Experiement: Digging myself out of debt by taking loans to invest in crypto...

[dlagwagon]

Greetings Comrades,

I guess this will be an interesting log of what promises to be a crazy year in cryptocurrencies. So here's the deal, I'm about 40k in debt for student loans and surprisingly I was offered more loans for my final semester. I am living frugally right now and hope to have few expenses over the next several months.

Until now, I have had no "plan" to pay off my student debts, my mindset was just "bill me", cause it'll be a while. However, I am of the belief that what's going on in cryptos right now is a once in a lifetime opportunity for an indecisive student who's about to graduate with no plan for the future to actually take a stab at self-determination. Rather than plan to live in bondage to the student loans I owe, I am going to take a risk and invest them in the hopes that I can rid myself of their burden in an easier way.

So, I should be able to invest a few grand within the next few weeks and I will keep a log of it here to share my progress or my failure. Regardless, if I fail in this endeavor, I will not hate myself for risking it. I play dice with the universe. We'll aim for a $2000 investment, but I will continue to live frugally and add small amounts as I'm able.

I know 40k is a very big aspiration to achieve with 2k, and I'm optimistic and hopeful that perhaps I'll find myself comfortably in between 2k and 40k by the end of the year. I wish I could tell my parents and others about this seemingly reckless financial adventure, but they would kill me. Still, I will be doing this with a wry grin on my face the whole time, and hope that once the year is over I can happily apprise them of the risk I took and the reward I achieved.

Please give me your guys' best input on what you would invest in if you were being given an opportunity to let 2k (that isn't yours) ride in the crypto market. I will obviously be doing my own research and making picks on my own, but community consensus and feedback will be really helpful in this adventure.

Do you think I should invest it in the giants and patiently wait for modest gains, or do you think I should be flipping smaller cryptos? I have never really been the "careful" type, so I'm not necessarily inclined to go the btc/ether, etc. route, but please give me any feedback and/or criticism that you think will help me in this. I am pretty new to crypto and will definitely be leaning heavily on the community in this investment. I can't sit at home and read charts and market indicators and make independently sound decisions without relying on objective feedback from others. Hopefully I will utilize a healthy mix of both.

Alright, so any feedback on how to best maximize this upcoming investment would be great. Also, any promising cryptos you guys have in mind and any insight into their technology and potential applications would be awesome to hear. I will actively check this thread in preparation for when the loans arrive and will share the investments I make.

Atm, I am leaning towards electroneum if it dips here in the next few weeks, which I think it will. Sorry for the long ass post, but I think this will be a fun experiment and look forward to seeing where it goes.

Cheers

[1715322076]

1715322076

[buytheeffinD]

Wow first off you are very courageous for doing this good for you! Second I would advise getting one crypto in the top 100 something that is more stable than others but has good upside. Then outside of that if you want to 20x your money you need not be too aggressive but rather patient. I would get a few coins from 100-400 and then one or two longshots 400+, I think that strategy will go well for what you are trying to accomplish. All the best you crazy cat 

[bitcoinbox]

In 99% of the cases I would have said do not take such a risk but you seem intelligent and determined so I can only wish you good luck in this adventure.
Read about Lisk, the rebranding is coming soon, there is a high probability that the price will take off in the next few weeks.

[dlagwagon]

Awesome man, that's exactly the type of input I'm looking for. I plan on diversifying what I do and maximizing my potential risk/reward while at the same time hedging those risks with a somewhat "safer" crypto. I am starting with a clean slate and am just going to read the charts for what looks promising. From what I understand, the cryptos with the most potential have a lower current market capitalization and not an overabundance of coins in circulation...? My safer bet will probably be highly dependent on community feedback, though I trust you guys never play things "too safe" because that would be dull and boring.

As for the bigger risks, this will honestly be the most fun part. I am just going to scan charts, volume fluctuations, and if I see something interesting I will do a bit of fundamental analysis of the crypto I'm looking at. I'm actually really excited for this, because at this point, when you owe 40k, what the fuck is another 2k? Also, I love the idea of deviating from the norm and doing something that traditional logic would advise against. Hopefully this will be a way for me to thumb my nose at those who say I've gotta work a 9-5 and sell finite minutes of my life to a cause that's not my own. There is hope here that maybe I CAN do things my way and still come out on top. We shall see...

[dlagwagon]

In 99% of the cases I would have said do not take such a risk but you seem intelligent and determined so I can only wish you good luck in this adventure.
Read about Lisk, the rebranding is coming soon, there is a high probability that the price will take off in the next few weeks.

Great, I really appreciate the encouragement. This just seemed like too fun of an experiment to pass up, and with school starting life could get a bit banal, so hopefully this will fulfill my need for risk and adventure in a relatively healthy way. I will definitely check out Lisk, I have heard vague mentions of it elsewhere as well, but thanks for actually telling me "why" it seems potentially promising. There's so many out there that sometimes it's really helpful to get other ideas from capable minds. I spend SOOO much time researching, and still feel like I know 1% of what I need to know.

Any ideas on how I should divide this investment up? I was thinking maybe a grand in some top 50's and then maybe 250 a piece in some decent shots and 100 a piece in some much smaller ones. I guess I'll have to see where the market is at when the money comes and be careful not to buy in on the hype and wait for inevitable dips before getting in. I have the tendency of losing my objectivity when I get excited, so I'll try to temper that by getting outside insight before acting on a whim.

[lumeire]

Seeing this is your first time into this space, I suggest you read a lot from the threads here. There are golden threads here that do analyze a lot of stuff regarding alts and they can be really helpful, like this: https://bitcointalk.org/index.php?topic=2671597.0

Anyway, I'd suggest you diversify and stay focused. Don't get drowned by all these sudden price movements, good luck!

[dlagwagon]

Thanks for the link man, that will be my reading for the evening. And yes, not getting caught up in fleeting price fluctuations will be my number one goal. That's where I need the fundamental backing and belief in the crypto to overcome any doubts that the market may show. Still would love to here anyone's favorite cryptos with big potential. I've got at least a week or two to do some thorough research and would like to watch any potential investments for as long as I possibly can before the time to buy arrives. So any ideas you guys got that I can watch and research in the meantime would be greatly appreciated.

Thanks

[jamids]

I am not the type of trader too who would go to bigger coins like Bitcoin and Ethereum because they are my base coins. I would just like to share one of my trading strategy which is paying attention to newly listed coins in coinmarketcap and Etherdelta because you can find gems in there. First thing I do is look at the community of the coin if it has many supporters, if they are active in their projects. I check the telegram group about the opinion of the people and then check their thread here in bitcoin talk. If I see that people are quite positive about the project, I would buy the coin and then wait for it to double in price. I would withdraw my original investment and then let the remaining coin grow. I would look for another coin again with the same process. I hope OP you will be out of debt eventually.

[dlagwagon]

Thanks for the insight man. Do you happen to know how I can find these telegram groups? I literally just got telegram on my phone like a week ago, and haven't really explored it at all; though one of my friends says it's a wealth of good info if you're privileged enough to be included when it's shared. For sure, I'm doing a lot of searching on coinmarketcap.com, I guess my biggest challenge at this point will be figuring out how to discern between reliable information and biased or hype info. I hate to admit this, but I've even been indulging in some youtube videos as a guilty pleasure, but I know I'm not going to find anything super exclusive on there. As for now, the search continues... 

Also, your strategy sounds super legit. I've been ambivalent as to whether I should be taking an active approach like the one you described, or just invest in ones I believe in and hold on for the rollercoaster ride for the next year. I guess I will learn what works as I go. I have been watching crypto from the sidelines and hearing about it indirectly for awhile now, I regret that's it's taken me this long to get in; but I'm hopeful that in the grand scheme of things this will be early enough.

[Snixer]

Do you think I should invest it in the giants and patiently wait for modest gains, or do you think I should be flipping smaller cryptos? I have never really been the "careful" type, so I'm not necessarily inclined to go the btc/ether, etc. route, but please give me any feedback and/or criticism that you think will help me in this. I am pretty new to crypto and will definitely be leaning heavily on the community in this investment. I can't sit at home and read charts and market indicators and make independently sound decisions without relying on objective feedback from others. Hopefully I will utilize a healthy mix of both.

Since you say that you don't want to go the "careful" route then you should look into researching and investing into ICOs.

Investing in the right ones will give you huge gains but it's not really easy to find the best ones because there's literally dozens new different ICOs every day. Good luck with your journey!

[dlagwagon]

Hey guys,

Been a bit busy for the past few days, but am trying to get back on my crypto-game. I'm still awaiting the aforementioned funds to arrive, but I have been keeping an eye on the prices of a few coins. I still have quite a bit more digging and learning to do, first in finding potential winners, then doing some beginner fundamental and technical analysis.

First, does anyone have any coins that they'd like to share, or any new projects that seem promising. I rely heavily on the community to get the initial info on what will hopefully be good investments. So here is what I've been looking at as of lately:

SC- Siacoin
ETN- Electroneum
SALT
XSPC- Spectrecoin
ENG- Enigma

Ok guys, any feedback you can give me on the above would be great. What do you think good entry point/price would be? What are your general opinions of the coins above? Criticism is very welcome, as these are not personal concerns, just financial, so any insight you can provide will be very helpful, whether it be negative or positive.

Secondly, are there any coins you guys have in mind that are not listed above? The goal is to take 2k and attempt to turn it into 40k within a year. Obviously, this is a lofty goal, but I'd be happy to make a dent in this debt regardless. Please let me know if there are any coins out there right now that are undervalued or likely to pop in the near future. Looking for stuff that has been building strong base or is on temporary downtrend which would give me a good opportunity to buy at a bargain. I look forward to your feedback and will hopefully find some winning investments for this little financial adventure.

cheers

[dlagwagon]

What's up everyone, I see this got buried like 7 pages back because I had started working on the post a few days ago and didn't actually post until late last night. Anyway, I have been advised by a friend to start looking into the Chinese cryptos, under the assertion that restrictions in China may be lifted soon. This certainly doesn't sound like a bad idea in my estimate. Also, I've been hearing a lot about NEO - so much that I thought it was probably too late to get in ahead of the curve. Any thoughts on that one?

Also, a friend has been sending me screenshots of his investments in LRC and he seems to be KILLING it with that one. That is definitely another I'll be watching closely and hoping the timing of my money arrival coincides with a potential dip in cost for that coin. Also, I am a small holder of SUB - substratum and see it dropped 50% today, though I'm assuming it was because of the hacking attack of medium that they posted about briefly on their Twitter.

Look forward to your feedback.

Cheers

[3inthemorning]

welcome.. you are in for a crazy ride.. this space is like the wild west.. If you are calculating with your positions and hawk the space relentlessly you will succeed far beyond your plan..

[hukaze]

i wish you luck and I think you will have it..
Here is the advice:

Look for quality teams.
Look for utility, what does it do and how does it represent value to you and others.
Look for token amount and breakdown; does the team get 30% (too high), is the number of tokens unlimited (bad), etc..
Look for polished presentation of the project and positive interaction with the users..

You will find yourself in a morass of FUD and a jungle of FOMO.. Steady your nerves NOW and do your research.. The rest is easy..

Oh yea.. DONT GIVE ANYONE your private keys, seed, auth codes..

[000JC88]

Check my signature, you should never invest more than you can afford to loose. This is the rule but if you willing to take risk, I think the most solid project is DIW to invest and have good returns.  

[dlagwagon]

Alright everyone,

The student loans finally came in today. Seemed like forever I was waiting, but maybe that's just due to all the anticipation, especially right now because the market is offering up plenty of discounts on great coins. We are finally at the point where I'm ready to get my hands dirty and get my money working for me. I may have mentioned earlier, but I own pretty small positions in the following:

Siacoin
Electroneum
Ripple
Stellar
Cardano
Substratum
Zcash
Omisego
Stratis

Just to keep life simple, does anyone have any feedback or insights on the potential of those coins and their current price? I'm not betting my life on any of them or whatever I choose to add to my portfolio, but would still like to hear if anyone has any strong opinions in favor or against them. As for coins I'm looking to get into, I've had a few on my radar that I've been watching and they are:

Elixir - Seems to be a solid project with a small marketcap which leaves a lot of potential there
Loopring - A friend is a supporter of this coin and has been telling me to get in on it while I can.
Binance - Their exchange is popping right now and I feel like it'll continue to be peoples' go to exchange, so the coin should increase...
COLX- This is ranked lower than 300th in marketcap, meaning it's got a lot of room to grow IF it proves itself to be worthwhile

Finally, here are some coins I personally haven't looked into but have just heard so many people all excited about them and I guess I have a small fear of missing out in case they are good. They are Verge, Tron, and Raiblocks. I just haven't looked into them because I've heard about them SOO fucking much that I assumed I may have missed the boat on them.

Lots of shit to think about, but I really need everyone's help turning this $2000 borrowed investment into the roughly $45,000 I'll need to pay off my student loans. I am going to try to keep pumping money into the market while I'm finishing my final semester in school. To that end, I have decided to not treat myself to many of life's little luxuries that in the past I didn't hesitate to spend money on. I am not going to eat out, not going to go out and party, not going to buy new shoes, clothes, etc. I'm trying to look longterm and imagine the potential profits I can make on every dollar I can invest. I don't assume it's ok to spend $5 on a sandwich because I need to eat, I look at it as "I just deprived myself of 50 more electroneums." Really trying to focus on opportunity costs and just live simply and low-maintenance during this time of financial sacrifice. lol

Let's get ready for the fucking adventure. I'm super geeked to be starting this journey and keeping a journal of the progress in this post. It'll be great to share this ride with everyone and hopefully it'll feel like a team effort in the end. This is an experiment to see if one of the little guys can overcome the burden of paying back the man on his own terms. Most of society would resign themselves to the fact that in order to pay back a large debt like this they would have to toil for years as an indentured servant to their master. Here's to at least trying to be different.

Cheers

[dlagwagon]

C'mon people, the money is just about to be available in my exchange account and I'm ready to pull the trigger on some new coins. I'd love to hear any comments or last minute advice before taking the plunge. How are people feeling on bitcoin in general? Do you think it's something I should invest 25-50% of my money in and HODL or should I be using all available money to maximize profits?

Cheers

[mobomofo]

Im all in on EOS. Its taken a 1 year ico and is only 60% done. Its got Dan Larimer (bitshares and steem) developing it. Its raised over 1Billion USD so far in ICO. 100M is dedicated to give back startups building apps for EOS. Come June 1 it will either drop like a rock or surpass ETH. 100k transactions ever 500ms. Custom wallet address. Recoverable private key 30day process. Killer tech.  Im all in on it and with way more than youre starting with its a long term hodl.

[chocopapaya]

Greetings Comrades,

I guess this will be an interesting log of what promises to be a crazy year in cryptocurrencies. So here's the deal, I'm about 40k in debt for student loans and surprisingly I was offered more loans for my final semester. I am living frugally right now and hope to have few expenses over the next several months.

Until now, I have had no "plan" to pay off my student debts, my mindset was just "bill me", cause it'll be a while. However, I am of the belief that what's going on in cryptos right now is a once in a lifetime opportunity for an indecisive student who's about to graduate with no plan for the future to actually take a stab at self-determination. Rather than plan to live in bondage to the student loans I owe, I am going to take a risk and invest them in the hopes that I can rid myself of their burden in an easier way.

So, I should be able to invest a few grand within the next few weeks and I will keep a log of it here to share my progress or my failure. Regardless, if I fail in this endeavor, I will not hate myself for risking it. I play dice with the universe. We'll aim for a $2000 investment, but I will continue to live frugally and add small amounts as I'm able.

I know 40k is a very big aspiration to achieve with 2k, and I'm optimistic and hopeful that perhaps I'll find myself comfortably in between 2k and 40k by the end of the year. I wish I could tell my parents and others about this seemingly reckless financial adventure, but they would kill me. Still, I will be doing this with a wry grin on my face the whole time, and hope that once the year is over I can happily apprise them of the risk I took and the reward I achieved.

Please give me your guys' best input on what you would invest in if you were being given an opportunity to let 2k (that isn't yours) ride in the crypto market. I will obviously be doing my own research and making picks on my own, but community consensus and feedback will be really helpful in this adventure.

Do you think I should invest it in the giants and patiently wait for modest gains, or do you think I should be flipping smaller cryptos? I have never really been the "careful" type, so I'm not necessarily inclined to go the btc/ether, etc. route, but please give me any feedback and/or criticism that you think will help me in this. I am pretty new to crypto and will definitely be leaning heavily on the community in this investment. I can't sit at home and read charts and market indicators and make independently sound decisions without relying on objective feedback from others. Hopefully I will utilize a healthy mix of both.

Alright, so any feedback on how to best maximize this upcoming investment would be great. Also, any promising cryptos you guys have in mind and any insight into their technology and potential applications would be awesome to hear. I will actively check this thread in preparation for when the loans arrive and will share the investments I make.

Atm, I am leaning towards electroneum if it dips here in the next few weeks, which I think it will. Sorry for the long ass post, but I think this will be a fun experiment and look forward to seeing where it goes.

Cheers

Ok son, listen really closely because I am going to give some golden hardcore advice.
You can pay off the 40k with 2k within 6 months!
How do I know this? because I started crypto 6 months ago and put in 2000k, no more, no less, and now, my assets are worth a whopping 60k!
I did it through ICOs.
Each ICO I did I was able to quadruple the amount of btc or eth I own.  I would then reinvest all of it back into an ICO.

Now here is the golden advice, it is possible BUT, you have to do some HARDCORE research.
For each ICO I chose, I looked at dozens of different ones.  We are talking the whole thing, I read their whitepapers, got in contact with the devs, talked to others in their slack or telegram, ran numbers, looked up their github and tech specs.  Everything.  By doing that due dilligence I have not chosen a bad ico yet.

Put in the effort, and you will find a a great investment that you can flip around for insane profit, raising your capital and allowing you to reinvest even more.
DON'T just go off of other people's suggestions.  Make your own choice after thoroughly researching every aspect of the ico and you can expect great returns.

Last thing, you should set a target point where you will sell off your btc to actually pay off your loans or else you will just go on forever and ever.  You also need to decide how to cash out.  I would recommend localbitcoins.