Topic: I am about to do something massivley stupid (Read 24167 times)

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I had an unfortunate problem with miicard right when bitcoin jumped from ~$40 to ~$55 and I was sure that the end was not far off. So I let the cash ride and hoped for the best.
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Still remember this impressive thread, did you invest based on your plan OP? Success?

I've helped more than 100 people buy Bitcoins for the first time by reselling Bitcoins.

Most of them probably would have bought eventually, but more than one has told me they only bought because there was somebody in their area with a good reputation that was willing to meet them and explain the process.

Maybe that's not what you meant, but it certainly is one way to help adoption of the currency grow.

I've helped more than 100 people buy Bitcoins for the first time by reselling Bitcoins.

Most of them probably would have bought eventually, but more than one has told me they only bought because there was somebody in their area with a good reputation that was willing to meet them and explain the process.

Maybe that's not what you meant, but it certainly is one way to help adoption of the currency grow.

Otherwise you get into silly situations like if you sell bitcoin to re-buy more, you are helping Bitcoin, etc...

Many people underestimate what Bitcoin represents - I'm not exaggerating in my signature.

Some people are willing to risk their entirely livelyhood on this thing and I think I'm a daredevil because I own more BTC than XIV.

XIV is far better than traditional stock index fund!!!  Really glad to see some sophistication in finance

Its posts like this that make me want to start a BTC-based company or something.

Some people are willing to risk their entirely livelyhood on this thing and I think I'm a daredevil because I own more BTC than XIV.

Hello fellow bitcoin users.

I have been watching bitcoin over the past 2 years, I 'bought in' about 6 months ago. Over the months I have watched bitcoin developments and feel strongly about bitcoins future. Barring some massive hole found in the code, or something disastrous happening worldwide which might make people feel that bitcoin is terribly insecure, I feel that bitcoin's rise is inevitable.

Now comes the stupid part. I am thinking about taking on a $10k-$15k student loan to purchase bitcoins.

No, I don't need you to tell me why this is a retarded idea or why this is massively risky. I understand the risks quite well and I think I have lost my marbles. I have determined that I would rather pay off this loan than miss this investment opportunity. I know that if this fails I will kick myself forever, but I am young (26) and I can recover.

I was wondering if anyone knew of any loan services which might be good for this purpose, or things I should know about making such a large purchase. Please keep the doom and gloom to yourself, I know this is stupid but I have made my decision. I need ideas and help.

I plan to be holding for at least 5-10 years, and I would be willing to part with about 50 of my coins for $15k to pay off my loan and break even (a.k.a. a price of ~$300 a coin). I will be holding my breath until then. I plan on doing this in such a way that I do no incur Forex taxes on my 'cash out'. And I would probably end up having someone pay off my loan for the trade of coins below market rate. I would probably end up paying for everything I need in bitcoins as I see no reason to exchange my money back out and let 'the man' take a cut of my profit. This is my super scary gamble and I want to keep my reward if I get it.

Thank you very much for any positive input. And I hope you have a great day.

Edit:

I did something similar kind of similar in my senior year in college.  But then it wasn't done against a student loan so I've the option of going bankrupt and wipe it off my slate if it went bad - of course, it wasn't for a 30 bagger and half a million, it was just a chance for a 3 bagger.  Go big and aim for something potentially life changing!!  I wish the OP luck!!!  Will check back 5 years from now!!

that's what i concluded.

I really like this gamble by the OP, if he put $15k in March at around $50 (before Mar 17, BTC's $50 or below), he has 300 BTC.  If he put into coinlenders, graet.loan, etc. (spread out the risk and leave some uninvested), he should get about at least 16%.  Let's factor in defaults and suppose he gets 12%, 5 years from now, that will comes to 1.12 ^ 5 = 1.762 * 300 = 528.7 BTC.  I think it's unlikely BTC will be at the same level 5 years from now - either it'll grow many times (possibly worth more than $1000 USD or even more) or it'll be a bust.  If BTC's is > $1000 USD, he makes out with half a million, extremely well for any graduates.  If it becomes a bust, he'll pile on about $21k more debt assuming interest on loan is 7%.  In the scenario that BTC just languish at current rate, he'll still be about $30k ahead.

If worst comes to worst they can leave the country, and their bad debts will just be another drop in the ocean of the malpurposed and unrepayable government-backed student loan debts.

No, it still looks very very stupid.