Topic: Taking a loan to buy bitcoin - page 3. (Read 23553 times)
Wondering wopwop.. Did you take the loan?
I would like to know OP's experience..........
Hmm. No posts from the OP since December '13 and most of them are yelling 'buy'. There's a lesson in there somewhere, kids.
If he got a loan from a bank and couldn't pay they send round debt collectors. If he got a loan from a loan shark and couldn't pay they send round heavies. I hope the OP is OK.
Well back in December it was at least enough time to get out of the game. The price didn't go below $900 for the time being until January! He could've liquidated his assets and got out of his loan. But If he really took a loan, I don't think this is how it played out. Peoples' minds don't work like that...
People take loans in the hope that they make a killing. He would have waited it out.
Exactly. And at this very moment - at $211.92 - he would be severely in the red numbers. There's no way of knowing how he would have dealt with this fact - he could have sold everything panicking or waiting for the upswing. But maybe he would also have lost his house, family, or worse...
Hmm. No posts from the OP since December '13 and most of them are yelling 'buy'. There's a lesson in there somewhere, kids.
If he got a loan from a bank and couldn't pay they send round debt collectors. If he got a loan from a loan shark and couldn't pay they send round heavies. I hope the OP is OK.
Well back in December it was at least enough time to get out of the game. The price didn't go below $900 for the time being until January! He could've liquidated his assets and got out of his loan. But If he really took a loan, I don't think this is how it played out. Peoples' minds don't work like that...
People take loans in the hope that they make a killing. He would have waited it out.
Hmm. No posts from the OP since December '13 and most of them are yelling 'buy'. There's a lesson in there somewhere, kids.
If he got a loan from a bank and couldn't pay they send round debt collectors. If he got a loan from a loan shark and couldn't pay they send round heavies. I hope the OP is OK.
Well back in December it was at least enough time to get out of the game. The price didn't go below $900 for the time being until January! He could've liquidated his assets and got out of his loan. But If he really took a loan, I don't think this is how it played out. Peoples' minds don't work like that...
It's easy to be a Monday morning quarterback.
He held for greener pastures.
Reviewing his most recent posts, he more likely was a troll trying to find out how many people considered it a good idea to go long with borrowed money on Bitcoin at a point which would eventually become its ATH for more than a year now.
Hmm. No posts from the OP since December '13 and most of them are yelling 'buy'. There's a lesson in there somewhere, kids.
If he got a loan from a bank and couldn't pay they send round debt collectors. If he got a loan from a loan shark and couldn't pay they send round heavies. I hope the OP is OK.
Well back in December it was at least enough time to get out of the game. The price didn't go below $900 for the time being until January! He could've liquidated his assets and got out of his loan. But If he really took a loan, I don't think this is how it played out. Peoples' minds don't work like that...
It's easy to be a Monday morning quarterback.
He held for greener pastures.
Hmm. No posts from the OP since December '13 and most of them are yelling 'buy'. There's a lesson in there somewhere, kids.
If he got a loan from a bank and couldn't pay they send round debt collectors. If he got a loan from a loan shark and couldn't pay they send round heavies. I hope the OP is OK.
Well back in December it was at least enough time to get out of the game. The price didn't go below $900 for the time being until January! He could've liquidated his assets and got out of his loan. But If he really took a loan, I don't think this is how it played out. Peoples' minds don't work like that...
Hmm. No posts from the OP since December '13 and most of them are yelling 'buy'. There's a lesson in there somewhere, kids.
If he got a loan from a bank and couldn't pay they send round debt collectors. If he got a loan from a loan shark and couldn't pay they send round heavies. I hope the OP is OK.
Hmm. No posts from the OP since December '13 and most of them are yelling 'buy'. There's a lesson in there somewhere, kids.
Yikes.... Not only would taking a loan mean you are investing more than you can afford to lose; you would end up being in debt when the price crashes.
You may have to work for a significant amount of time to repay the loan.
If investing in BTC was such a sure shot way of making money, a lot of people would have done it already.
You may have to work for a significant amount of time to repay the loan.
If investing in BTC was such a sure shot way of making money, a lot of people would have done it already.
we did
its all about the timing.............
Well at the current price it's certainly is an innovative thinking considering the bitcoin market price picks up again.
Yikes.... Not only would taking a loan mean you are investing more than you can afford to lose; you would end up being in debt when the price crashes.
You may have to work for a significant amount of time to repay the loan.
If investing in BTC was such a sure shot way of making money, a lot of people would have done it already.
You may have to work for a significant amount of time to repay the loan.
If investing in BTC was such a sure shot way of making money, a lot of people would have done it already.
Ahh nope. Just nope. Don't ever risk money on things that you aren't sure of what will gonna be. You may just end up burning yourself.
They say never risk what you can't afford to lose. Risking something you borrowed is risking something you can't afford to lose.
Ahh nope. Just nope. Don't ever risk money on things that you aren't sure of what will gonna be. You may just end up burning yourself.
This is one of those scenarios where "this won't end well" is the likely outcome if there's not a turn around right around the corner. Frankly, unless you're employed and have extra money available to you over and above monthly expenses, you're generally not in a position to invest in anything. The majority of even the workers in the USA are just living paycheck to paycheck and have no plan whatsoever to have any funds available for the proverbial rainy day, much less thinking about ever retiring. That said, at these prices it wouldn't be a bad time to get in in a substantial way if you've just come across bitcoin or have been awaiting a near bottom environment. Way bigger upside at this point than going to 0 and most people that have a clue or are at least neutral would likely lean in that direction.
Why don't you do the actual rational thing and wait to see if your currently owned bitcoins ever get remotely close to your purchasing price before you try and double your risk factor at a huge loss?
Because averaging my cost per Bitcoin by buying cheap does not double my risk factor. It only increases it by about 50%; since the price of Bitcoin can only go down to 0. I can still liquidate my previously purchased Bitcoin at a 50% loss.
The year previous, I bought at $100, and sold at an average price of about $500 (missed selling at the peak by a month or so). Waiting for the price to rise again is just asking to buy high, sell low. I prefer to buy low, sell high. The difficulty of course is that nobody knows which way the price will swing at any given moment.
Obviously everyone wants to be able to buy low and sell high, but you are right that is not always something that is possible to know when the price is "low" or "high"
Bitcoin is still speculative and likely has a binary outcome. You don't want to be homeless because it went to zero.
No oracle needed back then.
We're smart in retrospect, aren't we? Do you seriously think that there will ever be low risk high reward situations? If you're not willing to take risks you will never succeed. NEVER! My advice is always to take risks. Obviously it means that you will fail a lot but trivial probability theory and mathematical statistics say that if you get up and keep going after every setback then you will eventually succeed. Or, you will never succeed because you are motivated by the wrong reasons
I was totally new to this in November with zero trading experience, and even I knew not to touch btc at this point. Hopefully this guy didn't take your hideous advice to take a loan out at $1k+.
We're smart in retrospect, aren't we? Do you seriously think that there will ever be low risk high reward situations? If you're not willing to take risks you will never succeed. NEVER! My advice is always to take risks. Obviously it means that you will fail a lot but trivial probability theory and mathematical statistics say that if you get up and keep going after every setback then you will eventually succeed. Or, you will never succeed because you are motivated by the wrong reasons
Allocating a small portion of your portfolio to high risk/high reward assets is fine, especially while you're still young and retirement is decades away. But that's not what the OP did, and you encouraged him anyway.
The one intelligent thing that has actually been said on this forum in the last year is "don't invest more than you're willing to lose". So don't even try to rationalize your comment from 2013 as "hindsight is 20/20". In the entire time you've been a member of this forum, you've provided nothing of value and personally I think you should be banned.
Why don't you do the actual rational thing and wait to see if your currently owned bitcoins ever get remotely close to your purchasing price before you try and double your risk factor at a huge loss?
Because averaging my cost per Bitcoin by buying cheap does not double my risk factor. It only increases it by about 50%; since the price of Bitcoin can only go down to 0. I can still liquidate my previously purchased Bitcoin at a 50% loss.
The year previous, I bought at $100, and sold at an average price of about $500 (missed selling at the peak by a month or so). Waiting for the price to rise again is just asking to buy high, sell low. I prefer to buy low, sell high. The difficulty of course is that nobody knows which way the price will swing at any given moment.
So, let's assume there's 60% chance that bitcoin crashes further and 40% chance that the bottom is in and it will now start to increase again. Why not hold 60% of your wealth in USD/NBT then and 40% in BTC? If it goes significantly lower again, use your USD/NBT to buy more BTC. If it goes higher, great! You will earn less but at least you have taken a smaller risk.
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