Should I get a loan? - page 4. | Bitcointalksearch.org

davide72

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Quote from: Bitcoin10003 on June 10, 2021, 10:46:30 PM

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?

What do you need to do what? ,you have enough money , consider that if bitcoin it will go up like all altcoins you would have enough money to make your life easy!

Saidasun

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Quote from: defi-Dany on July 15, 2021, 04:24:26 AM

If you can get an interest-free loan that lasts for five years, I would recommend buying bitcoin in batches, one each season.

No one is going to offer a interest free loan without you committing to a longer term than 5 years and charging you for paying off the loan early. It would not make sense otherwise because those that are loaning you the money want you to take as long as the term is so they get their maximum return on their investment.

passwordnow

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Quote from: Questat on July 14, 2021, 04:10:53 PM

Quote from: passwordnow on July 14, 2021, 05:12:23 AM

It is exactly what's happening for those traders that saw the potential but they're not yet as good as the other traders. They're brought up with emotions because of the projected profit that they can make every trade that they does. And that's the reason why they've coming up with the idea of taking a loan from whoever is available in their network or even with the banks. The main concern is that they're not calculating the risk and the other circumstances that they might surprisingly face as they trade.

Everyone is responsible for their action, what we are doing is risky already and if we try to borrow money just to start trading, then that would be another risk that we should handle. I think there are people who do it successfully but I'm pretty sure they are good at trading and they think wisely before borrowing that money to trade. In general, it's not bad to borrow money to trade because there are people who borrow money also for the capital of their business.

It is not a good decision to borrow money to invest as capital for trading. It's a very risky thing although as an investor, it should be your own money and what's more, if you're a trader, right?
You should be the one financing yourself and not coming from loans because you're possibly going to have more problems if that's the solution that you're thinking.

defi-Dany

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If you can get an interest-free loan that lasts for five years, I would recommend buying bitcoin in batches, one each season.

ultrloa

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Quote from: milewilda on July 14, 2021, 04:59:15 PM

You do have money to be used then why would consider on taking up a loan? Sell those altcoins you do have and convert it to bitcoin.
You dont need to take up a loan if you do have money to use up but if you do have plans on extentions or widening up your portfolio then its your choice
but be mindful on repaying those loans to avoid possible problems but number one rule of this crypto investment or any investment on there is
on risking only the amount that you can afford to lose.

This is where loan default starts since they always though that its good idea to take some loan just to have capital to invest on crypto and they really don't understand how big the risk for doing it that's why its really good to invest what we have and erase those thoughts that we can earn thousands of bucks for joining the hype on crypto. As you said he have money so better he used it and if he cannot take to lose what he currently have better spend a few bucks and try to make it grow since from this he could test the waters for him.

Tim-BTC

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Quote from: toast on June 11, 2021, 12:16:28 AM

Quote from: Bitcoin10003 on June 10, 2021, 10:46:30 PM

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 already have the money why you should take a loan for? This is just an advice but if I do have that kind of money probably I'll just make it grow through trading, maybe studying trading will help you earn more alts or Bitcoins but getting a loan I think that's not necessary, though that's just my personal opinion.

Not everyone can profit from trading. On the contrary, most people will lose bitcoins in transactions, and there will be fewer and fewer bitcoins in their accounts. So I don't recommend him to trade.

horrifiedx1

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Quote from: milewilda on July 14, 2021, 04:59:15 PM

You do have money to be used then why would consider on taking up a loan? Sell those altcoins you do have and convert it to bitcoin.
You dont need to take up a loan if you do have money to use up but if you do have plans on extentions or widening up your portfolio then its your choice
but be mindful on repaying those loans to avoid possible problems but number one rule of this crypto investment or any investment on there is
on risking only the amount that you can afford to lose.

right, I agree ... until now I'm investing little by little in bitcoin, I don't have capital, but from this forum I try my luck so I have a valuable token. from that gift I can set it aside to buy bitcoin, so I believe that later I will be able to get rich from this investment, even from scratch. only people with ambitions of getting rich in the near term need a loan

milewilda

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You do have money to be used then why would consider on taking up a loan? Sell those altcoins you do have and convert it to bitcoin.
You dont need to take up a loan if you do have money to use up but if you do have plans on extentions or widening up your portfolio then its your choice
but be mindful on repaying those loans to avoid possible problems but number one rule of this crypto investment or any investment on there is
on risking only the amount that you can afford to lose.

adzino

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First rule of investment (when investing on something very volatile like crypto currencies), invest only what you can afford to lose. I am sure you can't afford to lose money that you have borrowed, right? If you are taking a loans because you can't afford to lose it. So no, don't get loans to invest in crypto currencies. Its more risky because you want to invest on altcoins. Higher chances of losing your money. But then again, want to take some risks? Then yeah, go ahead. Don't forget about the consequences though.

Questat

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Quote from: passwordnow on July 14, 2021, 05:12:23 AM

Quote from: ?? on ??

Quote from: passwordnow on July 13, 2021, 05:21:28 AM

This is so right. It may be a good debt but in this very volatile market, you cannot expect that it will always be profitable with that money. Unless you have some other resources that can keep with your loan and it will also be your 2nd source that will help to pay the loan. This is the of most businessmen but this is different from owning a business although trading is also considered a business by many but the process of it is literally different from the usual that we know.

maybe I can argue, in trading emotional calm is really needed, I think debt for business needs is not a problem, but it must be based on qualified trading skills, if you are still an amateur, I recommend not looking for a loan for this business, because we can panic sell and end up losing. a lot of people do things like this, but it's actually going to be more risky

It is exactly what's happening for those traders that saw the potential but they're not yet as good as the other traders. They're brought up with emotions because of the projected profit that they can make every trade that they does. And that's the reason why they've coming up with the idea of taking a loan from whoever is available in their network or even with the banks. The main concern is that they're not calculating the risk and the other circumstances that they might surprisingly face as they trade.

Everyone is responsible for their action, what we are doing is risky already and if we try to borrow money just to start trading, then that would be another risk that we should handle. I think there are people who do it successfully but I'm pretty sure they are good at trading and they think wisely before borrowing that money to trade. In general, it's not bad to borrow money to trade because there are people who borrow money also for the capital of their business.

passwordnow

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Quote from: ?? on ??

Quote from: passwordnow on July 13, 2021, 05:21:28 AM

This is so right. It may be a good debt but in this very volatile market, you cannot expect that it will always be profitable with that money. Unless you have some other resources that can keep with your loan and it will also be your 2nd source that will help to pay the loan. This is the of most businessmen but this is different from owning a business although trading is also considered a business by many but the process of it is literally different from the usual that we know.

maybe I can argue, in trading emotional calm is really needed, I think debt for business needs is not a problem, but it must be based on qualified trading skills, if you are still an amateur, I recommend not looking for a loan for this business, because we can panic sell and end up losing. a lot of people do things like this, but it's actually going to be more risky

It is exactly what's happening for those traders that saw the potential but they're not yet as good as the other traders. They're brought up with emotions because of the projected profit that they can make every trade that they does. And that's the reason why they've coming up with the idea of taking a loan from whoever is available in their network or even with the banks. The main concern is that they're not calculating the risk and the other circumstances that they might surprisingly face as they trade.

Quidat

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Quote from: Helpme_please on July 13, 2021, 06:01:18 PM

Quote from: dustboy on July 13, 2021, 02:29:46 PM

Quote from: Bitcoin10003 on June 10, 2021, 10:46:30 PM

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 have that much amount already so better to stop your greedy by taking a loan from your family. There is no guarantees that you will make profit from the loan after 5 years. No one knows what will happen with crypto industry in the next 5 years. The only suggestion that I can give, use your own money only by maximizing the chance to get profit as you can. The risk does exist, so even if you have to take the risk then it is your own money only.

It is too risky if we use money from loan for our investment beside there is no guarantee what will happen to crypto market in next 5years but also we didn't know some urgent needs that maybe will occur and need our money to filled this. When we need money and unfortunately we haven't , loan will be solution for our problem. If we have been used for investment how could find other solution?

Suicide for me to say unless if you do have other source of funds which you can pay up the loan incase the investment you had had failed on where you can still repay those amounts if ever.
The thing here if you do rely or depend on that investment return for you to repay then better not to do something like that if you dont like to have some headache or possible problems ahead.
Getting a loan is something that should be think off twice or thrice if it would be worth or not and its a matter of risk taking because if you do see some opportunity to grab and you do lack
out some funds then its a choice but of course you do need to think of about your responsibility on paying it back.

Helpme_please

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Quote from: dustboy on July 13, 2021, 02:29:46 PM

Quote from: Bitcoin10003 on June 10, 2021, 10:46:30 PM

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 have that much amount already so better to stop your greedy by taking a loan from your family. There is no guarantees that you will make profit from the loan after 5 years. No one knows what will happen with crypto industry in the next 5 years. The only suggestion that I can give, use your own money only by maximizing the chance to get profit as you can. The risk does exist, so even if you have to take the risk then it is your own money only.

It is too risky if we use money from loan for our investment beside there is no guarantee what will happen to crypto market in next 5years but also we didn't know some urgent needs that maybe will occur and need our money to filled this. When we need money and unfortunately we haven't , loan will be solution for our problem. If we have been used for investment how could find other solution?

dustboy

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Quote from: Bitcoin10003 on June 10, 2021, 10:46:30 PM

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 have that much amount already so better to stop your greedy by taking a loan from your family. There is no guarantees that you will make profit from the loan after 5 years. No one knows what will happen with crypto industry in the next 5 years. The only suggestion that I can give, use your own money only by maximizing the chance to get profit as you can. The risk does exist, so even if you have to take the risk then it is your own money only.

passwordnow

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Quote from: Yamifoud on July 12, 2021, 07:44:07 AM

There are two types of debts, one is good debts where you use for business capital or whatsoever as long as you can expect returns from it.
And the 2nd is bad debt where you just borrowing money for your leisure and additional nonsense expenses.
Borrowing money will be considered as good debt but because of the nature of the market where the money used for trading couldn't give us assurance and there is no assurance as well that we can pay it back once we got lost. Maybe if we have other sources of income may help.

This is so right. It may be a good debt but in this very volatile market, you cannot expect that it will always be profitable with that money. Unless you have some other resources that can keep with your loan and it will also be your 2nd source that will help to pay the loan. This is the of most businessmen but this is different from owning a business although trading is also considered a business by many but the process of it is literally different from the usual that we know.

Yamifoud

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Quote from: Twinkledoe on July 10, 2021, 06:05:23 PM

Quote from: seleme on July 10, 2021, 04:45:56 PM

If you feel comfortable with lower prices and decreasing altcoin portfolio value, it is ok to take a loan for investing more. Otherwise, you will feel stressed in the long term and every crash on the market will make you sick. By the way, it can take years to reach the break-even point, unless you are impatient it worth risk investing more with the interest-free loan amount.

I would not suggest for him to take a loan, rather just enrich what he has. Taking a loan is another responsibility that you need to take, and if you make few mistakes, it will be lost for nothing. And that is hard to take. You are always in the chase as you want to recover what you took from the loan. You can't even have a good night sleep because you are worried that the money will be lost if you try to take a break. So nope, better deal with your own funds and not borrowed ones.

There are two types of debts, one is good debts where you use for business capital or whatsoever as long as you can expect returns from it.
And the 2nd is bad debt where you just borrowing money for your leisure and additional nonsense expenses.
Borrowing money will be considered as good debt but because of the nature of the market where the money used for trading couldn't give us assurance and there is no assurance as well that we can pay it back once we got lost. Maybe if we have other sources of income may help.

OgNasty

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Quote from: Bitcoin10003 on June 10, 2021, 10:46:30 PM

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?

Don't involve your family, you will regret it. There are crypto sites that will let you use your Bitcoin as collateral for a fiat loan. I would look into those as a potential solution. Sure, you'll have to pay to do it, but it will be well worth the amount you spend. As they say, there's a reason divorce is so expensive... Because it's worth it. Don't risk ruining relationships with your family over money. There will be plenty of opportunities to do that in the future without destroying your love for crypto in the process.

aditasetia123

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Quote from: Twinkledoe on July 10, 2021, 06:05:23 PM

Quote from: seleme on July 10, 2021, 04:45:56 PM

If you feel comfortable with lower prices and decreasing altcoin portfolio value, it is ok to take a loan for investing more. Otherwise, you will feel stressed in the long term and every crash on the market will make you sick. By the way, it can take years to reach the break-even point, unless you are impatient it worth risk investing more with the interest-free loan amount.

I would not suggest for him to take a loan, rather just enrich what he has. Taking a loan is another responsibility that you need to take, and if you make few mistakes, it will be lost for nothing. And that is hard to take. You are always in the chase as you want to recover what you took from the loan. You can't even have a good night sleep because you are worried that the money will be lost if you try to take a break. So nope, better deal with your own funds and not borrowed ones.

it is suicide if we trade using loan , we will easy to be panic when price drop.

Twinkledoe

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Quote from: seleme on July 10, 2021, 04:45:56 PM

If you feel comfortable with lower prices and decreasing altcoin portfolio value, it is ok to take a loan for investing more. Otherwise, you will feel stressed in the long term and every crash on the market will make you sick. By the way, it can take years to reach the break-even point, unless you are impatient it worth risk investing more with the interest-free loan amount.

I would not suggest for him to take a loan, rather just enrich what he has. Taking a loan is another responsibility that you need to take, and if you make few mistakes, it will be lost for nothing. And that is hard to take. You are always in the chase as you want to recover what you took from the loan. You can't even have a good night sleep because you are worried that the money will be lost if you try to take a break. So nope, better deal with your own funds and not borrowed ones.

seleme

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If you feel comfortable with lower prices and decreasing altcoin portfolio value, it is ok to take a loan for investing more. Otherwise, you will feel stressed in the long term and every crash on the market will make you sick. By the way, it can take years to reach the break-even point, unless you are impatient it worth risk investing more with the interest-free loan amount.

But, don't forget the first rule never ever: Never trade the amount which you can't afford to lose. After REKT, it will be hard to accept a logical decision and trading with emotions is the last thing you wanna see. Never fall to the trap of leverage and increase the margin amount based on speculative trading decisions.

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