Newbies take my advice

[Sourhearrt]

Warning strictly for Newbies!!!

Do not ever try or think about getting loan or borrowing money to trade altcoins or invest, the damage will be so disastrous, many did this mistake in 2017 when all crypto coins are booming but I can tell you that until today they are still in heavy debt, losing your hard-earned money is better than losing loan money, imagine the frustrations

Crypto investment is a high risk investment plan and they only way to get by is investing only what you can afford to lose... take my advise and let it sink in your head.

[Jawhead999]

According your explanation, it's not because of they getting loan to invest in altcoins... Buy they decided to invest when FOMO and not learn what they invest for. Knowledge is the most powerful while you want to start invest, you shouldn't only following the analysts prediction. Not all analysts is expert and know about cryptocurrency. Most of them is only shilling their project/service.

[Mighty_crypt]

According your explanation, it's not because of they getting loan to invest in altcoins... Buy they decided to invest when FOMO and not learn what they invest for. Knowledge is the most powerful while you want to start invest, you shouldn't only following the analysts prediction. Not all analysts is expert and know about cryptocurrency. Most of them is only shilling their project/service.

Yea FOMO is the real reason they invest but what OP is trying to say here is it's wrong borrowing money to invest or trade altcoins, even if the projects are good many are still in losses, for example what about those who borrow money to invest in ethereum when price was at 1400$??? They still remain in losses till today isn't it?

[Hairynipples]

According your explanation, it's not because of they getting loan to invest in altcoins... Buy they decided to invest when FOMO and not learn what they invest for. Knowledge is the most powerful while you want to start invest, you shouldn't only following the analysts prediction. Not all analysts is expert and know about cryptocurrency. Most of them is only shilling their project/service.

unfortunately it's a common theme that bagholders shill projects, especially if they bought at an ATH. Borrowing money to invest in crypto is a very risky gamble and potentially a disaster!

You've only got to look through the discussion and speculation threads to see the same names popping up trying to persuade people to invest in either dubious or low cap coins.

For example there are so many threads promoting blocknet by the same half dozen members when it has a daily trading volume of around $15K.

I would hazard a guess that they all invested a significant amount of money in the project and are desperate to recoup their losses by encouraging newbies to buy their buy orders.

Just my 2 cents

[Little Mouse]

It is usual saying that "Only invest what you can afford to lose." That's true all the time. Taking money for trading is a a shit idea and no one should do such stuff. The market is huge volatile and can damage your portfolio within couple of hours while it may take months/years to recover the loss.

[patz22]

This is the problem with new comers in crypto wherein they are thinking that they can earn right and then, it is not all about that, it is about patience and choosing the right investment, honestly, when I was starting, yes, I even got debt, ask someone for money so I could invest not knowing that it is just a FOMO and it was a bad experience but good lesson for me.

[Akiko]

If you really want to invest in crypto don't ever use loan money save money then use the money you save to invest .

I know a persons who's in depth  right now because of too much trust he gave in crypto by loaning around 20k$ and jnvest it into crypto. I don't know if he already paid it but I heard that even his small business  already bankrupt and its hard for them to pay that loan in short time since he don't have any other resources to use to pay the loan he have.

[nicecrypto]

According your explanation, it's not because of they getting loan to invest in altcoins... Buy they decided to invest when FOMO and not learn what they invest for. Knowledge is the most powerful while you want to start invest, you shouldn't only following the analysts prediction. Not all analysts is expert and know about cryptocurrency. Most of them is only shilling their project/service.

I don't see any mention of fomo in op post, I think what he meant is the general investment perception about crypto being the fastest means of making money, some people will go take  a loan because they hear some people make good money out of it,
You can lose money in crypto either way, fomo or not, ones that investment is fake you are bound to lose money even if you buy from bottom.

[ethereumhunter]

Borrowing money will not be a problem if you are sure you can pay back the money or you have another income that you can use to pay that money. But if you don't have anything, then that will not be advisable because you will not be able to pay the money. That will work with all things, and not just for the crypto investment because we need to earn money, not to borrow money to earn money. You should know the risk of borrowing money, so you will think twice before you borrow the money.

[Blue_oxen]

This is the problem with new comers in crypto wherein they are thinking that they can earn right and then, it is not all about that, it is about patience and choosing the right investment, honestly, when I was starting, yes, I even got debt, ask someone for money so I could invest not knowing that it is just a FOMO and it was a bad experience but good lesson for me.

True! Many people still think that the cryptocurrency market is a market that they can get "easy money" from. Though, reality hits when they lost some of their capital and also hope in this market. At that time, they'll feel extremely desperate about all the myths. For new traders, don't bring too many expectations when you come to this world, otherwise, you'll be disappointed by your own thoughts!

[reliable]

Initially until somebody has good knowledge what they are doing and in what they are investing it then nobody should be doing it and not with taking loan. Once people know and have gained the idea then they can start doing it and even with the help of loan. try to minimize the loan as much as possible unless the need be otherwise.

[mnporter2001]

That's why many bookmakers are still going strong. Newbie mentality just thinks that making money in this market is very easy and there are many things that can make money. but they do not know that behind it are calculations that are available and all must be lost. I used to be like this and now I realize this market is full of traps. Be alert and only make money at Bitcointalk or trade at big exchanges. Do not participate in any funds that can bring in passive returns, 99% of which are fraudulent funds.

[Pirate46Mx]

high risk, the profit is also very large, so someone takes the risk to get a big profit in the world of crypto, it is not wrong to look for a loan as long as our investment is clear and can also get a bigger profit, but if in doubt and also not ready to take the risk it's better not.

[qomariah95]

Not only in investments that can be frustrating using loan money, but gambling also often happens. But I want to focus also on this topic, I myself do not know much about investment trading. I know it is indeed very high risk, and if you start investing and trading with borrowed money. Then it's really not a good thing in my opinion.

[chip1994]

One more thing that newbies often encounter is that they believe the trading signals in telegram groups. most of these signals are fraudulent and it works with margin exchanges to manipulate traders. especially the fomo news of celebrities like McAfee, Justin Sun or CZ. They often tweet positive posts to entice new people to buy bitcoin. after that they will sell off and sell at a high price. Here are the tricks that newbies need to know to avoid big traps.

[Vitalicus]

Borrowing money will not be a problem if you are sure you can pay back the money or you have another income that you can use to pay that money. But if you don't have anything, then that will not be advisable because you will not be able to pay the money. That will work with all things, and not just for the crypto investment because we need to earn money, not to borrow money to earn money. You should know the risk of borrowing money, so you will think twice before you borrow the money.

Yeah, agree! Borrowing money to invest is not an unusual thing in business. However, you should only risk the loan to invest in something that you know well about and you're sure that it gonna gives you some profit! Same as that when you join in the cryptocurrency market, if you confident in the knowledge and the information that you gathered and you're ready to invest, then you can go ahead and ask for a loan! Otherwise, don't do it if you don't wanna be bankrupt!

[VDraci]

high risk, the profit is also very large, so someone takes the risk to get a big profit in the world of crypto, it is not wrong to look for a loan as long as our investment is clear and can also get a bigger profit, but if in doubt and also not ready to take the risk it's better not.

Then that person should be ready to pay debt for the rest of his or her life, do you know how peaceful it is when you lose your money compare to losing someone else money??? Taking loan to invest in crypto is digging an early grave.

[DDante]

I've lost over 4000$ in crypto this year so far because the Altcoin I put money on end up losing value, I wasn't happy about it whenever I think about this but my mind seem calm because it's my money, what do you think will happen if is someone's money? That will make me more unhappy, imbalance, and unrest, try as much as possible to stay away from debt

[joshua123]

This is their preference. There are some platform offeringloans and the next thing they wanted to do is out of our hands actually.

If they wanna get loan money and invest it on a new project is not a good move actually but we should also take their decision based on their judgment.

What if they invested on certain project and suddenly pump? They can pay now the loan with interest plus profits. But this is rare situation and only few would risk getting loan and risk it for investment.

[Jawhead999]

I don't see any mention of fomo in op post

How can you say that? OP has clearly said it

in 2017 when all crypto coins are booming

What is FOMO?
FOMO is the short acronym for ‘Fear of Missing Out’. According to the urban dictionary, FOMO is a form of social anxiety – a compulsive concern that one might miss an opportunity It is often aroused by posts seen on social media websites.

A couple of years ago Bitcoin was traded at $1 while at the end of 2017 it reached as high as $20000. Imagine if you have invested just $100, you could have been a millionaire by now – this is what some pictures on social media want you to think so.

You can lose money in crypto either way, fomo or not, ones that investment is fake you are bound to lose money even if you buy from bottom.

This is why you need to avoid altcoins since 99% altcoins is only fake/scam project. You need to take further research and detailed analysis to know what altcoin is real, good, and valuable. If you don't have times to do it, my advice is only invest on BTCitcoin.