Advice Needed: Taking out a loan to buy BTC or invest in BitConnect program

[MadCryptoKnight]

First of all, I hope I'm posting this in the right place.  If I'm not, please let me know and I'll delete the post and move it to the appropriate forum.

I got involved in buying BTC and other altcoins in early July 2017.  If I had made a substantial investment at the time (in BTC which was at $2,400 at the time) i would be a lot better off now - financially.  I've been thinking about taking out a small personal loan (about $12k) and using it to either buy BTC or invest in the Bitconnect lending program where I can make about 40% per month.  I can get the $12k loan at 10.97% APR, no origination fee, 36 month term at $393 per month, and no prepayment penalty.  If loan goes to term the total interest would be $2,031.74.

If i were to invest it in BTC, I would need a 12% jump rather quickly in order for this to payoff.  However, an investment into BitConnect's lending program with their 40% average monthly return would allow me to pay the loan off in less than 3 months and after that nothing but profit.

I know it's risky, but I wanted to see if any of the members have every tried this and what was the outcome.  Any advice is welcome and appreciated.

[Silberman]

First of all, I hope I'm posting this in the right place.  If I'm not, please let me know and I'll delete the post and move it to the appropriate forum.

I got involved in buying BTC and other altcoins in early July 2017.  If I had made a substantial investment at the time (in BTC which was at $2,400 at the time) i would be a lot better off now - financially.  I've been thinking about taking out a small personal loan (about $12k) and using it to either buy BTC or invest in the Bitconnect lending program where I can make about 40% per month.  I can get the $12k loan at 10.97% APR, no origination fee, 36 month term at $393 per month, and no prepayment penalty.  If loan goes to term the total interest would be $2,031.74.

If i were to invest it in BTC, I would need a 12% jump rather quickly in order for this to payoff.  However, an investment into BitConnect's lending program with their 40% average monthly return would allow me to pay the loan off in less than 3 months and after that nothing but profit.

I know it's risky, but I wanted to see if any of the members have every tried this and what was the outcome.  Any advice is welcome and appreciated.

The best advice I can give to you is to not do it you are only thinking of the positive outcomes you can get, what are you going to do if the price of bitcoin crashed overnight because it was banned in China or the US, you are going to ruin your life or at least make it a lot more difficult than already is, so please reconsider and do not do it, even if you are successful you will only be tempted to do this again and eventually you are going to lose your money.

[blakeh]

Whoah dude... why would you even think of investing in BitConnect? It’s a ponzi pyramid scheme. You think they can afford to pay everyone 40% a month compounded? Nope. And when the money dries up there goes your payment. May as well kiss your $12k goodbye... feel free to send it to my address I’ll PM it to you.

[Pearls Before Swine]

Whoah dude... why would you even think of investing in BitConnect? It’s a ponzi pyramid scheme. You think they can afford to pay everyone 40% a month compounded? Nope. And when the money dries up there goes your payment. May as well kiss your $12k goodbye... feel free to send it to my address I’ll PM it to you.

Words of wisdom right here, plus I would say that borrowing money to buy bitcoin
might turn out to be an awful idea if the market crashes, which it may very well do.  However,
it all depends on the interest rate.   I've seen people buy bitcoin (and lots of other stuff) with
credit cards, and that amounts to a very high interest loan.  That's crazy thinking in my opinion
and is characteristic of bubble behavior.   Yeah, you could get lucky and bitcoin could
triple in price, but you'd be gambling hard.  I say don't do it.

[DaMut]

first of all borrowing something to buy Bitcoin in order to get return from it every month is a bad idea,
why ? because you will end up losing it in the future.i did it a while ago in 2015ish.
Bitcoin is an unpredictable asset,we can not see the move clearly because it can be manipulated by people easily.
other than that,the price can doubled in the next day and also can halved in the next day.
only invest the money that you can afford to lose,not something like that.
second,Bitconnect is a pyramid scheme.
all that i can tell you is they will take your money in the future if nobody want to register in their site.
do not believe something like that because they're only giving you an earning from other people money.
if nobody register in their program or website,
they can not pay you your earning and then gone.
think twice before doing something,but i recommend to not doing this because it's very very risky.

[salahuddin10]

imo you should not put any money into BitConnect. its a typical pyramid ponzi scheme designed to entrap the noobs of crypto.
/r/cryptocurrency is your friend if you can sift through the shitposts.

[berkk]

go follow top twitter accounts on bitcoin they will all tell you bitconnect is a pyramid scheme. Do your research. Bitconnect is a scam.