Should I get a loan? - page 6. | Bitcointalksearch.org

South Park

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Quote from: barbara44 on June 18, 2021, 02:26:59 PM

For anyone that wants to take out a loan, loans are there to make you financially better and not worse, people should realize that. So when you question if you should get a loan or not, really think what you are going to use it for, is it something that will make your life better financially, now or in the future, or is it something that is risky? I can also get a loan and wager that all at once, which means I could also win, but I could also lose as well so who knows? Should I do that?

It is basically a thing that is provably good for your finances, buying a house, getting a car, buying out your debt from a bad interest to move it to something better, or shorter debt to longer debt to drop the monthly, basically it needs to make it better for you or you are not going to live a good life for a very long time, hence why you should try to not take a loan unless you are 100% sure.

Which is why a great deal of the loans given today are completely unnecessary, we are living in an age in which getting a loan is incredibly easy, for the most part of history getting a loan was difficult and you needed to show it was going to be used for a productive activity, now most loans are meant for consumption which means that they do not really benefit you and are in fact playing against you on the long term, but since people have no financial education they keep doing this over and over again until they find themselves too indebted to do anyting about it.

lienfaye

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Quote from: Bitcoin10003 on June 10, 2021, 11:46:30 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?

Well you already have huge investment for bitcoin and alts so I think its not necessary to take a loan even there's no interest. Plus its not advisable to invest using a loan money, sure its your family and they're also willing to wait until you repay them but if something went wrong or they already needed the money and the price of bitcoin and alts are still in dip then its going to be a problem. Sometimes (or often) greed can make us think of something that can put as into a bad situation.

cryp24x

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It's not a good a idea to make loan in crypto industry mate, especially your not the one who will get a loan, instead your family, right?
No good dude. Besides, instead of doing it, why not you borrow them a money coming from your pocket? isn't a good idea and plan because it is your own family.

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Quote from: zanezane on June 19, 2021, 05:49:10 AM

I have seen one of these stories, an acquaintance of mine did a loan which he couldn't pay at the right time which ended up costing him more because of interest and ended up with no profit because he won big in trade but all went to paying the loan, so if I were OP, I would think twice getting a loan.

That's just a taste of trading and sweet victory at the beginning.

But that doesn't mean that whenever a newbie earns a lot from their very first trades, they should invest big quickly. That's a very wrong strategy that will lead them to lose more.

That person you knew probably has learned his lesson but sadly, it had brought him obligation to pay higher interests.

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Quote from: ahoenk on June 21, 2021, 05:35:37 PM

Quote from: Bitcoin10003 on June 10, 2021, 11:46:30 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?

Rules numbet 1 is " never taking any loan for your investment ".
Is your portofolio on profit ? How many percent ? If yes then just let it be like that and wacth your money growing.

If you are in profit its mean you are in good position and dont make it bad by taking loan, even if its comes from your family and interest rate free ( Money does not have family ). You only can destroy your family relationship if somethings goes wrong.

Considering those are gains then it isnt really needed nor necessary to take some loan and its true that money could really be the root for you to have some quarrels inside the family which it isnt really worth for you to do so and you do already have money then what would you do aim for more?
You have already in amount in BTC and you do already have an amount in Altcoins then if you do tend to diversify more then you can always pull out those
funds and diversify rather than on taking a loan into your family members but if you are really in doing so its your choice but remember to pay them on time.

ahoenk

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Quote from: Bitcoin10003 on June 10, 2021, 11:46:30 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?

Rules numbet 1 is " never taking any loan for your investment ".
Is your portofolio on profit ? How many percent ? If yes then just let it be like that and wacth your money growing.

If you are in profit its mean you are in good position and dont make it bad by taking loan, even if its comes from your family and interest rate free ( Money does not have family ). You only can destroy your family relationship if somethings goes wrong.

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Quote from: zanezane on June 19, 2021, 05:49:10 AM

Quote from: NewRanger on June 18, 2021, 07:48:52 PM

many example for traders that use loan money finally cracked and confuse how to pay its loan. they were being stress and even their family leave them due this big mistakes. first thing we need to prepare in market only psychology and emotion , when this factors under attack due price volatility and unfortunately we use loan for trading so everything will destroyed and maybe sell it bottom will done. so many lesson we can took from this market.

I have seen one of these stories, an acquaintance of mine did a loan which he couldn't pay at the right time which ended up costing him more because of interest and ended up with no profit because he won big in trade but all went to paying the loan, so if I were OP, I would think twice getting a loan.

Taking loans to invest or trade is really risky. It is either give you profit or give you headache. Loans are easy to get but hard to repay if you don’t have a specific source of repayment. You don't hold the market so you are also not sure if you will make or lose. All I want to say is avoid loans as you can and just invest the amount that you can afford to lose.

Invest only if we have extra, loans will make us too pressured to trade. The market is in bear but it does not mean it's the right time to buy thru loans. Invest only what is left in US and don't expect that when you loan the market will suddenly going at bull. Do extra job and invest it than risking in loans that may cost too much interest.

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Quote from: newdevices on June 19, 2021, 12:51:31 PM

I even agree if you take a load during the current situation, because the price of altcoins is very cheap,
of course this will be the last bottom for altcoins, because the altcoin seson hasn't arrived yet, so if you take a loan now then you will not lose,
yes of course before buy altcoins make sure you match the analysis you make, and make sure your strategy must be implemented

If you have the guts and the nerve to take those loans believing that the market will rise back and gives you decent profits. It's a case to case basis, knowing that risk is really high.

There are people who are good in understanding the situation and they are confident to take loans, they know how to play with the situation.

They can take a good amount of profits after paying the loan once the market start to pump up.

Make sure that you have that knowledge in anticipating the time frame, paying loans from your investment earnings makes you more successful from this field.

RealMalatesta

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Quote from: barbara44 on June 18, 2021, 02:26:59 PM

For anyone that wants to take out a loan, loans are there to make you financially better and not worse, people should realize that. So when you question if you should get a loan or not, really think what you are going to use it for, is it something that will make your life better financially, now or in the future, or is it something that is risky? I can also get a loan and wager that all at once, which means I could also win, but I could also lose as well so who knows? Should I do that?

Taking loans for gambling and trading are two very different things. Wagering your coins is simply gambling while holding your coins as OP said he can even wait for 5 years is actually investing and since the loan he mentioned is interest-free, there is absolutely no way I see the value of bitcoins not increasing in the next 5 years, I mean surely the value will be at least double and if even not double, I don't see it dropping.

In simple words, if I was getting an interest-free loan for 5 years, I might buy bitcoins and lock them for a year or at least until the value is doubled.

Taking loans can be bad if you have to pay some interest because then you are under a hammer where you either earn worth as much as the loan interest monthly or you are going to pay from the loan amount itself which hurts and gets worse.

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Taking loans to invest or trade is really risky. It is either give you profit or give you headache. Loans are easy to get but hard to repay if you don’t have a specific source of repayment.

I am also having very similar view like you but after realizing their potential of bitcoin and seeing its past performances, I strongly believe availing loan for the purpose of investing into bitcoin may not be a wrong decision. Because, bitcoin will definitely get you profits over the time if you are ready to hold it for years. When there will be something assured like 99% guaranteed returns then I believe you there will be nothing wrong to going for loan for investing with that.

Quote from: newdevices on June 19, 2021, 12:51:31 PM

the price of altcoins is very cheap, of course this will be the last bottom for altcoins, because the altcoin seson hasn't arrived yet, so if you take a loan now then you will not lose

There cannot be any sustaining analysis for this because altcoins can move at any direction at any time because they are purely depending on how bitcoin market is trading. Moreover, if you are going to invest in altcoins then definitely it is recommended NOT to go for loans for the purpose of investing in altcoins because any investment other than bitcoin will be highly dangerous and might get you losses at most of the times.

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Quote from: zanezane on June 19, 2021, 05:49:10 AM

Quote from: NewRanger on June 18, 2021, 07:48:52 PM

many example for traders that use loan money finally cracked and confuse how to pay its loan. they were being stress and even their family leave them due this big mistakes. first thing we need to prepare in market only psychology and emotion , when this factors under attack due price volatility and unfortunately we use loan for trading so everything will destroyed and maybe sell it bottom will done. so many lesson we can took from this market.

I have seen one of these stories, an acquaintance of mine did a loan which he couldn't pay at the right time which ended up costing him more because of interest and ended up with no profit because he won big in trade but all went to paying the loan, so if I were OP, I would think twice getting a loan.

Taking loans to invest or trade is really risky. It is either give you profit or give you headache. Loans are easy to get but hard to repay if you don’t have a specific source of repayment. You don't hold the market so you are also not sure if you will make or lose. All I want to say is avoid loans as you can and just invest the amount that you can afford to lose.

I even agree if you take a load during the current situation, because the price of altcoins is very cheap,
of course this will be the last bottom for altcoins, because the altcoin seson hasn't arrived yet, so if you take a loan now then you will not lose,
yes of course before buy altcoins make sure you match the analysis you make, and make sure your strategy must be implemented

conected

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Quote from: zanezane on June 19, 2021, 05:49:10 AM

Quote from: NewRanger on June 18, 2021, 07:48:52 PM

many example for traders that use loan money finally cracked and confuse how to pay its loan. they were being stress and even their family leave them due this big mistakes. first thing we need to prepare in market only psychology and emotion , when this factors under attack due price volatility and unfortunately we use loan for trading so everything will destroyed and maybe sell it bottom will done. so many lesson we can took from this market.

I have seen one of these stories, an acquaintance of mine did a loan which he couldn't pay at the right time which ended up costing him more because of interest and ended up with no profit because he won big in trade but all went to paying the loan, so if I were OP, I would think twice getting a loan.

- Winning in crypto is a story without a deadline, which has also become a weakness for loans, unlike loans that invest in gold and real estate, their value has an upward speed and it is difficult to fall into a downtrend, crypto is more of a rebellious nature and because of this rebellious character, crypto has very strong and damaging liquidations, sometimes loans are added to what we have lost and losses are doubled. Going into crypto loans is not a fun idea, keep our money well before touching this big idea

zanezane

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Quote from: NewRanger on June 18, 2021, 07:48:52 PM

many example for traders that use loan money finally cracked and confuse how to pay its loan. they were being stress and even their family leave them due this big mistakes. first thing we need to prepare in market only psychology and emotion , when this factors under attack due price volatility and unfortunately we use loan for trading so everything will destroyed and maybe sell it bottom will done. so many lesson we can took from this market.

I have seen one of these stories, an acquaintance of mine did a loan which he couldn't pay at the right time which ended up costing him more because of interest and ended up with no profit because he won big in trade but all went to paying the loan, so if I were OP, I would think twice getting a loan.

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Quote from: NewRanger on June 18, 2021, 07:48:52 PM

Quote from: lalabotax on June 17, 2021, 07:44:00 PM

To be honest, one of the most ignored things to do in crypto is loaning money to invest in crypto. We don't know the future of crypto and we don't know how long it will rise up. Once you lose your money, you may not be able to pay your loans and their interests, and you will be stressed because of losing much money and must pay for the loans. There were so many experiences and lessons here by the people loaning money for crypto and being stressed in their life

many example for traders that use loan money finally cracked and confuse how to pay its loan. they were being stress and even their family leave them due this big mistakes. first thing we need to prepare in market only psychology and emotion , when this factors under attack due price volatility and unfortunately we use loan for trading so everything will destroyed and maybe sell it bottom will done. so many lesson we can took from this market.

You would really be having a big problem if you don't know on how to handle up yourself when taking up a loan and you should know on how to repay once you do consider on taking one and it isn't bad if its intended for investment but be sure that you can really repay it because once you do miss out on repaying it then this is where the problem do begins and since op does still have money to spent then I don't see a reason on why he would be needing to take some loan as we can see that he had lots of money to spent on and Its not a good idea on doing so if he wont really like for possible problems then better skip that idea for now.

NewRanger

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Quote from: lalabotax on June 17, 2021, 07:44:00 PM

To be honest, one of the most ignored things to do in crypto is loaning money to invest in crypto. We don't know the future of crypto and we don't know how long it will rise up. Once you lose your money, you may not be able to pay your loans and their interests, and you will be stressed because of losing much money and must pay for the loans. There were so many experiences and lessons here by the people loaning money for crypto and being stressed in their life

many example for traders that use loan money finally cracked and confuse how to pay its loan. they were being stress and even their family leave them due this big mistakes. first thing we need to prepare in market only psychology and emotion , when this factors under attack due price volatility and unfortunately we use loan for trading so everything will destroyed and maybe sell it bottom will done. so many lesson we can took from this market.

barbara44

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For anyone that wants to take out a loan, loans are there to make you financially better and not worse, people should realize that. So when you question if you should get a loan or not, really think what you are going to use it for, is it something that will make your life better financially, now or in the future, or is it something that is risky? I can also get a loan and wager that all at once, which means I could also win, but I could also lose as well so who knows? Should I do that?

It is basically a thing that is provably good for your finances, buying a house, getting a car, buying out your debt from a bad interest to move it to something better, or shorter debt to longer debt to drop the monthly, basically it needs to make it better for you or you are not going to live a good life for a very long time, hence why you should try to not take a loan unless you are 100% sure.

South Park

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Quote from: milewilda on June 14, 2021, 04:53:41 PM

Quote from: South Park on June 14, 2021, 02:33:05 PM

Quote from: Bitcoin10003 on June 10, 2021, 11:46:30 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?

First of all this is a public forum you should never disclose so clearly how much money you have invested as that is a fortune for some people and they will do everything to try to separate you from it, second it is also a mistake to get a loan to buy bitcoin especially from your family, even if you are willing to wait for five years to breakeven do you think that your family is going to be able to wait for that long? Most likely the answer is no and this will create problems down the road.

I dont see any problem with this because no one can know on whose the person behind the account telling off that he hold up much money.
As long you dont give out some important details and you are much aware on how to be safe then i dont see any problems with that.
Its just way too big for someone to have such amount and still considering on taking a loan despite of the money he had currently have?
Better convert those alt profits in Bitcoin if he do intent to store up Bitcoin for long term.

This is not my problem with this, just as we do not know the identity behind the account that person cannot know the people behind all of the accounts that are probably PMing and offering him advice, we must remember that people get scammed way more often than getting hacked which means that a few convincing words can be all what is necessary to convince a person to give up their coins, and once a person does that then there is almost no way to get those coins back.

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Quote from: kram31 on June 15, 2021, 07:01:31 PM

Quote from: Bitcoin10003 on June 10, 2021, 11:46:30 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 a large amount of money dude. Actually, that amount of money here in my country is equivalent of millions here where
I can able to have a brand new house and lot, vehicles and business own for sure. But I wonder why Loan? isn't much better to lend your
family with your own family instead what you are planning? You don't need others opinion, you have the money and capable to do it.

Although the advice is very good, I think about what he is looking for, obviously he wants to play it all or nothing, if he wins I think his life and his whole family have already settled, although his instinct tells him that he must make the loan he has to, but The only thing is that I do not recommend that you put everything in alts, that you diversify your money with another ratio, I would say 80% for BTC and the other 20% for alts, that way I think you could go much safer.

BTC can give many surprises, among them it can go down even more and stay there for a long time, so I recommend that you have your money well managed in case you have to wait longer waiting for the good bullish movement of BTC that surely, if you have it Everything under control and you need the loan, do it, everything in life is a risk, sometimes to win you have to bet.

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Crypto is always a risky trade and there are many coins where only a handful of people control the market trend. Rather than taking a loan, learn trading, Do your own research and invest early in potentially good projects.

I guess there are 2 things we need to consider here; if OP is about to loan for the purpose of investing then I guess they may go for it and at the same time if the loan will be for the sole purpose of trading in cryptos, then I as well will suggest not to go for it for the same reasons like you have mentioned.

Quote from: Bitcoin10003 on June 10, 2021, 11:46:30 PM

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.

If I were you, definitely I will not call that a loan because in more sense, it is kind of help we are getting from our family members (and from colleagues/friends) and definitely we are going to pay them back then why we should call it loan?

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Quote from: Bitcoin10003 on June 10, 2021, 11:46:30 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 do it man. You already have 160k USD invested in crypto currencies. If you take out a loan to increase your risk exponentially. Does your family need the money any time soon? Imagine prices are going down even further. It would be very sad if your family needs the money back and you are forced to sell at a loss. Personally I would only take money from my family if I really need it. And I would be very happy if I already own 160k USD in cryptos. You must have made a lot of money. Congrats.

Topic: Should I get a loan? - page 6. (Read 2238 times)