billyjoeallen
Legendary
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Activity: 1106
Merit: 1007
Hide your women
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
December 20, 2013, 04:55:22 AM |
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I admit to buying in 2011 with credit cards averaging price around $10/BTC. I had to pay high interest rates for two years before I sold enough to pay off the debt, but by then I only had to sell about 5% of my stack. Now I have a nice, free pile of bitcoin, even considering that I lost half through exchange closures, hacks, etc. I think This is actually a dumb strategy, but I saw bitcoin as my Pearl of Great Price. I believe in the code, the economics behind it, and the principles it represents. A chance, even a chance to do something good and actually profit from it was worth betting the farm. When you swing for the fences, you strike out more often, but you also get more home runs. It totally depends on your risk tolerance. If your going to invest borrowed money, be prepared to risk your credit rating and any collateral you put up unless the amount is so small you can pay it off even if you lose it all.
Having said that, it's no dumber than buying the most expensive house you can afford with a mortgage. That's a leveraged bet too- and the risk/reward ratio is even higher.
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insert coin here: Dash XfXZL8WL18zzNhaAqWqEziX2bUvyJbrC8s
1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc
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kireinaha
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 16, 2014, 08:12:42 AM |
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Should the OP keep holding? I'm starting to wonder if we're going to have a recovery or if we'll keep dropping for the rest of the year. Right now might be the time to take out the loan to buy bitcoin, but i'm still not sure.
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Night gathers, and now my bitcoinwisdom watch begins.
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Paashaas
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Activity: 3512
Merit: 4557
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 16, 2014, 08:31:06 AM |
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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
The 10k was a little bit over the top? i hope that wasn't the reason for the 100k loan but you prop alrdy spended that money. You holding right?
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Wilhelm
Legendary
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Activity: 1652
Merit: 1265
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 16, 2014, 08:48:12 AM |
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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. This dude is the official victim of the bitcoin mania. Thank God the forum is archived. It will be a good basis for studying market delusions. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FeKWsql6.png&t=665&c=ukKm1bDLDzEGHw) This chart made me laugh!!!
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Bitcoin is like a box of chocolates. You never know what you're gonna get !!
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marvinrouge
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 16, 2014, 08:56:33 AM |
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Worst case scenario it will bubble to $9k and back to $1k, then I would have only lost the interest on the loan.
Wow. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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kireinaha
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 21, 2014, 12:00:59 AM |
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Why do posts like this never spring up at times like these? This is when you should cash in the 401k and take the second mortgage on the house, not during a prolonged rally!
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Night gathers, and now my bitcoinwisdom watch begins.
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XxionxX
Sr. Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 254
Merit: 250
Digital money you say?
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
February 21, 2014, 02:22:23 AM |
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I actually did this in the sense that I ended up putting all my expenses on my credit card and I used all my cash on hand to buy bitcoins. Bought at $11-$70 and I have never looked back. I paid off all my credit cards and I made a profit. I have btc and I am up fiat. Just be aware that this is not the brightest idea. Having said that, you are looking at massive gains if you win on your bet. I would do it again.
Look at my post history, I am not talking out of my ass. I wanted to do even more than you.
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FAP Turbo 2.0, the FOREX trading robot which also trades bitcoin! I had to link it because I love the name. Seriously, that is the real name.
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lasciv
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
April 08, 2014, 12:22:27 AM |
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Does anyone know what happened to OP? Did he take that loan or not?
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bitcoinsrus
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
April 08, 2014, 12:30:41 AM |
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Does anyone know what happened to OP? Did he take that loan or not?
Maybe he forgot to pay up D:
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slapper
Legendary
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Activity: 2016
Merit: 1101
Leading Crypto Sports Betting & Casino Platform
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April 08, 2014, 12:32:10 AM |
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No one is that retarded. These type of posts are what sells Bitcoin when there are numerous alternatives for a safe p2p decentralized crypto currency. Software and technology always evolve. There is a competitor for all products. But newbies are getting much smarter now, so propaganda is much less effective these days.
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..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
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kireinaha
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
April 08, 2014, 12:51:29 AM |
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he bought bitcoin with his loan and then disappeared. he'll probably show up again this summer when bitcoin reaches $5,000 and he'll make a fortune, despite buying at the top of the last rally.
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Night gathers, and now my bitcoinwisdom watch begins.
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Ibian
Legendary
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Activity: 2268
Merit: 1278
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
April 08, 2014, 01:17:52 AM |
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I took a loan too. Small family loan that can be paid back in less than a year if it all flops, but nonetheless. Average buyin price somewhere in the 600s. Hoping it stays low a few months longer so I can get more.
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Look inside yourself, and you will see that you are the bubble.
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Dabs
Legendary
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Activity: 3416
Merit: 1912
The Concierge of Crypto
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April 08, 2014, 03:23:19 AM |
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Ok, I got a 24 month and a 36 month loan. I will HODL as long as it takes, and then pre-terminate the loan when the price has gone up a few times. In the mean time, I can pay the monthly dues of the loan either from my own pocket, or cashing out part of the BTC that was bought. I also got my first two GPU miners, one is completely "free" (paid for by older bitcoin investments) and the second one is from another loan, that one doesn't look too good with the current price of BTC and alts. Then I have a bunch of scrypt ASICs and they are already in the country, I just need to connect them to an old laptop. That one is going to ROI, and it was paid for by a friend so it's almost free (he'll pay for my electricity as well, I'm just hosting it.) I'm set to get yet another loan some time in the next few weeks. Interesting times. This is much slower than dice, but ... maybe I should just play dice, at least I'll know the result very soon. On the other hand, I just need to double my fiat, from 400 USD to 800 USD and all my loans will be paid for. I don't think BTC will go lower than 300 in the next few months, and it's possible it will go back to 800 or higher. 1Dabso5tsVpM9oZKxu8h4WYUUxjkwxC25Q This is Dabs of bitcointalk.org GwkVeXD14gXNynGAXRx3a1C7PZXxuailoI+HlX6mo34jcqzxCFxolpo5MBJte5CUAo+ANwIZFH5tFc4g1nxOdbU=
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nuff
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April 08, 2014, 04:06:30 AM |
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I don't understand why it's crazy to take a loan to buy bitcoins, it's only crazy if you have unrealistic expectations of bitcoins value going up. The nature of bitcoin is that its value can only go up, because of its fixed supply and harder to come by as time goes. The nature of fiat is that its value will go down, because of its unlimited supply and inflation. Simply put, if you buy $1000 worth of bitcoins now, that $1000 bitcoins are gonna worth more than $1000 in the future where as the same $1000 worth of fiat money now is gonna worth less in the future.
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RodeoX
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The revolution will be monetized!
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April 08, 2014, 02:08:29 PM |
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I don't understand why it's crazy to take a loan to buy bitcoins, it's only crazy if you have unrealistic expectations of bitcoins value going up. The nature of bitcoin is that its value can only go up, because of its fixed supply and harder to come by as time goes. The nature of fiat is that its value will go down, because of its unlimited supply and inflation. Simply put, if you buy $1000 worth of bitcoins now, that $1000 bitcoins are gonna worth more than $1000 in the future where as the same $1000 worth of fiat money now is gonna worth less in the future.
Your statement is logical if your premises are true. But I don't think they are. Bitcoin value is not a one way street. It can and does drop in value. And it may stay down for a year or more. It is still in beta and a true fatal flaw could be discovered anytime. Bitcoin should still be considered a very risky thing to invest in. It was never designed to be an investment and does not behave like one. The only thing that is sure about the deal the OP has contracted for is that he now owes the bank the money he borrowed AND the interest AND the late fees if he runs into a cash flow problem. The bank is going to make a profit no matter what. They are the smart money here. Bottom line is that the op now owns far less than he borrowed. In order to make payments he must be selling the coins he bought for a fraction of what he paid. When he is out of coins he may be in serious debt. Next comes his stuff, his car, his house. The way to have done this is to buy tiny amounts you can afford to lose over a long time horizon. If he had done that he would have less coins, but he would have gotten them at a better price. Most importantly is that he would have coins, not debt.
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Dafar
Legendary
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Activity: 1330
Merit: 1000
dafar consulting
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April 08, 2014, 02:16:37 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
wow, nice to see some highly optimistic (slightly delusional) people around.. where were you guys? edit-- I just realized the date of OP's post... lol...
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glen hodl
Newbie
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April 08, 2014, 07:49:07 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. Define longterm.
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Ibian
Legendary
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Activity: 2268
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April 08, 2014, 08:35:47 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 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. Define longterm. How about a year ago. Really, the price history is no secret.
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Look inside yourself, and you will see that you are the bubble.
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riiiiising
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
December 23, 2014, 08:36:18 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
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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maker88
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
December 23, 2014, 10:46:38 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
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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