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

[feelideb]

It common knowledge that you should not take a loan to buy stock, shares or other equities. Cryptocurrency is even more riskier than all of the mentioned asset and no bank will borrow you money for it!

[PutuPartoHarjo]

Well, maybe someone or someone else is not lucky to enter at the wrong time. But now I think people are more cautious, and that makes the market still difficult to rise. And maybe not many portfolios are currently growing, because maybe the market is trying to balance the increase last year.

[dreammoney710]

That's why it is said to be in the UAE or any other country in the world, invest a certain amount of your money so that you can compensate for losses. Hope that he can recover his losses.

[crypto-bit456]

The crypto market increases or decreases at any time, like the stock exchange. So, it should be aware of the fact that where I am investing and how long I will gain from it.

[BlackOpsLine54]

The cryptocurrency market is all about taking risks. There will always be risks in this cryptocurrency market. But, if we panic and do not take risk, then we might never be able to earn. I don't know if the man invested this whole amount of money on cryptocurrency or not.

[Billgates710]

If the fact is true then it is really a matter of concern in this case. I hope those who invest in cryptocurrency or Bitcoin or any other altcoins they should be careful about their investment.

[DanielJacob]

This is really sad to see such news. Even though he had faith in the market, it still does not justify to invest in such a large amount.

[Goodwin54]

The reaction of the people in the forum seems a bit too harsh. Then again, it is sad indeed. This just shows that never to put all your eggs in one basket.

[marados]

Oh if that is even true, that guy isn't really bright. Main rule before any investment be sure to invest what you can afford to lose, not more. Because you can end up exactly like this guy... be safe out there and don't be greedy.

[tomward]

I think it is a bad decision to take this much amount as loan for investing in such a volatile market. I think we should invest from our profits. And also we should keep in mind that losses can happen anytime.

[StrongImagine301]

This is sad. Even though having a strong faith in the market is good, but we should never put a blind eye to it and invest without even doing any analysis.

[voltagecrypto]

Six figure as loan! I really doubt that he understand the cryptocurrency market well. Otherwise such a big risk can not be taken. But i feel sad for his bad luck. The scenario could be different.

[GalacticSight909]

He is right, that should be a lesson for everyone out there so that no one makes such stupid decision like him. I have been investing in cryptos since early 2017 and one single rule that I have always go by was to only invest an amount that won't make your homeless. When someone takes such huge loan just to invest on a volatile market like cryptos then they are definitely asking for it, in my opinion.

[garymorgen]

How can a man take this type of decision? The market is uncertain and also it’s not stable now. Everyone knows this. At this moment taking loan and investing in crypto market it’s really bad decision. Everyone should take a lesson from it.

[graysato]

It was not wise to take that much of loan for investing in the cryptocurrency. Because there is no stability at all in this market. You can invest money, no problem, but not by taking a loan. It’s not wise.

[garybyerz]

Those who invested in December, it was a great loss to all of them. A lot of people lost everything after investing. It was not an appropriate time at all. We should have to take a lesson from this.

[Endank]

Always something like this will happen, because the only biggest problem is knowing the limits of a fluctuation. But I think crypto isn't finished, and let's face it. We should enter at our own risk, and the difficulties of others can even be made easy as a lesson.

[graysato]

He took a loan of this much of money to invest for cryptocurrency!!! That’s not a good idea. There goes a proverb, “Grasp all, lose all”. So, think twice before doing anything.

[anahata]

That's why crypto has golden rule, invest only that you can afford to loose. He made a bet and failed heavily.

[AiloveYouks21]

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.”

very stupid action, for what you borrow money from the bank if you don't have a reserve of money.