Topic: I am about to do something massivley stupid - page 6. (Read 24108 times)

Again with the people saying I am going to default. Why in the world would I default? It is bad for me in every way. Stop reading the last few random posters and read what I am saying. How annoying.

I AM NOT GOING TO DEFAULT ON MY LOAN, BIG OR SMALL. READ THE THREAD. I CONSIDER IT IMMORAL TO DEFAULT AND NOT PAY MY DUES.


You don't know me, you don't know anything. You don't even know what you are saying. You are making up an image of me and you have no idea who I am or what my situation is. Why don't you read the thread and find out? And just like the last person who could not keep their tongue, I will just ignore you if you keep it up. I don't care what you have to say if you can't discuss it like a human. Even the most negative people were able to voice their opinions without name calling and I was able to learn from them.

Be civil or gtfo.

Already planning for a life of debt peonage, eh?  I guess you've had enough formal schooling already.

Thank you for the suggestion, I might just do this. In fact, if this is successful then I might keep doing it. Despite the haters, debt has its place in the world. I want to take risks which I am prepared to handle, I might lose and I might win. I just don't want to sit around and wait anymore I would rather learn lessons and work at understanding money better.

If this fails I will probably do the same thing again next year. I might try and start a business or I might try and invest in something else. I can always pay off my debt, but I cannot get ahead without it. It leverages the buying power I have and if I make enough back I am that much further ahead. If I lose my money, I was going to save it or buy something lame with it anyway. I could do that or I could try and make my money make more money for me. This way forces me to use the amount in a focused manner and learn from my mistakes.

It takes money to make money.

However you justify this to yourself, gambling with the borrowed money is stupid and factoring in default immoral. You'll keep the upside while your creditors can eat the downside?

You need to grow up. Stop leeching off your parents - haven't they done enough? Stop whining about how little you earn and how tough it is. Do something about it like an adult would. Something that isn't just another someone-else-will-pick it-up fantasy. Earn the money and then gamble it if you must.

The entrepreneurs that have been mentioned borrowed money to invest in themselves and their new ideas and their hard work. And usually the money was as equity - the funders had a stake in the success. Yet you are looking to stiff the people that have invested in you.

I could also raid all of my neighbours houses for money and just not take a loan.

No thanks, I like freedom and good credit scores.

It's true.  A lot of funding for education comes from my tax dollars, and I don't really wish to see them used in highly speculative bets.  OTOH, I don't want to see them used to kill kids in Afghanistan either, but there is a limited amount I can do about it.

In the particular case under discussion here, the more money pumped into the Bitcoin economy, the higher will go the BTC values and thus the bigger the potential for me to become personally enriched.  It's one place where my tax dollars could work for me personally, even if it is by a somewhat circuitous route.

All I can say is, great idea, try to get a fixed interest rate. The USD is going to tank some time in the next few years and your liability will evaporate.

this

we already got enough bloodsuckers in our economy. we don't need to breed even more.

taking risk and suffer the consequences is entrepreneurial, taking risk and dumping it on society is bankish.

Taking out a loan with the intent to file bankruptcy is fraud. Not to mention that it is unethical even from a libertarian viewpoint.

Bankruptcy doesn't clear all categories of loans. You'd have to restart your life in another country, and at that point there's no point mucking around with bankruptcy.

I would suggest taking out as much of a loan in all categories as you can get, selling all of your possessions, assets, etc. Then buying BTC and filing for bankruptcy. They can't take your Bitcoins, and they will have nothing else to take. Then restart your life with your billions in Bitcoins.

I'd say the number is 42.

Bitcoin's rise is NOT 'inevitable'.  There is still a 30% chance of Bitcoin failing in my opinion. There are a lot of things that can still feasibly go wrong, and probably whole lot of other things that nobody has even thought of.   Note of them would kill Bitcoin completely, but they would condemn Bitcoin as a niche currency trading at single figures.

  

That is the correct way to take trade risk, to be fine with the worst case outcome.

Oh, another tip. Instead of student loans, see if you can get a car loan instead. Good rates, and way fewer risks (though you may be restricted to actually having to buy a car, new or used). Back before the '08 crash it was fairly common for people to arbitrage, taking out low interest car loans and putting the money into high interest savings. They would only make 1% to 2% a year on this, but it was still something.

And I thought I was crazy for gambling 0.02 Bitcoins on Satoshi.

OP, I did something similar to what you are planning.


In early July 2011 I took $10,000 out of my 401k to buy bitcoins at a mere $14.5/BTC. I had confidence in the whole Bitcoin technology and everything that it stood for.

I watched as my investment dropped. I was able to make a few more bitcoin buying and selling on MtGox getting my total Bitcoin stash over 750. Then I learned about Bitcoinica which allowed you to trade on a 10:1 margin as well as allowing shorting. So I moved about 600 of my BTC over to Bitcoinica and started trading at a 10:1 margin. Almost every time I dumped a large trade in the market went the opposite direction and I lost my leveraged funds. After becoming suspicious with only about 150 BTC remaining I moved it back to MtGox and then into a private address for safe keeping. At this point the price was around $4/BTC, basically a value of around $1,000 remaining.

I had a reason for jumping in with my 401k. I had a $30,000 balloon payment on the lot of land next to my house due that next April. I figured that BTC would triple by then at least. Instead I was short, I had to cash out more from my 401k while I had to pay $3k in penalties and taxes on the original withdrawal.

Along with other factors, I took out so much from my 401k that I owe the IRS a lot of money this year. And the only way I could do that is to work in Afghanistan where I get paid very well. Now my life is hell.

Bitcoin was not the only reason, my wife and I made some poor financial choices including a failed business. But just tread carefully. You are young and you should be ok with just $6k.

But you have been warned enough so I will address your original question:

If you have a credit card with a decent limit, a good way to get BTC for credit is to sell something in demand at cost on BitMit and have it shipped to the buyer while paying for it with your card. There are some wholesale companies out there that allow drop shipping, if you find a decent one you could even make a few bitcents.

Your subconscious mind, your gut, your intuition, your soul, whatever you want to call it managed to slip itself in the title of the thread.
I am about to do something massivley stupid

You will save years of hard lessons the more you listen to that intuition. Learn from the mistakes of others and buy on a regular basis a set amount of $ in bitcoins per day/per month. As price drops, you will buy more coins and price rise they will all be worth more.
You will be much better emotionally. Do it for the rest of us

I almost forgot! Thank you everyone for putting up with my hairbrained scheme. I am super happy to have received advice from so many prolific forum members and helpful investors. You have all given me exactly what I needed to go forward with my plan. I will only lose a year of my life if I fall flat on my face now

Stop being a mule or it's going to get you in trouble again.  What if your parents lose their house?  What if you lose your job?  I'm bullish on bitcoin, but this is a very volatile market.  Trust me, you won't be able to stomach it.  You need to listen to your own advice.  You're too smart to be doing this.  Going all in at an all time record high is not a wise move.  You're allowing the price action of the last two months to go to your head.  Just relax, think logically, and remember Murphy's Law.


This is the money you should be using to buy BTC with.  That will allow you to dollar cost average and take advantage of the dips.


So use your programming skills to earn BTC on the side.