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

[cryptorampage963]

it is heart touching story. i think you should give time here and study more. it will be make your profit because crypto are more secure and profitable trading platform. here you invest by you intelligence. it will back you money and make more profit.

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[voltagecrypto]

It's all his fault. Crypto market is always volatile and he should know it. I think he didnt have enough knowledge and he invested in the hype. That's why he is facing this now.

[kellyscott]

I think it is entirely his fault. He didnt know much about cryptos. If he knew, he would have never took loan and then invest. First, rule of investion into cryptos that, Dont invest if you cant affort to loose.

[rileyhill]

I think he didn't know anything about cryptocurrency at all. The first rule of investing in any business is that there can be risks. And in case of crypto, there are definitely risks. The market never stays the same. An investor should invest in crypto the amount he can afford to lose. Taking a huge loan from bank and using it in crypto was a very stupid decision.

[garymorgen]

The first thing that came to my mind is, why on earth a bank will give a loan of this huge amount to a guy without any business plan! This seems very suspicious to me. This incident has got many peoples' attention and many people are leaving the crypto business, which is not good for the crypto world. We need to know about the details of his claim.

[jasonkirbi]

I feel really sad for this guy. At least he had the courage to invest a big money in crypto. But I'd say it was a very stupid decision to invest such huge amount of money by taking loan which he can't afford to lose. An investor should choose his investment amount wisely.

[bond07]

I think it's totally his fault. If he can not bear the losses so why should he invest in cryptocurrency. Taking huge loans for investment in crypto looks totally worthless to me. I guess we all know about the fluctuations.

[Nisharawal]

Well, i am sorry about that, but yes this type of approach is really bad because the borrowed money is what is called scared money and scared money can never give you the profit for sure no matter whatever the market conditions may be and no matter whatever your financial status may be. This man who took the loan should have given some time to learn and test the market, should have invested some time and money to grasp the trading skills before moving to trade this big account.

[gawuk]

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.”

Of course this is a good example, for bad things that can be accepted at any time. And I think the great potential of course is offset by the big risks, even though it's not in the crypto industry. And it's proven that the right coin won't help if it's bought in the wrong time.

[selfmukti]

That's why smart people say that you have to invest only the amount that you can afford to lose while not being broke. But I also know the story of a guy who sold his crib in 2017 and put that money into crypto. So the right time is something to consider.

[JaoBadjap]

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 a common thing, when the people get into crypto on the time of the hyped.
and when the market turn into bearish. this is what happens
we all know crypto could bring a lot of money or fortune.
however we cannot trust the volatility of the market.
this very absurd way to learn. and painful though.

[inanilujimi]

never use loan money to invest in crypto.
this may be a case in point a small part of an investment that you cannot predict a loss or fortunately. always use your own money if you want to invest in crypto.

[aizen10]

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.”

Can you please give us the link of the article, i  want to read all the info so i can decide what am i supposed to do with my assets.

All of us worried about the dips,  and the dips digging more deeper, i have alot of patience in crypto because i dont want to be loose, ATH come unexpectedly last year, and ATL coming without warning these year, it is hard for me to think what will really happen next.

[tee-rex]

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.”

It is not clear what coin he invested in. If he means bitcoin (which seems to be the case) and he bought at December highs like 20k, he should have lost only 65%. It is still a huge loss but not 85% as he claims. If he should pay $3067 monthly, that makes a little over 2% per month. Riding volatility with a part of his stash could easily earn him as much. Even loaning cash at places like Bitfinex could earn him something to cover his losses. Though taking a loan for speculation purposes clearly shows that he is not that type of a person but rather a typical hodler hoping to get something for nothing.

He could have lost it all if he invested in some shitcoin.

[ArtemSergeevich]

Us that no lesson will! He had to understand what not to invest the money that you cannot afford to lose people from their greed comes very stupid, but life punishes them very quickly. Everyone wants a lot of money while doing nothing, but this does not happen, any investment is a risk and we need to learn a lot of information and carry out a huge work to choose the project and then you can lose your money for any other reasons beyond our control.

[jicang09]

The encryption market is risky, and encryption investment will face great risks, especially in this year's encryption market, which is more risky. I suggest that you should continue to wait patiently for the market to pick up.

[Getmon]

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.”

I feel a heartfelt sorry for the man. But more than the obstacle he is facing right now, I think the most important lesson to be learned here is to remain steadfast despite the fact that the market is crying with blood right now. If in the face of this current circumstances he will give up and sell whatever coins he bought from his loans, he will definitely end up paying for nothing. However, if he chooses to stand his ground he will eventually be able to pay all of his debts and gain big.

Nevertheless, I don't recommend such a very risky thing.

[Denies]

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.”

foolish men who never know in advance any risks that we can face at any time in this industry, if someone does not want to lose and get an abundant profit. never be involved in this industry, crypto never offers wealth in an instant, but can make someone rich in terms of investment and trade profits. so this is very fair. if he loses, then he must learn for the mistakes he made.

[jamesbondbd007]

I think he had a great research about this mark market. Oterwise he can’t invest such a big amount. I think every business is risky so if want to get more profit you have to invest big amount.

[cryptocrabs2]

I think in crypto market is a lot of room to grow, the market is very not very wide till now. I believe he had food research about this market, I think he will be profitable.