Topic: I am about to do something massivley stupid - page 9. (Read 24167 times)

If this is considered fraud I won't be doing it, I will be doing more research about that. I have a credit card, but 30% interest is a bitch...

As for the taxes, if I actually did win big I would hire an accountant and a lawyer. I don't want to fun afoul of the law, that is the last thing I need.

If you really believe in bitcoin in long term, you should also buy some mining equipment. If the price fall, difficulty fall, you get more coin by your mining rig, if price rise, you have earnings from the coins bought

Why not simply let some stranger fuck your ass for money? Maybe you don't even have to leave the house, you could advertise online...
Money is so easy to make!

Cool, call a random person on the internet names and make fun of their life situation which you know nothing about. Do you feel better about your own life? If you call me more names again, I will just block you. You are getting angry for no reason.

I asked what you would do for an investment, I don't care for your insults about the way I have to live my life. I am not the only one who is living with their parents, I personally know at least 5 people the same age at me with more than $50k in college debt who are stuck at home. They alll have Masters Degrees in various fields. Their parents are supporting them and they are having a hard time finding a job at a coffee shop.

How exactly do you suppose that I get a room where I live for more than I make? I literally CAN NOT afford the rent. I am going to be suck in my parents house for a long time to come no matter which way I cut it. Don't think that I am happy about it or that I want to be stuck there.

Seems fairly unethical.  But as a calculated risk I cannot say that I would reject it out-of-hand.  $15k worth of education isn't worth a whole lot these days, and win, lose, or draw, such an adventure would likely prove to have some educational value in and of itself. 

Besides, it should be possible to pay off the $15k going forward if you lose.  It's only one less cheap car.  It's been a _long_ time since I was involved with student loans, but it strikes me that you might want to be careful about ending up with a criminal record for fraud.  Also, you might need to win fairly big to account for the tax implications though that strikes me as quite possible (as does losing it all.)

He is broke and leaching off of his parents, he is not in a unique financial position.

Going further into debt is not going to help that, particularly if that debt is financing a highly speculative "investment".

$2500 is not a lot and I don't want to wait around for the price to keep going up. Also, I need the liquid cash for expenses. I only pocket like $300-$500 a month.

Just remember to average in over a long enough time period.  I wouldn't agree on going all-in at any price.

In that case he is in a position to take on risk that some others might not be. You could argue that what he is doing is wrong from some moral standpoint but look at it from a financial one.

I don't understand what you mean. That is like supposing that silver was at 5 dollars and hadn't moved for more than a decade. How did the periods of inactivity predict the periods of activity?

I am basing my gamble on the increasing number of new businesses which have been successful, not the ticker price or the flurry of people on reddit.

In fact, if the price crashed just before I got my loan I would be ecstatic that I could buy more coins at a cheaper price.

All I am worried about is the price going to >$5, and unless you have some knowledge that I don't then I am happy with my gamble.

i dont get it if you have money saved up... why would you take out a loan?

Wait, what?

You are 26, live with your parents, and don't pay rent? Holy shit, you are the epitome of a man-child.

And now you want to take out a loan to invest in a speculative internet currency with the relative risk level of a penny stock.....and you see nothing wrong with this?

What. The. Fuck.


Edit:

You asked what I would do with "all that money"?
I'd move into my own place. You know, like an adult.

To add to that, all my professors state they never had to worry about working first or second jobs while going to school.  Apparently it's a relatively new thing that nearly everyone in college today also has to work good hours to make ends meet.  Recipe for disaster   The loans don't help, they just put off the debt.  Then when you're in debt, you really have to work to keep your head above water.  Locks you in until you're good and 40, or more.  I'm just gonna take it a step further and say it's intentional.

I can already weld and I can program. Why do I need any more education? I get paid decent enough wages (as long as the dollar does not collapse) and I could pay this of with relative ease in under 5 years.

I live at my parents house and I don't pay rent (I do help with the utility bills though). I keep all of my pay and I don't do much with it. What would you do with all that money?

A college education for $15k? Where do you live!? I can't even get through a year for that! And there is no way to pay for the diploma with that amount! There is no way I can finish a degree with the life I am living, I can't do 40hrs a week and another 30hrs at school. I tried it, I almost died<-- seriously! I am not smart enough to get through school while working a job. It takes too much out of me. I need to focus on one or the other and I cannot do more than that. Don't think I haven't tried.

I am only able to take a few classes a semester to gain basic skills which I can market in the workforce. I am actually way better off this way anyway, don't worry about me I can handle this if it fails.

I am not ever going to be able to get a degree, no one will let me and my parents don't have the money after sending my sister to college.

Don't act like you know everything about how to make a living. Jobs aren't the only way to success, they only seem like it.

Aw, who needs an education.  That's what we got Internet for!

XxionxX, if BTC was currently at ~$5 and hadn't moved much in over 2 months, then would you really be thinking of doing this?

Thank you for the support, I know this a bad idea and that is a risk I am ready to take on. I have no wife, kids, or obligations other than my job. The worst that can happen is a fuck ton of debt.

Wow. Just fucking wow.

Here's an idea, get student loans and use that money for an education. You obviously need one if you think that this is in any way a good idea.

Do you happen to know if you pay interest on the loan while you keep it in this limbo? If not, that would rock. I plan to pay it off asap, and if I can I would keep a large portion of the wages from my job to pay the principle off asap. Normally I hate debt, buying stuff on a credit card sucks I have been there, but I am willing to take risks for a gain.


Mine too. I mean, I am just the guy who posted here. What is everyone else doing!? 0_0

This..

Almost all millionaires have been bankrupt few times before success..

Can you afford to lose it all ?  At your age, in your situation, I would do it, all in !  15k debt is'nt so much trouble at 26 with no ones to care for except yourself..

With the sate of the worldwide economy and quite dark future at the horizon !  Go for it, I would if I was you !