A man in UAE took six figure loan and lost 85% of his crypto value

[KS03]

Ah man that sucks.  I imagine he isn't the only one either.  Think of all the longs on margin who though it just couldn't go any lower.  Think about the shorts who think they are on a hot streak and just can't lose right now.  For every winner there is a loser.  IT's a brutal game and profession. 

[Adecrypt83]

I find this very hard to believe, some people take risk foolishly .The rule in crypto is to always invest what you can afford to lose, the guy should blame himself not the market.

[zxl912157]

I do not understand that they took the decision for "loans".
The loan to the Bank is not recommended in any case because the interest is always up and up.
I hope that this forum is not the same as this person.

[sixexgames]

This guy bought into FOMO hook line and sinker. To be fair I think most people thought the market would keep going up. I had a bad gut feeling about the fast rise, so I sold some when BTC was around $14K... bought back in at a lower price.

[nwanne]

This is really very bad, he really took a great risky with such movement, and it reminds me what is been said all the time about the cryptos space, don't invest all your money, invest what you cannot afford to lose, I don't know how the man in question will be dealing about the situation right now? considering when he borrow the money and the amount lost the crypto price have made since the time he borrow, this should serve as a lesson to everyone. Invest what you can afford to lose.

[marufnang]

Crypthomie, a Reddit user identifying as a 32-year-old male living in Abu Dhabi, recently posted a photo of his repayment schedule pertaining to a six-figure loan that he took out on the 18th of December, 2017.

The Redditor borrowed 338,000 dirhams (roughly $126,500 USD), with a total outstanding amount of 393,296.80 dirhams ($147,200 USD) including interest from Emirates Islamic Bank. The document outlines a repayment schedule of 8194 dirhams ($3067 USD) monthly until December 14, 2021.

The investor wrote: “Here is my bank installment related to the loan I took to invest in crypto. Still three-and-a-half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85 per cent loss. I hope it gives you a lesson.”

I think that is a mistake, I'm so against making an investment in cryptocurrency using the fund that we get by borrowing the bank or any other institution.
If we really wish to invest that would be using the spared unused fund to make an investment in cyptocurrency.

[Aldrinx00]

It's his own choice and decision to invest in cryptocurrency and there's no one to blame but himself, but i think if he did not already sold his holdings he still have a chance to make profit until 2021. Crypto has still a lot of room to grow and never invest any money that you can't afford to lose.

[SimonJones]

What a moron.

The first rule of any investment, particularly crypto, is to only invest what you can afford to lose. A loan, by definition, is not money you can afford to lose.

Great answer! In fact, it is the truth. How can a man who is into Crypto world has no knowledge of it. He truly deserve his fate...

[jefcasidy]

What a moron.

The first rule of any investment, particularly crypto, is to only invest what you can afford to lose. A loan, by definition, is not money you can afford to lose.

I won't really blame the man, if he had succeeded with the move, probably people will be praising him by now, I recall beginning of this year, there were a lot of high hopes that crypto would worth trillions of thousands and that this year will be best year for cryptos, everybody was investing hoping this year will be great, but it didn't work as planned, so it's not really his fault, he took a risk but it didn't work out for him.

[disconnectme]

I don't think there is nothing wrong talking a loan to help improve ones life, leverage is a great tool to use, it is just that he was very stupid investing in a market that has increased this much, I have read where some people trying to crucify him, assuming he is investing now, what do you think he would be saying this time next year, market move in circle that is why we need to be very careful when we invested into project

[Suwycu]

That's exactly why you do not need to take credit money and invest in cryptocurrency, you need your money for this!