Should I get a loan? - page 7. | Bitcointalksearch.org

BitTraderCute

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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?

it was huge amount dude, using loan to add your bag in bitcoin or altcoin doesnt make it better. you have to anticipate worst scenario that might happen suddenly in market. be wise with your investment and dont be greedy or market will take everything you have. alot of example for traders that use loan , they lost money, family and even crazy.

livingfree

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Quote from: ?? on ??

Using loans/credit to buy crypto is never a good idea.

Yes.

It's never been a good idea to use loans to buy crypto. You'll like holding a double edge sword on your hands. That's why you shouldn't decide to take loans just for crypto or anything that makes you think that it's a good idea.

Be clear that if you're investing to cryptocurrencies, you're using money that didn't came from borrowing.

lalabotax

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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

Lanatsa

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Quote from: Mauser on June 17, 2021, 02:11:33 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?

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.

Majority of people on this forum would really be seeing these numbers to be huge but there are people who do treat up that these are just small money and now the had been asking out if he should took some loan where it isn't really that necessary at all.

If I do have that amount of money then its not needed since you can always diversify those into smaller parts or simply those money you had generated on alts
would be converted to Bitcoin.

No need to take loan because you are just simply trying to look for some problem on repaying something if you do have money or doesn't really need it.

Rexler

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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?

IMO you already have enough money invested in the crypto space, why do you still want to invest more? Even though the loan is from your family and interest free, don't you think you are going against this rule of "not investing what you can't afford to lose" putting all your eggs in one basket is very risky you know, what if bitcoin doesn't go up goes south after you invest everything in it, I think you should reconsider before going all in to avoid being unhappy lately on, the market won't always go up so it's not guaranteed that if you wait for 5years you will still get a profit out of your investment.

Renampun

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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?

I estimate your financial condition is stable, so don't hesitate to take a loan to buy more coins...

taking a loan to buy crypto coins sounds risky but who knows, it could be that in the next few months your assets increase 3x or 5x, you profit, and your debt can be paid. As long as you can manage your finances well, don't worry about taking a loan.

chikading2016

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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?

My opinion is that it is ok that you will loan to buy some more bitcoin specially when the loan is interest free. It an advantage that the loan is interest free it is safe than the loan with interest, it is also best strategy if you will not fucos on bitcoin there are so many altcoins that also good for investment.

awik p

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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.

with that much money I think you can maximize the capital, but it's a different story if you want to get even more profit. but what do you borrow from a relative if you want no interest. I think it actually disturbs our psychology. we know in this business psychology is the most important thing

kram31

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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?

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.

isaac_clarke22

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Quote from: bittraffic on June 13, 2021, 01:12:03 AM

~

Dunno who he is, but I imagine how he is determined to do that kind of risk.
I am not even sure if I can repay that much if I was under his shoes, especially in this market condition where BTC go from 60k-ish down to 40k-ish.
Ugh, the financial stress.

Mahanton

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Quote from: Benefactor on June 15, 2021, 02:45:59 PM

The crypto market is exceptionally unpredictable and that implies if any coin can rise whenever. There is another crypto that can rise a great deal very much like KSM, ETH and some more. It's a similar like when you were seeing Ethereum in the past when it was so modest yet because of the solid principal and backing from the local area and Ethereum can go to the moon simply in under a quarter.

No one can assure on what would the future holds and you are right where i do remember those days where ETH is just starting up and it isnt really getting much of attention and to those who had risk out on supporting it did really paid off when it begins to get some recognition as the months pass by.Yes its a bit of a gamble on selecting out which coins should be invested if we do consider on how many projects in the market then you would really
be having a hard time but with proper search and proper risk management then you can eventually at least do know on what you are doing.

Benefactor

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The crypto market is exceptionally unpredictable and that implies if any coin can rise whenever. There is another crypto that can rise a great deal very much like KSM, ETH and some more. It's a similar like when you were seeing Ethereum in the past when it was so modest yet because of the solid principal and backing from the local area and Ethereum can go to the moon simply in under a quarter.

Tigerheart3026

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although you get a loan, no interest you have to pay for it's on behalf of the family,
but i do not think you need to take out a loan despite having such a large amount of holding assets in btc and other altcoins.
problems can arise if your family is suddenly under financial pressure.

kurniawan05

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KUWA.ai

No, Don't use loan to trade crypto, you must have assets that you must be prepared to lose, try to find sources of crypto income for free, for example by participating in bounties or airdrops.

jaberwock

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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?

Uuhm, I never liked the idea of taking a loan for investments especially when it's cryptocurrency. But since you said it's from your family, if they wouldn't bother much about it, then maybe you should give it a try. And before you do that, I think it will be good if you explain to them what it's all about and let know how long you might have to hold their money before you pay them back.

The market is relatively down now and we don't know whether it will go down further or just remain at the current price that we have right now. You can still invest now and continue to hold. Maybe the next halving will bring a bigger bull run than what we saw this year.

flyer88

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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?

You already have enough capital, why are you looking for a loan to your family? It's better to have money that already exists, you develop it so that it becomes more than before. It is very risky to play bitcoin from borrowed money. Because we never know what bitcoin will be in the future. Better to just undo it. Instead of later if it happens outside of what you want, the family will stay away just a matter of money.

rhodelmabanal

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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?

You need to be sure about you're dicision because even if the loan is from your family it doesn't mean that they will not get that loan back even if without interest they will get the capital back. But that was still a big advantage in you're part imagine you will get a loan without interest, but if you will use that loan in crypto then you better think twice because crypto is high on volatility and you need patience.

milewilda

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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.

CryptocurencyKing

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All th le conditions seems perfect for a loan offer.
1. The crypto market is at a low looking at the all time high and where it dropped to now
2. The loan is from the family
3. It comes with an interest free package
4. Its for investment purposes, 5he kind that you stand to benefit by hodling. Though one thing isn't clear to me. That is,

If your family is prepared to wait on you for the 5years before a refund. Should they be willing to wait and your sure you'll be able to hodl, a loan at this moment for the purpose of investment isn't a bad idea at all. The best way to gain the market is by bringing in new money and that would be just it.

abel1337

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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.

Agree, Disclosing the funds to the public could result in a hacker's potential target.

Invest what you can afford to lose, An old quote but still gold in values. The effects to you when your loaned investment crash would be greater than when you gain from the loan. The trust of your family members would slowly tear apart if your investment crashes or just keep promising to repay it for a long time. I really can't recommend any kind of loan when investing in crypto. I myself hate loaning that I don't really take any kind of loan inside and outside the forum even if there is no interest in it. It is such a burden and could break your peace of mind.

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