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Author Topic: Taking a loan to buy bitcoin  (Read 23321 times)
riiiiising
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December 23, 2014, 08:36:18 PM
 #161

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.
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December 23, 2014, 10:46:38 PM
 #162

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.
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December 23, 2014, 10:51:56 PM
 #163

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.
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December 23, 2014, 11:03:15 PM
 #164

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
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December 23, 2014, 11:07:52 PM
 #165

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.
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December 23, 2014, 11:12:16 PM
 #166

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.
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December 23, 2014, 11:33:58 PM
 #167

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.

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December 24, 2014, 04:03:42 AM
 #168

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.

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December 24, 2014, 05:02:00 AM
 #169

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

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opossum
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December 25, 2014, 11:16:32 PM
 #170

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)


 
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December 26, 2014, 12:51:21 AM
 #171

Hindsight is always 20/20.

Merry Christmas, y'all!

My signature area is for sale!
PM me if you are interested in renting it.
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January 16, 2015, 04:42:15 AM
 #172

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.

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January 16, 2015, 05:30:16 AM
 #173

do it!

Worst. Advice. Ever.
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January 16, 2015, 06:26:37 AM
 #174

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.
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January 16, 2015, 06:33:03 AM
 #175

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

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January 16, 2015, 07:13:51 AM
 #176


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 Smiley

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January 16, 2015, 08:46:38 AM
 #177

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.

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January 16, 2015, 09:18:32 AM
 #178

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
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January 16, 2015, 06:49:48 PM
 #179


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 Smiley

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.
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January 16, 2015, 06:57:00 PM
 #180


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 Smiley

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+.
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