Get credit, purchase Bitcoin, declare bankruptcy, profit??

[Matthew N. Wright]

I had a friend who foolishly did this

I kept reading expecting to hear a negative outcome for him.

[hendo420]

I had a friend who foolishly did this

I kept reading expecting to hear a negative outcome for him.

Rly? With the amount of defaults going on the chances of someone being investigated, unless they did something really obvious, are slim to none.

[moni3z]

Well, foolish since at the time he had no clue about the 7yr forgiveness rule and basically gambled he wouldnt be totally screwed.

Meanwhile I'm still paying off my student loans. Lol should've just bailed to europe for 7yrs like he did

[worldtreasurefinders]

Good evening,

Now, this might have only just occurred to me now and of course this would constitute fraud but what is stopping an individual from getting a line of credit in the 6 figure range, then purchasing a massive amount of Bitcoins then rinse with bankruptcy? I imagine the individual wouldn't care about his credit if they had several hundred thousand in the 'wallet'.

Your thoughts?

I think you answered your own question:

To perform the action herein would constitute Fraud.

If you knowingly took out loans with the intent to invest the proceeds and then default, that's fraud.  Now, whether or not you'd be caught is another story. 

I agree with bytemaster regarding the inherent immorality of the monetary system, but I'd ask if participating in the fraud makes it right?  As in, two wrongs don't make a right?

[bytemaster]

What I tell everyone regarding the morality is this... if you know the bank is committing fraud when lending you the money then you are an accessory to fraud.  (don't take out any mortgages or borrow any money from the banks).

If you only learn about the banking fraud *AFTER THE FACT* then you can morally default as the debt is invalid.

[BorderBits]

This is one of the dumbest threads I have read on this site.  That's saying a lot. 

[Jozzaboy]

This is one of the dumbest threads I have read on this site.  That's saying a lot. 

What are you here for? Just for trolling?

[BorderBits]

This is one of the dumbest threads I have read on this site.  That's saying a lot. 

What are you here for? Just for trolling?

mostly pointing, laughing, and shaking my head in disbelief that such dumb and horrible people exist. 

[Ozymandias]

This is one of the dumbest threads I have read on this site.  That's saying a lot. 

What are you here for? Just for trolling?

mostly pointing, laughing, and shaking my head in disbelief that such dumb and horrible people exist. 

The irony, it burns!

[Bogdan]

If you moved to a country your government couldn't extradite you from you could start a new life there.