I'm All In - Sold My House!

[g-unit]

They have good low interest loans actually. I just took out a $25,000 loan at only 3% interest to buy bitcoins...

[vervolioman]

They have good low interest loans actually. I just took out a $25,000 loan at only 3% interest to buy bitcoins...

Well your rather silly move might win and it might lose, ask the OP if going all in is a wise idea   Have to say though it seems you might have better odds that gaining a profit but who knows. One thing is for sure you should never get loans to buy Bitcoin, you can't afford bitcoin then don't buy it lol

bumping this thread

https://bitcointalk.org/index.php?topic=1123066.0

That is one harsh thing to "bump this thread" ... enjoying ones pain for your enjoyment.... He traded his house for 650ish bitcoins which is worth today at $178,000 USD .... which means he has lost more than $100,000+ Dollars since his "all in attempt" ...

hard reality to live by ...

Addition: After further calculation he has lost more than $200,000 dollars...

That is correct if the OP held until now, which I would doubt very much that he did. He could have learned to trade from it and is actually in profit but again my thoughts he got out with a 20k- 50k loss, not that bad after being all in.

[TheRealistMassiah1]

They have good low interest loans actually. I just took out a $25,000 loan at only 3% interest to buy bitcoins...

Well your rather silly move might win and it might lose, ask the OP if going all in is a wise idea  Have to say though it seems you might have better odds that gaining a profit but who knows. One thing is for sure you should never get loans to buy Bitcoin, you can't afford it bitcoin then don't buy.

I smell a discrepancy in his "$25,000 dollar loan @ 3% interest" ....

Either he has an income and credit rating that is good enough to allow for a 25,000 dollar credit line ... if not then he is talking about a 25,000 dollar loan from a LOAN SHARK at 3% interest a day ...

side note: he needs to clarify his terms on the loan year... principal ... fix or apr etc ...

[inca]

They have good low interest loans actually. I just took out a $25,000 loan at only 3% interest to buy bitcoins...

Well your rather silly move might win and it might lose, ask the OP if going all in is a wise idea  Have to say though it seems you might have better odds that gaining a profit but who knows. One thing is for sure you should never get loans to buy Bitcoin, you can't afford it bitcoin then don't buy.

I smell a discrepancy in his "$25,000 dollar loan @ 3% interest" ....

Either he has an income and credit rating that is good enough to allow for a 25,000 dollar credit line ... if not then he is talking about a 25,000 dollar loan from a LOAN SHARK at 3% interest a day ...

side note: he needs to clarify his terms on the loan year... principal ... fix or apr etc ...

There is a wide variation in income and wealth distribution across the forum.

side note: time for you to go into the ignore box!

[CoinCidental]

They have good low interest loans actually. I just took out a $25,000 loan at only 3% interest to buy bitcoins...

Well your rather silly move might win and it might lose, ask the OP if going all in is a wise idea  Have to say though it seems you might have better odds that gaining a profit but who knows. One thing is for sure you should never get loans to buy Bitcoin, you can't afford it bitcoin then don't buy.

I smell a discrepancy in his "$25,000 dollar loan @ 3% interest" ....

Either he has an income and credit rating that is good enough to allow for a 25,000 dollar credit line ... if not then he is talking about a 25,000 dollar loan from a LOAN SHARK at 3% interest a day ...

side note: he needs to clarify his terms on the loan year... principal ... fix or apr etc ...

Why would anyone need to clarify anything to a window licker like you?

Ignore list sure is filling up  today lol

[g-unit]

It was a joke guys. Making fun of farting shot. Him and kwukduck crack me up. I only borrow money to buy houses, that's it, no exceptions.

But if people really are taking loans to buy bitcoin.....talk about gutsy!

[btcbug]

So 648 BTC X $30,000 (conservative future value) = $19,440,000

Not a bad speculation. Congratulations! You'll be laughing in a few years at all the dumbasses in this thread that called you crazy! 

[errornone]

For how many bitcoins the original poster in the article sold the house?

[notlist3d]

So 648 BTC X $30,000 (conservative future value) = $19,440,000

Not a bad speculation. Congratulations! You'll be laughing in a few years at all the dumbasses in this thread that called you crazy! 

What I read it was listed for  31,150.25 USD approx.   So as of the moment hes at a loss.  But we can hope BTC goes up and it turns into a profit.

I think he and most of us are in BTC long term.

[mrhelpful]

It was a joke guys. Making fun of farting shot. Him and kwukduck crack me up. I only borrow money to buy houses, that's it, no exceptions.

But if people really are taking loans to buy bitcoin.....talk about gutsy!

Its all in perspective, since almost everything you do in life is considered a risk.

Its just a matter of what type of risk varies on what you do, but pulling out a loan to anything is never a good thing.

Unless you know 100% sure its going to go up next couple days. Id say that person who did the loan prob has no intentions of paying it back, since you can also claim bankruptcy and your credit resets after 7 years.

[futureofbitcoin]

nah. There are times where taking out a loan isn't stupid.

I mean if you are young and can earn the money back in a few years, why not take the risk for a chance of complete financial freedom? The downside is limited, but the upside is almost limitless.

I mean what can you do with a few ten thousand dollars? Buy a car? Go on a vacation or two? That's about it. Nothing life changing. I'd totally be willing to sacrifice a few vacations and a new car for a good chance at becoming rich.

[mrhelpful]

nah. There are times where taking out a loan isn't stupid.

I mean if you are young and can earn the money back in a few years, why not take the risk for a chance of complete financial freedom? The downside is limited, but the upside is almost limitless.

I mean what can you do with a few ten thousand dollars? Buy a car? Go on a vacation or two? That's about it. Nothing life changing. I'd totally be willing to sacrifice a few vacations and a new car for a good chance at becoming rich.

I wouldnt want the stress to pay someone back, esp when I`m not sure I cant.

Despite whatever low rates if they offered me, its the point if that falls through what else can I get money to pay that back on the loan principal. I mean worst scenario is if bitcoin went to super low values, and you still need to pay back that loan. And those late fees and interest adds up.

[futureofbitcoin]

nah. There are times where taking out a loan isn't stupid.

I mean if you are young and can earn the money back in a few years, why not take the risk for a chance of complete financial freedom? The downside is limited, but the upside is almost limitless.

I mean what can you do with a few ten thousand dollars? Buy a car? Go on a vacation or two? That's about it. Nothing life changing. I'd totally be willing to sacrifice a few vacations and a new car for a good chance at becoming rich.

I wouldnt want the stress to pay someone back, esp when I`m not sure I cant.

Despite whatever low rates if they offered me, its the point if that falls through what else can I get money to pay that back on the loan principal. I mean worst scenario is if bitcoin went to super low values, and you still need to pay back that loan. And those late fees and interest adds up.

That's why it depends on the situation.

I wouldn't do it if I was 60 years old and near retirement.

I wouldn't take a $500,000 dollar loan if I could only make $15,000/year.

But if I was ~21 and just graduated from college, I have a decent say 60k/yr job, but no money on hand. I can live with my parents, and so my spending is virtually 0. Why not take out a $30k loan that I can pay back in a year, if it'll give me the chance to become a millionaire and retire by the time I'm 23?

People are wired to want to protect what they have. I am too. But it's not that rational if you really think about it. What's the difference between "losing $10" and "not earning $10 you could've earned"? The difference is very small. You're afraid to lose 10k or 20k, but I'm afraid to lose out on a potential 3 mil or 4 mil.

I mean if you have a happy job and you like working and being middle class, sure, who cares. But if you are miserable, want to have some freedom to do stuff you want to that can't earn money (say volunteering for example), it's the difference between a chance at achieving your dreams versus no chance at achieving your dreams.

Personally, there's no difference whether I earn $20k/yr or $30k/yr or $40k/yr or even $100k/yr. You basically have the same kinds of worries, and same kinds of restrictions. Sure, you can perhaps buy more expensive clothes and coffee if you make 100k/yr but there's no real difference.

[techgeek]

Id actually take up the loan, depending the amount.

Maybe the max would be $10k just to be safe, and know I can pay this back in a year or 2 if I`d a steady job and living with parents.

So my overhead is super low. But, like the person above me said, it depends on the persons personal situation.

[lissandra]

They have good low interest loans actually. I just took out a $25,000 loan at only 3% interest to buy bitcoins...

Well your rather silly move might win and it might lose, ask the OP if going all in is a wise idea   Have to say though it seems you might have better odds that gaining a profit but who knows. One thing is for sure you should never get loans to buy Bitcoin, you can't afford bitcoin then don't buy it lol

bumping this thread

https://bitcointalk.org/index.php?topic=1123066.0

That is one harsh thing to "bump this thread" ... enjoying ones pain for your enjoyment.... He traded his house for 650ish bitcoins which is worth today at $178,000 USD .... which means he has lost more than $100,000+ Dollars since his "all in attempt" ...

hard reality to live by ...

Addition: After further calculation he has lost more than $200,000 dollars...

That is correct if the OP held until now, which I would doubt very much that he did. He could have learned to trade from it and is actually in profit but again my thoughts he got out with a 20k- 50k loss, not that bad after being all in.

Yeah but i say life is all about limited risks.

And I say bitcoin is a limited risk as best it gets compared to someone wanting launch a start up since its gotten funds from VC`s similar to the dot com boom, but more on things being done.

[chesthing]

The OP was a troll.
There was no house sold.
The people that fell for this a year ago were idiots.
The people falling for this now are monkeys.

[yefi]

nah. There are times where taking out a loan isn't stupid.

I mean if you are young and can earn the money back in a few years, why not take the risk for a chance of complete financial freedom? The downside is limited, but the upside is almost limitless.

I mean what can you do with a few ten thousand dollars? Buy a car? Go on a vacation or two? That's about it. Nothing life changing. I'd totally be willing to sacrifice a few vacations and a new car for a good chance at becoming rich.

And when, in a few years, things haven't gone so well, just take out another loan to pay back the interest on your original one.

[futureofbitcoin]

nah. There are times where taking out a loan isn't stupid.

I mean if you are young and can earn the money back in a few years, why not take the risk for a chance of complete financial freedom? The downside is limited, but the upside is almost limitless.

I mean what can you do with a few ten thousand dollars? Buy a car? Go on a vacation or two? That's about it. Nothing life changing. I'd totally be willing to sacrifice a few vacations and a new car for a good chance at becoming rich.

And when, in a few years, things haven't gone so well, just take out another loan to pay back the interest on your original one.

If things don't go well and bitcoin fails, so be it. It's not too different from people betting a few years of their lives on their start ups. If it fails, it fails.

are you suggesting that people should not do start-ups either? That the only way to live is to become a slave-worker until you're 65?

It is a gamble, like anything else in life. You're gambling that you won't get hit and killed by a car when you're going to work everyday. To say that you shouldn't work because there is a risk is just silly.

A person's risk tolerance depends on many things including but not limited to their wealth, their ability to earn income, their age, etc. Sometimes, because of a combination of factors, their risk tolerance can be greater than their net worth at that particular point in time. It's not such a difficult concept to understand, it just requires a shift in your thinking and getting out of this middle-class protect-my-wealth kind of mindset.

[yefi]

If things don't go well and bitcoin fails, so be it. It's not too different from people betting a few years of their lives on their start ups. If it fails, it fails.

are you suggesting that people should not do start-ups either? That the only way to live is to become a slave-worker until you're 65?

It is a gamble, like anything else in life. You're gambling that you won't get hit and killed by a car when you're going to work everyday. To say that you shouldn't work because there is a risk is just silly.

A person's risk tolerance depends on many things including but not limited to their wealth, their ability to earn income, their age, etc. Sometimes, because of a combination of factors, their risk tolerance can be greater than their net worth at that particular point in time. It's not such a difficult concept to understand, it just requires a shift in your thinking and getting out of this middle-class protect-my-wealth kind of mindset.

Well, you suppose in your bet that the future will be like the past, and that might be a costly mistake, if for example you are made unemployed, or your country of residence turns into the next Greece. You will then become enslaved by your debt to your lender.

Personally, I would rather not render my destiny into the hands of Fortune, although I know many would.

[futureofbitcoin]

Well, you suppose in your bet that the future will be like the past, and that might be a costly mistake, if for example you are made unemployed, or your country of residence turns into the next Greece. You will then become enslaved by your debt to your lender.

Personally, I would rather not render my destiny into the hands of Fortune, although I know many would.

Or armeggedon could come and the world will be destroyed. Or a supernova happens near our solar system and we're wiped out. Or ISIS drops 10000 nuclear bombs in north america.

But if that happens, then you're screwed either way. Debt or no debt.

If you become unemployed, and you have no money, you'll still starve to death whether you have debt or not. Makes no real difference. But if you win the bet, THEN you become unemployed, you still have money left over to use.