Topic: I am about to do something massivley stupid - page 5. (Read 24167 times)

PS. just remember, it's not as if your money is going to disappear overnight. So the price might tank a little, and you will owe a little more. Bitcoin is not going to die overnight. Or to put it another way, sure it can die overnight, but that would be a catastrophe. It would be just as much of a catastrophe as your bank going bankrupt. It's a risk, but it is an educated risk.

MOST of the time, nay almost ALL the time, such an idea is pure stupidity; but bitcoin really is something never seen before.  Check out my poll:

https://bitcointalksearch.org/topic/poll-do-you-have-outstanding-fiat-loans-held-in-btc-150690

This thing doesn't exist.

It's indeed a legend that during any speculative bubble, whenever the peak was close, we were hearing stories about some people having sold all their belongings and borrow tons of money to buy the speculation asset.   And indeed it was often interpreted as a sign that the crash was close.

One difference is that I'm not sure all these stories happened in the internet age.  We live in a sea of information and the story of the OP pops up very easily.  We would never have heard of him so fast, had we used only telephone and physical mail to communicate.

Now, does this thread nevertheless mean we are near a major correction back to 20$, 10$ or even less?    I don't know.   You tell me.

I made an identical post at about $20.

I'll add to that. As far as plans go, just because you go "All in" with a loan doesn't necessary mean that you need to stay all in with the BTC, regardless of price fluctuations. There are a number of ways to lessen the risk such as steadily selling the BTC, regardles of price. Or setting selling points, both on the high and low side, to take profits or limiting the impact of a crash. I recommend figuring out your strategy early on for managing that risk so you won't have a problem sleeping at nice.

My wife and I have different ways of seeing this.

I spent an amount of cash on buying GPUs two years ago when the Bitcoin was worth about £0.20 - my original set of computations suggested that, with the cost of mining kit and power and given the probable difficulty increases, I could make a small profit... at least get the mining kit paid for. (I still have the notes I made, and laugh at them now)

Bitcoin values rose, I bought more GPUs and currently have a good stash of Bitcoins and my mining kit and power are paid for.

My wife took a much simpler path. Some months back she draw £5000 from her savings account and bought Bitcoins. She now has Bitcoins worth approximately £17500.

Arguably, she is taking the bigger risk - if Bitcoin crashed to 0 tomorrow she would be light by £5000 and I would have some awesome machines for playing games or bragging about BOINC RAC.

Neither of us would have lost so much that our lives would be seriously damaged.

All this goes to show that there is no One Best Way to look at making some money with Bitcoins, but I might suggest that you make a plan which assumes that whatever Bitcoins you buy will drop in value to zero and be certain that whatever debt you take on is not going to seriously damage your lifestyle if this happens. Seriously - make a plan that assumes that the Bitcoin will be worth exactly Zero and that you still have to pay off borrowed fiat. Borrow only what you are comfortable with on that assumption and buy. I wish you luck - I personally think there will be some hairy moments, and the temptation to sell at the wrong time will be there, but that Bitcoins ultimately will do well.

TEFL is another one

JET program.

You already made the decision to do it. You're just scared. Happens to a lot of people.
Rule of thumb: Hope for the best, plan for the worst.

Yeah, I also became a millionaire AFTER losing that 20k (and needed to work instead of studying partly because of the debt).

Why thank you, but I will be taking a smaller non-student loan ($6k) It will be easier for me to handle if I fail.

I also feel that I will learn more this way, my peers are doing terribly compared to me and they all have degrees! They can't pay their massive debts and they can't get a job to do so. I feel that my idea is much less risky than what they did, getting a degree with that much debt scares the crap out of me. Worst case scenario I learn that I suck at predicting markets or I get better at it when I try again You can't buy that experience with a degree.

No need to be even native. My sister was offered 30 kTHB/mo, which, IIRC, buys you a cool lifestyle.

I sense wishful thinking! The painful outlook of having bought a car with twice as many coins as it would cost now. I don't remember your numbers and I know it's not your kind of car, but couldn't you get that Porsche Cayman for the same amount of coins as your Prius has cost you a couple of weeks ago?

I know I'm being kind of mean here, but I'm sure you can take it the right way and I can't resist the bull talk today

You read my mind.

I really don't expect my loan to cause me undue stress, the original one yes, but not this little one. I just don't care if I lose it. That is my choice to make.


What do you need? I am learning loads and I have totally revamped my plan. And as for rubbing it in, have you considered that I would also be able to do a victory dance if I win? Go big or go home. You can only stand to win big if you stand to lose big. I could go bet it all on red, but I feel that this is a smarter plan.

nah. After the american empire has fallen, noone wants to learn english anymore. Mandarin and spanish teachers are going to be in demand.

He's probably going to learn more valuable lessons than those that most people learn by going to university. So I think at least morally it's fine.

Dude, what is it you need? ............ a log/thread of all the people who thought this was a bad idea, just to rub it in with hot sauce later.

.....meh......

If the loan you are taking is entirely repayable from your excess income in about 2 years, then there is no reason not to do it. Except, people tend to be anxious over something they cannot afford. The quality of life may deteriorate if you are among such people.

I heard that in the US people get student loans of up to $100k, and their education does not necessarily give them any edge in the marketplace. That is reckless. I wouldn't do it. Instead I started my business at the age of 20 and have never graduated (32). I also loaned €20k for stock speculation when I was 19 and that was a stupid idea because I did not know what I was doing.

It seems that $6k you're suggesting is quite conservative. Make a business plan for the whole operation in writing, and stick to it. Go for it!

And what do you think I should do? I am always open to ideas.

I know what you are talking about but I am in disagreement with you. Just leave it at that.