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Author Topic: Taking a loan to buy bitcoin  (Read 23321 times)
fallinglantern
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January 16, 2015, 09:20:20 PM
 #181

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.
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January 17, 2015, 08:06:49 PM
 #182

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"

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January 17, 2015, 08:53:23 PM
 #183

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.
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January 17, 2015, 09:19:30 PM
 #184

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.

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January 17, 2015, 09:34:30 PM
 #185

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.
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January 18, 2015, 12:35:10 PM
 #186

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.
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January 18, 2015, 01:09:10 PM
 #187

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

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January 20, 2015, 05:18:20 PM
 #188

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 Smiley
its all about the timing.............
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January 20, 2015, 05:23:16 PM
 #189

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

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January 20, 2015, 06:19:29 PM
 #190

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.
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January 21, 2015, 12:05:14 AM
 #191

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...

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January 21, 2015, 12:11:42 AM
 #192

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.

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January 21, 2015, 12:28:29 AM
 #193

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.

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January 21, 2015, 12:33:45 AM
 #194

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.


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January 21, 2015, 12:36:09 AM
 #195

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...

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January 21, 2015, 04:27:59 AM
 #196

I would like to know OP's experience..........
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July 21, 2017, 09:00:12 PM
 #197

Wondering wopwop.. Did you take the loan?  Wink
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July 23, 2017, 02:14:36 AM
 #198

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.
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July 23, 2017, 02:45:07 AM
 #199

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.

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July 23, 2017, 06:09:03 AM
 #200

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