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Author Topic: Taking a loan to buy bitcoin  (Read 23199 times)
mvdheuvel1983
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December 17, 2013, 11:39:58 AM
 #121

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?  Roll Eyes

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KeyserSozeMC
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December 17, 2013, 11:42:06 AM
 #122

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.

Hey, smexy. Don't waste your time. Time's precious.
kireinaha
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December 17, 2013, 07:02:19 PM
 #123

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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.  Sad

Night gathers, and now my bitcoinwisdom watch begins.
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December 18, 2013, 02:21:48 AM
 #124

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

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aminorex
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December 18, 2013, 02:34:39 AM
 #125

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

Give a man a fish and he eats for a day.  Give a man a Poisson distribution and he eats at random times independent of one another, at a constant known rate.
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December 18, 2013, 08:56:43 AM
 #126

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

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December 18, 2013, 10:52:09 PM
 #127

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!

Night gathers, and now my bitcoinwisdom watch begins.
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December 19, 2013, 05:57:38 AM
 #128

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... Roll Eyes

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December 19, 2013, 08:52:37 AM
 #129

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.

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December 19, 2013, 02:53:14 PM
 #130

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.

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December 19, 2013, 03:16:05 PM
 #131

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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.  Sad

You have keep some money to pay loan payments, but in theory it can work if you wait long enought
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December 19, 2013, 03:33:29 PM
 #132

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.

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December 19, 2013, 03:44:06 PM
 #133

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. Tongue

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December 19, 2013, 03:51:38 PM
 #134

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.


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December 19, 2013, 03:55:29 PM
 #135

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?

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December 19, 2013, 03:57:36 PM
 #136

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.
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December 19, 2013, 03:59:38 PM
 #137

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.

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December 19, 2013, 05:32:06 PM
 #138

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.

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December 19, 2013, 06:34:30 PM
 #139

Why!? Bitcoin to da moon in 2014, easy money!
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December 19, 2013, 08:52:43 PM
 #140

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!

 Roll Eyes

Send me your Bitcoin and I will make sure to HODL it safe for you!
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