Topic: Taking a loan to buy bitcoin - page 11. (Read 23553 times)
I am über-bullish but taking a loan won't make your life better even if you recoup your loan. It will make you very nervous when prices go down. The high probability of a wealthier life isn't worth the pain you could go through for months or years.
As others have said : why u didnt take a loan earlier if you are so sure ? why now ? Dont do it period dont destroy your life because of greed , there are many possibilities for BTC , most likely BTC will go down sharply after making the top not to mention a possibility of a catalyst that will destroy current prices , hindsight is 20/20 so never regret a missed opportunity , many have done that to enter stock market bubbles in emerging markets and the result was they .... !
go for it. YOLO 
Some rich people hoard money but that works out ok. People are always buying, selling and trading with BTC even if there's probably more hoarders than spenders, but put it like this: at some point those hoarders - myself included - are going to want to cash out or spend 'em on some physical product. Personally, I'd rather hold on to my bitcoins now because the gamble may be the difference between buying a car now or a brand new house in the future. It's true that they could become worthless or worth less, but I'm willing to take that gamble. You could also spend and save a bit, it's not exclusively one or the other. It's definitely wise to save onto your coins right now until the currency stabilises though.
I think this is kind of a misconception about the wealthy; I know Scrooge McDuck hoarded all his money in a swimming pool, but this isn`t typical behavior. Most wealthy people likely keep a small amount in liquid assets, like a checking account. Most of their money is tied up in investments such as bonds and stocks or more illiquid forms such as businesses or real estate. If they kept all their money in cash, they either are drug dealers or had a lucky windfall and probably won`t stay wealthy for long.
Well I did say some rich
haha, fair enough
I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate
Did anyone do this before? Would like some experience advice
Did anyone do this before? Would like some experience advice
Don't go in debt, live a debt-free life. the whole point of bitcoin is to have a debt free society.
global moderator
Activity: 3990
Merit: 2717
Join the world-leading crypto sportsbook NOW!
Some rich people hoard money but that works out ok. People are always buying, selling and trading with BTC even if there's probably more hoarders than spenders, but put it like this: at some point those hoarders - myself included - are going to want to cash out or spend 'em on some physical product. Personally, I'd rather hold on to my bitcoins now because the gamble may be the difference between buying a car now or a brand new house in the future. It's true that they could become worthless or worth less, but I'm willing to take that gamble. You could also spend and save a bit, it's not exclusively one or the other. It's definitely wise to save onto your coins right now until the currency stabilises though.
I think this is kind of a misconception about the wealthy; I know Scrooge McDuck hoarded all his money in a swimming pool, but this isn`t typical behavior. Most wealthy people likely keep a small amount in liquid assets, like a checking account. Most of their money is tied up in investments such as bonds and stocks or more illiquid forms such as businesses or real estate. If they kept all their money in cash, they either are drug dealers or had a lucky windfall and probably won`t stay wealthy for long.
Well I did say some rich
Some rich people hoard money but that works out ok. People are always buying, selling and trading with BTC even if there's probably more hoarders than spenders, but put it like this: at some point those hoarders - myself included - are going to want to cash out or spend 'em on some physical product. Personally, I'd rather hold on to my bitcoins now because the gamble may be the difference between buying a car now or a brand new house in the future. It's true that they could become worthless or worth less, but I'm willing to take that gamble. You could also spend and save a bit, it's not exclusively one or the other. It's definitely wise to save onto your coins right now until the currency stabilises though.
I think this is kind of a misconception about the wealthy; I know Scrooge McDuck hoarded all his money in a swimming pool, but this isn`t typical behavior. Most wealthy people likely keep a small amount in liquid assets, like a checking account. Most of their money is tied up in investments such as bonds and stocks or more illiquid forms such as businesses or real estate. If they kept all their money in cash, they either are drug dealers or had a lucky windfall and probably won`t stay wealthy for long.
I borrowed $ in the 200's because I wasn't satisfied with my position and knew we would obliterate 266. I would be a lot more nervous about doing that now, but if you have the balls to hold it long term I'd say go for it.
Of course, I'm young and have no dependents. If bitcoin somehow fails my life will not end.
Of course, I'm young and have no dependents. If bitcoin somehow fails my life will not end.
if everyone had the "balls " to hold it long term and nobody spends any at the retailers that are accepting it
i dont see how it can succeed as a currency
everyone cant just hoard coins and hope they will be worth millions at some future date
There is too few true bitcoin believers for your scenarion to happen.
Recent bear traps and panic-sells perfectly re-located thousands of btc from a few weak hands into many many new hands. That will repeat many times until bitcoins are evenly spread between billions of people.
global moderator
Activity: 3990
Merit: 2717
Join the world-leading crypto sportsbook NOW!
I borrowed $ in the 200's because I wasn't satisfied with my position and knew we would obliterate 266. I would be a lot more nervous about doing that now, but if you have the balls to hold it long term I'd say go for it.
Of course, I'm young and have no dependents. If bitcoin somehow fails my life will not end.
Of course, I'm young and have no dependents. If bitcoin somehow fails my life will not end.
if everyone had the "balls " to hold it long term and nobody spends any at the retailers that are accepting it
i dont see how it can succeed as a currency
everyone cant just hoard coins and hope they will be worth millions at some future date
Some rich people hoard money but that works out ok. People are always buying, selling and trading with BTC even if there's probably more hoarders than spenders, but put it like this: at some point those hoarders - myself included - are going to want to cash out or spend 'em on some physical product. Personally, I'd rather hold on to my bitcoins now because the gamble may be the difference between buying a car now or a brand new house in the future. It's true that they could become worthless or worth less, but I'm willing to take that gamble. You could also spend and save a bit, it's not exclusively one or the other. It's definitely wise to save onto your coins right now until the currency stabilises though.
I borrowed $ in the 200's because I wasn't satisfied with my position and knew we would obliterate 266. I would be a lot more nervous about doing that now, but if you have the balls to hold it long term I'd say go for it.
Of course, I'm young and have no dependents. If bitcoin somehow fails my life will not end.
Of course, I'm young and have no dependents. If bitcoin somehow fails my life will not end.
if everyone had the "balls " to hold it long term and nobody spends any at the retailers that are accepting it
i dont see how it can succeed as a currency
everyone cant just hoard coins and hope they will be worth millions at some future date
Besides being a good or a bad idea threads like this one shows the effect of 1000$ on people 
I imagine 9 out of 10 window jumpers on Black Tuesday would have said that taking a loan out to invest in the market is a good idea (before black tuesday, anyway...) It`s a bad idea, man, don`t do it.
global moderator
Activity: 3990
Merit: 2717
Join the world-leading crypto sportsbook NOW!
Taking out a loan to speculate with is adding another risk onto an even bigger risk. If you lose your coin or the value plummets will you be able to repay the loan with your regular income or whatever? If you can and a loan is the only way you can get money together quick, the gamble is up to you.
My neighbor did that. But it's felony if you are caught holding btc after bankruptcy.
Ok. If you feel so lucky, take a loan, sell everything you own and buy bitcoin.
When you fail and BTC goes back to $500, just file bankruptcy, move abroad and enjoy remaining coins
Did you do that before? When you fail and BTC goes back to $500, just file bankruptcy, move abroad and enjoy remaining coins
Ok. If you feel so lucky, take a loan, sell everything you own and buy bitcoin.
When you fail and BTC goes back to $500, just file bankruptcy, move abroad and enjoy remaining coins
When you fail and BTC goes back to $500, just file bankruptcy, move abroad and enjoy remaining coins
where do you get your facts ? it could easily drop below $1000 at any time
just look at any bitcoin pricechart I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate
Did anyone do this before? Would like some experience advice
Did anyone do this before? Would like some experience advice
There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.
Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here.
If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight.
So the worst case scenario you see is that BTC goes to $9000, then falls back to $1000? You see absolutely no other scenario worse than that???
I'm holding my bitcoins, but having such blind faith in your predictive abilities is dangerous.
Bitcoin doesn't go down in price over longterm, this is a fact. With this fact I can deduce that it will never go longterm below $1000 anymore. It's simple really.
Zimbabwe dollars used to always go up too......
everything fails at some point. Taking a loan to gamble, whether its blackjack or bitcoins, is foolish
where do you get your facts ? it could easily drop below $1000 at any time
Jump to: