin is below its previous ATH and it is expected to go further down. Imagine if Bitcon keeps trading in the same price range and an investors bought 1BTC last year then he is in loss and still has to make a payment monthly towards the loan.
Take a look at the current price of Bitcoin now. Beginning of this year Bitcoin broke its previous ATH and created a new. Currently the price of Bitcoin is below its previous ATH and it is expected to go further down. Imagine if Bitcon keeps trading in the same price range and an investors bought 1BTC last year then he is in loss and still has to make a payment monthly towards the loan.
Also he forgot about 30% capital gains tax and 1% TDS on every crypto trades which shows that he is not completely aware of the taxations or thought it's so easy to evade them as such that.
I never take loan to invest which is highly risky apart from that can make our life miserable if things didn't go in the way we want, instead better take the stairs and plan things that doesn't hurt us financially even if it doesn't give the expected results.
Taking a loan and buying Bitcoin might look profitable on the papers for now according to him. Whereas he forgot to add the duration and the interest he will be paying on that loan. Eventually he will be in profit but his expectations on returns to big to digest. Predicting the future is not that easy when investment is in a digital currency that is known for its volatility.
Take a look at the current price of Bitcoin now. Beginning of this year Bitcoin broke its previous ATH and created a new. Currently the price of Bitcoin is below its previous ATH and it is expected to go further down. Imagine if Bitcon keeps trading in the same price range and an investors bought 1BTC last year then he is in loss and still has to make a payment monthly towards the loan.
Take a look at the current price of Bitcoin now. Beginning of this year Bitcoin broke its previous ATH and created a new. Currently the price of Bitcoin is below its previous ATH and it is expected to go further down. Imagine if Bitcon keeps trading in the same price range and an investors bought 1BTC last year then he is in loss and still has to make a payment monthly towards the loan.
Again, coming here with a Reddit story who is planning to retire at his age of 35 with his 10 LPA salary package.
You can read the full post too if you want but see he made too much assumptions about the future assumption and the big risky thing is copy trade bringing 3-5% returns every week which is no way possible even in my wild dreams so assuming the user took a loan of 20L to buy that 1 BTC gave the results but the future is highly unpredictable and never take such risky investment decisions will be my suggestion.
At last, how creative he went to plan his retirement too quickly...
Quote from: https://www.reddit.com/r/CryptoIndia/comments/1cgsq7d/this_is_how_i_plan_to_retire_by_35/
Now I did something beautiful. I took out a loan and bought a little over 1 BTC in Jan of last year. Its value went from 20L to 70L. Given the Bitcoin cycle trend. We're gonna go up this year and next, touching somewhere around $150,000. Then we'd crash in 2026. And then go up from 2027-2030. In the second cycle I predict we'd touch $300,000.
Then I took out another 1L loan at the start of last month and allocated it to a Copy Trader on Binance who only trades BTC (alpha currency) and makes ~3% every week. (He uses leverage and it's a pretty decent and conservative number). So at that rate in the next 4 years (which is how long I have left to pay off the loan). He'd make ~$300,000.
So in 2028: BTC will be worth ~$150,000 (assuming the average price on the BTC Power Law Calculator). And my Copy Trading balance would be ~$300,000 (this is also an average, as he makes anywhere between 3-5% every week).
This would bring my total to $450,000. Assuming the rupee keeps depreciating, this would be 4.5 Crores. Just 50L short of what I'd make if I had worked till 60.
Then I took out another 1L loan at the start of last month and allocated it to a Copy Trader on Binance who only trades BTC (alpha currency) and makes ~3% every week. (He uses leverage and it's a pretty decent and conservative number). So at that rate in the next 4 years (which is how long I have left to pay off the loan). He'd make ~$300,000.
So in 2028: BTC will be worth ~$150,000 (assuming the average price on the BTC Power Law Calculator). And my Copy Trading balance would be ~$300,000 (this is also an average, as he makes anywhere between 3-5% every week).
This would bring my total to $450,000. Assuming the rupee keeps depreciating, this would be 4.5 Crores. Just 50L short of what I'd make if I had worked till 60.
You can read the full post too if you want but see he made too much assumptions about the future assumption and the big risky thing is copy trade bringing 3-5% returns every week which is no way possible even in my wild dreams so assuming the user took a loan of 20L to buy that 1 BTC gave the results but the future is highly unpredictable and never take such risky investment decisions will be my suggestion.
At last, how creative he went to plan his retirement too quickly...
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