It hit 500!

[rohnearner]

so its already up500$ for almost a day now..! what do you think will it stay +500$ or will it crash like it did last month after recovering to 550$ from 420$ to going back to 430$ within a week or so..!
I hope it stays up and rise further.... lets see if it hits ATH in next few months..

[btc-owl]

reaching $600 next week, then drop back but no less than 500.

[superresistant]

so its already up500$ for almost a day now..! what do you think will it stay +500$ or will it crash like it did last month after recovering to 550$ from 420$ to going back to 430$ within a week or so..!
I hope it stays up and rise further.... lets see if it hits ATH in next few months..

I have mixed feelings about it.
I would like to buy more under 500.

[liexel]

Only invest what you can afford to lose.

If you are borrowing to do it, you can't afford to lose.  (As much as I joked about taking a $10,000 0% line of credit on one of my credit card offers if the price went down to the $100s, I seriously wouldn't do it.  I don't borrow to invest.)

That said, I DID borrow against my 401k to invest, but I consider that OK for the following reasons:

1. I have it covered by my outstanding vacation should I lose my job
2. I am paying interest to myself, not somebody else, so it's not a loan in the traditional sense.  In fact, I make MORE money every month.
3. I want to invest a percentage of my "retirement" in bitcoin (retirement in quotes because I plan to retire this year but I can't touch that money for decades) but there is simply no other way to do it

Please don't borrow to invest.  Bitcoin could still easily go to zero.

Really? But what really are the chances of it going to zero, im quite curious what realistically could happen that would kill it so much. But i suppose i could scout other threads for this.

[oda.krell]

Only invest what you can afford to lose.

If you are borrowing to do it, you can't afford to lose.  (As much as I joked about taking a $10,000 0% line of credit on one of my credit card offers if the price went down to the $100s, I seriously wouldn't do it.  I don't borrow to invest.)

That said, I DID borrow against my 401k to invest, but I consider that OK for the following reasons:

1. I have it covered by my outstanding vacation should I lose my job
2. I am paying interest to myself, not somebody else, so it's not a loan in the traditional sense.  In fact, I make MORE money every month.
3. I want to invest a percentage of my "retirement" in bitcoin (retirement in quotes because I plan to retire this year but I can't touch that money for decades) but there is simply no other way to do it

Please don't borrow to invest.  Bitcoin could still easily go to zero.

Thanks for that.

I know we probably don't see all things completely eye to eye, but it's good to see that one of the big optimists in here (which I'd say you are) is giving fair advice to the newcomers.

The rule really is: "don't invest what you can't afford to lose".

What exactly you "can afford to lose" depends on your income, age, family situation, etc. But a large loan that could ruin you if Bitcoin price goes drastically down, or just stagnates for years, is pretty much never something you can afford.

[piramida]

Really? But what really are the chances of it going to zero, im quite curious what realistically could happen that would kill it so much. But i suppose i could scout other threads for this.

Realistically - nothing. However, there are many unrealistic scenarios, from a meteor destroying the Earth, through an EMI killing internet and all power structures throwing us back into stone age, to quantum computers appearing out of nowhere so the devs don't have several hours to switch the algo, allowing someone to decypher arbitrary PKs.

[davidgdg]

how unwise is it to take up a loan to buy some coins now?

It depends what the alternatives are. If that were the only means I had to buy some BTC, I might consider it. But only if there were no other alternative. And NEVER (AND I MEAN NEVER) do leverage. 

[bitgeek]

Really? But what really are the chances of it going to zero, im quite curious what realistically could happen that would kill it so much. But i suppose i could scout other threads for this.

Realistically - nothing. However, there are many unrealistic scenarios, from a meteor destroying the Earth, through an EMI killing internet and all power structures throwing us back into stone age, to quantum computers appearing out of nowhere so the devs don't have several hours to switch the algo, allowing someone to decypher arbitrary PKs.

It doesn't have to go to exactly 0 to be relatively worthless. As long as the bitcoin network and the internet exist there will always be people willing to pay a few $, but bitcoin dropping to something like $5 would still mean its end.

[CoinDiver]

If you are borrowing to do it, you can't afford to lose.

What is your logical basis for this statement? Can he afford to pay the terms of the loan if bitcoin fails? Can he afford to consequences of not being able to repay the loan if bitcoin fails? I understand you have a rule that disallows this. You must recognise, it is arbitrary.

[BitcoinBobbeh]

If you are borrowing to do it, you can't afford to lose.

What is your logical basis for this statement? Can he afford to pay the terms of the loan if bitcoin fails? Can he afford to consequences of not being able to repay the loan if bitcoin fails? I understand you have a rule that disallows this. You must recognise, it is arbitrary.

If you could comfortably afford to do something, you wouldn't have to borrow to do it in the first place. He's right.

[serenitys]

so its already up500$ for almost a day now..! what do you think will it stay +500$ or will it crash like it did last month after recovering to 550$ from 420$ to going back to 430$ within a week or so..!
I hope it stays up and rise further.... lets see if it hits ATH in next few months..

I have mixed feelings about it.
I would like to buy more under 500.

Then you should've done that last week 

[MoneyGod]

Hope now its going to stay on this figure for some time

[serenitys]

Just to add this - I've made a few purchases since learning about bitcoin and coming here to learn/crash course...but for newer ones than me, keep in mind you don't have to pay full market price for a whole bitcoin. You can buy $50 a week or check or whatever amount you want and it's also going to 1. accumulate and 2. increase/decrease value same as the whole one setting the rate.

[CaptainBeck]

Just to add this - I've made a few purchases since learning about bitcoin and coming here to learn/crash course...but for newer ones than me, keep in mind you don't have to pay full market price for a whole bitcoin. You can buy $50 a week or check or whatever amount you want and it's also going to 1. accumulate and 2. increase/decrease value same as the whole one setting the rate.

Agreed, lots of people seem to think they they have to sell the house and buy every BTC their money will get them, rather than spending a small amount every couple of days when the money because spare to them.

[serenitys]

zomg it finally hit 575!

I left the laptop on and set it on the floor when I went to bed. I had the bitcointicker site up. I woke up oddly for no apparent reason at some point during the morning and saw $577 and smiled, went back to sleep and when I got up, the first thing I thought was I dreampt that...it's probably 499 but nope...it's been in the 560s to 570s all day so thanks to whoever's making that happen.

[CoinDiver]

If you are borrowing to do it, you can't afford to lose.

What is your logical basis for this statement? Can he afford to pay the terms of the loan if bitcoin fails? Can he afford to consequences of not being able to repay the loan if bitcoin fails? I understand you have a rule that disallows this. You must recognise, it is arbitrary.

If you could comfortably afford to do something, you wouldn't have to borrow to do it in the first place. He's right.

Thank you for reiterating. I'm still looking for a logical basis for the statement. I'm not disagreeing with the premise of not investing what you can't afford to lose. I'm disagreeing with borrowing being some magical exclusion. If he can afford to repay the loan if btc crashes, then borrowing to buy btc is something he can afford.

[wachtwoord]

If you are borrowing to do it, you can't afford to lose.

What is your logical basis for this statement? Can he afford to pay the terms of the loan if bitcoin fails? Can he afford to consequences of not being able to repay the loan if bitcoin fails? I understand you have a rule that disallows this. You must recognise, it is arbitrary.

If you could comfortably afford to do something, you wouldn't have to borrow to do it in the first place. He's right.

I don't agree. You can borrow with collateral if you rather continue to own the collateral than sell it and think the interest paid is reasonable to be able to do so.