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

[hoavantathan]

Investment has their profits and risks. When you invest, you must accept them. That's the rule of the game. When he loans the bank, he makes a mistake. The first rule when invest something is never loan or borrow to invest.

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[Kaniel-ouots]

only 85 % lol i think  i lost more than him btw islamic bank doesnt collect interet so its not an islamic bank and dont invest what you cant lose

[The_Dark_Knight]

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.”

The real question is if he learned his lesson, I have known about the dangers of getting in debt since I was a kid and it is something that I have avoided as much as I could, how it comes that someone that can get such a high credit from a bank can be so irresponsible with his own finances to the point of borrowing money to buy a speculative asset? It would be interesting to know what are the interest rates since those alone could be impossible to pay for him.

[Sylvial]

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.”

Okay, I'll say this simply, one of the unwritten yet golden rules in cryptos is "DON'T INVEST MORE THAN YOU'RE WILLING TO LOSE". This implies that taking out a loan to invest is a no no, except of course you're willing to lose it. Again, it begs the question: would you seek a loan to invest if you had the money, and would you be willing to lose a loan? He made a wrong move and I'm sure he's learnt his lessons.

[Simple_Plan]

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.”

I don't think he's an investor, he's gambler. An investor knows how much he should invest rather than borrow to gambling. Anw, this guy was unfortunate to buy bitcoin at its ATH.

There goes a saying that: "Investing is not for all. Only 5% investors win". Obviously, he's among the rest 95%.

[disbil]

Making a loan to the bank to invest in cryptocurrency is totally not a wise decision to make.
The most wise decision would be to use an unused fund to make the investment and keeping some amount to spare for another need.

[sinachy]

It's unfortunate he did not succeed with it, most times in life we just have to take some certain risky to be a millionaire, had it been he succeeded with the it and the crypto was in steady bull run, the story won't have been the same by now, but i still think all hope is not yet lost, crypto market might still enter into bull run. 

[drm]

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. 

He hasn't lost anything yet, I don't know what kind of investments he made, but things can turn around.

[cryptohunter]

get back to btc with the remaining amount and start praying

the chance of finding good alts now is not going to be easy unless you have been studying this arena for a long time


If I were him I would slap 50% in btc

the rest in super undervalued alts that have a shot of mooning (those are not in the top 100 already)

x y z

those could make big reversals

those could also be reduced to dust by everyone dumping all alts and rushing back to btc but I like to take a few chances

[slaman29]

This guy was just unlucky. If he had done the same thing just 6 months earlier, or 6 months later, like in June 2018, he would have had less worry. June 2017 would make him rich and June 2018 would make him either a holder or a small loss trader.

In fact, he probably heard about someone who did similar and tried to do the same.

I feel really bad for him, but then it's his mistake, and I am sure he can afford the loan. UAE citizens earn well, he just has to pay back all his salary for the next year or so, and if he does that, likely crypto will return their value to him. Auto holder I guess.

[ndico]

That's really a terrible experience I must say but i guess the person was kind of greedy, because I know during early this year, the market was still high he could have sold off some part of his investment to repay some part of the loan

[vladaziya4]

The reaction is both positive and negative, because always in the fall you can find its advantages. I never blame myself for losing, as the best will come back. 

[Lan75]

I don't think he's an investor, he's gambler. An investor knows how much he should invest rather than borrow to gambling. Anw, this guy was unfortunate to buy bitcoin at its ATH.

There goes a saying that: "Investing is not for all. Only 5% investors win". Obviously, he's among the rest 95%.

I also thought that he has bought bitcoin when it is at it's ATH and he gamble with it thinking that it would go further to a million not knowing that there are whales manipulating the crypto world. It just show that nobody can really tells what is going to happen in the future with crypto.

[BlackBoxRecords]

This is how bitcoin affects people and even countries and regions: it will show you that your greed is your worst enemy and that is something that you should try to know sooner.

[kingzpro]

That is why taking a loan to invest in risky investments is never a good option, you cannot always win, there is never ever a guarantee that you will make profit and no loss, i can feel for that fellow but unfortunately some lessons are learnt the hard way, i hope he will be able to recover and market will be back before this man has to repay the loan.

[valnd]

Sounds so painful to hear and I will encourage the person to have faith and be patient, coins price might still go up, to me he has not lost anything at this moment, you loss when you sell your coins at a lost. as long as you are still holding, you still have hope, also this is a lesson for people to learn to invest only what they can afford to lose.

[losiva]

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.”

That's a whole lot of money, it's less than what Ian Balina invested and made over 5M, I believe the person must have invested into wrong coins, if he had invested into good coins, he will still be making some profit on some coins.

[elosi]

We all have lost money because of the bear market and I will advise you to keep faith and have patient that things will improve and when things improve, he might recover from the loss and make a huge gain to re-pay back and still have huge gain, Just be patient and hold

[ungongbuotan]

That is another case of people seeing cryptocurrency as the easiest way to get rich but they soon realize that it is not really easy and is quite difficult. Now he knows how hard it is in the cryptocurrency world and hopefully he has learn his lesson. Always follow this simple rule, only invest in amounts that you are okay to lose.

[petloer]

True, why you need credit simply put resources into crypto that we as a whole know the unpredictable circumstance on digital money that makes change the value an incentive in the market. Contributing is much the same as a betting doesn't expect too on it in the event that you depend on this sort of business much better have a plunge ponder before doing that.