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wopwop (OP)
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November 27, 2013, 04:29:47 PM |
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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
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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ToTheMoon1k
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Activity: 42
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November 27, 2013, 04:30:37 PM |
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Taking a loan to speculate isnt a good idea, even when the chances are high. Its akin to gambling with a loan.
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Hyena
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November 27, 2013, 04:31:15 PM |
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do it!
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Hyena
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November 27, 2013, 04:32:08 PM |
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Taking a loan to speculate isnt a good idea, even when the chances are high. Its akin to gambling with a loan.
it's not gambling if you are so sure that the chances are for you and for the "casino". |
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Odrec
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November 27, 2013, 04:34:48 PM |
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Taking a loan to speculate isnt a good idea, even when the chances are high. Its akin to gambling with a loan.
+1 to this I wouldn't do it. |
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Miz4r
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Activity: 1246
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November 27, 2013, 04:37:40 PM |
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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. |
Bitcoin = Gold on steroids
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fallinglantern
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November 27, 2013, 04:39:25 PM |
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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
This. Bitcoin is still speculative and likely has a binary outcome. You don't want to be homeless because it went to zero. |
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PenAndPaper
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November 27, 2013, 04:40:18 PM |
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Only if you can afford and be comfortable with paying the loan even in the case the price collapses.
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zeroday
Donator
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Activity: 784
Merit: 1000
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November 27, 2013, 04:40:54 PM |
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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 will be "weak hands" and your panic will just help bitcoin to drop deeper at nearest bear trap. Someone will buy your coins at half price just a day before it restores back. Of course unless you have balls of steel. |
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wopwop (OP)
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November 27, 2013, 04:41:35 PM |
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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. |
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wopwop (OP)
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November 27, 2013, 04:42:50 PM |
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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
This. Bitcoin is still speculative and likely has a binary outcome. You don't want to be homeless because it went to zero. People have been saying that since day one 4 years ago, it's fair to say that bitcoin will never go to zero. |
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fallinglantern
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November 27, 2013, 04:45:28 PM |
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It sounds like you've already made up your mind. In that case, it's likely this thread is just a thinly veiled attempt at a pump because you've already borrowed money and bought at ATH. Nice.
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stevebc
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November 27, 2013, 04:46:13 PM |
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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. So the worst case scenario you see is that BTC goes to $9000, then falls back to $1000? You see absolutely no other scenario worse than that??? I'm holding my bitcoins, but having such blind faith in your predictive abilities is dangerous. |
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Odrec
Member
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Activity: 112
Merit: 10
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November 27, 2013, 04:46:26 PM |
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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. The bolded word is the key. And what you describe is definitely not the worst case scenario IMO. |
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zeroday
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Activity: 784
Merit: 1000
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November 27, 2013, 04:47:40 PM |
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The same everybody was telling while buying multiple condos during housing bubble. And this is because that bubble did happen. Greed kills.
Why didn't you take a loan just a year ago ?
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wopwop (OP)
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November 27, 2013, 04:48:42 PM |
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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. So the worst case scenario you see is that BTC goes to $9000, then falls back to $1000? You see absolutely no other scenario worse than that??? I'm holding my bitcoins, but having such blind faith in your predictive abilities is dangerous. 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. |
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wopwop (OP)
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November 27, 2013, 04:50:12 PM |
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Why didn't you take a loan just a year ago ?
This year has proven that the price only goes up and never stays below its all time high for a longer term. With that in mind it's now safe to take the loan (it wasn't last year). Although I'm still looking if there's any advice from others who took loans to buy bitcoins before about banks who accept large loans for this purpose. |
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CoinCidental
Legendary
Offline
Activity: 1316
Merit: 1000
Si vis pacem, para bellum
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November 27, 2013, 04:51:42 PM |
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where do you get your facts ? it could easily drop below $1000 at any time
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ToTheMoon1k
Newbie
Offline
Activity: 42
Merit: 0
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November 27, 2013, 04:51:51 PM |
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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. So the worst case scenario you see is that BTC goes to $9000, then falls back to $1000? You see absolutely no other scenario worse than that??? I'm holding my bitcoins, but having such blind faith in your predictive abilities is dangerous. 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. Zimbabwe dollars used to always go up too...... everything fails at some point. Taking a loan to gamble, whether its blackjack or bitcoins, is foolish |
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wopwop (OP)
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November 27, 2013, 05:01:53 PM |
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where do you get your facts ? it could easily drop below $1000 at any time
just look at any bitcoin pricechart |
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