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

[JakenBake]

Wow you can never take out a loan no matter how sure of the outcome you are.  Bad things always spring up at the worst times and you just cannot take risks like that.  Hopefully he moves on an recoups his losses. 

[ostsee77]

oh. the man played poker and lost. that happens a lot in life when you're too greedy. many people think they get the quick money in crypto. but all those who invested in december and january must now wait very long until they will have won again

[energodar2019]

This is an example of greed and Mal-investment. Emotions can make mistakes, investments need common sense!

[beeelzebub]

It is very normal. People are greedy and when something goes up they always think it will go up forever.

But crypto is a new market and risky market so the outcome is not unexpected.

[organelles]

Times without number has it been said that people should never invest more than they can afford to lose into crypto. It is just like any other market, you have to familiarize yourself with the risks and also make sure that you are making smart investment decisions that will last for the long term. You should never invest in the market using a loan.

[Msile]

Well that is just a stupid thing to do, look at the coins, look at the market, just look at one chart and you will see that the market is still incredibly volatile and unstable. No one should be investing borrowed money into this market, you should not even be investing money that you will need in the near future. You should never invest more than you can afford and are willing to lose.

[Mimaville]

Why you??? Do you want to make the whole bucks? This is greed playing out here. But come to think of it, why would a man borrow such amount of money??? You know what, just take heart. Its a lesson.

[mindrust]

Some people did the same thing just months before December moon happened and they all ended up as millionaires.

This dude was beyond unlucky. I mean people who bought at the top from $20k price were unlucky. This dude just leveraged his non-existent luck to oblivion. If bitcoin doesn't go above $50k by December 2021, he is pretty much rap*d.

Good news is, I am pretty positive it'll go above $100k by then.

[yayat]

The risk is very high for that and that is a silliness that is not worthy of imitation.
Don't just invest in cryptocyurrency with your savings or loan, if the result is negative then you can see the example like that.

[vederfreds]

Jesus think about his situation now.  The market is getting taken apart piece by piece.  Hopefully the poor chap had a bit of luck come his way since the big loss.  Life is funny like that.  He probably has received some good fortune already.

[kent47400]

Jesus think about his situation now.  The market is getting taken apart piece by piece.  Hopefully the poor chap had a bit of luck come his way since the big loss.  Life is funny like that.  He probably has received some good fortune already.

The essence of all that is grateful.
I can see the financial condition with such value is enough to survive for 2 years if I live in my place.

I think that person is too ambitious for things he hasn't understood about cryptocurrency.

[iged_war]

Some people did the same thing just months before December moon happened and they all ended up as millionaires.

This dude was beyond unlucky. I mean people who bought at the top from $20k price were unlucky. This dude just leveraged his non-existent luck to oblivion. If bitcoin doesn't go above $50k by December 2021, he is pretty much rap*d.

Good news is, I am pretty positive it'll go above $100k by then.

if they has strong mental and psychology no matter holding till bitcoin reached $100k.but how about their loan payment for each month if they did not have source income ? i am worry about that.

[coyote50]

that's why living in the US is great. you can take out a huge loan, default, hide your assets, claim BK, and start fresh

[iASIC]

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 is why we need to learn more about the technology background. The internet is a good example. We need to know that things get too fast, they will decrease very quickly and it takes a long time to recover. That is a very good lesson for him.

[UAE Seasider]

So he did not follow the Golden rule of investing (not just crypto) "Do not invest more than you can afford to lose"! I do not like to borrow anything from the banks anymore they simply rip you off with interest I even pay my credit card in full each month and only use it for the convenience and miles accumulation. I think the guy should seek a support group as he has a terrible gambling addiction.

[lienfaye]

Investing is risky no matter how profitable it seems it is and its a rule to only invest what you can afford to lose or your spare money.

Its not right to take a loan to invest in crypto (or in other investment out there) because there's no guarantee you can gain from it.

Just like now we are in bear market no one knows when will the market recover, although some experts says the market will soar high again but still there's no concrete basis to back up their statement.

[nniecan001]

Do he check first all the movement and nature of crypto currency before entering on this world? Or just putting all of his money without any other plan?. If you don't understand that, it will be a disaster like that man. So please don't be an idiot by putting your asset without enough experience and knowledge on this league. So learn and educate yourself first and  make sure you are capable to encounter the unexpected problem like losing money and how to deal on it by find the way to get it back.

[dodgecharger]

Investing in digital cryptocurrencies must be played with free money that you can control. Otherwise, the consequences are very serious. Because the risk of digital currency is very large, it is difficult to grasp.

[Adebits]

The man got it wrong and I think his drive then was to get rich quick. It does not make sense to borrow money to invest in the market that you have no control over

[Ayomiqueen]

This is a big lesson to all greedy one's out there , this show the level of greedy in him and now he has himself to blame ,

He saw a move of the crypto and never understand how it's works but jumped in to have huge gain and get his fingers burned, am sure he has to find way to pay his loan now and definitely never near crypto again , this are set if people that gives crypto names with out knowing they are at fault by jumping in to what they didn't understand , if he had know how it works am sure he will be in money now because that time was when alts moon even after the dip of Bitcoin but cos he never got to know what he is getting in to only to get profit as made him the losser

This is a big lesson for his type of people to always do their research before getting in to any form of investment.