Medical student $300k+ in debt... Crypto investments a way out?

[noa06]

Dont take advice from any of this people, as they are as clueless as we all are regarding that emerging market !

Go with your guts, read from the respective plateform or community of the coin you believe in, and never put all your eggs into one basket.

The current banking system is completely failling day by day and most economist agreed that we are going straight up the biggest recession we ever witnessed. Crypto could be a solution, so only time will tell !

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[carlfebz2]

Hey guys,

I'm currently a medical student in the US and will graduate heavily in debt in order to chase my dreams. The prospect of being $300k+ in debt is extremely anxiety inducing to me and have seen how it cripples freshly graduated residents. Until recently I've seen this as nothing but an inevitability but after following cryptocurrencies for some months, I've seen the promising potential of this field. I placed a test investment of a few hundred dollars and have already doubled my initial amount in less than two weeks. I am considering taking out an extra 10k in loans to invest in crypto (relative to 300k it seems like a drop in the bucket). Do you guys think it is in the realm of possibility to have that investment eventually pay off my debt? Currently I am invested in NEM, Waves and Wings. Thank you so much for your help!

I can say that investing on crypto currency could possibly resolved your debts in no time but depending on how much money you do invest and as a piece of advice dont be confident on putting money on it because chances of growths cant be expected anytime. We should think off that there are times price drops which could make us lose even more and its very risky to take out more loan just to shoot out on crypto. If you are really dedicated on such move then you should accept the risk behind it. There are only 2 instances would happen either paid up the loan or suffer big debt even more.

[Forcelite]

I say do it and see what happens.
Force

[coin_pwr]

It is going to be risky, but if you choose the right investments it can pay off. Do your due diligence and trust your gut.

Remember nothing is impossible.

[olubams]

Hey guys,

I'm currently a medical student in the US and will graduate heavily in debt in order to chase my dreams. The prospect of being $300k+ in debt is extremely anxiety inducing to me and have seen how it cripples freshly graduated residents. Until recently I've seen this as nothing but an inevitability but after following cryptocurrencies for some months, I've seen the promising potential of this field. I placed a test investment of a few hundred dollars and have already doubled my initial amount in less than two weeks. I am considering taking out an extra 10k in loans to invest in crypto (relative to 300k it seems like a drop in the bucket). Do you guys think it is in the realm of possibility to have that investment eventually pay off my debt? Currently I am invested in NEM, Waves and Wings. Thank you so much for your help!

In addition to what others have rightly said, putting $10k won't even change your loan status if everything went wrong and you have to lose your investment but will go along way in changing your status if the positive should happen which is what you are hope for. Considering how tight your schedule will be, I will suggest you look for one potential alt after careful analysis or even bitcoin and put in the money long-term as this is the only sure way to relieve your debt.

[sp_skeptic]

Strongly recommend that you not do this. Cryptocurrency valuations are insane right now and the risk is too great. Read about the South Sea Bubble and the Dutch Tulip Mania so you can get some perspective. Plus if you do this you will waste too much time that you should be spending studying on worrying about and following the markets.

I think it's still possible to get your school debts paid off if you are willing to practice in an underserved area.

[oegarod]

As one of the user have suggested don't go for a loan, because nothing is assured with cryptocurrency. Anytime anything could happen causing a downfall or a pumping. This year seems to be potential for most of the altcoins and bitcoin in terms of price increase.

[ergie]

what could possibly go wrong in bull market 

[testerx]

Hi, this is an absolutely terrible idea. You do not give the impression that you have put in the time to understand the crypto markets and you dare to think of taking out a loan???

Calm down phytosaw, we're not encouraging him to take out further loans, he already owes $300,000 but unlike most people who owe $300,000 when he finishes his residency he will have a high paying job that lets him pay that debt burden.  But it is still a bad burden psychologically even if you can pay it.

Because he will in the future be earning a high income he can afford in the present to risk a small amount of money on something like cryptocurrency.  No, it is NOT the safest thing to do, but since he already owes $300,000 the difference between owing $300,000 and $310,000 because he didn't pay off $10,000 now is almost nothing and there's a chance he might get a little lucky and be able to wipe some of that out.  Nobody is saying to go borrow more loans, but if he wants to chance $10,000 on something when there seems to be a truly innovative new crypto then it may actually make sense.  I've been here a long time and missed the ethereum ICO which I wanted to invest in because I was busy finishing up my residency at that point in time and frankly I would have made a lot more than my attending salary on the Ether.  But much of that is driven by this current bubble.  Still, long term I do think if you pick the right one you might have a good shot at pretty good gains.  The hard part is not investing in all the junk posted here and being selective but still brave enough to put some money in.

For the record I've only ever purchased two cryptocurrencies despite reading about all these altcoins.  I wanted to buy 3 (the third was eth) but obviously I messed that ICO up.  If you're selective and risk just a small amount of money it's certainly possible to make good returns.  My Qtum is up 28,000% in the last 2 months, it's obviously a bubble but it's still nice.

[ifyousmell]

High risk high return. Please invest only what you can lose. It is not ideal to take out a loan to invest in cryptocurrency. People fail to see that there is actually a bubble here, but only time will tell when. Could be the next minute it pops, next month, next year, who knows. Be careful and good luck! Focus on the fact that you  are a Doctor and the demand and salary is huge.

[testerx]

Right now we're on summer break and I'm planning to do research on which coins are a solid investment then put the money in. Congrats on having the crypto side match your attending salary, even that is a great feat!

I do want to point out that this is mostly only possible because of the insane bubble going on the last 5 months. During normal periods of time the returns are not at all comparable to my salary, so definitely still work hard as a med student and try to get into a good field to make that cheddar $$$.  But I do regret not investing in the Ethereum ICO I had planned on because I got so busy during residency.  So just keep an eye out on things you really think are innovative.  If you're budgeting $10K maybe put 3.3K into 3 different currencies but be patient and wait for the right ones.

The only 3 I've ever been willing to put money into have been BTC, Ethereum @ ICO and Qtum @ ICO and frankly Qtum is mostly on a crazy speculative bubble right now since the testnet isn't even live but the token already went from 30 cents to $8, so it's likely crazy overvalued at the moment.  If you want the crazy returns that can help you pay off some of those loans I would just hold out for a new currency instead of buying into any existing ones, especially given the valuations now.

Anyways I think the nice thing about knowing that you're going to be a physician is that you can be slightly more risk taking than most people.  But again, don't go too crazy, it can all go south and I don't want to hear about some doctor committing suicide over cryptocurrency losses, lol. 

[ubercool]

High risk high return. Please invest only what you can lose. It is not ideal to take out a loan to invest in cryptocurrency. People fail to see that there is actually a bubble here, but only time will tell when. Could be the next minute it pops, next month, next year, who knows. Be careful and good luck! Focus on the fact that you  are a Doctor and the demand and salary is huge.

There are some people who returned their loans with the help of crypto currencies. I have read many people's stories about how people sold their holdings of Bitcoins to get rid of Loans. It may sound overrated but it is true. So try on your own experience and explore. Best of Luck.

[tokeweed]

Yes, this is good time to invest in crypto right now.

I think it's the time when we should start being more careful.  The prices have gone up a lot and have gone up further because the rest are afraid of missing the train.  The time to buy was earlier this year when everything was calm and flat.  But maybe you can still make a few BTC's in this market.  Just don't expect to be as much as what the market has shown recently.

[CryptoDoc17]

Thanks for the replies everyone. I understand there is a substantial risk involved with crypto investments and after reading all of this perhaps I won't take out 10k but something smaller still seems feasible. To clarify, the specialties I plan to pursue start at 300k/year salary minimum. Paying off 300k of loans is entirely doable on the salary alone but it still impacts quality of life for some years. Having said that, paying off that additional 10k on a minimum 300k+ attending salary will have minimum impact. It's a different story if someone was looking at a 50k/year salary with 300k of debt but a physician salary does guarantee the ability to pay the loans off, the only difference is length of repayment. Thank you again for all the honest replies

[Chase]

Hey guys,

I'm currently a medical student in the US and will graduate heavily in debt in order to chase my dreams. The prospect of being $300k+ in debt is extremely anxiety inducing to me and have seen how it cripples freshly graduated residents. Until recently I've seen this as nothing but an inevitability but after following cryptocurrencies for some months, I've seen the promising potential of this field. I placed a test investment of a few hundred dollars and have already doubled my initial amount in less than two weeks. I am considering taking out an extra 10k in loans to invest in crypto (relative to 300k it seems like a drop in the bucket). Do you guys think it is in the realm of possibility to have that investment eventually pay off my debt? Currently I am invested in NEM, Waves and Wings. Thank you so much for your help!

I agree with the replies here regarding being in an altcoin bubble. There is no way to establish a valuation for cryptocurrency, because there are no earnings, making the current valuations nothing more than speculation. Unfortunately, the only way to confirm it is a bubble is to wait until it pops, and we can only guess when that is. I firmly believe that there are still a few good altcoin investments, and the popping bubble is going to hit the ones that shouldn't have been there (over-inflated) in the first place.

My advice would be, if you are planning on investing now, to start with a specific dollar amount each month (good old-fashioned dollar cost averaging), and then you will never get caught spending it all at the top of of bubble. Make sure whatever you invest in has a big-picture view, and isn't riding on tech (that can be copied), a solution looking for a problem, or a promised roadmap that can't/won't be carried out. 

[cryptomartin]

Hey guys,

I'm currently a medical student in the US and will graduate heavily in debt in order to chase my dreams. The prospect of being $300k+ in debt is extremely anxiety inducing to me and have seen how it cripples freshly graduated residents. Until recently I've seen this as nothing but an inevitability but after following cryptocurrencies for some months, I've seen the promising potential of this field. I placed a test investment of a few hundred dollars and have already doubled my initial amount in less than two weeks. I am considering taking out an extra 10k in loans to invest in crypto (relative to 300k it seems like a drop in the bucket). Do you guys think it is in the realm of possibility to have that investment eventually pay off my debt? Currently I am invested in NEM, Waves and Wings. Thank you so much for your help!

I agree with the replies here regarding being in an altcoin bubble. There is no way to establish a valuation for cryptocurrency, because there are no earnings, making the current valuations nothing more than speculation. Unfortunately, the only way to confirm it is a bubble is to wait until it pops, and we can only guess when that is. I firmly believe that there are still a few good altcoin investments, and the popping bubble is going to hit the ones that shouldn't have been there (over-inflated) in the first place.

My advice would be, if you are planning on investing now, to start with a specific dollar amount each month (good old-fashioned dollar cost averaging), and then you will never get caught spending it all at the top of of bubble. Make sure whatever you invest in has a big-picture view, and isn't riding on tech (that can be copied), a solution looking for a problem, or a promised roadmap that can't/won't be carried out. 

I hear a lot that crypto is in the bubble. But how big is the bubble? And what will be the consequences after it pops? I am curious because I invest only in alts which seem to have a decent technical background and good idea. I understand that shitcoins that are pumped will be dumped. But what about good coins?

[European Central Bank]

I hear a lot that crypto is in the bubble. But how big is the bubble? And what will be the consequences after it pops? I am curious because I invest only in alts which seem to have a decent technical background and good idea. I understand that shitcoins that are pumped will be dumped. But what about good coins?

all you gotta do is see what happened to alts in late 2013. now it's very different as there's some real investment and a much higher profile, but that only goes for certain coins.

litecoin is still about half the price it reached back then. at one point it fell to 1/50th of its peak value. i expect similar and more for some.

what do you class as a good coin? there's still none being used for anything yet they're now valued in the billions.

[BitWhale]

I hear a lot that crypto is in the bubble. But how big is the bubble? And what will be the consequences after it pops? I am curious because I invest only in alts which seem to have a decent technical background and good idea. I understand that shitcoins that are pumped will be dumped. But what about good coins?

But how big is the bubble? - No one knows, though as they say "History doesn't repeat, but it does rhyme". I think that each bubble will get smaller and smaller than the last one, simply because it takes more money with each pump to get it to higher and higher highs. If I had to guess, I'd say we are targeting 5k / btc, but don't listen to that at all. Listen to price & volume. You will know when it's time to sell, btc will spike a kagillion dollars over night, everyone will be talking about "1m for 1 btc" and how it's "going to the moon", you will see price action flatten out as buyers & sellers fight for dominance as well as wild volume fluctuations as people buy and sell tons of coins due to being unsure of the next move. It's very true that the exit is way more important than the entry.

I'm seeing alot of these symptoms right now tbh, bitcoin has risen over $400 in 2 days, people are talking about 1m per bitcoin and how it's going to the moon, all that's left if the inevitable flat trade w/ heavy volume and then the next correction. This pattern repeats in both short term and long term (a bunch of small fractal patterns add up to 1 medium fractal pattern, etc). I do not believe this correction will be "the big one", I have confidence we are just getting started. Expect the next correction to move 50% though lol, it will be a doosey. I already am prepared and know I will be holding through it.

what will be the consequences after it pops? - Prices will go back down, settling more than likely (unless there's some catalyst) higher than it's previous bottom price of 250-300. Alts will follow the same path. (when prices do finally settle, that's the best time to buy and hold for the next rise)

Remember, in 2013, this exact same thing happened. First btc started rising, then ltc took off, then everyone got all excited and started buying EVERYTHING on btc-e lol. Novacoin was like $50 a piece and it's literally a scam coin. Alot of coins took off because of China, i distinctly remember a youtube video about a guy that went "all in on primecoin" right at the top and was saying on video "I'm going to be a primecoin millionaire", I then proceeded to watch primecoin crash for years after that haha. Don't get caught up in the exhuberence. Protect your profits, you'll thank us later.

Good coins/Bad coins all fell with eachother, much like how now the rising tide of Bitcoin has caused nearly every altcoin to rise in value. It rises with the rising tide, and falls with a falling tide, in unison.

You definitely don't want to hold through the crash lol, you'd be better off selling and buying back when it drops.

[cryptomartin]

I hear a lot that crypto is in the bubble. But how big is the bubble? And what will be the consequences after it pops? I am curious because I invest only in alts which seem to have a decent technical background and good idea. I understand that shitcoins that are pumped will be dumped. But what about good coins?

But how big is the bubble? - No one knows, though as they say "History doesn't repeat, but it does rhyme". I think that each bubble will get smaller and smaller than the last one, simply because it takes more money with each pump to get it to higher and higher highs. If I had to guess, I'd say we are targeting 5k / btc, but don't listen to that at all. Listen to price & volume. You will know when it's time to sell, btc will spike a kagillion dollars over night, everyone will be talking about "1m for 1 btc" and how it's "going to the moon", you will see price action flatten out as buyers & sellers fight for dominance as well as wild volume fluctuations as people buy and sell tons of coins due to being unsure of the next move. It's very true that the exit is way more important than the entry.

I'm seeing alot of these symptoms right now tbh, bitcoin has risen over $400 in 2 days, people are talking about 1m per bitcoin and how it's going to the moon, all that's left if the inevitable flat trade w/ heavy volume and then the next correction. This pattern repeats in both short term and long term (a bunch of small fractal patterns add up to 1 medium fractal pattern, etc). I do not believe this correction will be "the big one", I have confidence we are just getting started. Expect the next correction to move 50% though lol, it will be a doosey. I already am prepared and know I will be holding through it.

what will be the consequences after it pops? - Prices will go back down, settling more than likely (unless there's some catalyst) higher than it's previous bottom price of 250-300. Alts will follow the same path. (when prices do finally settle, that's the best time to buy and hold for the next rise)

Remember, in 2013, this exact same thing happened. First btc started rising, then ltc took off, then everyone got all excited and started buying EVERYTHING on btc-e lol. Novacoin was like $50 a piece and it's literally a scam coin. Alot of coins took off because of China, i distinctly remember a youtube video about a guy that went "all in on primecoin" right at the top and was saying on video "I'm going to be a primecoin millionaire", I then proceeded to watch primecoin crash for years after that haha. Don't get caught up in the exhuberence. Protect your profits, you'll thank us later.

Good coins/Bad coins all fell with eachother, much like how now the rising tide of Bitcoin has caused nearly every altcoin to rise in value. It rises with the rising tide, and falls with a falling tide, in unison.

You definitely don't want to hold through the crash lol, you'd be better off selling and buying back when it drops.

Oh big thanks for the answer!

[xiaohang07]

As a Med student, you will make a lot of money in US. Debt is really not a problem.