Topic: Today is the story of my investment in Bitcoin - page 2. (Read 2557 times)

Yes, we need to find out how things are with loans in order to understand whether the OP was able to pay them back and how much he had to overpay in the end, that is, to understand what the final purchase price of bitcoin was for him. If in the case of an uncle, he can somehow agree, then such a trick will not work with the bank.

His plan might work, but I wouldn't mess with bank loans to buy bitcoin, I've been sticking to my strategy since the beginning of 2022 and buying bitcoin every week, I didn't worry all this time that I need to repay debts and pay interest on credit. But I don’t want to say that my strategy is better or worse, in the end, any strategy that makes a profit will be good, but for this they need to wait for the bull market and see how much bitcoin can rise to.

Unfortunately, he didn't mention his income or current jobs, so we can't say he failed to get hold of his bitcoins either. Yes, what I am saying is based on the current bitcoin price and the price at which he bought it, if it goes according to plan, then he will make a profit on his investment. I hope he gets back on topic to shed some light on this, personally, I don't think he failed.

You are just making shit up.. based on what you hoped had happened.

Yes, we know what the price did, but we do not know how OP actually dealt with the situation, including that he did not really seem to have any cashflow to service the debt during the down period that ended up happening.


I doubt that anyone is against taking a loan if you have your shit together, but people are against taking a loan and not being able to be financially and psychologically prepared for BTC price moves in either direction, in the event that the decision ends up being to take the loan.  OP did not seem to be prepared for the whole duration of the UPs and the DOWNs... even though the BTC price did end up recovering above his purchase price... but it took a decently long period of down before up, which was in the ballpark of at least 7 months.. and even then, it has not really been clear about the recovery for the whole time.. remember the dip below $20k in March?

so if we include the dip below $20k in March, then clearly we had more like 9 months of uncertainty... and decent amounts of time of price negativity.. including that even now, there might be some comfort in regards to the BTC price being in the positive.. but it still is not certain that the price is going to stay above the $20k entry point for the remainder of the loan period, in the even that OP has not already been completely reckt. if he were to provide an actual report that is based on actual facts rather than his earlier fantasies.

You should not forced yourself from owning Whole Bitcoin mate because I don't see the logic at all? when you already have 6k with interest and for me that is big enough to start getting chunk of bitcoin.

let me ask you a question , what is the difference from having whole Bitcoin that you need to take  a loan or borrowed money than having 6k worth of bitcoin but you have no obligation at all and that is your full responsibilities?

sorry mate but I find this unethical way of being bitcoin investor.

remember the saying that we must only invest what we can avail to risk.

According to the majority here, I also do not like to borrow money to invest in bitcoin because it is quite risky. I like to invest from my idle or savings and as long as it won't affect my life. I know it takes a risk to succeed but for such a large sum I wouldn't recommend it to anyone nor would I do the same thing that OP did.

I see many people disagree with OP's decision, but one thing people have overlooked is that people didn't check the market conditions and compare with the price the op bought. I mean, OP was profitable, and he succeeded with his plan. When investing, are we interested in the process or the results? For me, the final result is what I care about, and the OP succeeded. Don't forget, there is no success without trade-offs.

There is no evidence that OP had been able to hold through the dip period, service the loans, not panic through the whole period, and therefore still be in profits, currently.

So I would not presume that he was able to successfully carry out his intended play, merely based on his having had told us that he was going to do it.

There are decent odds that OP ended up getting reckt as fuck.. and that is part of the reason that he has not been providing any updates in the past 10 months or so, and there is even some of his posting evidence to show that he had not been managing his cashflow sufficiently in order to really play out the UPs and then DOWNs of the whole last 10 months and to see the light of day after our BTC price recovery that had largely been happening since late December (early January), but instead, OP may well have had fucked himself in this whole gambling matter and did not have abilities to sufficiently service the loan and to pay his own living expenses during the down period..

And, even his last post on the forum (in late October, right before the BTC crash that related to finding out that FTX didn't have the bitcoins they claimed to have had had), he was asking for a non-collateralized personal loan..

For reference, look at this:



OP did not seem to have had thought the matter through as thoroughly as you suggested Litzki1990.


You (Jatiluhung) seem to be presuming that OP was able to hold through the whole period and service the loan without getting reckt in the process.. I am not going to presume that based on the facts in front of us... and reasonable inferences that can be made from OP's lack of posting (mosty disappearance from the forum) since October.

Do not borrow money to invest in bitcoin or risky assets like crypto. But in OP's case, he didn't mention if he has any other source of income because if he has a good job and stable income then getting an investment loan won't be a problem too big to deal with. In case he doesn't have a good income and depends only on investment, then I will also disagree with OP's decision, it is very risky as there is no guarantee bitcoin will be profitable in the next two years. While we all believe that bitcoin will hit ATH in the future, nothing is certain. Depending on the circumstances of each person, we do not need to be too strict in borrowing money to invest.

It doesn't feel like it's been almost 1 year (less than 2 months) since you Op made a thread about your experience to get 1 bitcoin. And you achieved it last year even though you were assisted with the money from the loan. And you said to hold on for a few years didn't you. and if you are still holding it then I think today you are smiling broadly. because the current bitcoin price has almost touched $ 30,000USD. And it seems that your courage last year can produce good results. and if you continue to hold firmly then it is possible that the profits you have will multiply again.

The way I think about it is that you should never invest in Bitcoin by taking out a loan. You have taken a loan from the bank and also borrowed money from your uncle and not a small amount of money but a lot of money you are in debt right now. You had $6k which was enough to invest, which you could have done without taking out a loan. You bought bitcoins in a two year plan how will you pay off that much debt if the price of bitcoins doesn't increase as you thought.  Although, according to your information, you have made around $9K in profits on Bitcoin investments, you can still sell your investments and pay off your debt and reinvest the rest of your money, because if the market collapses in any way from this situation, then  It will never be good for you.

You emerge as a successful investor with the mindset you invest with. When you buy 1 bitcoin for $20000 you often have a profit of over $9000+ nowadays. It shows that you can repay the loan that you have taken from the bank with the profit money. But I know you still hold your investment. Maybe if you can hold your investment till 2024 you can earn maximum in life. There are many people, not all of them can take the kind of risk that you take and show that you are truly a successful investor. I wish you success in your investment. I also had the same thoughts as you but I didn't dare to take the loan due to which I failed in the investment. I am investing some of the money I earn from here.

This story would have been more convenient if you had use your own personal money only in taking up such bitcoin investment plan, as it's never a wise or advisable idea to take up loan to finance bitcoin investment.

The two years investment plan you have put in mind to keep hoping to get back between 100% - 500% profit is under probability to come through, this is because the market is a volatile one and there's a possibility that the market may experience a bad moment by then. In such situation what then is your contingency plan in repaying your loans?

But again OP has already purchased it and we don't have a choice, for sure he has a hard time in the past months but right now he already seen green from his investment unless he ain't sold it in the past months. What I've suggest is that continue holding more a year or 2 after the halving to see the result. Also I've just got a question in my mind to OP is he still paying the loan? or he already paid it off?

literally for me i don't really recommend taking a loan from the bank and make an investment if you're not sure it can be profitable or a loss you should always think not just once but twice if it's worth given a shot. risky is always there in making investment since it has ups and downs so you better think first, you can buy a little or if you have extra money then but you should invest what you can afford to lose.

It's too risky to have to borrow from other people to invest even if it's in Bitcoin, because if you believe in your own abilities, you should also know the limits of your ability to invest. Not even borrowing to make investments, because that will really burden you beyond your own ability. So invest wisely and also in accordance with your own abilities, not by forcing your will by taking a loan, because the intended risk is on our own capital, not on taking a loan to make an investment.

Maybe he also doesn't fully understand the level of risk that he should know and sort according to his needs. The point of taking risks for success is to have the courage to make a move based on a decision after making research first, not to dare to take a loan for an investment. I still think it's ridiculous if someone who wants to invest has to make a loan first, because for me that's not courage in taking risks, but recklessness in taking risks.

This is a good decision with risk, though life is about risk.  Your prediction of two years might work well for you considering some factors that are expected to play out  in years ahead. However, it is not advisable to borrow such huge amount of money to invest on volatile asset such as bitcoins, it will be more preferable if you use your own earn money on a gradual accumulation strategy. Bitcoin adoption is increasing on daily basis, but one can not tell the next move of governments as we have seen some countries restricting the use of bitcoins. In some cases, countries where mining is most carried out also face some restriction challenges. To be more safer, i humbly advice that you get some jobs that can help you pay back the loan if the expectations does not come through as predicted. This will stabilize you irrespective of the market position.
 

Taking risks is necessary for success, but it is also necessary to be aware of the dangers involved and make informed judgments. While it is true that success necessitates trade-offs, it is also critical to weigh the risks and rewards before making any financial decisions. Believing in oneself and the success of one's investment blindly might result in big losses.

If investing in Bitcoin could tempt you to acquire loan for the sake of investing well definitely it is not a good idea. What if after you invest in bitcoin your investment fall really really hard, there is no assurance that your investment can regain in 2 long years. It is good to compute how much the returns on your investment will be, but how realistic it is? Everyone is dreaming of investing in bitcoin but make sure that you have enough funds to invest. As we all know in crypto currency we should always bear in our minds that we should only invest what we can afford to loose. Never ever invest if you will just loan the funds, you might end up loosing. I had already heard a lot of stories borrowing from the banks and cannot even pay the loan plus the interest and the interest continue to grow with surcharge additional.

That's a cool loan offer you got their OP but I can never go on such route like you did, because I will be in worries for that 2 years, it will look like a whole millennium for me and I will worry about what could happen, what I may not be able to control and stuff, Bitcoin is still a risky investment and I can never advise anyone to go take a loan for such investment idea, it's a bad and risky strategy.

This is another good example of people going "do or die" on bitcoin, we all wish to have 1 Bitcoin but we don't have to go extra miles to make the dream come true, you have a loan on your neck and you don't know how Bitcoin will perform in future.

If investing was as easy as it seems, then everyone would become an investor and could make good money on it, but the truth is that it is very difficult, and if we are talking about investing with borrowed money, then this is almost always a losing strategy. To become an investor, you need to have good capital for this, buying a bitcoin for a couple of thousand dollars does not mean becoming an investor.