Bitcoin Forum

Taking a student loan of 1000$ dollars today. Im the gambling type, so decided that investing it to various crypto-currencies would be a better idea than to use it for something like a new phone/computer or even better food than the usual tuna&noodels ;D

What currencies would you buy, as a poor student for 1000$ and why?


PS. Majoring in Finance and Marketing, so this decision is actually is against everything I've learnt in school  ;D

Don't do it, investing in any cryptocurrency right now with borrowed money is just asking for trouble.

I'd say it would be better to invest in a cheap 1 or 2 gpu mining rig (single R9 280x or dual 7950 if you can find them) and mine the currency of your choice. Even if BTC goes to 0, you could still part it out or use it as a gaming machine  :)

Id invest in some mining hardware instead of just buying coins with that money. If anything goes wrong you can still sell the hardware and at-least recover some of your loss. Its a huge risk to take.

Was thinking of something along the lines of 50%BTC, 20%LTC, 20%Quark and maybe 10%Sexcoin. Initial plan is to hold for atleast for a few years(apart from sexcoin:D) till I finish my studies :P

And to donkeykong9000&derbinp - I am absolutely ready to lose it all, this 1000$ would pretty much anyways go to gambling,drugs and booze :D

I would buy 1 BTC. Much better than eat the 1000$ or spend on electronic, but it is just me I hate unnecessary consumption

Very volatile right now. LTC is a good currency that should be 0.25/1 BTC in many opinions.

Few years will likely last only Bitcoin, maybe Litecoin as well but no merchant support so far even when Litecoin is here 2 years already...

From watching the BTC-e for a little bit I'd probably buy a bunch of LTC. Or spend the money on making a mining rig.

So BTC/LTC is the ones to go for a bit of middle to long-term investing?

BTW been having a lot of discussions with Finance majors about Bitcoin and the attitudes seem very 50/50. About 50% believe that its a complete bubble and will most likely crash to near 0, the other 50% are somewhat interested in it- but would never invest 1000$. Actually helped a few of these start their own wallets today :)

 I myself see that Bitcoin holds tremendous potential as an alternative to storing value of inflating currencies right now. And if you guys have followed the news here in Europe, the situation is quite heated between Germany and Spain. If these countries don't get a sensible agreement on the current surpluses/deficits there might actually be a chance that the whole Euro-system would be stripped apart. IF this happens Eurocountries would definitely look into alternative ways to store currency value and this is where crypto-currencies such as BTC would come into play.

http://www.bruegel.org/nc/blog/detail/article/1189-the-german-trade-surplus-may-widen-with-the-euro-area-recovery/

I would just use the money for an education

...sounds like you really need it.

^^^^^^
Education free here buddy  ;)

I also would recommend the mining hardware. If you don't care whether you lose the money or not, I guess you can put it in something like you're thinking -- bitcoin, litecoin, and something more speculative sounds like a nice combination to me. Good luck with whatever you decide :)

So 1000$ would be sufficient for good mining hardware? Could probably muster up another 1k$ easy for that- still looking to buy them coins right now regardless.

My Advice:

Invest of 2-5% of the money. With that 2-5% assumed to be money that you would be OK losing.

5% of 1000 would give you 50 bucks to invest in crypto currency. With the way things are going I would invest in Quark. If quark moves from 0.25 to .50 dollars you double your money. In order to do that with bitcoin right now you would need bitcoin to move from 1000 to 2000. 50 bucks will buy you about 200 quark coins right now. Use that as a base and then try your hand at trading other coins to make your pile grow (or lessen!).  Or just buy, hold, and hope for the best.

Best of luck, have fun, and don't get too obsessed!

Actually willing to invest 100%, as I said gambling is my thing :D Anyway thanks for the tips dudes, made my first purchases right now  ;)

I'd say 50-50 on BTC and LTC. You won't go wrong with that combo

If you're willing to gamble $1000, go buy otm 1.35 strike puts on the EUR/USD.

Agreed. BTC is likely to stand the test of time, though LTC has a lot of potential.

I second this.  You might as well do some mining to give you a better idea of the currencies as well.

I'd invest in studying.

Doge coin is about to explode it was made 3 days ago and is more popular than most altcoins already

I personally would not invest any cent I couldn't spare completely. So if the money is not even yours (-->loan), I would not even consider to play russian roulette with it.
Don't forget there is a chance you could lose all your money, so don't invest if you depend on it!

Speculating with small amounts of borrowed money will get you nowhere. In your case, investing in your education is the way to go - attend a language course, learn a skill, etc. It may not be as exciting as dumping all the money into a "get-rich-quick" scheme, but it is almost certain to provide you with a greater return in the long run.

I believe the loan will be paid after his studies ended and he is employed. So if he spend it now, it doesnt matter if for new phone/comp or Bitcoin

Its not too late to start Litecoin mining. It is still done with GPUs, so I would definitely go for that. But thats just me.

Good advice. An investment to start out with but it should earn itself back pretty soon enough. After that you can build up some "own" money to start speculating. If it goes wrong on your first few crypto investments, it's all gone and you'll be stuck feeling very bad about it.

I have done some trading in alt coin and made some very small profts (i have about 200 dollars worth of BTC) so you could make a ok amount of money from that.

I'd probably use about 25% of that to purchase Bitcoin and have the rest invested in Litecoin.

Don't loan to invest is such volatile currency's

Only spend what u can miss

Beter invest in litecoin cause right now price is around 30 $. If crypto currencies get more financial peace of cake you can profit.

Litecoin seems to me to be a very good long-term bet because it's creator is a very wellknown and respected member of the crypto community. Perhaps a good idea would be to spend 50% in Bitcoins, 30-40% in Litecoins and a few % in a smaller altcoin. Personally I find Sexcoins interesting because of the targeted demographics but I can't give recommendations on that because it's far to volatile. Good luck!