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Author Topic: Taking a loan to buy bitcoin  (Read 23321 times)
waveaddict
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November 27, 2013, 08:48:51 PM
 #41

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. Wink 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.

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November 27, 2013, 08:54:41 PM
 #42

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

Only when the tide goes out do you discover who's been swimming naked. -Warren Buffett
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November 27, 2013, 09:12:55 PM
 #43

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 Tongue

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November 27, 2013, 09:55:45 PM
 #44

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.

-.-. -.-. -- ..-.
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November 27, 2013, 10:04:24 PM
 #45

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

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Open4lies
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November 27, 2013, 10:16:00 PM
 #46

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
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November 27, 2013, 10:20:30 PM
 #47

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

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November 27, 2013, 10:24:36 PM
 #48

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. Wink 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

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November 27, 2013, 10:26:54 PM
 #49

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. Wink 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

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November 27, 2013, 11:01:45 PM
 #50

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.


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November 27, 2013, 11:06:34 PM
 #51

... 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.

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November 27, 2013, 11:36:08 PM
 #52

If you must do it, at least wait for a correction...
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November 28, 2013, 05:34:00 AM
 #53

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

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November 28, 2013, 05:50:16 AM
 #54

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 Wink.

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November 28, 2013, 05:51:52 AM
 #55

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.
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November 28, 2013, 07:59:16 AM
 #56

Title of thread = sell signal
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November 28, 2013, 08:26:29 AM
 #57

... 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! Grin
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December 03, 2013, 12:40:07 AM
 #58

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.

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December 03, 2013, 12:52:17 AM
 #59

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?  Huh

Night gathers, and now my bitcoinwisdom watch begins.
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December 03, 2013, 12:56:42 AM
 #60

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.

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