It hit 500! | Bitcointalksearch.org

wachtwoord

legendary

Activity: 2324

Merit: 1125

Quote from: BitcoinBobbeh on May 23, 2014, 11:05:54 AM

Quote from: CoinDiver on May 23, 2014, 10:45:28 AM

Quote from: BitchicksHusband on May 22, 2014, 06:34:15 PM

If you are borrowing to do it, you can't afford to lose.

What is your logical basis for this statement? Can he afford to pay the terms of the loan if bitcoin fails? Can he afford to consequences of not being able to repay the loan if bitcoin fails? I understand you have a rule that disallows this. You must recognise, it is arbitrary.

If you could comfortably afford to do something, you wouldn't have to borrow to do it in the first place. He's right.

I don't agree. You can borrow with collateral if you rather continue to own the collateral than sell it and think the interest paid is reasonable to be able to do so.

CoinDiver

hero member

Activity: 778

Merit: 1002

Quote from: BitcoinBobbeh on May 23, 2014, 11:05:54 AM

Quote from: CoinDiver on May 23, 2014, 10:45:28 AM

Quote from: BitchicksHusband on May 22, 2014, 06:34:15 PM

If you are borrowing to do it, you can't afford to lose.

What is your logical basis for this statement? Can he afford to pay the terms of the loan if bitcoin fails? Can he afford to consequences of not being able to repay the loan if bitcoin fails? I understand you have a rule that disallows this. You must recognise, it is arbitrary.

If you could comfortably afford to do something, you wouldn't have to borrow to do it in the first place. He's right.

Thank you for reiterating. I'm still looking for a logical basis for the statement. I'm not disagreeing with the premise of not investing what you can't afford to lose. I'm disagreeing with borrowing being some magical exclusion. If he can afford to repay the loan if btc crashes, then borrowing to buy btc is something he can afford.

serenitys

full member

Activity: 126

Merit: 101

Be Here Now

zomg it finally hit 575!

I left the laptop on and set it on the floor when I went to bed. I had the bitcointicker site up. I woke up oddly for no apparent reason at some point during the morning and saw $577 and smiled, went back to sleep and when I got up, the first thing I thought was I dreampt that...it's probably 499 but nope...it's been in the 560s to 570s all day so thanks to whoever's making that happen.

CaptainBeck

full member

Activity: 168

Merit: 100

Quote from: serenitys on May 23, 2014, 04:07:10 PM

Just to add this - I've made a few purchases since learning about bitcoin and coming here to learn/crash course...but for newer ones than me, keep in mind you don't have to pay full market price for a whole bitcoin. You can buy $50 a week or check or whatever amount you want and it's also going to 1. accumulate and 2. increase/decrease value same as the whole one setting the rate.

Agreed, lots of people seem to think they they have to sell the house and buy every BTC their money will get them, rather than spending a small amount every couple of days when the money because spare to them.

serenitys

full member

Activity: 126

Merit: 101

Be Here Now

Just to add this - I've made a few purchases since learning about bitcoin and coming here to learn/crash course...but for newer ones than me, keep in mind you don't have to pay full market price for a whole bitcoin. You can buy $50 a week or check or whatever amount you want and it's also going to 1. accumulate and 2. increase/decrease value same as the whole one setting the rate.

MoneyGod

sr. member

Activity: 406

Merit: 250

Hope now its going to stay on this figure for some time

serenitys

full member

Activity: 126

Merit: 101

Be Here Now

Quote from: superresistant on May 23, 2014, 03:58:57 AM

Quote from: rohnearner on May 23, 2014, 03:10:17 AM

so its already up500$ for almost a day now..! what do you think will it stay +500$ or will it crash like it did last month after recovering to 550$ from 420$ to going back to 430$ within a week or so..!
I hope it stays up and rise further.... lets see if it hits ATH in next few months..

I have mixed feelings about it.
I would like to buy more under 500.

Then you should've done that last week Grin

BitcoinBobbeh

sr. member

Activity: 266

Merit: 250

Quote from: CoinDiver on May 23, 2014, 10:45:28 AM

Quote from: BitchicksHusband on May 22, 2014, 06:34:15 PM

If you are borrowing to do it, you can't afford to lose.

What is your logical basis for this statement? Can he afford to pay the terms of the loan if bitcoin fails? Can he afford to consequences of not being able to repay the loan if bitcoin fails? I understand you have a rule that disallows this. You must recognise, it is arbitrary.

If you could comfortably afford to do something, you wouldn't have to borrow to do it in the first place. He's right.

CoinDiver

hero member

Activity: 778

Merit: 1002

Quote from: BitchicksHusband on May 22, 2014, 06:34:15 PM

If you are borrowing to do it, you can't afford to lose.

What is your logical basis for this statement? Can he afford to pay the terms of the loan if bitcoin fails? Can he afford to consequences of not being able to repay the loan if bitcoin fails? I understand you have a rule that disallows this. You must recognise, it is arbitrary.

bitgeek

sr. member

Activity: 462

Merit: 251

Quote from: piramida on May 23, 2014, 08:14:45 AM

Quote from: liexel on May 23, 2014, 05:45:44 AM

Really? But what really are the chances of it going to zero, im quite curious what realistically could happen that would kill it so much. But i suppose i could scout other threads for this.

Realistically - nothing. However, there are many unrealistic scenarios, from a meteor destroying the Earth, through an EMI killing internet and all power structures throwing us back into stone age, to quantum computers appearing out of nowhere so the devs don't have several hours to switch the algo, allowing someone to decypher arbitrary PKs.

It doesn't have to go to exactly 0 to be relatively worthless. As long as the bitcoin network and the internet exist there will always be people willing to pay a few $, but bitcoin dropping to something like $5 would still mean its end.

davidgdg

hero member

Activity: 552

Merit: 501

Quote from: liexel on May 20, 2014, 10:22:33 PM

how unwise is it to take up a loan to buy some coins now?

It depends what the alternatives are. If that were the only means I had to buy some BTC, I might consider it. But only if there were no other alternative. And NEVER (AND I MEAN NEVER) do leverage.

piramida

legendary

Activity: 1176

Merit: 1010

Borsche

Quote from: liexel on May 23, 2014, 05:45:44 AM

Really? But what really are the chances of it going to zero, im quite curious what realistically could happen that would kill it so much. But i suppose i could scout other threads for this.

Realistically - nothing. However, there are many unrealistic scenarios, from a meteor destroying the Earth, through an EMI killing internet and all power structures throwing us back into stone age, to quantum computers appearing out of nowhere so the devs don't have several hours to switch the algo, allowing someone to decypher arbitrary PKs.

oda.krell

legendary

Activity: 1470

Merit: 1007

Quote from: BitchicksHusband on May 22, 2014, 06:34:15 PM

Only invest what you can afford to lose.

If you are borrowing to do it, you can't afford to lose. (As much as I joked about taking a $10,000 0% line of credit on one of my credit card offers if the price went down to the $100s, I seriously wouldn't do it. I don't borrow to invest.)

That said, I DID borrow against my 401k to invest, but I consider that OK for the following reasons:

1. I have it covered by my outstanding vacation should I lose my job
2. I am paying interest to myself, not somebody else, so it's not a loan in the traditional sense. In fact, I make MORE money every month.
3. I want to invest a percentage of my "retirement" in bitcoin (retirement in quotes because I plan to retire this year but I can't touch that money for decades) but there is simply no other way to do it

Please don't borrow to invest. Bitcoin could still easily go to zero.

Thanks for that.

I know we probably don't see all things completely eye to eye, but it's good to see that one of the big optimists in here (which I'd say you are) is giving fair advice to the newcomers.

The rule really is: "don't invest what you can't afford to lose".

What exactly you "can afford to lose" depends on your income, age, family situation, etc. But a large loan that could ruin you if Bitcoin price goes drastically down, or just stagnates for years, is pretty much never something you can afford.

liexel

member

Activity: 79

Merit: 10

Quote from: BitchicksHusband on May 22, 2014, 06:34:15 PM

Only invest what you can afford to lose.

If you are borrowing to do it, you can't afford to lose. (As much as I joked about taking a $10,000 0% line of credit on one of my credit card offers if the price went down to the $100s, I seriously wouldn't do it. I don't borrow to invest.)

That said, I DID borrow against my 401k to invest, but I consider that OK for the following reasons:

1. I have it covered by my outstanding vacation should I lose my job
2. I am paying interest to myself, not somebody else, so it's not a loan in the traditional sense. In fact, I make MORE money every month.
3. I want to invest a percentage of my "retirement" in bitcoin (retirement in quotes because I plan to retire this year but I can't touch that money for decades) but there is simply no other way to do it

Please don't borrow to invest. Bitcoin could still easily go to zero.

Really? But what really are the chances of it going to zero, im quite curious what realistically could happen that would kill it so much. But i suppose i could scout other threads for this.

superresistant

legendary

Activity: 2156

Merit: 1131

Quote from: rohnearner on May 23, 2014, 03:10:17 AM

so its already up500$ for almost a day now..! what do you think will it stay +500$ or will it crash like it did last month after recovering to 550$ from 420$ to going back to 430$ within a week or so..!
I hope it stays up and rise further.... lets see if it hits ATH in next few months..

I have mixed feelings about it.
I would like to buy more under 500.

btc-owl

newbie

Activity: 47

Merit: 0

reaching $600 next week, then drop back but no less than 500.

rohnearner

sr. member

Activity: 350

Merit: 252

REAL-EYES || REAL-IZE || REAL-LIES||

so its already up500$ for almost a day now..! what do you think will it stay +500$ or will it crash like it did last month after recovering to 550$ from 420$ to going back to 430$ within a week or so..!
I hope it stays up and rise further.... lets see if it hits ATH in next few months..

CaptainBeck

full member

Activity: 168

Merit: 100

Quote from: BitchicksHusband on May 22, 2014, 06:34:15 PM

Only invest what you can afford to lose.

If you are borrowing to do it, you can't afford to lose. (As much as I joked about taking a $10,000 0% line of credit on one of my credit card offers if the price went down to the $100s, I seriously wouldn't do it. I don't borrow to invest.)

That said, I DID borrow against my 401k to invest, but I consider that OK for the following reasons:

1. I have it covered by my outstanding vacation should I lose my job
2. I am paying interest to myself, not somebody else, so it's not a loan in the traditional sense. In fact, I make MORE money every month.
3. I want to invest a percentage of my "retirement" in bitcoin (retirement in quotes because I plan to retire this year but I can't touch that money for decades) but there is simply no other way to do it

Please don't borrow to invest. Bitcoin could still easily go to zero.

All sensible stuff there my BTC friend. Looking to retire this year but cant touch the money for decades, must be doing pretty well for yourself there.

The bottom line in all of this is BTC is not a golden bullet, dont risk what isnt there.

BitchicksHusband

sr. member

Activity: 378

Merit: 255

Only invest what you can afford to lose.

If you are borrowing to do it, you can't afford to lose. (As much as I joked about taking a $10,000 0% line of credit on one of my credit card offers if the price went down to the $100s, I seriously wouldn't do it. I don't borrow to invest.)

That said, I DID borrow against my 401k to invest, but I consider that OK for the following reasons:

1. I have it covered by my outstanding vacation should I lose my job
2. I am paying interest to myself, not somebody else, so it's not a loan in the traditional sense. In fact, I make MORE money every month.
3. I want to invest a percentage of my "retirement" in bitcoin (retirement in quotes because I plan to retire this year but I can't touch that money for decades) but there is simply no other way to do it

Please don't borrow to invest. Bitcoin could still easily go to zero.

Amph

legendary

Activity: 3248

Merit: 1070

where are all the haters thread now?

fudders that wanted cheap bitcoin i guess? lmao

Topic: It hit 500! (Read 5396 times)