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Author Topic: Taking a loan to buy bitcoin  (Read 23295 times)
zeroday
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November 27, 2013, 05:03:15 PM
 #21

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 Smiley

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According to NIST and ECRYPT II, the cryptographic algorithms used in Bitcoin are expected to be strong until at least 2030. (After that, it will not be too difficult to transition to different algorithms.)
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November 27, 2013, 05:04:23 PM
 #22

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 Smiley

Did you do that before?
zeroday
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November 27, 2013, 05:07:12 PM
 #23

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

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November 27, 2013, 05:10:12 PM
 #24

GREED!!!

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

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EVERYONE IS A BANK
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hilariousandco
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November 27, 2013, 05:12:24 PM
 #25

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.


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November 27, 2013, 05:22:02 PM
 #26

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.

Night gathers, and now my bitcoinwisdom watch begins.
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November 27, 2013, 05:29:37 PM
 #27

Besides being a good or a bad idea threads like this one shows the effect of 1000$ on people  Cheesy
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November 27, 2013, 06:45:01 PM
 #28

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
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November 27, 2013, 06:57:37 PM
 #29

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
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November 27, 2013, 07:05:40 PM
 #30

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.


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November 27, 2013, 07:16:05 PM
 #31

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.

Night gathers, and now my bitcoinwisdom watch begins.
hilariousandco
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November 27, 2013, 07:23:55 PM
 #32

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 Wink

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November 27, 2013, 07:33:07 PM
 #33

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.

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November 27, 2013, 07:35:28 PM
 #34

go for it. YOLO  Smiley
kireinaha
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November 27, 2013, 07:39:02 PM
 #35

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 Wink

haha, fair enough Smiley

Night gathers, and now my bitcoinwisdom watch begins.
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November 27, 2013, 07:41:00 PM
 #36

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 .... !
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November 27, 2013, 07:46:19 PM
 #37

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.
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November 27, 2013, 07:46:41 PM
 #38

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.
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November 27, 2013, 08:04:00 PM
 #39

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.
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November 27, 2013, 08:18:32 PM
 #40

i reckon before the "final" bubble pops, hedge funds will be placing leveraged bets on bitcoin.

thats probably how bitcoin goes up to $100 million a coin. THEN POP!  Shocked

what do ppl think?  Grin
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