Taking a loan to buy bitcoin

[wopwop]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

[1714047179]

1714047179

[ToTheMoon1k]

Taking a loan to speculate isnt a good idea, even when the chances are high.  Its akin to gambling with a loan. 

[Hyena]

do it!

[Hyena]

Taking a loan to speculate isnt a good idea, even when the chances are high.  Its akin to gambling with a loan.  

it's not gambling if you are so sure that the chances are for you and for the "casino".

[Odrec]

Taking a loan to speculate isnt a good idea, even when the chances are high.  Its akin to gambling with a loan. 

+1 to this I wouldn't do it.

[Miz4r]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.

[fallinglantern]

Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it

This. Bitcoin is still speculative and likely has a binary outcome. You don't want to be homeless because it went to zero.

[PenAndPaper]

Only if you can afford and be comfortable with paying the loan even in the case the price collapses.

[zeroday]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

You will be "weak hands" and your panic will just help bitcoin to drop deeper at nearest bear trap. Someone will buy your coins at half price just a day before it restores back.
Of course unless you have balls of steel.

[wopwop]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.

Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here.

If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight.

[wopwop]

Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it

This. Bitcoin is still speculative and likely has a binary outcome. You don't want to be homeless because it went to zero.

People have been saying that since day one 4 years ago, it's fair to say that bitcoin will never go to zero.

[fallinglantern]

It sounds like you've already made up your mind. In that case, it's likely this thread is just a thinly veiled attempt at a pump because you've already borrowed money and bought at ATH. Nice.

[stevebc]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.

Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here.

If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight.

So the worst case scenario you see is that BTC goes to $9000, then falls back to $1000?  You see absolutely no other scenario worse than that???
I'm holding my bitcoins, but having such blind faith in your predictive abilities is dangerous.

[Odrec]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.

Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here.

If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight.

The bolded word is the key. And what you describe is definitely not the worst case scenario IMO.

[zeroday]

The same everybody was telling while buying multiple condos during housing bubble. And this is because that bubble did happen. Greed kills.

Why didn't you take a loan just a year ago ?

[wopwop]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.

Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here.

If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight.

So the worst case scenario you see is that BTC goes to $9000, then falls back to $1000?  You see absolutely no other scenario worse than that???
I'm holding my bitcoins, but having such blind faith in your predictive abilities is dangerous.

Bitcoin doesn't go down in price over longterm, this is a fact. With this fact I can deduce that it will never go longterm below $1000 anymore. It's simple really.

[wopwop]

Why didn't you take a loan just a year ago ?

This year has proven that the price only goes up and never stays below its all time high for a longer term. With that in mind it's now safe to take the loan (it wasn't last year). Although I'm still looking if there's any advice from others who took loans to buy bitcoins before about banks who accept large loans for this purpose.

[CoinCidental]

where do you get your facts ? it could easily drop below $1000 at any time

[ToTheMoon1k]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.

Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here.

If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight.

So the worst case scenario you see is that BTC goes to $9000, then falls back to $1000?  You see absolutely no other scenario worse than that???
I'm holding my bitcoins, but having such blind faith in your predictive abilities is dangerous.

Bitcoin doesn't go down in price over longterm, this is a fact. With this fact I can deduce that it will never go longterm below $1000 anymore. It's simple really.

Zimbabwe dollars used to always go up too......

everything fails at some point.  Taking a loan to gamble, whether its blackjack or bitcoins, is foolish

[wopwop]

where do you get your facts ? it could easily drop below $1000 at any time

just look at any bitcoin pricechart

[zeroday]

Ok. If you feel so lucky, take a loan, sell everything you own and buy bitcoin.
When you fail and BTC goes back to $500, just file bankruptcy, move abroad and enjoy remaining coins

[wopwop]

Ok. If you feel so lucky, take a loan, sell everything you own and buy bitcoin.
When you fail and BTC goes back to $500, just file bankruptcy, move abroad and enjoy remaining coins

Did you do that before?

[zeroday]

My neighbor did that. But it's felony if you are caught holding btc after bankruptcy.

[ask]

GREED!!!

One of 7 deadly sins (http://en.wikipedia.org/wiki/Seven_deadly_sins)

[hilariousandco]

Taking out a loan to speculate with is adding another risk onto an even bigger risk. If you lose your coin or the value plummets will you be able to repay the loan with your regular income or whatever? If you can and a loan is the only way you can get money together quick, the gamble is up to you.

[kireinaha]

I imagine 9 out of 10 window jumpers on Black Tuesday would have said that taking a loan out to invest in the market is a good idea (before black tuesday, anyway...) It`s a bad idea, man, don`t do it.

[PenAndPaper]

Besides being a good or a bad idea threads like this one shows the effect of 1000$ on people 

[CoinCidental]

I borrowed $ in the 200's because I wasn't satisfied with my position and knew we would obliterate 266. I would be a lot more nervous about doing that now, but if you have the balls to hold it long term I'd say go for it.

Of course, I'm young and have no dependents. If bitcoin somehow fails my life will not end.

if everyone had the "balls " to hold it long term and nobody spends any at the retailers that are accepting it
i dont see how it can succeed as a currency

everyone cant just hoard coins and hope they will be worth millions at some future date

[hilariousandco]

I borrowed $ in the 200's because I wasn't satisfied with my position and knew we would obliterate 266. I would be a lot more nervous about doing that now, but if you have the balls to hold it long term I'd say go for it.

Of course, I'm young and have no dependents. If bitcoin somehow fails my life will not end.

if everyone had the "balls " to hold it long term and nobody spends any at the retailers that are accepting it
i dont see how it can succeed as a currency

everyone cant just hoard coins and hope they will be worth millions at some future date

Some rich people hoard money but that works out ok. People are always buying, selling and trading with BTC even if there's probably more hoarders than spenders, but put it like this: at some point those hoarders - myself included - are going to want to cash out or spend 'em on some physical product. Personally, I'd rather hold on to my bitcoins now because the gamble may be the difference between buying a car now or a brand new house in the future. It's true that they could become worthless or worth less, but I'm willing to take that gamble. You could also spend and save a bit, it's not exclusively one or the other. It's definitely wise to save onto your coins right now until the currency stabilises though.

[zeroday]

I borrowed $ in the 200's because I wasn't satisfied with my position and knew we would obliterate 266. I would be a lot more nervous about doing that now, but if you have the balls to hold it long term I'd say go for it.

Of course, I'm young and have no dependents. If bitcoin somehow fails my life will not end.

if everyone had the "balls " to hold it long term and nobody spends any at the retailers that are accepting it
i dont see how it can succeed as a currency

everyone cant just hoard coins and hope they will be worth millions at some future date

There is too few true bitcoin believers for your scenarion to happen.
Recent bear traps and panic-sells perfectly re-located thousands of btc from a few weak hands into many many new hands. That will repeat many times until bitcoins are evenly spread between billions of people.

[kireinaha]

Some rich people hoard money but that works out ok. People are always buying, selling and trading with BTC even if there's probably more hoarders than spenders, but put it like this: at some point those hoarders - myself included - are going to want to cash out or spend 'em on some physical product. Personally, I'd rather hold on to my bitcoins now because the gamble may be the difference between buying a car now or a brand new house in the future. It's true that they could become worthless or worth less, but I'm willing to take that gamble. You could also spend and save a bit, it's not exclusively one or the other. It's definitely wise to save onto your coins right now until the currency stabilises though.

I think this is kind of a misconception about the wealthy; I know Scrooge McDuck hoarded all his money in a swimming pool, but this isn`t typical behavior. Most wealthy people likely keep a small amount in liquid assets, like a checking account. Most of their money is tied up in investments such as bonds and stocks or more illiquid forms such as businesses or real estate. If they kept all their money in cash, they either are drug dealers or had a lucky windfall and probably won`t stay wealthy for long.

[hilariousandco]

Some rich people hoard money but that works out ok. People are always buying, selling and trading with BTC even if there's probably more hoarders than spenders, but put it like this: at some point those hoarders - myself included - are going to want to cash out or spend 'em on some physical product. Personally, I'd rather hold on to my bitcoins now because the gamble may be the difference between buying a car now or a brand new house in the future. It's true that they could become worthless or worth less, but I'm willing to take that gamble. You could also spend and save a bit, it's not exclusively one or the other. It's definitely wise to save onto your coins right now until the currency stabilises though.

I think this is kind of a misconception about the wealthy; I know Scrooge McDuck hoarded all his money in a swimming pool, but this isn`t typical behavior. Most wealthy people likely keep a small amount in liquid assets, like a checking account. Most of their money is tied up in investments such as bonds and stocks or more illiquid forms such as businesses or real estate. If they kept all their money in cash, they either are drug dealers or had a lucky windfall and probably won`t stay wealthy for long.

Well I did say some rich

[GigaCoin]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

Don't go in debt, live a debt-free life. the whole point of bitcoin is to have a debt free society.

[kireinaha]

Some rich people hoard money but that works out ok. People are always buying, selling and trading with BTC even if there's probably more hoarders than spenders, but put it like this: at some point those hoarders - myself included - are going to want to cash out or spend 'em on some physical product. Personally, I'd rather hold on to my bitcoins now because the gamble may be the difference between buying a car now or a brand new house in the future. It's true that they could become worthless or worth less, but I'm willing to take that gamble. You could also spend and save a bit, it's not exclusively one or the other. It's definitely wise to save onto your coins right now until the currency stabilises though.

I think this is kind of a misconception about the wealthy; I know Scrooge McDuck hoarded all his money in a swimming pool, but this isn`t typical behavior. Most wealthy people likely keep a small amount in liquid assets, like a checking account. Most of their money is tied up in investments such as bonds and stocks or more illiquid forms such as businesses or real estate. If they kept all their money in cash, they either are drug dealers or had a lucky windfall and probably won`t stay wealthy for long.

Well I did say some rich

haha, fair enough

[Bitsurprise]

As others have said : why u didnt take a loan earlier if you are so sure ? why now ? Dont do it period dont destroy your life because of greed , there are many possibilities for BTC , most likely BTC will go down sharply after making the top not to mention a possibility of a catalyst that will destroy current prices , hindsight is 20/20 so never regret a missed opportunity , many have done that to enter stock market bubbles in emerging markets and the result was they .... !

[fred1111]

I am über-bullish but taking a loan won't make your life better even if you recoup your loan. It will make you very nervous when prices go down. The high probability of a wealthier life isn't worth the pain you could go through for months or years.

[XXthetimeisnowXX]

its a huge risk. back at before the 260 crash i was buying all the way up to that with my 401k. 20k. everyone and i mean everyone including me though i was crazy so after it got back to even i took more then half out then took another 3/4 coins out. i still have a lot of money in bitcoins. the thing is if i were to hold and keep my x amount of coins i would be able to pay off my house. you have to beleave in the thing you do. think about what you would do if it went to 500. now think about what you would do if it went to 2k. 5k? idk go for it i would have been so mother fn ritch (for me)

i would have ten times my 401k. ha i still get mad about how everyone talked me out of my plan. i did the research not them. of corse i was not even thinking investment at 2.50 a bitcoin or at ten but twenty i got thinking 60 i got sirious 100 i started buying a ton 200 i was still buying max amount allowd per day. i ended up making money even after paying for the taxes and fees for taking it out and i payed it back and i have extra ... lot of extera.


i would say dont do it its to risky now. but then again if it goes to 10k you will hate yourself so much haha. gamble that shit. honestly just get a seving job and invest every penny.

[mp420]

Do your due diligence. We are in a speculative bubble right now and going into debt in order to buy coins is a high risk action. Potentially high reward too, but by no means guaranteed.

[waveaddict]

Bitcoin doesn't go down in price over longterm, this is a fact. With this fact I can deduce that it will never go longterm below $1000 anymore. It's simple really.

So, you are making a sweeping assumption from three years of data? Have you ever heard of market cycles?

Bitcoin is, by far, one of the riskiest investment that you can make right now. The mere thought of taking out a loan to buy it is on par, if not worse, than the mindset of those who bought stocks on heavy margin during the 1920s. What could go wrong?

This type of logic boggles my mind. I hear it all the time from ads claiming PMs are a good investment because they have been going up for 10 years. It's simple really. Funny how these ads came out right before silver took a 60%+ haircut.

What would you do if bitcoin collapsed to 100, 50, or, dare I say, sub-50 before possibly continuing higher again? To believe that a haircut of this magnitude isn't possible, if not probable, is truly irrational.

[C10H15N]

"Only when the tide goes out do you discover who's been swimming naked." -Warren Buffett

[vokain]

i've paid ~100+% APR for the chance to take loans and buy bitcoins. TAKE THE DAMN 5% LOAN

disclaimer: I bought during a long flat period starting this June and went in the red for a bit. DO NOT GET SHAKEN OUT, just convince yourself of your convictions. Do you really believe in Bitcoin?

btw keep your coins cold

[Equus]

Every time some idiot takes a huge risk on bitcoin it seems to make him rich.

If you are able to carry a loan comfortably and get enough sleep while your bitcoins are down 50%, then yes, you might get rich this way.

It is still a terrible idea.

[vokain]

Every time some idiot takes a huge risk on bitcoin it seems to make him rich.

If you are able to carry a loan comfortably and get enough sleep while your bitcoins are down 50%, then yes, you might get rich this way.

It is still a terrible idea.

+1

[Open4lies]

if everyone had the "balls " to hold it long term and nobody spends any at the retailers that are accepting it
i dont see how it can succeed as a currency

everyone cant just hoard coins and hope they will be worth millions at some future date

There is too few true bitcoin believers for your scenarion to happen.
Recent bear traps and panic-sells perfectly re-located thousands of btc from a few weak hands into many many new hands. That will repeat many times until bitcoins are evenly spread between billions of people.

In fact spreading the Bitcoin between billions millions of people will give Bitcoin higher value. So selling coins mean new person can have one and use it to sell (or spend) when he need

[giveBTCpls]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.

Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here.

If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight.

Ok lets say you do this. How do you cash out 900k? Who is going to have enough money to buy a 900K worth of bitcoins? and if someone buys you at 900K, how are you going to cash out? the bank is going to be tripping balls about all that money, what are you going to say? Also, think about exchange sites being seized and you lossing the money (Example : Bitcoin-24). And if you split it in groups of 10k, it will take you ages to cash out the entire thing and during that time, if bitcoin is still as insanely volatile, the price would from fluctuate a bit to crash.

I still admire your balls (no homo). I want to jump off a bridge by missing on the bitcoin boat and then jump again at missing on the LTC board (it was 7.4 dollars when I learned about it, but I couldn't find a fucking place to buy LTC in europe that didn't need for you to present bill proof evidence, and I cant do that because im a poor NEET failure that lives with its parents).
fuck my life

[giveBTCpls]

Bitcoin doesn't go down in price over longterm, this is a fact. With this fact I can deduce that it will never go longterm below $1000 anymore. It's simple really.

So, you are making a sweeping assumption from three years of data? Have you ever heard of market cycles?

Bitcoin is, by far, one of the riskiest investment that you can make right now. The mere thought of taking out a loan to buy it is on par, if not worse, than the mindset of those who bought stocks on heavy margin during the 1920s. What could go wrong?

This type of logic boggles my mind. I hear it all the time from ads claiming PMs are a good investment because they have been going up for 10 years. It's simple really. Funny how these ads came out right before silver took a 60%+ haircut.

What would you do if bitcoin collapsed to 100, 50, or, dare I say, sub-50 before possibly continuing higher again? To believe that a haircut of this magnitude isn't possible, if not probable, is truly irrational.

Wait, sub 50? Can you actually owe money if you invest on bitcoins? That's ridiculous. It's a exchange market, you buy from a person, that person sold you the BTCs at market price on that time, if it ever goes to 0, then you lose all, but how in hell is it going to go sub 0? who would you owe that money to in any case

[waveaddict]

Bitcoin doesn't go down in price over longterm, this is a fact. With this fact I can deduce that it will never go longterm below $1000 anymore. It's simple really.

So, you are making a sweeping assumption from three years of data? Have you ever heard of market cycles?

Bitcoin is, by far, one of the riskiest investment that you can make right now. The mere thought of taking out a loan to buy it is on par, if not worse, than the mindset of those who bought stocks on heavy margin during the 1920s. What could go wrong?

This type of logic boggles my mind. I hear it all the time from ads claiming PMs are a good investment because they have been going up for 10 years. It's simple really. Funny how these ads came out right before silver took a 60%+ haircut.

What would you do if bitcoin collapsed to 100, 50, or, dare I say, sub-50 before possibly continuing higher again? To believe that a haircut of this magnitude isn't possible, if not probable, is truly irrational.

Wait, sub 50? Can you actually owe money if you invest on bitcoins? That's ridiculous. It's a exchange market, you buy from a person, that person sold you the BTCs at market price on that time, if it ever goes to 0, then you lose all, but how in hell is it going to go sub 0? who would you owe that money to in any case

In this context, sub-50 means below 50 ... not -50

[sgbett]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.

Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here.

If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight.

Ok lets say you do this. How do you cash out 900k? Who is going to have enough money to buy a 900K worth of bitcoins? and if someone buys you at 900K, how are you going to cash out? the bank is going to be tripping balls about all that money, what are you going to say? Also, think about exchange sites being seized and you lossing the money (Example : Bitcoin-24). And if you split it in groups of 10k, it will take you ages to cash out the entire thing and during that time, if bitcoin is still as insanely volatile, the price would from fluctuate a bit to crash.

I still admire your balls (no homo). I want to jump off a bridge by missing on the bitcoin boat and then jump again at missing on the LTC board (it was 7.4 dollars when I learned about it, but I couldn't find a fucking place to buy LTC in europe that didn't need for you to present bill proof evidence, and I cant do that because im a poor NEET failure that lives with its parents).
fuck my life

Whilst I think wopwop is insane for considering it, I do still need to point out that cashing 900k at the moment isn't particularly hard - you see that spike down under 1000 on the hourly chart, check the volume during that hour... 15,000 BTC changed hands. Thats approx $15m. Selling $900k isn't as hard as you might think.

Now getting that $900k out of an exchange and into a bank account? I'll admit I am very naive to how one goes about doing that. A regular SEPA transfer into your current account (or a 'wire into your checking account' in US terms I think?) well that is gonna raise some eyebrows at my bank I agree.

[sgbett]

... but I couldn't find a fucking place to buy LTC in europe that didn't need for you to present bill proof evidence, and I cant do that because im a poor NEET failure that lives with its parents).
fuck my life

also don't worry too hard about that. I had around 4000 litecoin from back in the day, acquired at around $0.02 each. I traded em for a few BTC some months back. Would be worth over 100k today. Whoops.

[Tirapon]

If you must do it, at least wait for a correction...

[johnyj]

I'm sure someone is already doing this, and sooner or later bank will provide bitcoin backed loan, and then we are going to enter the bubble phase

[notme]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.

Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here.

If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight.

Ok lets say you do this. How do you cash out 900k? Who is going to have enough money to buy a 900K worth of bitcoins? and if someone buys you at 900K, how are you going to cash out? the bank is going to be tripping balls about all that money, what are you going to say? Also, think about exchange sites being seized and you lossing the money (Example : Bitcoin-24). And if you split it in groups of 10k, it will take you ages to cash out the entire thing and during that time, if bitcoin is still as insanely volatile, the price would from fluctuate a bit to crash.

I still admire your balls (no homo). I want to jump off a bridge by missing on the bitcoin boat and then jump again at missing on the LTC board (it was 7.4 dollars when I learned about it, but I couldn't find a fucking place to buy LTC in europe that didn't need for you to present bill proof evidence, and I cant do that because im a poor NEET failure that lives with its parents).
fuck my life

Whilst I think wopwop is insane for considering it, I do still need to point out that cashing 900k at the moment isn't particularly hard - you see that spike down under 1000 on the hourly chart, check the volume during that hour... 15,000 BTC changed hands. Thats approx $15m. Selling $900k isn't as hard as you might think.

Now getting that $900k out of an exchange and into a bank account? I'll admit I am very naive to how one goes about doing that. A regular SEPA transfer into your current account (or a 'wire into your checking account' in US terms I think?) well that is gonna raise some eyebrows at my bank I agree.

He only needs to cash out $100k plus interest .

[PenAndPaper]

I'm sure someone is already doing this, and sooner or later bank will provide bitcoin backed loan, and then we are going to enter the bubble phase

Banks are so burnt that if something has the slightest sense of a bubble they 'll stay as far away as possible.

[W2014]

Title of thread = sell signal

[CoinArtist]

... but I couldn't find a fucking place to buy LTC in europe that didn't need for you to present bill proof evidence, and I cant do that because im a poor NEET failure that lives with its parents).
fuck my life

also don't worry too hard about that. I had around 4000 litecoin from back in the day, acquired at around $0.02 each. I traded em for a few BTC some months back. Would be worth over 100k today. Whoops.

haha, nice one. that's the spirit!

[hieroglyph]

I'm thinking do it but only do it if your prepared to lose the money you  get loaned.  Meaning you can afford to lost that amount.  I may do the same thing but it won't be for a lot of money I just want to get in on the action.

[kireinaha]

I'm thinking do it but only do it if your prepared to lose the money you  get loaned.  Meaning you can afford to lost that amount.  I may do the same thing but it won't be for a lot of money I just want to get in on the action.

Don't you think that, if he's considering taking a loan to buy bitcoins, that it probably means he can't afford to lose the sum of the loan? Otherwise... why take a loan in the first place? 

[Bitlend]

Assume the bank will ask you what the loan is for?

If you say to buy bitcoins, they may be less than impressed and decline the loan.

If you say for some other purpose other then buy bitcoins, they may be even less impressed if you cant pay the loan back.

[Boxman90]

I'm thinking do it but only do it if your prepared to lose the money you  get loaned.  Meaning you can afford to lost that amount.  I may do the same thing but it won't be for a lot of money I just want to get in on the action.

If you need a loan you obviously can't afford to lose it. Being in big debt sucks, avoid it at all cost. AT ALL COST. Even if it means passing on this possible opportunity to get rich quick.

Do not do it.

[SheHadMANHands]

I'm thinking do it but only do it if your prepared to lose the money you  get loaned.  Meaning you can afford to lost that amount.  I may do the same thing but it won't be for a lot of money I just want to get in on the action.

Don't you think that, if he's considering taking a loan to buy bitcoins, that it probably means he can't afford to lose the sum of the loan? Otherwise... why take a loan in the first place?  

Well, technically you could perhaps afford the monthly repayments on a loan, without being able to "afford" the full loan amount upfront.  By that, I mean he may be able to afford the monthly loan payments, given his cash flow, but he doesn't just have $10k sitting around to buy Bitcoin (so he's borrowing from his future self).

[explorer]

I'm thinking do it but only do it if your prepared to lose the money you  get loaned.  Meaning you can afford to lost that amount.  I may do the same thing but it won't be for a lot of money I just want to get in on the action.

Don't you think that, if he's considering taking a loan to buy bitcoins, that it probably means he can't afford to lose the sum of the loan? Otherwise... why take a loan in the first place?  

Well, technically you could perhaps afford the monthly repayments on a loan, without being able to "afford" the full loan amount upfront.  By that, I mean he may be able to afford the monthly loan payments, given his cash flow, but he doesn't just have $10k sitting around to buy Bitcoin.

A period of low cashflow does not necessarily mean broke or unable to service a loan. Besides, with bitcoin, you are typically better off to go all in at once rather than trickle in over months or years. Pretty sure there hasnt yet been a year that didnt return more than any bank loan charges these days.

[kireinaha]

[...] Besides, with bitcoin, you are typically better off to go all in at once rather than trickle in over months or years. Pretty sure there hasnt yet been a year that didnt return more than any bank loan charges these days.

Just don't do anything stupid, guys. For your family's sake, or just for your own sake. Take a balanced approach.

[CoinCidental]

I'm thinking do it but only do it if your prepared to lose the money you  get loaned.  Meaning you can afford to lost that amount.  I may do the same thing but it won't be for a lot of money I just want to get in on the action.

Don't you think that, if he's considering taking a loan to buy bitcoins, that it probably means he can't afford to lose the sum of the loan? Otherwise... why take a loan in the first place?  

Well, technically you could perhaps afford the monthly repayments on a loan, without being able to "afford" the full loan amount upfront.  By that, I mean he may be able to afford the monthly loan payments, given his cash flow, but he doesn't just have $10k sitting around to buy Bitcoin.

A period of low cashflow does not necessarily mean broke or unable to service a loan. Besides, with bitcoin, you are typically better off to go all in at once rather than trickle in over months or years. Pretty sure there hasnt yet been a year that didnt return more than any bank loan charges these days.

thats true ,if bitcoin remains sucessfull as it has continually been ,it will blow any banks interest rates away and
you stand to make a profit or break even at worst case
even so  ,i wouldnt recommend going too deep ,your still gambling with money you dont technically have so id  
borrow a little but not so much as id be fcuked for life if bitcoin dropped to $50 or less somehow

[explorer]

[...] Besides, with bitcoin, you are typically better off to go all in at once rather than trickle in over months or years. Pretty sure there hasnt yet been a year that didnt return more than any bank loan charges these days.

Just don't do anything stupid, guys. For your family's sake, or just for your own sake. Take a balanced approach.

if bitcoin was a stock, and mature, that would have merit.

[explorer]

I'm thinking do it but only do it if your prepared to lose the money you  get loaned.  Meaning you can afford to lost that amount.  I may do the same thing but it won't be for a lot of money I just want to get in on the action.

Don't you think that, if he's considering taking a loan to buy bitcoins, that it probably means he can't afford to lose the sum of the loan? Otherwise... why take a loan in the first place?  

Well, technically you could perhaps afford the monthly repayments on a loan, without being able to "afford" the full loan amount upfront.  By that, I mean he may be able to afford the monthly loan payments, given his cash flow, but he doesn't just have $10k sitting around to buy Bitcoin.

A period of low cashflow does not necessarily mean broke or unable to service a loan. Besides, with bitcoin, you are typically better off to go all in at once rather than trickle in over months or years. Pretty sure there hasnt yet been a year that didnt return more than any bank loan charges these days.

thats true ,if bitcoin remains sucessfull as it has continually been ,it will blow any banks interest rates away and
you stand to make a profit or break even at worst case
even so  ,i wouldnt recommend going too deep ,your still gambling with money you dont technically have so id  
borrow a little but not so much as id be fcuked for life if bitcoin dropped to $50 or less somehow

Naturally you dont risk more than you can afford, no matter where it comes from.

[kireinaha]

[...] Besides, with bitcoin, you are typically better off to go all in at once rather than trickle in over months or years. Pretty sure there hasnt yet been a year that didnt return more than any bank loan charges these days.

Just don't do anything stupid, guys. For your family's sake, or just for your own sake. Take a balanced approach.

if bitcoin was a stock, and mature, that would have merit.

You do realize that the dot com bubble was based upon wild speculation of new, "cutting edge" Internet start ups, right...? Not "mature" stocks.

This argument that bitcoin is not a stock, and therefore will not behave like a stock is a logical fallacy that bitcoin investors use to bullshit themselves. The underlying theme to both is speculation, and do not fool yourself into believing the dot com scenario will not play out again.

[UnDerDoG81]

Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it

This. Bitcoin is still speculative and likely has a binary outcome. You don't want to be homeless because it went to zero.

People have been saying that since day one 4 years ago, it's fair to say that bitcoin will never go to zero.

Unless the BTC Code gets hacked. Thats my biggest fear. I´m also thinking about to go into BTC with all my FIAT wich actually is 50K$ and stays at the bank for 2-3 years now, let the bank made cash with my money and brings me in a few hundred dollars a year. As you can see, I dont need that money right now because it was already 2-3 years on the bank now. Im thinking to invest on a long term with that. But after reading some comments here, I´m not sure anymore. But 3 weeks ago I´ve readed the same comments as well and decided to buy bitcoins with the half of my money and now it doubled already. If I would have been go full in I would have the double of the double.

[Xer0]

if you want to play with a loan with less risk, buy mining hardware and resell it at craigslist or such
or you can arbitrage exchanges with big spreads but do it on calm hours and up or sideways market

[antimattercrusader]

The key is investing is to not invest what you cannot afford to loose. If you "can't" loose it, then you'll be much more stressed, much more apt to panic sell/get emotional. Emotional investing almost always ends badly.

[vokain]

I should note you should not hesitate to take your profits and clear your loan

[antimattercrusader]

I should note you should not hesitate to take your profits and clear your loan

Not saying anything negative about OP, I've felt the same way, and considered this as well - but most people who want to take a loan out to invest in something like this, especially after such large gains, are being a bit greedy, and won't sell to clear out their loan at the right time, hold too long, then when it crashes, they'll panic sell and be left holding the bag. If this is something OP has really thought through, and has the stomach for, it'd probably work out. But the key is to expect and be able to make payments on that loan for some time with out any bitcoin profits/selling. Hold, no matter what happens on the downside. BTC crash to 50 cents? HOLD. No panic selling, 1, 2, 5 years from now, I bet you won't regret that choice.

Regarding the dot com bubble, if someone had invested at that time and held - today they wouldn't have lost (Unless the company(ies) they bought actually went bankrupt, but in general). But how many of those investors did that? They wouldn't bare to wait 5-10 years to recoup. I doubt it will take that long with BTC, but be emotionally prepared for it and you won't loose. (Probably)

[maurya78]

I would advise against leverage to play in bitcoins

Fact is while it is quite conceivable that the long term price is much higher than presently, the volatility and the time that it will take to get there is highly uncertain

This is precisely why the good advice everyone gives you on this forum is only invest funds you would be comfortable losing

You may well decide to take the loan and make out like a prince, but the downside risk you are taking on is significant
Good luck, whatever you decide to do

[explorer]

This is precisely why the good advice everyone gives you on this forum is only invest funds you would be comfortable losing

No need to be comfortable with the loss. its OK if you learn a lesson in failure. Just don't let it be a life altering one

[Dabs]

Yeah, I bought a whole bunch when BTC was below $200. Now I have a good payment history with the bank and I can borrow more. I just might do it. hehehe. Go for broke! (Still thinking of getting miners or just getting bitcoins, or doing some other alt-coin instead.)

[phillipsjk]

I am considering a loan myself: but not until I have the cash-flow to avoid being forced to sell early.

Essentially, you should be able to comfortably service the debt for a year or more as the price of Bitcoin goes through it's usual roller-coaster. That implies you should avoid loans that require you to sell if the price of Bitcoin drops too much as well.

[antimattercrusader]

I am considering a loan myself: but not until I have the cash-flow to avoid being forced to sell early.

Essentially, you should be able to comfortably service the debt for a year or more as the price of Bitcoin goes through it's usual roller-coaster. That implies you should avoid loans that require you to sell if the price of Bitcoin drops too much as well.

+1

[DaRude]

Haven't heard of a dumber idea.  Hey if you gonna ignore the "Don't bet something you can't afford to loose" advice might as well go all the way and bet with something you don't even have

[aminorex]

Borrow every dime you can, up to the limit of your ability to service the debt sustainably indepently of bitcoin price movements, and regardless of what they may be.
Spend it all on bitcoin.  When it spikes up and very clearly confirms that a decline is in progress, sell a small portion.  When it bottoms out and very clearly confirms that a rise is in progress, spend all of those proceeds to invest fully in bitcoin again.  You may not become wealthy in the process, but you will become wealthier, and as long as you think 10 times before each buy or sell, and never do it more than once a day, and have at least average intelligence, I'd say you've got a 60/40 chance of outperforming bitcoin's value relative to your reference fiat, which will be massive over the course of any given year.

Personally, I'd pay the loans down incrementally as gains accrued, but it's not really a rationally motivated behaviour, so I can't advise it.

[gla22]

I think everyone knows bitcoin is in bubble mode right now, 12B in market cap isn't justified by the amount of transactions that occur, alot of the money in BTC is speculation. The amazing thing about BTC though is that it still has the potential to rise significantly. I could see 10k a coin.

[aminorex]

i do not know that it is in bubble mode.  bubbles are fragile structures inflated by a force which, once withdrawn, results in the collapse of the structure.  forces implying a higher bitcoin price are increasing, not decreasing, and show no signs of being near the limits of their increase.  bubbles are not supported by the rationally discounted future fair value or cash flows.  the price of bitcoin is more than supported by its rationally discounted future fair value.

the only way you could infer that bitcoin was in a bubble would be if you were convinced that its future fair value, after discounting for risk-free rates and the error distribution attributed to your future value estimate, was insufficient to support current price levels.  you might be convinced of this by established fact and sound reasoning (necessary or probabilistic),  or you might be convinced of this by "intution" or "peer-pressure"  or "a skeptical disposition" or sunk cost fallacies, normality bias, etc.  if you have established facts and sound reasoning which leads you to such skepticism, please do share them.  no one can anticipate all unknown facts or creative proofs, and no one wants to be deluded by their ignorance or lack of time to explore the full space of inference.  if you do not, then please reconsider your convictions -  and especially please reconsider whether you should be spreading fallacious or delusional ideation.

[traderCJ]

I think everyone knows bitcoin is in bubble mode right now, 12B in market cap isn't justified by the amount of transactions that occur, alot of the money in BTC is speculation. The amazing thing about BTC though is that it still has the potential to rise significantly. I could see 10k a coin.

I couldn't care less if a BTC is ever used in a point of sale transaction.  There are many investors like myself who only see it as a store of value to be cashed in/out at exchanges.

[coinballer]

I think everyone knows bitcoin is in bubble mode right now, 12B in market cap isn't justified by the amount of transactions that occur, alot of the money in BTC is speculation. The amazing thing about BTC though is that it still has the potential to rise significantly. I could see 10k a coin.

I couldn't care less if a BTC is ever used in a point of sale transaction.  There are many investors like myself who only see it as a store of value to be cashed in/out at exchanges.

Just to add to this, this doesn't necessarily mean "cashing out" to profit. Store of value isn't about day trading. It's just a store. It stays there until it's needed.

[PenAndPaper]

I am considering a loan myself: but not until I have the cash-flow to avoid being forced to sell early.

Essentially, you should be able to comfortably service the debt for a year or more as the price of Bitcoin goes through it's usual roller-coaster. That implies you should avoid loans that require you to sell if the price of Bitcoin drops too much as well.

You should be able to pay back your loan even if the bitcoin price collapses. And by paying back i don't mean ruin your life to pay back. (like by selling a house for that matter)

[BitcoinBarrel]

I think the general consensus is NEVER gamble with a loan..

You can't predict the markets so don't risk everything you have on something you know little about. People want to get rich now and end up losing it all. 

Start building your wealth with what you already own. Work to earn your money so you know it's true value. That way you will be less likely to make impulsive decisions based on emotions rather than reason.

The last 2 spikes in Bitcoin price were followed by a big drop so it would be entirely possible to invest $100,000 on 100 Bitcoins and have that turn into $50,000 in one day.

You can see that even though you have 100 coins worth $50,000 you owe the bank $100,000 PLUS interest. It's just a matter of time before you have to sell all your coins and then some to pay back the loan.

[BitchicksHusband]

Or you could sell 1 and make your payment.

So far, in retrospect, taking a loan would have been a good idea most of the time.  But you can never predict the future.  And you don't want to be the guy jumping out of a window because you took out a loan that you can never pay back.

I don't recommend it.  I'm not going to borrow to invest.  I only invest what I can afford to lose.

I did change my mind about borrowing from my 401k, since I wanted to put some of my retirement funds into bitcoin and there's no other way.  And I'm paying the interest back to myself anyway.  I can afford $50 per paycheck regardless of what happens.

It's doing well so far... 

[kireinaha]

It's "lose" money, not "loose". I'm sorry, but i just need to get that off my chest. I don't know how many times I've read that in this thread. 

[DaRude]

Don't just assume that BTC will go to the moon and which Ferrari you'll buy first. Play out BTC crashing 50% and bank calling your loan scenario. Will you loose your collateral? Your house, your car, your credit history? Will you get a second job to try and salvage what you can? Or you can always double down and dig deeper into the hole. Borrow from another bank at even higher % to pay the first one. Borrow from your friends/family? Work the corner or try to sell your drugs? Sorry to be a downer but there's a reason why no sane financial adviser would recommend taking a loan to finance an investment that you have no control over.  But ignore all that and let's just concentrate on Ferraris Lambos and those huge mansions 

[imbladednow]

I think everyone knows bitcoin is in bubble mode right now, 12B in market cap isn't justified by the amount of transactions that occur, alot of the money in BTC is speculation. The amazing thing about BTC though is that it still has the potential to rise significantly. I could see 10k a coin.

Maybe next year, but without better ways to quickly buy/sell Bitcoins for fiat like Bitcoin ATM, 10k a coin wont last long

[Gabrie]

I'm very new to bitcoin and read in this thread about a crash that BTC went through. What happened at the last crash of BTC? Did it go down very fast, too fast to respond if I need at least half a day to respond?

Say BTC indeed does go belly up, would you still have time to take your losses (sell at too low price) or is there a chance it would drop to zero all at once?

[phillipsjk]

I'm very new to bitcoin and read in this thread about a crash that BTC went through. What happened at the last crash of BTC? Did it go down very fast, too fast to respond if I need at least half a day to respond?

Say BTC indeed does go belly up, would you still have time to take your losses (sell at too low price) or is there a chance it would drop to zero all at once?

The bulk of the last crash happened within about 2 hours. After about a day, the price did drop in half again, but there is no guarantee that would happen every time.

For Bitcoin to go to zero, something drastic would have to have happened. I missed a $150-$300 buy window because I did not want to take a loan. I don't think the Price will drop below $300, but I don't know where the real "floor" price is.

[BitchicksHusband]

I'm very new to bitcoin and read in this thread about a crash that BTC went through. What happened at the last crash of BTC? Did it go down very fast, too fast to respond if I need at least half a day to respond?

Say BTC indeed does go belly up, would you still have time to take your losses (sell at too low price) or is there a chance it would drop to zero all at once?

I was watching and logged in to Coinbase when bitcoin dropped from $900.  I still had a hard time getting out at $733 on the way down to $450.

[explorer]

I'm very new to bitcoin and read in this thread about a crash that BTC went through. What happened at the last crash of BTC? Did it go down very fast, too fast to respond if I need at least half a day to respond?

Say BTC indeed does go belly up, would you still have time to take your losses (sell at too low price) or is there a chance it would drop to zero all at once?

I was watching and logged in to Coinbase when bitcoin dropped from $900.  I still had a hard time getting out at $733 on the way down to $450.

And did you get back in before 733(plus fees) on the way back up? Day trading is risky if its not what you DO  (well, even then). Some do alright, most tend to go more backward than forwards. Of course, it is those people that finance the gains of the winners  Personally, Buy, hold, accumulate - until such time as buying becomes insignificant to my holdings. Then its just hold, until its time to start taking profits. That is not for a while yet. Or is it? 2014 sounds like a great year to retire. Or to keep paying my loans and mortgage etc 

[conspirosphere.tk]

I couldn't care less if a BTC is ever used in a point of sale transaction.  There are many investors like myself who only see it as a store of value to be cashed in/out at exchanges.

+1337

[gla22]

I think everyone knows bitcoin is in bubble mode right now, 12B in market cap isn't justified by the amount of transactions that occur, alot of the money in BTC is speculation. The amazing thing about BTC though is that it still has the potential to rise significantly. I could see 10k a coin.

I couldn't care less if a BTC is ever used in a point of sale transaction.  There are many investors like myself who only see it as a store of value to be cashed in/out at exchanges.

Why would anyone use bitcoin as a store of value as opposed to precious metals like gold and silver? I think bitcoin has use as a means of moving money between countries, for purchasing items not priced in fiat (ie silkroad), or as a speculative investment.

The truth is those who are in bitcoin for speculative purposes have an endgame plan of holding USD. It is these people who will pump a bubble and sell into a crash.

[Dabs]

Not good advice, but this is what I plan to do: Take a loan, pay it back over 5 years. As in, I have 60 payments to make. Or 36 (3 years) or 24 (2 years). Whatever they will give me.

When I get the fiat, the question becomes: do I get bitcoins and just hold? do I buy a miner? do I explore alt-coins like those scrypt ones, litecoins, etc.

I'll make my own thread or start a blog when and if I do this.

Of course, as the saying goes, don't gamble what you can't afford to lose. The reason I take a 2 or 3 year amortization plan is because I can pay that from what I earn now even if bitcoin drops to zero. (And if I can't pay, for whatever reason, I am simply blacklisted from borrowing from any banks here, they don't send people to jail for non-payment of loans; not where I live anyway.)

[Ibian]

I think everyone knows bitcoin is in bubble mode right now, 12B in market cap isn't justified by the amount of transactions that occur, alot of the money in BTC is speculation. The amazing thing about BTC though is that it still has the potential to rise significantly. I could see 10k a coin.

I couldn't care less if a BTC is ever used in a point of sale transaction.  There are many investors like myself who only see it as a store of value to be cashed in/out at exchanges.

Why would anyone use bitcoin as a store of value as opposed to precious metals like gold and silver? I think bitcoin has use as a means of moving money between countries, for purchasing items not priced in fiat (ie silkroad), or as a speculative investment.

The truth is those who are in bitcoin for speculative purposes have an endgame plan of holding USD. It is these people who will pump a bubble and sell into a crash.

It's safer than metals if you know even a little about computers in that it can not be confiscated. Also much easier to get than gold. And much harder to manipulate due to its transparent nature. And you can take it with you in your pocket.

For me it's also a hedge against failing fiat. Less of a concern for me since I'm not american or greek, but no western countries are safe.

[coinpr0n]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

Debt.

[gla22]

I think everyone knows bitcoin is in bubble mode right now, 12B in market cap isn't justified by the amount of transactions that occur, alot of the money in BTC is speculation. The amazing thing about BTC though is that it still has the potential to rise significantly. I could see 10k a coin.

I couldn't care less if a BTC is ever used in a point of sale transaction.  There are many investors like myself who only see it as a store of value to be cashed in/out at exchanges.

Why would anyone use bitcoin as a store of value as opposed to precious metals like gold and silver? I think bitcoin has use as a means of moving money between countries, for purchasing items not priced in fiat (ie silkroad), or as a speculative investment.

The truth is those who are in bitcoin for speculative purposes have an endgame plan of holding USD. It is these people who will pump a bubble and sell into a crash.

It's safer than metals if you know even a little about computers in that it can not be confiscated. Also much easier to get than gold. And much harder to manipulate due to its transparent nature. And you can take it with you in your pocket.

For me it's also a hedge against failing fiat. Less of a concern for me since I'm not american or greek, but no western countries are safe.

I am a huge fan of bitcoin but:

It is not safer: Gold has been a store of value for thousands of years, bitcoin is going on 5. Gold prices although fueled by speculation is alot more stable, gold won't fall overnight too $1000/oz but bitcoin could fall to $50/coin within a matter of a few days.

Gold is very easy to get, you can buy it online or through multiple physical locations.

Bitcoin is much easier to manipulate than gold. Media and press can easily inspire confidence or fear in the coin to manipulate prices.

I agree holding a bunch of fiat is terrible, but bitcoin shouldn't be a wealth preservation strategy, but a speculative investment or a hobby.

[wopwop]

went on with it, let's see how it goes!

so excited!!

[JonDough]

went on with it, let's see how it goes!

so excited!!

I don't think its a good idea... at all...

But its not my money or credit that's on the line...

And since you already did it, all I can say is good luck! Hope your rich soon

[RodeoX]

Bad idea. Just buy a little each week, like a retirement account.

[PenAndPaper]

I couldn't care less if a BTC is ever used in a point of sale transaction.  There are many investors like myself who only see it as a store of value to be cashed in/out at exchanges.

+1337

Yeah people keep talking about various psychologic barriers like 1000$ or the value of gold but noone talks about the real barrier for the geeky community that is bitcoin   

[vokain]

went on with it, let's see how it goes!

so excited!!

be prepared if you go in the red

when this happened to me I bought more.

[pinacolada]

Bitcoin doesn't go down in price over longterm, this is a fact. With this fact I can deduce that it will never go longterm below $1000 anymore. It's simple really.

You mean induce...because you've only made a prediction. Your analysis only suggests that it is possible that your claim is cogent. Actually, what you mean to state is that from prior patterns, Bitcoin probably won't go down in the long term. The best course of action for you to take is to only invest what you can afford to lose.

[gla22]

i do not know that it is in bubble mode.  bubbles are fragile structures inflated by a force which, once withdrawn, results in the collapse of the structure.  forces implying a higher bitcoin price are increasing, not decreasing, and show no signs of being near the limits of their increase.  bubbles are not supported by the rationally discounted future fair value or cash flows.  the price of bitcoin is more than supported by its rationally discounted future fair value.

the only way you could infer that bitcoin was in a bubble would be if you were convinced that its future fair value, after discounting for risk-free rates and the error distribution attributed to your future value estimate, was insufficient to support current price levels.  you might be convinced of this by established fact and sound reasoning (necessary or probabilistic),  or you might be convinced of this by "intution" or "peer-pressure"  or "a skeptical disposition" or sunk cost fallacies, normality bias, etc.  if you have established facts and sound reasoning which leads you to such skepticism, please do share them.  no one can anticipate all unknown facts or creative proofs, and no one wants to be deluded by their ignorance or lack of time to explore the full space of inference.  if you do not, then please reconsider your convictions -  and especially please reconsider whether you should be spreading fallacious or delusional ideation.

First off your bolded statement is nonsensical. Bitcoin is not an investment that "generates future cash flows". Bitcoin is most like a commodity with some intrinsic value but is also highly speculated in (similar to gold). However it differs from traditional commodities mainly in that there is rapid growth in how many people are learning about bit coin and adopting it. 

What is driving the price up is:
New users who are using bitcoin for its intrinsic value
Speculators

When the growth of new users stalls there will be some sort of crash. I will post an in depth article on this soon.

[DaRude]

Don't just assume that BTC will go to the moon and which Ferrari you'll buy first. Play out BTC crashing 50% and bank calling your loan scenario. Will you loose your collateral? Your house, your car, your credit history? Will you get a second job to try and salvage what you can? Or you can always double down and dig deeper into the hole. Borrow from another bank at even higher % to pay the first one. Borrow from your friends/family? Work the corner or try to sell your drugs? Sorry to be a downer but there's a reason why no sane financial adviser would recommend taking a loan to finance an investment that you have no control over.  But ignore all that and let's just concentrate on Ferraris Lambos and those huge mansions 

Just wanted to revisit this thread to say that i hope that non of you actually took out loans to buy BTC and for this to stay on top for others who would ever consider to take a loan to invest in speculative vehicles like BTC in the future!

[DaRude]

went on with it, let's see how it goes!

so excited!!

Guess it's too late, keep us updated on the terms and period and how it'll work out with your personal life, if nothing else can be a lesson to others

[Habeler876]

ouch, looking at the timing of this....

[GameKyuubi]

Just wanted to revisit this thread to say that i hope that non of you actually took out loans to buy BTC and for this to stay on top for others who would ever consider to take a loan to invest in speculative vehicles like BTC in the future!

Right.  NOW is the time to take out the loan~! 

[derekleong75]

One more piece of advice, son.
Never bet more than what you can afford to lose.
In all my life, I've never believed in free lunches.
You lose something every time you gain.

Tread with care. :-)

[theecoinomist]

Bitcoin is much easier to manipulate than gold. Media and press can easily inspire confidence or fear in the coin to manipulate prices.

 

[PenAndPaper]

I hate to do that but i told you so. (Like so many others around with common sense) 

[derpinheimer]

If serious, the timing could not have been worse. It crashed the night of the 4th.. at least, in CST.

[vokain]

Signing a loan, receiving the money, wiring said money to an exchange and deciding on an entry point(s) takes time guys. Honestly, to me, wopwop's timing couldn't have been more perfect.

[kireinaha]

Hopefully OP hasn't used his loan to buy into the market yet. I would advise giving it a little more time to see where the dust settles on this current market correction.

[Oldminer]

Hopefully OP hasn't used his loan to buy into the market yet. I would advise giving it a little more time to see where the dust settles on this current market correction.

I suspect he has, however thats not such a bad thing depending on the term of the loan. I suspect it would be at least a 6-12 mth loan, so sure he has paid more for BTC than he could have however Im sure he'll make more than enough to pay the loan back with interest & a nice profit to boot by the time the contract ends.

[Dabs]

My own loan is coming in any time soon. heheheheh.... what to do what to do... BTC taking a dive.

[azedee]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.

Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here.

If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight.

This dude is the official victim of the bitcoin mania. Thank God the forum is archived. It will be a good basis for studying market delusions.

https://i.imgur.com/eKWsql6.png

[mvdheuvel1983]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.

Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here.

If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight.

Calling a $9k bubble and back to $1k the "worst case scenario"...

Still believe this? 

[KeyserSozeMC]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

How can you guess? Can you see the future?
Don't do stupid things and risk fiat, yet. It could be a global trap, so people invest their savings and then poof.
World has become a playground for psychopaths, they make wars everyday, for fun.

If something happens, which I expect in March to May, we're screwed.

[kireinaha]

went on with it, let's see how it goes!

so excited!!

Poor bastard. He's not here anymore, is he? Probably had to cut his Internet connection and PC to make his first loan payment. 

[Dabs]

Well, now is a good time to buy. My own loan coming in today or tomorrow.

[aminorex]

My first loan arrived 1 December.  My second loan arrives on Friday.  The first has paid for itself.

[DaRude]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.

Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here.

If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight.

This dude is the official victim of the bitcoin mania. Thank God the forum is archived. It will be a good basis for studying market delusions.

Yeah i don't think it's possible to make a worse call

[kireinaha]

Maybe he recognized the crash right after buying in at the top and sold for $1,100... and then rebought last night at $500. If so, he doubled his stash and should end up pretty well!

[DaRude]

Maybe he recognized the crash right after buying in at the top and sold for $1,100... and then rebought last night at $500. If so, he doubled his stash and should end up pretty well!

Sure, or maybe his finger slipped and instead of buying at 1200 he shorted btc at $1200?? Or maybe he won a million dollar lottery on a way to the bank to pick up his loan or maybe...

[Erdogan]

The same everybody was telling while buying multiple condos during housing bubble. And this is because that bubble did happen. Greed kills.

[...]

But a condo is bad money. It is money, because the fiat is bad as a store of value, forcing all savers to look for anything that is safe for devaluation. Condos are one of the opportunities. When people buy for that purpose, the condos gain exchange value and becomes de facto money. They are bad because they are not divisible, not movable and cost a lot to just keep. When better stores of value becomes available, they lose their exchange value and we have a bubble burst. Bitcoin on the other hand is good money in almost any measure.

[Dabs]

Got my loan, but check will clear in 3 banking days, weekends not included, holidays not included. So I get my fiat after Christmas.

But, I might actually not buy any coins (bit or alt), instead I might get a miner which is available immediately. Thinking. Thinking. ... ... The choice is between SHA (asic) or Scrypt (GPU). I think I might go with some GPUs.

[huadylmate]

went on with it, let's see how it goes!

so excited!!

Poor bastard. He's not here anymore, is he? Probably had to cut his Internet connection and PC to make his first loan payment. 

You have keep some money to pay loan payments, but in theory it can work if you wait long enought

[BitchicksHusband]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

His last post was December 5th.  Hope he didn't jump out of a window on December 6th.

[Miz4r]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.

Don't say I didn't try to warn this poor guy. Karma is a bitch sometimes.

[dg2010]

Got my loan, but check will clear in 3 banking days, weekends not included, holidays not included. So I get my fiat after Christmas.

But, I might actually not buy any coins (bit or alt), instead I might get a miner which is available immediately. Thinking. Thinking. ... ... The choice is between SHA (asic) or Scrypt (GPU). I think I might go with some GPUs.

Stop. Buying into GPU mining right now is really really stupid. Buying into ASIC is marginally less stupid but still, incredibly stupid.

The con that miners don't tell you, is that very few of them are actually making a genuine profit from PURE mining. What they are actually doing is mining some coins and then holding onto those coins until they are worth more money and then calling a profit. You can just buy the BTC skip the hardware bullshit.

And ASICS? IF I had an ASIC to sell you today that is gonna turn you profit, why would I sell it ? I would just run it and take the profit for myself. The only reason I'm selling you the hardware is because I want some other mug(you) to take the risk.

[BitchicksHusband]

And ASICS? IF I had an ASIC to sell you today that is gonna turn you profit, why would I sell it ? I would just run it and take the profit for myself. The only reason I'm selling you the hardware is because I want some other mug(you) to take the risk.

Do you run Butterfly Labs?

[Rygon]

Got my loan, but check will clear in 3 banking days, weekends not included, holidays not included. So I get my fiat after Christmas.

But, I might actually not buy any coins (bit or alt), instead I might get a miner which is available immediately. Thinking. Thinking. ... ... The choice is between SHA (asic) or Scrypt (GPU). I think I might go with some GPUs.

You might want to reconsider that if your goal is to speculate on bitcoin and profit. Buying mining software has been a poor investment for most miners except those who get first access to the newest tech.

[dg2010]

Do you run Butterfly Labs?

Yeah and I'm great friends with LukeJR. We paid him to fly out to our offices and do a bit of development work but really he was a shill used to pump these babies out the door. Marketing 101. Like taking candy from a baby.

[RodeoX]

I don't know guys. Taking out a loan to finance a very risky investment is a violation of the first rule of investing. "Thou shall not invest more than you can lose".  If the OP did buy $100k at $1200/BTC using a loan. He may have to spend the rest of his life paying it off. His $100k is now like >$50k if it takes say 10 years to pay off... Wow he is now a debt slave.

[Kramerc]

Why!? Bitcoin to da moon in 2014, easy money!

[dontek]

I just took out a $100,000 loan to fund my time at the tables in Vegas this weekend. WOOT WOOT! I got this figured out! Y'all a bunch of suckers!

 

[rampantparanoia]

i provide the same advice to the loan takers that I provided to my friend, when he inquired about taking a loan to buy btc:

"you're an idiot"

[Dabs]

Comments noted. But I'm going to do what you just described. Mine, hold the coins, sell for profit.

I'm aiming at one particular alt-coin, because I know who created it, and he's pouring a few million into it as a business. So I'm getting in while the difficulty is very low.

Worst case scenario, I can sell the GPUs and motherboards at the price I bought them. Lots of 3D gamers in my area.

[billyjoeallen]

I admit to buying in 2011 with credit cards averaging price around $10/BTC. I had to pay high interest rates for two years before I sold enough to pay off the debt, but by then I only had to sell about 5% of my stack. Now I have a nice, free pile of bitcoin, even considering that I lost half through exchange closures, hacks, etc. I think This is actually a dumb strategy, but I saw bitcoin as my Pearl of Great Price. I believe in the code, the economics behind it, and the principles it represents. A chance, even a chance to do something good and actually profit from it was worth betting the farm. When you swing for the fences, you strike out more often, but you also get more home runs. It totally depends on your risk tolerance. If your going to invest borrowed money, be prepared to risk your credit rating and any collateral you put up unless the amount is so small you can pay it off even if you lose it all.

Having said that, it's no dumber than buying the most expensive house you can afford with a mortgage. That's a leveraged bet too- and the risk/reward ratio is even higher.

[kireinaha]

Should the OP keep holding? I'm starting to wonder if we're going to have a recovery or if we'll keep dropping for the rest of the year. Right now might be the time to take out the loan to buy bitcoin, but i'm still not sure.

[Paashaas]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

The 10k was a little bit over the top?  i hope that wasn't the reason for the 100k loan but you prop alrdy spended that money.

You holding right?

[Wilhelm]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.

Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here.

If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight.

This dude is the official victim of the bitcoin mania. Thank God the forum is archived. It will be a good basis for studying market delusions.

This chart made me laugh!!!

[marvinrouge]

Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan.

Wow.

[kireinaha]

Why do posts like this never spring up at times like these? This is when you should cash in the 401k and take the second mortgage on the house, not during a prolonged rally!

[XxionxX]

I actually did this in the sense that I ended up putting all my expenses on my credit card and I used all my cash on hand to buy bitcoins. Bought at $11-$70 and I have never looked back. I paid off all my credit cards and I made a profit. I have btc and I am up fiat. Just be aware that this is not the brightest idea. Having said that, you are looking at massive gains if you win on your bet. I would do it again.

Look at my post history, I am not talking out of my ass. I wanted to do even more than you.

[lasciv]

Does anyone know what happened to OP? Did he take that loan or not?

[bitcoinsrus]

Does anyone know what happened to OP? Did he take that loan or not?

Maybe he forgot to pay up D:

[slapper]

No one is that retarded. These type of posts are what sells Bitcoin when there are numerous alternatives for a safe p2p decentralized crypto currency. Software and technology always evolve. There is a competitor for all products. But newbies are getting much smarter now, so propaganda is much less effective these days.

[kireinaha]

he bought bitcoin with his loan and then disappeared. he'll probably show up again this summer when bitcoin reaches $5,000 and he'll make a fortune, despite buying at the top of the last rally.

[Ibian]

I took a loan too. Small family loan that can be paid back in less than a year if it all flops, but nonetheless. Average buyin price somewhere in the 600s. Hoping it stays low a few months longer so I can get more.

[Dabs]

Ok, I got a 24 month and a 36 month loan. I will HODL as long as it takes, and then pre-terminate the loan when the price has gone up a few times. In the mean time, I can pay the monthly dues of the loan either from my own pocket, or cashing out part of the BTC that was bought.

I also got my first two GPU miners, one is completely "free" (paid for by older bitcoin investments) and the second one is from another loan, that one doesn't look too good with the current price of BTC and alts.

Then I have a bunch of scrypt ASICs and they are already in the country, I just need to connect them to an old laptop. That one is going to ROI, and it was paid for by a friend so it's almost free (he'll pay for my electricity as well, I'm just hosting it.)

I'm set to get yet another loan some time in the next few weeks.

Interesting times.

This is much slower than dice, but ... maybe I should just play dice, at least I'll know the result very soon.

On the other hand, I just need to double my fiat, from 400 USD to 800 USD and all my loans will be paid for. I don't think BTC will go lower than 300 in the next few months, and it's possible it will go back to 800 or higher.

1Dabso5tsVpM9oZKxu8h4WYUUxjkwxC25Q
This is Dabs of bitcointalk.org
GwkVeXD14gXNynGAXRx3a1C7PZXxuailoI+HlX6mo34jcqzxCFxolpo5MBJte5CUAo+ANwIZFH5tFc4g1nxOdbU=

[nuff]

I don't understand why it's crazy to take a loan to buy bitcoins, it's only crazy if you have unrealistic expectations of bitcoins value going up.  The nature of bitcoin is that its value can only go up, because of its fixed supply and harder to come by as time goes. The nature of fiat is that its value will go down, because of its unlimited supply and inflation. Simply put, if you buy $1000 worth of bitcoins now, that $1000 bitcoins are gonna worth more than $1000 in the future where as the same $1000 worth of fiat money now is gonna worth less in the future.

[RodeoX]

I don't understand why it's crazy to take a loan to buy bitcoins, it's only crazy if you have unrealistic expectations of bitcoins value going up.  The nature of bitcoin is that its value can only go up, because of its fixed supply and harder to come by as time goes. The nature of fiat is that its value will go down, because of its unlimited supply and inflation. Simply put, if you buy $1000 worth of bitcoins now, that $1000 bitcoins are gonna worth more than $1000 in the future where as the same $1000 worth of fiat money now is gonna worth less in the future.

Your statement is logical if your premises are true. But I don't think they are. Bitcoin value is not a one way street. It can and does drop in value. And it may stay down for a year or more. It is still in beta and a true fatal flaw could be discovered anytime.  Bitcoin should still be considered a very risky thing to invest in. It was never designed to be an investment and does not behave like one.
The only thing that is sure about the deal the OP has contracted for is that he now owes the bank the money he borrowed AND the interest AND the late fees if he runs into a cash flow problem. The bank is going to make a profit no matter what. They are the smart money here.
Bottom line is that the op now owns far less than he borrowed. In order to make payments he must be selling the coins he bought for a fraction of what he paid. When he is out of coins he may be in serious debt. Next comes his stuff, his car, his house. 

The way to have done this is to buy tiny amounts you can afford to lose over a long time horizon. If he had done that he would have less coins, but he would have gotten them at a better price. Most importantly is that he would have coins, not debt.

[Dafar]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

wow, nice to see some highly optimistic (slightly delusional) people around.. where were you guys?


edit-- I just realized the date of OP's post... lol...

[glen hodl]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.

Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here.

If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight.

So the worst case scenario you see is that BTC goes to $9000, then falls back to $1000?  You see absolutely no other scenario worse than that???
I'm holding my bitcoins, but having such blind faith in your predictive abilities is dangerous.

Bitcoin doesn't go down in price over longterm, this is a fact. With this fact I can deduce that it will never go longterm below $1000 anymore. It's simple really.

Define longterm.

[Ibian]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

There have been many people in here asking about the same thing and I think it's a recipe for disaster and would not recommend it. Invest what you can afford to lose, if you become too greedy it could very well come back and bite you in the ass (and karma says it will). You will live in regret for the rest of your life. Don't do it, if bitcoin succeeds a few bitcoins will be enough to buy a house or two.

Let's say someone took a loan of $100k in september and put it into Bitcoin, he would have made about $900k minus interest in just less than 2 months. There's no going wrong here.

If I take a loan now of $100k and put it into Bitcoin, it might be worth 10x in just a few months. Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan. It's a winner bet to become a millionaire from just one simple move at the moment, with no losing edge in sight.

So the worst case scenario you see is that BTC goes to $9000, then falls back to $1000?  You see absolutely no other scenario worse than that???
I'm holding my bitcoins, but having such blind faith in your predictive abilities is dangerous.

Bitcoin doesn't go down in price over longterm, this is a fact. With this fact I can deduce that it will never go longterm below $1000 anymore. It's simple really.

Define longterm.

How about a year ago. Really, the price history is no secret.

[riiiiising]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

This is what happens when you give in to the echo chamber and dismiss all critics as "trolls". You sell your house for bitcoins or take out high interest loans from the bank. Just a reminder people: don't buy bitcoin. But if you do, don't invest more than you're willing to lose. Because you are going to lose.

[maker88]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

This is what happens when you give in to the echo chamber and dismiss all critics as "trolls". You sell your house for bitcoins or take out high interest loans from the bank. Just a reminder people: don't buy bitcoin. But if you do, don't invest more than you're willing to lose. Because you are going to lose.

Gentle reminder to the bear-tards, if you don't support bitcoin, then why are you here? I'm glad the moderators banned fallllling and all his dumbass alts. Anyone who is bearish on bitcoin does not belong here, and should be investing in the stock market (which has crashed massively this week, by the way).

Bitcoin users not effected!

shut up and go invest in the stock market. if youre already invested then just shut up.

[faince222]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

You're total crazy. It's a very bad idea to get a loan to increase your bitcoin balance. Bitcoin is too much speculative for invest a great quantity of money (Especially if you get loan for invest). Try to earn in other way.

[Sophokles]

So what happened to OP?  Looks like he didn't post since end of last year. Did he finally go through with his plan to borrow 100k$ to buy BTC?

[riiiiising]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

You're total crazy. It's a very bad idea to get a loan to increase your bitcoin balance. Bitcoin is too much speculative for invest a great quantity of money (Especially if you get loan for invest). Try to earn in other way.

Well, his post was from one year ago, so he's already lost his money. No sense trying to persuade him now.

If nothing else, this thread serves as a reminder that it's typically not wise to listen to the loudest voices on this forum. For the past year we've had men with castles, tailored suits, and fancy graphics telling us that another rally is inevitable, and by last summer the idea had become so pervasive that it became axiomatic around here. Lots of people made bad decisions, meanwhile calling out all the voices of reason as "trolls". 2014... not a proud year for the community.

[faince222]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

You're total crazy. It's a very bad idea to get a loan to increase your bitcoin balance. Bitcoin is too much speculative for invest a great quantity of money (Especially if you get loan for invest). Try to earn in other way.

Well, his post was from one year ago, so he's already lost his money. No sense trying to persuade him now.

If nothing else, this thread serves as a reminder that it's typically not wise to listen to the loudest voices on this forum. For the past year we've had men with castles, tailored suits, and fancy graphics telling us that another rally is inevitable, and by last summer the idea had become so pervasive that it became axiomatic around here. Lots of people made bad decisions, meanwhile calling out all the voices of reason as "trolls". 2014... not a proud year for the community.

But I think that in 100% of case it's a bad idea to invest in something if money is not yours. Consider that no one can know what price will be tomorrow, It's very a crazy action invest money (that you have loaned) in something of this. And it's very crazy for bank that give loan for this kind of people.

[Miz4r]

Well, his post was from one year ago, so he's already lost his money. No sense trying to persuade him now.

If nothing else, this thread serves as a reminder that it's typically not wise to listen to the loudest voices on this forum. For the past year we've had men with castles, tailored suits, and fancy graphics telling us that another rally is inevitable, and by last summer the idea had become so pervasive that it became axiomatic around here. Lots of people made bad decisions, meanwhile calling out all the voices of reason as "trolls". 2014... not a proud year for the community.

Do you realize you were one of those loud voices yourself? Interesting how the same people who shouted at all the bears months ago calling them trolls now do the exact opposite and shout at their former selves... it would be funny if it wasn't so retarded.

[HeliKopterBen]

Well, his post was from one year ago, so he's already lost his money. No sense trying to persuade him now.

If nothing else, this thread serves as a reminder that it's typically not wise to listen to the loudest voices on this forum. For the past year we've had men with castles, tailored suits, and fancy graphics telling us that another rally is inevitable, and by last summer the idea had become so pervasive that it became axiomatic around here. Lots of people made bad decisions, meanwhile calling out all the voices of reason as "trolls". 2014... not a proud year for the community.

Do you realize you were one of those loud voices yourself? Interesting how the same people who shouted at all the bears months ago calling them trolls now do the exact opposite and shout at their former selves... it would be funny if it wasn't so retarded.

Outspoken bulls becoming bears typically occurs near bottoms.  Epic rally lies just ahead.

[Omikifuse]

So what happened to OP?  Looks like he didn't post since end of last year. Did he finally go through with his plan to borrow 100k$ to buy BTC?

If he was quick and good timed he must be enjoying the profits because prices more than doubled in december.

If not or if he decided to HODL to the end he probably got disappointed by his loss and probably abandoned BTC. Or maybe he had to cancel internet in order to be able to pay for loan

[opossum]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

You're total crazy. It's a very bad idea to get a loan to increase your bitcoin balance. Bitcoin is too much speculative for invest a great quantity of money (Especially if you get loan for invest). Try to earn in other way.

Well, his post was from one year ago, so he's already lost his money. No sense trying to persuade him now.

If nothing else, this thread serves as a reminder that it's typically not wise to listen to the loudest voices on this forum. For the past year we've had men with castles, tailored suits, and fancy graphics telling us that another rally is inevitable, and by last summer the idea had become so pervasive that it became axiomatic around here. Lots of people made bad decisions, meanwhile calling out all the voices of reason as "trolls". 2014... not a proud year for the community.

But I think that in 100% of case it's a bad idea to invest in something if money is not yours. Consider that no one can know what price will be tomorrow, It's very a crazy action invest money (that you have loaned) in something of this. And it's very crazy for bank that give loan for this kind of people.

This is not always the case. Using leverage (borrowed money) can sometimes be useful if your trade is successful, you just need to have the discipline to close your position before you lose all your equity (although most exchanges will do this for you if you are borrowing via the exchange)

[stonerider]

Hindsight is always 20/20.

Merry Christmas, y'all!

[phillipsjk]

I am considering a loan myself: but not until I have the cash-flow to avoid being forced to sell early.

Essentially, you should be able to comfortably service the debt for a year or more as the price of Bitcoin goes through it's usual roller-coaster. That implies you should avoid loans that require you to sell if the price of Bitcoin drops too much as well.

I was dumb and did not follow my advice: Bought at a "low" of $400 in November (before having enough income to choose when to sell)

I'm very new to bitcoin and read in this thread about a crash that BTC went through. What happened at the last crash of BTC? Did it go down very fast, too fast to respond if I need at least half a day to respond?

Say BTC indeed does go belly up, would you still have time to take your losses (sell at too low price) or is there a chance it would drop to zero all at once?

The bulk of the last crash happened within about 2 hours. After about a day, the price did drop in half again, but there is no guarantee that would happen every time.

For Bitcoin to go to zero, something drastic would have to have happened. I missed a $150-$300 buy window because I did not want to take a loan. I don't think the Price will drop below $300, but I don't know where the real "floor" price is.

Looks like I was wrong about the $300 price floor. I did the math, and can't get money to the exchange until the 27th (5 business day hold at bank + 2 business day transfer to exchange, including 2 weekends).

Kinda want to double-down so my average price is around $300. I have no idea if Bitcoin is going to be worth more or less than $250 in 12 days.

[chesthing]

do it!

Worst. Advice. Ever.

[flipstyle]

I am considering a loan myself: but not until I have the cash-flow to avoid being forced to sell early.

Essentially, you should be able to comfortably service the debt for a year or more as the price of Bitcoin goes through it's usual roller-coaster. That implies you should avoid loans that require you to sell if the price of Bitcoin drops too much as well.

I was dumb and did not follow my advice: Bought at a "low" of $400 in November (before having enough income to choose when to sell)

I'm very new to bitcoin and read in this thread about a crash that BTC went through. What happened at the last crash of BTC? Did it go down very fast, too fast to respond if I need at least half a day to respond?

Say BTC indeed does go belly up, would you still have time to take your losses (sell at too low price) or is there a chance it would drop to zero all at once?

The bulk of the last crash happened within about 2 hours. After about a day, the price did drop in half again, but there is no guarantee that would happen every time.

For Bitcoin to go to zero, something drastic would have to have happened. I missed a $150-$300 buy window because I did not want to take a loan. I don't think the Price will drop below $300, but I don't know where the real "floor" price is.

Looks like I was wrong about the $300 price floor. I did the math, and can't get money to the exchange until the 27th (5 business day hold at bank + 2 business day transfer to exchange, including 2 weekends).

Kinda want to double-down so my average price is around $300. I have no idea if Bitcoin is going to be worth more or less than $250 in 12 days.

Why on god's green earth would you try and make the same mistake twice, after already being remorseful about your initial decision?

This is beyond me.

Why don't you do the actual rational thing and wait to see if your currently owned bitcoins ever get remotely close to your purchasing price before you try and double your risk factor at a huge loss?


You know...like actually 'learn' from the mistakes of yourself and others on this forum who kept buying and taking out loans while taking losses until they stopped posting and disappeared.

[CoinCidental]

everyone knows its extremely volatile new age technology  and will rise again ,the only question is when ......

[Hyena]

do it!

Worst. Advice. Ever.

We're smart in retrospect, aren't we? Do you seriously think that there will ever be low risk high reward situations? If you're not willing to take risks you will never succeed. NEVER! My advice is always to take risks. Obviously it means that you will fail a lot but trivial probability theory and mathematical statistics say that if you get up and keep going after every setback then you will eventually succeed. Or, you will never succeed because you are motivated by the wrong reasons

[phillipsjk]

Why don't you do the actual rational thing and wait to see if your currently owned bitcoins ever get remotely close to your purchasing price before you try and double your risk factor at a huge loss?

Because averaging my cost per Bitcoin by buying cheap does not double my risk factor. It only increases it by about 50%; since the price of Bitcoin can only go down to 0. I can still liquidate my previously purchased Bitcoin at a 50% loss.

The year previous, I bought at $100, and sold at an average price of about $500 (missed selling at the peak by a month or so). Waiting for the price to rise again is just asking to buy high, sell low. I prefer to buy low, sell high. The difficulty of course is that nobody knows which way the price will swing at any given moment.

[Hyena]

Why don't you do the actual rational thing and wait to see if your currently owned bitcoins ever get remotely close to your purchasing price before you try and double your risk factor at a huge loss?

Because averaging my cost per Bitcoin by buying cheap does not double my risk factor. It only increases it by about 50%; since the price of Bitcoin can only go down to 0. I can still liquidate my previously purchased Bitcoin at a 50% loss.

The year previous, I bought at $100, and sold at an average price of about $500 (missed selling at the peak by a month or so). Waiting for the price to rise again is just asking to buy high, sell low. I prefer to buy low, sell high. The difficulty of course is that nobody knows which way the price will swing at any given moment.

So, let's assume there's 60% chance that bitcoin crashes further and 40% chance that the bottom is in and it will now start to increase again. Why not hold 60% of your wealth in USD/NBT then and 40% in BTC? If it goes significantly lower again, use your USD/NBT to buy more BTC. If it goes higher, great! You will earn less but at least you have taken a smaller risk.

[riiiiising]

do it!

Worst. Advice. Ever.

We're smart in retrospect, aren't we? Do you seriously think that there will ever be low risk high reward situations? If you're not willing to take risks you will never succeed. NEVER! My advice is always to take risks. Obviously it means that you will fail a lot but trivial probability theory and mathematical statistics say that if you get up and keep going after every setback then you will eventually succeed. Or, you will never succeed because you are motivated by the wrong reasons

Allocating a small portion of your portfolio to high risk/high reward assets is fine, especially while you're still young and retirement is decades away. But that's not what the OP did, and you encouraged him anyway.

The one intelligent thing that has actually been said on this forum in the last year is "don't invest more than you're willing to lose". So don't even try to rationalize your comment from 2013 as "hindsight is 20/20". In the entire time you've been a member of this forum, you've provided nothing of value and personally I think you should be banned.

[chesthing]

do it!

Worst. Advice. Ever.

We're smart in retrospect, aren't we? Do you seriously think that there will ever be low risk high reward situations? If you're not willing to take risks you will never succeed. NEVER! My advice is always to take risks. Obviously it means that you will fail a lot but trivial probability theory and mathematical statistics say that if you get up and keep going after every setback then you will eventually succeed. Or, you will never succeed because you are motivated by the wrong reasons

I was totally new to this in November with zero trading experience, and even I knew not to touch btc at this point. Hopefully this guy didn't take your hideous advice to take a loan out at $1k+.

[fallinglantern]

Bitcoin is still speculative and likely has a binary outcome. You don't want to be homeless because it went to zero.

No oracle needed back then.

[AnswerQuestion]

Why don't you do the actual rational thing and wait to see if your currently owned bitcoins ever get remotely close to your purchasing price before you try and double your risk factor at a huge loss?

Because averaging my cost per Bitcoin by buying cheap does not double my risk factor. It only increases it by about 50%; since the price of Bitcoin can only go down to 0. I can still liquidate my previously purchased Bitcoin at a 50% loss.

The year previous, I bought at $100, and sold at an average price of about $500 (missed selling at the peak by a month or so). Waiting for the price to rise again is just asking to buy high, sell low. I prefer to buy low, sell high. The difficulty of course is that nobody knows which way the price will swing at any given moment.

Using dollar cost averaging when your investment has fallen significantly to lower your average cost is generally not something I would suggest doing. Yes you do have a greater reward if the price were to greatly increase, however the risk is increased as well.

Obviously everyone wants to be able to buy low and sell high, but you are right that is not always something that is possible to know when the price is "low" or "high"

[Chef Ramsay]

This is one of those scenarios where "this won't end well" is the likely outcome if there's not a turn around right around the corner. Frankly, unless you're employed and have extra money available to you over and above monthly expenses, you're generally not in a position to invest in anything. The majority of even the workers in the USA are just living paycheck to paycheck and have no plan whatsoever to have any funds available for the proverbial rainy day, much less thinking about ever retiring. That said, at these prices it wouldn't be a bad time to get in in a substantial way if you've just come across bitcoin or have been awaiting a near bottom environment. Way bigger upside at this point than going to 0 and most people that have a clue or are at least neutral would likely lean in that direction.

[dothebeats]

Ahh nope. Just nope. Don't ever risk money on things that you aren't sure of what will gonna be. You may just end up burning yourself.

[ronald98]

Ahh nope. Just nope. Don't ever risk money on things that you aren't sure of what will gonna be. You may just end up burning yourself.

They say never risk what you can't afford to lose. Risking something you borrowed is risking something you can't afford to lose.

[pattu1]

Yikes.... Not only would taking a loan mean you are investing more than you can afford to lose; you would end up being in debt when the price crashes.
You may have to work for a significant amount of time to repay the loan.

If investing in BTC was such a sure shot way of making money, a lot of people would have done it already.

[bornil267645]

Well at the current price it's certainly is an innovative thinking considering the bitcoin market price picks up again.

[CoinCidental]

Yikes.... Not only would taking a loan mean you are investing more than you can afford to lose; you would end up being in debt when the price crashes.
You may have to work for a significant amount of time to repay the loan.

If investing in BTC was such a sure shot way of making money, a lot of people would have done it already.

we did
its all about the timing.............

[gentlemand]

Hmm. No posts from the OP since December '13 and most of them are yelling 'buy'. There's a lesson in there somewhere, kids.

[ronald98]

Hmm. No posts from the OP since December '13 and most of them are yelling 'buy'. There's a lesson in there somewhere, kids.

If he got a loan from a bank and couldn't pay they send round debt collectors. If he got a loan from a loan shark and couldn't pay they send round heavies. I hope the OP is OK.

[ensurance982]

Hmm. No posts from the OP since December '13 and most of them are yelling 'buy'. There's a lesson in there somewhere, kids.

If he got a loan from a bank and couldn't pay they send round debt collectors. If he got a loan from a loan shark and couldn't pay they send round heavies. I hope the OP is OK.

Well back in December it was at least enough time to get out of the game. The price didn't go below $900 for the time being until January! He could've liquidated his assets and got out of his loan. But If he really took a loan, I don't think this is how it played out. Peoples' minds don't work like that...

[bitcoin_bagholder]

Hmm. No posts from the OP since December '13 and most of them are yelling 'buy'. There's a lesson in there somewhere, kids.

If he got a loan from a bank and couldn't pay they send round debt collectors. If he got a loan from a loan shark and couldn't pay they send round heavies. I hope the OP is OK.

Well back in December it was at least enough time to get out of the game. The price didn't go below $900 for the time being until January! He could've liquidated his assets and got out of his loan. But If he really took a loan, I don't think this is how it played out. Peoples' minds don't work like that...

It's easy to be a Monday morning quarterback.

He held for greener pastures.

[ensurance982]

Hmm. No posts from the OP since December '13 and most of them are yelling 'buy'. There's a lesson in there somewhere, kids.

If he got a loan from a bank and couldn't pay they send round debt collectors. If he got a loan from a loan shark and couldn't pay they send round heavies. I hope the OP is OK.

Well back in December it was at least enough time to get out of the game. The price didn't go below $900 for the time being until January! He could've liquidated his assets and got out of his loan. But If he really took a loan, I don't think this is how it played out. Peoples' minds don't work like that...

It's easy to be a Monday morning quarterback.

He held for greener pastures.

Reviewing his most recent posts, he more likely was a troll trying to find out how many people considered it a good idea to go long with borrowed money on Bitcoin at a point which would eventually become its ATH for more than a year now.

[jjacob]

Hmm. No posts from the OP since December '13 and most of them are yelling 'buy'. There's a lesson in there somewhere, kids.

If he got a loan from a bank and couldn't pay they send round debt collectors. If he got a loan from a loan shark and couldn't pay they send round heavies. I hope the OP is OK.

Well back in December it was at least enough time to get out of the game. The price didn't go below $900 for the time being until January! He could've liquidated his assets and got out of his loan. But If he really took a loan, I don't think this is how it played out. Peoples' minds don't work like that...

People take loans in the hope that they make a killing. He would have waited it out.

[ensurance982]

Hmm. No posts from the OP since December '13 and most of them are yelling 'buy'. There's a lesson in there somewhere, kids.

If he got a loan from a bank and couldn't pay they send round debt collectors. If he got a loan from a loan shark and couldn't pay they send round heavies. I hope the OP is OK.

Well back in December it was at least enough time to get out of the game. The price didn't go below $900 for the time being until January! He could've liquidated his assets and got out of his loan. But If he really took a loan, I don't think this is how it played out. Peoples' minds don't work like that...

People take loans in the hope that they make a killing. He would have waited it out.

Exactly. And at this very moment - at $211.92 - he would be severely in the red numbers. There's no way of knowing how he would have dealt with this fact - he could have sold everything panicking or waiting for the upswing. But maybe he would also have lost his house, family, or worse...

[tadakaluri]

I would like to know OP's experience..........

[dustcoins23]

Wondering wopwop.. Did you take the loan? 

[Bitmore]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

A better plan would be "dollar cost averaging" in buying an affordable amount every month,,, and then HODL.

And don't buy what you can't afford to lose.  That is the general rule of speculative investing.

[tauceramica]

If I were you, I would never buy bitcoin with loan money. Because that's not your money and you can lose that amount in case of a dump. Who knows... Please don't buy coins with loan money. This is dangerous like hell.

[sailman]

Why not take a loan out to play the tables in Vegas as well? 

[jk_14]

Taking up a loan for speculations is only worth it if the following conditions are met:

- There's a risk that you are willing to take on with your own money
- If you lose 100% of your loan amount right after getting the loan, you won't run into any financial problems

If both conditions are met, you can consider doing this, otherwise stay away.

Generally what you are thinking about is an arbitrage trade. You are hoping to buy money at an interest rate X (loan) and use it to make a gain of Y for a profit of Y-X times the borrowed sum. People do it all the time, but you have to know what you're doing and/or be completely certain that you won't fuck yourself over if you burn the whole sum.

[AjithBtc]

Taking a loan to buy bitcoin and profit is a good decision for those who cannot afford a good fiat to buy bitcoins. Same time it has got the increased risk, because if the user is unlucky due to fluctuations he might be not able to earn the right profit. This may lead to the pending of loan repayments causing the loss, better is to starting with small loan amounts to avoid big losses.

[xIIImaL]

Taking a loan to buy bitcoin and profit is a good decision for those who cannot afford a good fiat to buy bitcoins. Same time it has got the increased risk, because if the user is unlucky due to fluctuations he might be not able to earn the right profit. This may lead to the pending of loan repayments causing the loss, better is to starting with small loan amounts to avoid big losses.

Price fluctuations does not matter about the current situation. I would say that op has to wait till August 1st and then he can invest to buy the bitcoin as much he can. In normal condition. There is no issues to invest and buy bitcoin with the loan amount you have. It will give all interest you are paying to bank in couple of years.

[cryptojac17]

Taking a loan to buy bitcoin and profit is a good decision for those who cannot afford a good fiat to buy bitcoins. Same time it has got the increased risk, because if the user is unlucky due to fluctuations he might be not able to earn the right profit. This may lead to the pending of loan repayments causing the loss, better is to starting with small loan amounts to avoid big losses.

Price fluctuations does not matter about the current situation. I would say that op has to wait till August 1st and then he can invest to buy the bitcoin as much he can. In normal condition. There is no issues to invest and buy bitcoin with the loan amount you have. It will give all interest you are paying to bank in couple of years.

For me it's right that price fluctuatuon don't really matter eventhough your investment came from other loans. Eventually price increase will be doubled up for next coming months depending on the buying demand.

[pitiflin]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

Loan for bitcoin? What are you a kind of sicko who is just wasting his money for assuming that bitcoin would reach 10,000$ and then you will be easily be able to pay the loan with interest if the bitcoin reaches the desired price. You should be way too confident because you think that you would be able to pay that loan back by having trust in yourself and Bitcoin at the same time.

[Barbarian]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

Forget about it, you are asking for trouble, you may get lucky and make a ton of money or you could lose and get the biggest regret of your life.

[Kallipso]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

Forget about it, you are asking for trouble, you may get lucky and make a ton of money or you could lose and get the biggest regret of your life.

I specifically went to banks and their credit, to earn without resorting to such services. That's why Bitcoin gives me this opportunity. And I see that people are still trying to continue to take loans and be in debt with banks.

[Trela]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

Forget about it, you are asking for trouble, you may get lucky and make a ton of money or you could lose and get the biggest regret of your life.

I specifically went to banks and their credit, to earn without resorting to such services. That's why Bitcoin gives me this opportunity. And I see that people are still trying to continue to take loans and be in debt with banks.

Haha, not only take a loan to buy Bitcoin, some people after take a loan from bank, they still continue margin trading for Long or Short altcoin. I don't know the reason make them want earning money fast and become rich overnight, but do that very risk and their economic always threatened!

[skorupi17]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

It is still best to invest money in Bitcoin which you can afford to lose. By loaning some money just to buy more bitcoin is very risky. If the price crashed for some reason and stayed there for a long time then you got a lot more problem. You'll have to pay for the loan and then gets very disappointed on bitcoin. However, if your speculation is true, then you are a lucky guy.

If you can take the chances then go on. No one has the right to stop your decisions.

[MFahad]

Taking a loan to buy bitcoin and profit is a good decision for those who cannot afford a good fiat to buy bitcoins. Same time it has got the increased risk, because if the user is unlucky due to fluctuations he might be not able to earn the right profit. This may lead to the pending of loan repayments causing the loss, better is to starting with small loan amounts to avoid big losses.

Its way to risky to take BTC loan just to get profit. First you do not have 1 Bitcoin. Secondly you take a loan of 1 btc and hope it price will rise and you can return the original amount keeping the rise in price as the profit. This is where everything goes as expected. What if all of sudden bitcoin prices crashes due to any incident , hack , Fork etc  And you are surely in a loss then and there is no way you can pay back. So i will not take such a risk neither i will give a Loan.

[SkyjetCrew]

I would not risk taking a loan for investment or gambling. This is a very risky undertaking and you can lose all the money, but then you still have to return the loan with interest. You need to see how you can increase your earnings.

[DrGuns4Hands]

I don't recommend this kind of strategy because what if the price of bitcoin have a big dump and it takes a year before it have a big pump again? What will you do. Loaning to but bitcoin is a little bit risky much betternif you save a money then buy a miner so you have a bitcoin without loaning.

[mostkey]

Taking a loan to buy bitcoin and profit is a good decision for those who cannot afford a good fiat to buy bitcoins. Same time it has got the increased risk, because if the user is unlucky due to fluctuations he might be not able to earn the right profit. This may lead to the pending of loan repayments causing the loss, better is to starting with small loan amounts to avoid big losses.

Its way to risky to take BTC loan just to get profit. First you do not have 1 Bitcoin. Secondly you take a loan of 1 btc and hope it price will rise and you can return the original amount keeping the rise in price as the profit. This is where everything goes as expected. What if all of sudden bitcoin prices crashes due to any incident , hack , Fork etc  And you are surely in a loss then and there is no way you can pay back. So i will not take such a risk neither i will give a Loan.

The loan risk is huge. And this is not recommended if we will invest in altcoin, Because altcoin prices are not sabil, they can go up and even down to 10 x fold!Unless we have a reserve fund to be able to pay it off.

[bajing]

Taking a loan to buy bitcoin and profit is a good decision for those who cannot afford a good fiat to buy bitcoins. Same time it has got the increased risk, because if the user is unlucky due to fluctuations he might be not able to earn the right profit. This may lead to the pending of loan repayments causing the loss, better is to starting with small loan amounts to avoid big losses.

If you can say there is a risk why you can say taking a loan to buy bitcoin is a good decision. Like you say if we borrow money then there is time to make repayment because bitcoin price is fluctuated then there is no guarantee you will get profit. IMO better you choose to trade with small capital than you choose to trade with huge capital but you use money from loan.

[tu-co]

Buy and hold with the intention of selling after a certain period is just another type of trading strategy. As said above, one is better off trading with the loaned capital (which can be paid off with a collateral in case of default). But then again, some people are better off not trading than otherwise 

[ekoice]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

If you have your own money,then there would be no problem in buying bitcoins expecting high prices.Even if it don't rise,there would be no problem.But if you are going to buy bitcoins with a loan,then its not a good idea.Thats highly risky.So just avoid taking loans.

[andylowe]

For me it's a no.Invest only the extra money you had. So that if you lose that money, it wouldn't be that heavy for you to deal because iti your extra. This is the steps that I have learned from a financial seminar.
1. Pay all your debts .
2. Save for an emergency fund. ( all least 3 months of all your expenses will be covered)
3. Save
4. Invest

[Trela]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

If you have your own money,then there would be no problem in buying bitcoins expecting high prices.Even if it don't rise,there would be no problem.But if you are going to buy bitcoins with a loan,then its not a good idea.Thats highly risky.So just avoid taking loans.

Well, in past time I tried take loans and margin trading, but after one day the price this coin breakdown -25% and I not have stop loss. I had to wait two months for wait recovery price this coin but it still down down and down more until today. Although I had take a big loss but the fee for this loan is $1000 and make me can't forget forverer

[nidacoinlove]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

If you have your own money,then there would be no problem in buying bitcoins expecting high prices.Even if it don't rise,there would be no problem.But if you are going to buy bitcoins with a loan,then its not a good idea.Thats highly risky.So just avoid taking loans.

Well, in past time I tried take loans and margin trading, but after one day the price this coin breakdown -25% and I not have stop loss. I had to wait two months for wait recovery price this coin but it still down down and down more until today. Although I had take a big loss but the fee for this loan is $1000 and make me can't forget forverer

I think this is not wise to take loan for crypto trading, due to high volatility of cryptocurrency market we can't estimate the exact ratio of our return on investment and also ca't estimate the approximate risk. It is better to earn and invest in crypto so that if you in loss you will lose only your money and you don't have to pay anything extra beside your loses.
I never took any kind of loan for the trading purpose because it is always risky and I don't want to put myself in any awkward situation.

[bitbunnny]

Usualy there is a rule that you don't take loans for any kind of investment so that refers to Bitcoin too. You should invest some extra funds that you have and don't need for anything else. If you take a loan you have to know that you have to cover the interest rate and get some profit too so that loan could have justification. You can't predict how the price is going to move so buying Bitcoin with loan is risky.

[Ewox]

I don't think it's a good choice to take a loan just to buy bitcoin not unless if you really don't have any funds with you. I actually started buying bitcoin with just a small amount of money and buy the same exact amount when bitcoin price dips to do averaging on the price. Then I traded it and lucky me it doubled up in just a few months so I really don't have to loan just to buy bitcoin.

[Farma]

Do not do that, because it's better to find the bitcoin than to be in debt. So many ways of finding bitcoin in addition to owe, and that's better. Yeah, find out according to your ability, because it will never make you are in big losses.

[mongkie]

have the balls and do it. maybe i will follow you too. im planning to get a loan and put it in bitcoin but higher interest rate. i think we can win it.

[giveen]

No this a bad idea if you would have done this last year you would have been in a really good profit as price was around 600$ and you could have earned 4 times the profit. I'm not saying bitcoin can't grow now it has increased by 150% since starting but at the end bitcoins price is still unpredictable just try to save some funds for the loan incase it doesn't turn out well.

[javeed1]

It's advisable to first refrain using personal loan to invest our bitcoin. We doesn't want to invest our whole btc in loan. We just invest little bit of btc into loan.when we get income or lose it our btc,it doesn't a matter.

[Coinmyjob]

It's advisable to first refrain using personal loan to invest our bitcoin. We doesn't want to invest our whole btc in loan. We just invest little bit of btc into loan.when we get income or lose it our btc,it doesn't a matter.

In general, I prefer not to get involved in loans in any way. It seems to me that today Bitcoin needs to be earned and saved, but no fights should occur. You need to think about the future and keeping bitcoin is the best that can be.

[Tomak]

And i say, fuck the bitcoin. The price is already too high. It was good for 200USD and now forget about it. Its better to split 100k USD and invest in 10 different altcoins that cost now around 1-5 USD only. The revenue after 1-2 years may be x100. All you need is only one to go to the moon and the rest 9 of them may go to 0. You will make a shit load of money anyway and the chances of loosing the money is really low investing in 10 different projects. In this case you still make 900k.

[chickenado]

It's advisable to first refrain using personal loan to invest our bitcoin. We doesn't want to invest our whole btc in loan. We just invest little bit of btc into loan.when we get income or lose it our btc,it doesn't a matter.

In general, I prefer not to get involved in loans in any way. It seems to me that today Bitcoin needs to be earned and saved, but no fights should occur. You need to think about the future and keeping bitcoin is the best that can be.

For me there's a lot of option to not invest of any loans jus to get bitcoins to hold for an investments. Yes it's right thar bitcoin really needed to be saved for better future purpose, and having loans is just a stressful obligations to pay for and you cannot have the assurance for your invested profit to benefit you in an instance. Btc price will not increase immediately, you may encounter more fluctuations and might provoke you to sell at an early stage.

[nydiacaskey01]

I've heard from someone that if you are going to take a loan, make sure that you are going to gain from it and not just splurge that loan on a travel or new electronic gadgets. Its the same thing like taking a loan for business because of expansion. If you have a good understanding on trading and ICOs maybe you can repay the loan earlier than specified in the contract.

[CowboyKiller]

And i say, fuck the bitcoin. The price is already too high. It was good for 200USD and now forget about it. Its better to split 100k USD and invest in 10 different altcoins that cost now around 1-5 USD only. The revenue after 1-2 years may be x100. All you need is only one to go to the moon and the rest 9 of them may go to 0. You will make a shit load of money anyway and the chances of loosing the money is really low investing in 10 different projects. In this case you still make 900k.

Well, my stragety trading not putting all to a cryptocurrency, I split to many parts, not stop 10 altcoin, even I can split to 30 altcoin in my list. So, about the risk I still have but I think it still better than putting all to Bitcoin.

[jk_14]

And i say, fuck the bitcoin. The price is already too high. It was good for 200USD and now forget about it. Its better to split 100k USD and invest in 10 different altcoins that cost now around 1-5 USD only. The revenue after 1-2 years may be x100. All you need is only one to go to the moon and the rest 9 of them may go to 0. You will make a shit load of money anyway and the chances of loosing the money is really low investing in 10 different projects. In this case you still make 900k.

Well, my stragety trading not putting all to a cryptocurrency, I split to many parts, not stop 10 altcoin, even I can split to 30 altcoin in my list. So, about the risk I still have but I think it still better than putting all to Bitcoin.

I suggest investing in fewer Altcoins and researching them more thoroughly instead. If you over-diversify you end up investing in more shitcoins, since you won't be able to properly gauge the value of so many coins.

[zarados]

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

even if you want to, its not that easy to get a loan in a bank, what can u offer for bank as a guarantee they give you a loan? As I know the bank will Do an analysis of your finances, as well as any assets you have, after that all in the calculation, then the bank decide you are worth the loan or not. In addition, the world of cryptocc is very risky, and make loan at the bank is also at risk we will lose asset assets if we can not afford the monthly repayments. Think 100x to do it.

[lllaqpt]

And i say, fuck the bitcoin. The price is already too high. It was good for 200USD and now forget about it. Its better to split 100k USD and invest in 10 different altcoins that cost now around 1-5 USD only. The revenue after 1-2 years may be x100. All you need is only one to go to the moon and the rest 9 of them may go to 0. You will make a shit load of money anyway and the chances of loosing the money is really low investing in 10 different projects. In this case you still make 900k.

Well, my stragety trading not putting all to a cryptocurrency, I split to many parts, not stop 10 altcoin, even I can split to 30 altcoin in my list. So, about the risk I still have but I think it still better than putting all to Bitcoin.

I suggest investing in fewer Altcoins and researching them more thoroughly instead. If you over-diversify you end up investing in more shitcoins, since you won't be able to properly gauge the value of so many coins.

And how to choose the altcoin? I doubt that someone can answer this question. These coins are very unpredictable. You can invest in Bitcoin and the most popular coins. Rating of the most popular altcoins can be found on any investment site

[Pleione527]

It's ok to do so..loan and buy bitcoin for investment but may I just remind you that bitcoin is very unpredictable you are taking a big risk..I'm not saying you will fail but somehow you need to study first the market and make some sort of computation, you must be sure that the earnings you will get in investing in bitcoin will suffice the interest and loan that you will going to have plus of course your earnings otherwise you will end up with debt and nothing more

[jk_14]

And i say, fuck the bitcoin. The price is already too high. It was good for 200USD and now forget about it. Its better to split 100k USD and invest in 10 different altcoins that cost now around 1-5 USD only. The revenue after 1-2 years may be x100. All you need is only one to go to the moon and the rest 9 of them may go to 0. You will make a shit load of money anyway and the chances of loosing the money is really low investing in 10 different projects. In this case you still make 900k.

Well, my stragety trading not putting all to a cryptocurrency, I split to many parts, not stop 10 altcoin, even I can split to 30 altcoin in my list. So, about the risk I still have but I think it still better than putting all to Bitcoin.

I suggest investing in fewer Altcoins and researching them more thoroughly instead. If you over-diversify you end up investing in more shitcoins, since you won't be able to properly gauge the value of so many coins.

And how to choose the altcoin? I doubt that someone can answer this question. These coins are very unpredictable. You can invest in Bitcoin and the most popular coins. Rating of the most popular altcoins can be found on any investment site

There is no cookie-cutter way of determining good altcoin investments. I wouldn't follow popular coins either, although I would be more likely to check them out. In the end only one thing matters: Is the coin useful or not.

[ahmia39]

Too risky if we want to invest in bitcoin by relying on loans. For me, a wise way to have bitcoin is to use faucet or if you want to learn bitcoin or altcoin we can earn better in this forum.

[Lumada]

Too risky if we want to invest in bitcoin by relying on loans. For me, a wise way to have bitcoin is to use faucet or if you want to learn bitcoin or altcoin we can earn better in this forum.

Joined in campaigns first if you don't have any money,it may took time but atleast you will not be risking any debts and you can find some job offering at marketplace.