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Topic: Shall I take out a high interest rate loan to buy more Bitcoin? - page 2. (Read 3071 times)

legendary
Activity: 2338
Merit: 2106
What could possibility go wrong?



a worst case scenario would be this:



price could rise before loan is granted.



 Cheesy
member
Activity: 70
Merit: 10
What could possibility go wrong?
hero member
Activity: 700
Merit: 500
For those in the UK why not try https://www.quickquid.co.uk/

Only 1999% APR Representative. Bitcoin already rose 4000%, it only has to do that once more and you will double your money!

If everybody uses this exemplary service we will push the price up together and ride unicorns into the sunset.
legendary
Activity: 2338
Merit: 2106
i feel also tempted. sell the gold or not...


 Smiley
hero member
Activity: 588
Merit: 500
Extremely risky. Bitcoin is already high risk/high reward. Why bet with money that isn't yours, on high interest on top of that? I think the only time I would was on a FOR SURE upswing rally, even then I would rather dip into my savings and pay that back over a high interest loan. Not this sideways downwards staircase we have been on for months.



"MAH! I NEED MORE MONEY FOR BITCOINS!" (May work too)
full member
Activity: 193
Merit: 117
HODL
You could buy BTC and sell it back to make each payment.  If it goes up, you can repay it easily and have some leftover, if it stays flat, you lose the interest, if it goes down, you need to figure out how to make the last payments.
legendary
Activity: 1260
Merit: 1000
Drunk Posts
Some guy took out a student loan to buy BTC right before the $1000 run up.
hero member
Activity: 966
Merit: 501
Working 24 hours a day isn't enough anymore.
OP remembers me long time ago. I once took a high interest loan of $5000 ,
Lost it all in 2 days on FX markets, after got $10k in total.
The good point of the history is that loan was taken but not by my face.
FAIL or win?

Something I learned:
If you risk money with isn't yurs. Like loan one. Very hard (almost impossible) to make "right decision", because Hard earned money and fast money have very different feelings. If you invest hard earned money every movement of investing will be deliberate and precise, which is most important in investing. From that rule investing becomes a real job and profits becomes hard earned money.
legendary
Activity: 4032
Merit: 4562
You're never too old to think young.
Shall I take out a high interest rate loan to buy more Bitcoin?

Only if you're borrowing from your own other investments.

That's what I'm doing to buy during these times of falling prices, re-allocating my own capital.
newbie
Activity: 56
Merit: 0
I would not risk taking anything from a company called kneecap finance or similar loan sharks.
legendary
Activity: 1722
Merit: 1003
Do you have the ability to pay it back if things don't go your way? Or if things take years to go your way?

Make sure you can stay solvent for longer than the market can stay irrational.
member
Activity: 75
Merit: 10
Yes, but only if the interest is high.
hero member
Activity: 700
Merit: 500
100% yes. You wont regret it.
sr. member
Activity: 952
Merit: 281
I cannot resist these cheap coins  Embarrassed
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