A man in UAE took six figure loan and lost 85% of his crypto value

[damberg]

He put all eggs and even borrowed eggs into one capricious basket. Sometimes the risk is just not worth taking. On the other hand, he would have been famous if he had tripled or multipled the borrowed sum. 

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[Galley]

Maybe I'm not very strong in financial matters, and I can be wrong about this, but tell me, someone heard that banks give loans to buy crypto currency. If given, then this person is just a fool, and if not, then he is another fraudster who did not manage to quickly put together a fortune.

[Lareina]

He destroyed his life. It is unwise to borrow so much money to invest in encryption. This year, it is obvious that the market is going downhill.

[dgross0818]

Crypthomie, a Reddit user identifying as a 32-year-old male living in Abu Dhabi, recently posted a photo of his repayment schedule pertaining to a six-figure loan that he took out on the 18th of December, 2017.

The Redditor borrowed 338,000 dirhams (roughly $126,500 USD), with a total outstanding amount of 393,296.80 dirhams ($147,200 USD) including interest from Emirates Islamic Bank. The document outlines a repayment schedule of 8194 dirhams ($3067 USD) monthly until December 14, 2021.

The investor wrote: “Here is my bank installment related to the loan I took to invest in crypto. Still three-and-a-half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85 per cent loss. I hope it gives you a lesson.”

People are ready to sell their shirt to invest money in cryptocurrencies. It's a bad idea to take credits, sell cars or estate for this purpose. I always advise investing only10% of your saving, which you won't regret in case of downfalls.

[cherepashkis]

it has been repeatedly said that taking a loan to invest in cryptocurrencies is a great risk and should not be done so.

[vallydelly]

This is one of the reason why it is always said that you should always invest what you are willing to lose, don't borrow money or sell your property in other to invest in crypto currency, this should serve as a lesson and an eye opener to everyone.

[suzanogbomo]

If he has not sold them off, there is still a good chance he can still get return of his investment, just a lot of patience, In any case, it is not a great idea to borrow large chunk of money to invest in cryptos

[plr]

Crypthomie, a Reddit user identifying as a 32-year-old male living in Abu Dhabi, recently posted a photo of his repayment schedule pertaining to a six-figure loan that he took out on the 18th of December, 2017.

The Redditor borrowed 338,000 dirhams (roughly $126,500 USD), with a total outstanding amount of 393,296.80 dirhams ($147,200 USD) including interest from Emirates Islamic Bank. The document outlines a repayment schedule of 8194 dirhams ($3067 USD) monthly until December 14, 2021.

The investor wrote: “Here is my bank installment related to the loan I took to invest in crypto. Still three-and-a-half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85 per cent loss. I hope it gives you a lesson.”

This is indeed a good lesson not to get a loan to invest in cryptocurrency because as everybody knows it's highly volatile, it's loss-loss situation you are paying your loan and you are running at a loss, it's hard to fic the situation even if the price increase you are paying your very high interest with your profit.

[Awoben]

Crypthomie, a Reddit user identifying as a 32-year-old male living in Abu Dhabi, recently posted a photo of his repayment schedule pertaining to a six-figure loan that he took out on the 18th of December, 2017.

The Redditor borrowed 338,000 dirhams (roughly $126,500 USD), with a total outstanding amount of 393,296.80 dirhams ($147,200 USD) including interest from Emirates Islamic Bank. The document outlines a repayment schedule of 8194 dirhams ($3067 USD) monthly until December 14, 2021.

The investor wrote: “Here is my bank installment related to the loan I took to invest in crypto. Still three-and-a-half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85 per cent loss. I hope it gives you a lesson.”

This is the craziest idea have seen in investment, greatest risk,  my advice in Crypto, never use a fund that can get you in trouble,  things can go sideways.
When you actually own your fund, even if the coin you invested in drops in price you simply relax and know it has turned to a long term investment.

[Pab]

It seems very strange to me.Top of hossa was in February  so i think it was possible for him to make at least 30% . I don't know what he want teach if his story is real.
Make some photo shop screenshots is not so hard

[cryptjh]

That's really sad for him, but the chance are than in 2021 when his loan are payed  out, the crypto he bough might have a greater value than  when he bought it in december 2017.
I think he should hold most of it in Bitcoins, and then trade some big altcoins when they swing, that cut be Bch Neo, Eth or other big coins hitting its low.

[Ramtapsbtc]

Crypthomie, a Reddit user identifying as a 32-year-old male living in Abu Dhabi, recently posted a photo of his repayment schedule pertaining to a six-figure loan that he took out on the 18th of December, 2017.

The Redditor borrowed 338,000 dirhams (roughly $126,500 USD), with a total outstanding amount of 393,296.80 dirhams ($147,200 USD) including interest from Emirates Islamic Bank. The document outlines a repayment schedule of 8194 dirhams ($3067 USD) monthly until December 14, 2021.

The investor wrote: “Here is my bank installment related to the loan I took to invest in crypto. Still three-and-a-half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85 per cent loss. I hope it gives you a lesson.”

This is why they always said that it is very risky to invest here in crypto and only invest money which you can afford to lose. The way i see it, that guy is greedy that he invested that kind of amount thinking that he will got it back in a less time or maybe he is a rich guy and that amount is only a penny to him.

[Gabali126]

Crypthomie, a Reddit user identifying as a 32-year-old male living in Abu Dhabi, recently posted a photo of his repayment schedule pertaining to a six-figure loan that he took out on the 18th of December, 2017.

The Redditor borrowed 338,000 dirhams (roughly $126,500 USD), with a total outstanding amount of 393,296.80 dirhams ($147,200 USD) including interest from Emirates Islamic Bank. The document outlines a repayment schedule of 8194 dirhams ($3067 USD) monthly until December 14, 2021.

The investor wrote: “Here is my bank installment related to the loan I took to invest in crypto. Still three-and-a-half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85 per cent loss. I hope it gives you a lesson.”

Taking such a huge loan to invest in crypto was a very bad idea. never you take a loan for crypto investment. You have always been advised to invest only the amount you can afford to loose.

[alimarh]

This is very sad to read, I wish the market will return to bull run to make some good profit for the man to repaid back all the loans, but this is also a warning to people borrowing and taking loan to invest in cryptos, crypto currency is so volatile so don't invest what will cost you so much.

[libert19]

Crypthomie, a Reddit user identifying as a 32-year-old male living in Abu Dhabi, recently posted a photo of his repayment schedule pertaining to a six-figure loan that he took out on the 18th of December, 2017.

The Redditor borrowed 338,000 dirhams (roughly $126,500 USD), with a total outstanding amount of 393,296.80 dirhams ($147,200 USD) including interest from Emirates Islamic Bank. The document outlines a repayment schedule of 8194 dirhams ($3067 USD) monthly until December 14, 2021.

The investor wrote: “Here is my bank installment related to the loan I took to invest in crypto. Still three-and-a-half years to go until I’m freed. Until then, I’m working for nothing and I’m at 85 per cent loss. I hope it gives you a lesson.”

Some of the people are being harsh here.  The man took his shot and lost.  More than most of us sitting here diversifying our pennies sure not to make anything.  I respect him.  He may have been reckless but he had balls. 

Agreed. A guy bought steem power by taking loan when it was at cents because he believed in it. Sometimes balls make you rekt and sometimes make you big!

[taguig]

He is very brave to that, he must have a full confidence that the price will go up and these things happen, I guess greed gets the best of him, I don't know if he can still recover, but this is one of the stories if you are not investing what you can afford to lose feel sorry for him.

[SamboNZ]

I feel bad for him because he lost so much, hope he could recover it someday. That loss is awful, wish we knew what he invested in though. Many thoughts came to me on how he loss that huge amount but a lesson will be learned from this man.

[hachiman13]

Getting a loan and investing it in crypto is the dumbest thing you could do. Loaned money is literally not a money you can afford to lose and you have the interest to pay to begin with. Add to it the volatility of the market, he should have studied the market more.

[tsaroz]

He did the right thing in the wrong time.
Everyone thought the prices were going to the moon and they are not going to stop. He believed he can make a good profit lending some money.
He was unlucky and wasn't able to analyse the market well.

[Rkoshay]

You know what they say, 'pigs get fat, hogs get slaughtered'.  Having said that as long as he doesn't sell he hasn't lost.........