I am about to do something massivley stupid

[Rassah]

Would be funny if he did; and repaid the student loan in 20 days Bought a camaro with the change.

I think at this point (current price) I can pretty much pay off all my student loans and my husband's car as well, but somehow I feel like that would be a stupid thing to do 

You learned that from your experience with that electric car?

(*ahem* hybrid. It takes gas)

Why yes, yes I did. Had I been able to foretell the future, and had known Bitcoin would do something this absurd, I would've held THAT money till now, and bought a new car, plus paid off ALL our debts, including the house. Oh well, I'm not out yet  (and bought a huge amount again at $47 when it seemed "stable" again)

[evolve]

I think at this point (current price) I can pretty much pay off all my student loans and my husband's car as well, but somehow I feel like that would be a stupid thing to do 

Paying off debt is never a stupid thing to do. Cash out and pay off those loans early. Seriously.

[justusranvier]

Paying off debt is never a stupid thing to do. Cash out and pay off those loans early. Seriously.

Of course paying off debt can be a stupid thing to to do.

When an investment is gaining more (flash crashes included) per week than the annual interest charge on a loan you'd be far better off making minimum payments than paying down the loan.

[evolve]

Yeah, if that investment is GUARANTEED to grow in value more than the interest rate for the entire life of the loan, then yes, you'd be right.

However, no investment vehicle on the planet can make that guarantee, particularly not bitcoin. In reality, this whole thing could crash to pennies tomorrow...the wise financial decision is to pay off outstanding debt early.

[cbeast]

I think at this point (current price) I can pretty much pay off all my student loans and my husband's car as well, but somehow I feel like that would be a stupid thing to do 

Paying off debt is never a stupid thing to do. Cash out and pay off those loans early. Seriously.

Of course you should reward the predatory lenders that lobbied for the ridiculous rates they get. Or, you could hang on another few months and give the new developments a chance to drive up Bitcoin another order of magnitude.

[evolve]

No, you're right. Continuing to gamble is always a better option than paying off money you borrowed.  Fuck you for loaning me money to buy a car and get an education, I've got blackjack to pay!!!!!

Not to mention, if you are paying cut-throat rates on your loans, the best option financially is pay them off early to avoid paying a majority of those fees, correct?

[cbeast]

No, you're right. Continuing to gamble is always a better option than paying off money you borrowed.  Fuck you for loaning me money to buy a car and get an education, I've got blackjack to pay!!!!!

Not to mention, if you are paying cut-throat rates on your loans, the best option financially is pay them off early to avoid paying a majority of those fees, correct?

Bank loans are gambles made by the banks. They've mitigated their risk by leveraging high interest rates against the majority of their borrowers that they prey upon. I'm not saying you shouldn't pay your bills, but why pay them back faster than you need to? If you don't get what Bitcoin is about, then I can see why you consider it a gamble.

[Mike Christ]

Life's one big gamble.  The only way out is honorable death.  Then you'll get this final payout stuff yadda yadda, heaven or hell, that sort of thing.

[Rassah]

No, you're right. Continuing to gamble is always a better option than paying off money you borrowed.  Fuck you for loaning me money to buy a car and get an education, I've got blackjack to pay!!!!!

Not to mention, if you are paying cut-throat rates on your loans, the best option financially is pay them off early to avoid paying a majority of those fees, correct?

Highest loan is 6.75% (student loans)

If i decide to pay off the debt, my one outcome is that I now have no debts, and no money. I have to live paycheck to paycheck, starting my savings account from scratch, even if I get to keep a bit more off every paycheck.

If i decide to keep the coins, I actually have three possible outcomes:
1) Bitcoin price keeps rising considerably - I make minimum payments on the debts, and come out way way way ahead.
2) Bitcoin stays at the rate of my debts, or stabilizes - I continue making minimum payments, and once I pay off my debts, my Bitcoin wealth, though not large, still remains.
3) Bitcoin price plummets - I may be able to sell off whatever coins I can before the value is gone to help pay down the debts, then continue making minimum payments on the debt while having to start building up my savings from scratch.

Now let's see which is the least risky option:
Let's say for some reason I lose a job or hit an economic hardship (get hit by some big expense).
If I have paid off my debt, there is only one outcome: I'm screwed.
If I have held onto my coins, there are three outcomes:
1) I have plenty of money, can still easily pay my debt payments with my BTC, and don't even have to worry
2) I have some money, and maybe should be worried, since my bitcoins may not last too long, but there is enough to cover my debt payments and sustain me.
3) I'm screwed.

So, if I sell, (the supposedly safe thing to do), if I get in trouble, there is one outcome: screwed.
If I don't sell (the supposedly risky, gambling option), there are three outcomes, and in only one of them I'm screwed.

And that, ladies and gentlemen, is why I make the big bucks

[meebs]

No, you're right. Continuing to gamble is always a better option than paying off money you borrowed.  Fuck you for loaning me money to buy a car and get an education, I've got blackjack to pay!!!!!

Not to mention, if you are paying cut-throat rates on your loans, the best option financially is pay them off early to avoid paying a majority of those fees, correct?

Highest loan is 6.75% (student loans)

If i decide to pay off the debt, my one outcome is that I now have no debts, and no money. I have to live paycheck to paycheck, starting my savings account from scratch, even if I get to keep a bit more off every paycheck.

If i decide to keep the coins, I actually have three possible outcomes:
1) Bitcoin price keeps rising considerably - I make minimum payments on the debts, and come out way way way ahead.
2) Bitcoin stays at the rate of my debts, or stabilizes - I continue making minimum payments, and once I pay off my debts, my Bitcoin wealth, though not large, still remains.
3) Bitcoin price plummets - I may be able to sell off whatever coins I can before the value is gone to help pay down the debts, then continue making minimum payments on the debt while having to start building up my savings from scratch.

Now let's see which is the least risky option:
Let's say for some reason I lose a job or hit an economic hardship (get hit by some big expense).
If I have paid off my debt, there is only one outcome: I'm screwed.
If I have held onto my coins, there are three outcomes:
1) I have plenty of money, can still easily pay my debt payments with my BTC, and don't even have to worry
2) I have some money, and maybe should be worried, since my bitcoins may not last too long, but there is enough to cover my debt payments and sustain me.
3) I'm screwed.

So, if I sell, (the supposedly safe thing to do), if I get in trouble, there is one outcome: screwed.
If I don't sell (the supposedly risky, gambling option), there are three outcomes, and in only one of them I'm screwed.

And that, ladies and gentlemen, is why I make the big bucks

except when you pay off your debt.. your monthly payments that have to be made go WAY down, making it a LOT easier to stay up to date if your income level drops for whatever reason.

You also forgot that if you start paying loans late, it will screw over your credit rating, something that is IMPOSSIBLE to happen if you have good credit...

[Matthew N. Wright]

Bottom line, whenever you get thrown a break, pay those debts down. Betting/Gambling is for suckers.

[evolve]

No, you're right. Continuing to gamble is always a better option than paying off money you borrowed.  Fuck you for loaning me money to buy a car and get an education, I've got blackjack to pay!!!!!

Not to mention, if you are paying cut-throat rates on your loans, the best option financially is pay them off early to avoid paying a majority of those fees, correct?

Highest loan is 6.75% (student loans)

If i decide to pay off the debt, my one outcome is that I now have no debts, and no money. I have to live paycheck to paycheck, starting my savings account from scratch, even if I get to keep a bit more off every paycheck.

If i decide to keep the coins, I actually have three possible outcomes:
1) Bitcoin price keeps rising considerably - I make minimum payments on the debts, and come out way way way ahead.
2) Bitcoin stays at the rate of my debts, or stabilizes - I continue making minimum payments, and once I pay off my debts, my Bitcoin wealth, though not large, still remains.
3) Bitcoin price plummets - I may be able to sell off whatever coins I can before the value is gone to help pay down the debts, then continue making minimum payments on the debt while having to start building up my savings from scratch.

Now let's see which is the least risky option:
Let's say for some reason I lose a job or hit an economic hardship (get hit by some big expense).
If I have paid off my debt, there is only one outcome: I'm screwed.
If I have held onto my coins, there are three outcomes:
1) I have plenty of money, can still easily pay my debt payments with my BTC, and don't even have to worry
2) I have some money, and maybe should be worried, since my bitcoins may not last too long, but there is enough to cover my debt payments and sustain me.
3) I'm screwed.

So, if I sell, (the supposedly safe thing to do), if I get in trouble, there is one outcome: screwed.
If I don't sell (the supposedly risky, gambling option), there are three outcomes, and in only one of them I'm screwed.

And that, ladies and gentlemen, is why I make the big bucks

Your first option is still the best, most financially responsible one. Take that extra money you save from not making monthly payment to loans, save some of it, invest the rest wisely. Congratulations, you now have no debt, but you do have savings, and a retirement fund.  That is a good financial spot to be in.

Of your three other options, not all of them have the same probability of happening.  #3 is more likely than the other two, and is the one the puts you in the worst financial spot possible (debt, no savings, no retirement).  #1 or #2 could happen, but are not likely. Dont buy the hype, this bubble is going to pop eventually.

[cbeast]

I'm in a similar situation. I've paid off all but my unsecured debts. Because of my previous obligations, I was unable to acquire as much coin as I wanted. However, I feel much more confident in Bitcoin than my country's willingness to honor it's debt to me in my old age when I am unable to work. They can garnish my debts from my non-existent social security that I've paid into all my life. Hell, even my children are a safer bet than anything provided by the state or any private institution. Besides, I don't think I am in the minority in the opinion in how the banks have operated the last couple of decades.

[Anon136]

I think at this point (current price) I can pretty much pay off all my student loans and my husband's car as well, but somehow I feel like that would be a stupid thing to do 

Paying off debt is never a stupid thing to do. Cash out and pay off those loans early. Seriously.

this times 1000. If you cash out now you will forever be a winner. You are already a winner, dont push your luck.

[yokosan]

I think at this point (current price) I can pretty much pay off all my student loans and my husband's car as well, but somehow I feel like that would be a stupid thing to do 

Paying off debt is never a stupid thing to do. Cash out and pay off those loans early. Seriously.

this times 1000. If you cash out now you will forever be a winner. You are already a winner, dont push your luck.

It's nice to see this kind of post on the bitcoin forums.

You are giving solid unbiased advice. Something I doubt you would see on the bitcoin subreddit.

[Matthew N. Wright]

You are giving solid unbiased advice. Something I doubt you would see on the bitcoin subreddit.

Really? I feel exactly the opposite. (Reddit is no dream, but the forums are a cesspool).

[cbeast]

I think at this point (current price) I can pretty much pay off all my student loans and my husband's car as well, but somehow I feel like that would be a stupid thing to do  

Paying off debt is never a stupid thing to do. Cash out and pay off those loans early. Seriously.

this times 1000. If you cash out now you will forever be a winner. You are already a winner, dont push your luck.

It's nice to see this kind of post on the bitcoin forums.

You are giving solid unbiased advice. Something I doubt you would see on the bitcoin subreddit.

You are never out of debt. Even when you die, there will be a debt to be paid by you. Money is just a numbers game, not an intelligence issue. As the billionaire Dale Andrew Carnegie said, "put all your eggs in one basket, and watch that basket."

[Rassah]

I think at this point (current price) I can pretty much pay off all my student loans and my husband's car as well, but somehow I feel like that would be a stupid thing to do  

Paying off debt is never a stupid thing to do. Cash out and pay off those loans early. Seriously.

this times 1000. If you cash out now you will forever be a winner. You are already a winner, dont push your luck.

Cash out to pay off debt means I'm at $0. Statements like "paying off debt is never a stupid thing to do" is the type of common sense thing that most of the country (USA) believes. Most of the country also reaches retirement age with savings of under $100k, and are dependent on Social Security or work way into the old age. And the type of stuff I had to make people unlearn when I worked as a personal financial analyst.
Rule #1 - have an emergency savings account (which would be gone if I use it to pay off debt)
Rule #2 - paying into a 4% debt is EXACTLY like paying into a 4% investment (seriously, calculate it out). So put your money into whatever has the highest interest, be it debt or investment (based on your risk tolerance).
People think debt is the worst thing ever, and should be gotten rid of first, and it's a really stupid misconception that needs to die, because when you reach 65, with no debts, and nothing but $100,000 to your name, you are most definitely NOT a winner.
Source - my goddamn financial analyst degree and years of experience with a ton of people who do what they think is common sense

[SgtSpike]

I think at this point (current price) I can pretty much pay off all my student loans and my husband's car as well, but somehow I feel like that would be a stupid thing to do  

Paying off debt is never a stupid thing to do. Cash out and pay off those loans early. Seriously.

this times 1000. If you cash out now you will forever be a winner. You are already a winner, dont push your luck.

Cash out to pay off debt means I'm at $0. Statements like "paying off debt is never a stupid thing to do" is the type of common sense thing that most of the country (USA) believes. Most of the country also reaches retirement age with savings of under $100k, and are dependent on Social Security or work way into the old age. And the type of stuff I had to make people unlearn when I worked as a personal financial analyst.
Rule #1 - have an emergency savings account (which would be gone if I use it to pay off debt)
Rule #2 - paying into a 4% debt I'd EXACTLY like paying into a 4% investment (seriously, calculate it out). So put your money into whatever has the highest interest, be it debt or investment (based on your risk tolerance).
People think debt is the worst thing ever, and should be gotten rid of first, and it's a really stupid misconception that needs to die, because when you reach 65, with no debts, and nothing but $100,000 to your name, you are most definitely NOT a winner.
Source - my goddamn financial analyst degree and years of experience with a ton of people who do what they think is common sense

It's ok Rassah, let them continue to be poor. 

[evolve]

I think at this point (current price) I can pretty much pay off all my student loans and my husband's car as well, but somehow I feel like that would be a stupid thing to do 

Paying off debt is never a stupid thing to do. Cash out and pay off those loans early. Seriously.

this times 1000. If you cash out now you will forever be a winner. You are already a winner, dont push your luck.

Cash out to pay off debt means I'm at $0. Statements like "paying off debt is never a stupid thing to do" is the type of common sense thing that most of the country (USA) believes. Most of the country also reaches retirement age with savings of under $100k, and are dependent on Social Security or work way into the old age. And the type of stuff I had to make people unlearn when I worked as a personal financial analyst.
Rule #1 - have an emergency savings account (which would be gone if I use it to pay off debt)
Rule #2 - paying into a 4% debt I'd EXACTLY like paying into a 4% investment (seriously, calculate it out). So put your money into whatever has the highest interest, be it debt or investment (based on your risk tolerance).
People think debt is the worst thing ever, and should be gotten rid of first, and it's a really stupid misconception that needs to die, because when you reach 65, with no debts, and nothing but $100,000 to your name, you are most definitely NOT a winner.
Source - my goddamn financial analyst degree and years of experience with a ton of people who do what they think is common sense

You know, I had a whole thing typed up as a response to this, but fuck it...it's less annoying to just move on.  When the bubble pops, I'll be sure to bump this thread... I tried to give you solid advice, but you ignored it with a shitty smug attitude. Enjoy the grinding poverty, man... You deserve it.