Topic: I am about to do something massivley stupid - page 7. (Read 24167 times)

?? Did you even read this thread?

The biggest problem you have here is that if you need to go all in, you need to do it right now, not next week.
You will be forced to invest during the time, that is not necessarily a bad thing.

Good luck!

It's not just risky and retarded, it's irresponsible.  You will borrow some money for you to gamble with.  So in a nutshell, in case your plan fails, you intend to tell you creditor:  «  Sorry I lost everything, I can't pay you back. »   At some point in history some people would have broken your legs for that.



Just look at the 2011 crash and think again.

No, I don't need you to tell me why this is a retarded idea or why this is massively risky.

OP: Noooo!!

If you must, then sell your car for bitcoins -- unless it's a collectible, or extremely old, a car loses value rapidly. If you truly believe in Bitcoin, you will make sacrifices and use public transport . Even hiring a rental for the occasional weekend out of town works out cheaper than registration + insurance and all that other nonsense.

Sell your TV on ebay or whatever. There's nothing good on anyway, and they're so ubiquitous that you can always visit your parents and stuff for movie nights.

Quit smoking and buy a couple of bitcoins each week with the spare change.

--Try testing yourself in those or similar ways for e.g.: a week, and if the "pain" is not worth it, then I would hold off. Because if the risk of a loan doesn't pay off (e.g.: Bitcoin crashes to $15) you'll have to do those things anyway.

I know you're not planning on defaulting, but your financial position suggests a volatile situation where even *you* may not be aware of how you'll react to various developments.

well good luck to you! i can say with confidence that i am not at all the sort of person i described in my previous post. I would never do what you are doing. But i legitimately and truly hope that you become ridiculously wealthy.

LMAO 

I don't particularly care, I just think it is even dumber not to get input on my idea.

I am still sold on doing this, but I have learned a lot from all of the comments. This is exactly why I posted. I really didn't want to post, but I knew that there are people here who would be able to talk at least some measure of sense into my idea. So far it has been a wildly successful thread and learning experience.

Taking a huge risk that you know will either lead to extreme wealth or extreme poverty in your future isnt smart or dumb its just a personal decision about what YOU want out of life. But the sort of person who wants to risk everything for huge rewards shouldnt care what we think about it, the fact that you need our approval says to me that maybe you arnt cut out for this sort of thing. Do you think andrew carnagee or john rockerfeller or Cornelius vanderbilt give 1/1000th of a shit what anyone else thought about their hair brained schemes?

I do know someone that max'd their credit cards to buy a while back...it worked out all right for them, but I can't recommend it due to the fact that I would rather not get bludgeoned to death by a hobo in a few months.

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.