Friend tells me he'd rather go homeless then sell at this point - :)

[WiseOldOwl]

Thought this was funny. Its not illogical. But man it was funny.

Worlds richest hobo.

If this happens Ill be sure to let you all know... and i know pics or it dh

HAHA

[yvv]

Do not worry, he has a good chance to go homeless soon 

[Matthew N. Wright]

I wish I could afford to have that same sentiment, but all my debts are in BTC, so when I make BTC, I pay debts regardless of the price of BTC. Let this be a reminder to anyone, never make loans or bets in BTC unless you're purposely trying to add risk.

[wopwop]

Good to know

[tutkarz]

Bitcoin is still very cheap. We are not going to use full bitcoins in near future and even 1mBTC = $0.23 now.

[mrb]

I wish I could afford to have that same sentiment, but all my debts are in BTC, so when I make BTC, I pay debts regardless of the price of BTC. Let this be a reminder to anyone, never make loans or bets in BTC unless you're purposely trying to add risk.

You have 5k+ posts and you are only now figuring out that it is a bad idea to take debts in a deflationary currency?

[Matthew N. Wright]

It'd be better to say that I used to think of Bitcoin as a currency, but now realize it's a speculation backed pseudo-commodity. There's nothing wrong with taking investments or loans in a currency, inflationary or deflationary. Taking loans in commodities that change value 300% in a few days, not so much.

[BTCisthefuture]

many people have the same logic as him, and that's the topic of logic that creates bubbles.

there were people who swore the dot com boom wouldnt crash

people who swore the housing market wouldnt crash

and now people who swear the bitcoin boom will never crash

i just hope he doesn't have more invested than he's willing to lose.  bitcoin is on a good ride right now but things like this dont last forever. play it safe folks and don't let greed blind you.

[Driice]

many people have the same logic as him, and that's the topic of logic that creates bubbles.

there were people who swore the dot com boom wouldnt crash

people who swore the housing market wouldnt crash

and now people who swear the bitcoin boom will never crash

i just hope he doesn't have more invested than he's willing to lose.  bitcoin is on a good ride right now but things like this dont last forever. play it safe folks and don't let greed blind you.

Great point here

[mrb]

It'd be better to say that I used to think of Bitcoin as a currency, but now realize it's a speculation backed pseudo-commodity. There's nothing wrong with taking investments or loans in a currency, inflationary or deflationary. Taking loans in commodities that change value 300% in a few days, not so much.

Generally loans are long-term. It is mostly irrelevant if there is a "300% swing over a few days" (short term). What matters is the long term. And taking loans in currency that is inflationary in the long term is totally fine (most of the world economy demonstrates it), whereas taking loans in currency that is deflationary in the long term will always be a bad idea.

[Matthew N. Wright]

Agreed. All my loans have been short-sighted (intended for short term, but ended up being long-term due to unforseen financial difficulties). As my friend of mine says who is in the business of giving loans and investing, "Life always gets in the way".

[alexeft]

Agreed. All my loans have been short-sighted (intended for short term, but ended up being long-term due to unforseen financial difficulties). As my friend of mine says who is in the business of giving loans and investing, "Life always gets in the way".

So, you found the anti-bank currency (or commodity or whatever you choose to call it) and you choose to behave to it like you would do to banking products!!!
I don't think that life got in the way.  

PS: I am very sorry for your problems. I only hope you have now learned why the whole planet is in very deep shit. The reason is debt.

[Matthew N. Wright]

So, you found the anti-bank currency (or commodity or whatever you choose to call it) and you choose to behave to it like you would do to banking products!!!
I don't think that life got in the way.  

PS: I am very sorry for your problems. I only hope you have now learned why the whole planet is in very deep shit. The reason is debt.

I agree debt is a very serious issue with today's society. It is the reason that I have never once in my 10 years of legal adult age bothered to get a credit card. As for debts and loans being bad in general, please do some research on "good debt vs bad debt". It's impossible to live in society without some debt.

Loose examples of regular debt that occurs in our daily lives:

• Ordering food at a restaurant trusting that your debit card will work or your country's currency will still have value when you finally check out
• Renting an apartment where you pay for the time after you've lived there
• Taking a loan to purchase a house because the cost of the loan is cheaper than the lost opportunity of pulling out assets from interest bearing accounts
• Seeking business loans for startups

Debt is frankly inevitable for the vast majority of humans, and there is a very good use for debts. The abuse of which is the problem; people are careless and uneducated on how to manage it. I'm glad to be a part of the community in such a way that I get to learn from it hands-on.

[wopwop]

my friend told me he rather gets f'ed in the a than sell his bitcoins

topics like these make me cry