Topic: Should I get a loan? - page 11. (Read 2238 times)
I think you're investing too much if you will get a loan from your family just to buy more alts.. Because to be honest for me in my opinion you have enough money to make good return in the future.. wherein what i can suggest is don't force the situation if you don't have enough money because sometimes the market isn't really that good like what you think. What if all of the sudden the market experience massive decline again? Indeed market is very unpredictable, so be aware investing too much because we are not a fortune teller..
Currently I have $109,750 in Bitcoin and $60k in alts.
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
Depends on you because the loaned amount cant wait for 5 years and its impossible for your loved ones wont really sue you out for you to repay them.I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
If you do go aim for bitcoin then why you cant just pull off those altcoin which is on 60k in value which i can say that is really big for most people and switch or convert it to btc?
Btw, how much in fiat value you are targeting out to have some loan?
Currently I have $109,750 in Bitcoin and $60k in alts.
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
You've got already a good amount of investment in bitcoin and alts and I think that's already sufficient until you get your own cash instead of borrowed money.I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
I won't take a loan to invest.
I feel some greediness on the part that OP wants more. I know it was his decision but I never think it was the best option to take even it was coming from the family. Well, OP had already the money $109k plus is big enough. I'm not really sure what really he thinks.
I'm not going to stop you but seems you want to have some problems. Much better not to do it, just a piece of advice.
I'm not going to stop you but seems you want to have some problems. Much better not to do it, just a piece of advice.
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
Why not? If you're getting loan from your family members them you will be absolutely right to go for it because you are getting loan with free of all problems of usual traditional banks having. If I am having such kinds of opportunities then definitely I will go for availing them by considering right now the kind of opportunity from bitcoin markets. Yeah, bitcoin prices may get doubled at any time soon from its current market prices.Usually I'm completely against on going for loan for trading purposes but when you are having plans for holding up to next five years and you're going to invest only with the bitcoins then there will be nothing wrong on going for loans from your family members.
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I would just loan if it is a business that I would do a startup, but loaning to invest something that would not promise me to pay back the said loan in a certain year while you mentioned at yours for five years, I would not personally do a loan for that.You never wanted to dug yourself into a hole that you will keep climbing over and over.
That's crazy. What about if you are never able to reach the break-even point?
I still consider it irresponsible to borrow money to invest. Especially in a market as volatile and unpredictable as cryptocurrency.
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Thank goodness that I am not the only one thinking like this.I still consider it irresponsible to borrow money to invest. Especially in a market as volatile and unpredictable as cryptocurrency.
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This is what I was emphasizing at my first reply.
I still consider it irresponsible to borrow money to invest. Especially in a market as volatile and unpredictable as cryptocurrency.
-snip-
Unfortunately, people tend to take incredibly high risks when there is even the slightest chance of a very high profit. For me, taking out a loan in order to invest already belongs to this category of "incredibly high risks". -snip-
Banks usually do not give loans for such "ideas", if then only with correspondingly good collateral through real estate or similar.
Taking out a loan for an investment with friends or relatives I consider even more questionable. This can lead to the fact that friendships are destroyed for ever.
Long story short: Don't do it.
That's crazy. What about if you are never able to reach the break-even point?
I still consider it irresponsible to borrow money to invest. Especially in a market as volatile and unpredictable as cryptocurrency. It's a bit like asking for a loan to buy lottery tickets. If it's to buy a car it's something else, but to gamble? it's very risky in my opinion.
Nobody talks about it but the advantage you have is to go through your family, what if you embarrass them in the case you are not able to pay on time? Who knows if they could be in trouble caused by your wrong decision.
I hope at least you will be able to use your current portfolio to refund in case something goes wrong.
I once met a person who invested in something crazy online ("a semi scam"). He had even had his house mortgaged. Guess what, he lost everything
Seeing his balance surely yes. Evaluating correctly is another point
I still consider it irresponsible to borrow money to invest. Especially in a market as volatile and unpredictable as cryptocurrency. It's a bit like asking for a loan to buy lottery tickets. If it's to buy a car it's something else, but to gamble? it's very risky in my opinion.
Nobody talks about it but the advantage you have is to go through your family, what if you embarrass them in the case you are not able to pay on time? Who knows if they could be in trouble caused by your wrong decision.
I hope at least you will be able to use your current portfolio to refund in case something goes wrong.
I once met a person who invested in something crazy online ("a semi scam"). He had even had his house mortgaged. Guess what, he lost everything
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Do you really know the risk of crypto investment?
Seeing his balance surely yes. Evaluating correctly is another point
Currently I have $109,750 in Bitcoin and $60k in alts.
It is a good capital with which I don't think you should make any loan.Quote
The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
Free interest is good but one thing you must know.- Your relatives can give you promises and they are possibly honest with what they say
- Unfortunately, life is unpredictable and if anything happens, your relatives need those money back earlier than 5 years. What will you do?
- I don't expect any bad things for anyone, you or your relatives, but it is life and must thing of such scenario
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I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down.
- I hope they are not shit meme tokens, shit NFTs
- With top altcoins that have good developments, big communities and good fundamentals, you can load them up. They are different than Dogecoin that appears in top of marketcap but is not a top coin.
- Reminder: I don't think you should borrow a loan
Taking a loan from a family to invest in coin is not a bad idea where the problem lies is will you be able to overcome greed when the price starts appreciating?. Would you have the mindset to break even when you hit your target or would greed overwhelm you? This has always been the problem of most cryto investors and many loose fortune after seeing massive profit but bluntly refused to take from it.
OP's going to likely have more problems than greed when prices appreciate, assuming that the prices do ended up appreciating in the first place. Knowing that OP's portfolio is a whopping 35% on altcoins, ehh, it's going to be a huge-ass gamble. I though taking loans for bitcoin is bad, but loans for a huge chunk of altcoins? Far worse.
Currently I have $109,750 in Bitcoin and $60k in alts.
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
Do you really know the risk of crypto investment? Since if not maybe you are been FOMO by someone or seeinf the price started to kick back, better stick with your current balance and make it grow since taking a loan will never be a good idea if you don't know how to trade well.
Better avoid any loans for now and focus on learnings since from there you can identify the real risk of the volatile market.
Exactly the same as my plan happened yesterday when the bitcoin price reached 20K, and I was planning to borrow with one of my family who I think has a lot of money and have discussed and he doesn't allow interest because he believes, at that time I plan to borrow according to the price of 1 Btc.
and after that I thought a lot and imagined if it didn't match my expectations, and finally I decided to fail and when the price of bitcoin and other cryptocurrencies continued to rise I felt sorry, what's more when the price of bitcoin touched 65k I became more sorry because if that happened I double the profit.
and this is just an example and confusing, only two will accept the loss if it doesn't live up to expectations and also regret it when the price keeps going up and not borrow it.
and after that I thought a lot and imagined if it didn't match my expectations, and finally I decided to fail and when the price of bitcoin and other cryptocurrencies continued to rise I felt sorry, what's more when the price of bitcoin touched 65k I became more sorry because if that happened I double the profit.
and this is just an example and confusing, only two will accept the loss if it doesn't live up to expectations and also regret it when the price keeps going up and not borrow it.
Currently I have $109,750 in Bitcoin and $60k in alts.
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
Interest free and 5 years then its okay to take loan and invest on cryptos but this is not the right time I guess since the price of bitcoin is dancing around $30K to $40K much often. Wait for the dip then invest on cryptos but choose the coins wisely not the one which are just launched or about to launch. I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
Currently I have $109,750 in Bitcoin and $60k in alts.
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
Will you mind telling what price you bought your holdings? Actually you can just do margin trading on exchange using your assets as collateral without risking other money. The interest on exchange loan is quite low and acceptable which is good for traders who have a high asset on there portfolio.
To be clear, Margin trading not Leverage/Future trading
Currently I have $109,750 in Bitcoin and $60k in alts.
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
I'm thinking you can do this loan but I don't think that you should bought more alts instead of bitcoins, if you're into hodling it better stay it on bitcoins instead of alts. Not that alts may not worth it but I think if you want to invest in alts select those who has good fundamentals and better research more. I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
Will your family be able to wait for you to pay in five years though? That's the question that will probably help you decide if getting a loan is going to be the best course of action for you. If I were in your position, I would probably tell them the risk that you would default their loan because there is a possibility that you might take a long time to pay the loan back, now if they are alright with that then you should probably go for it.
You definitely have a lot on your portfolio now. If you want to add more, then you could probably aim to get more money from that. If it's something that you can take advantage of without much risk, then do it. I think it's something that you would appreciate in the long run if you had more in and more chances of possible profit, right?
Just DYOR with what you're investing in then you'll probably be okay.
Just DYOR with what you're investing in then you'll probably be okay.
if its interest-free go for it. just make sure you could pay for it on time because even its coming from a family it's still a loan. you don't cut ties with family who is pretty much close to you. you can argue with someone else and don't care who you could get in trouble with but not with a family.
however, you should know altcoins are risky and the market today is just not very sure where it could go. DYOR first before investing.
What is the goal of this loan, do you take advantage of the opportunity that the price is low and therefore you will achieve a guaranteed return, or do you plan to benefit from that money?
In general, the golden rule is not to invest more than what you can afford to lose. If the loan amount is sufficient to bear its loss, it is better to do so. I also advise you to invest in Bitcoin more than other currencies because 90% of those currencies fail to reach the previous peaks.
In general, the golden rule is not to invest more than what you can afford to lose. If the loan amount is sufficient to bear its loss, it is better to do so. I also advise you to invest in Bitcoin more than other currencies because 90% of those currencies fail to reach the previous peaks.
I would do that only if you could postpone the return of loan for couple of years if it happens that we need to wait that much for next bull run.
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