Should I get a loan?

[Lakai01]

I still consider it irresponsible to borrow money to invest. Especially in a market as volatile and unpredictable as cryptocurrency.
-snip-

Unfortunately, people tend to take incredibly high risks when there is even the slightest chance of a very high profit. For me, taking out a loan in order to invest already belongs to this category of "incredibly high risks".

Banks usually do not give loans for such "ideas", if then only with correspondingly good collateral through real estate or similar.
Taking out a loan for an investment with friends or relatives I consider even more questionable. This can lead to the fact that friendships are destroyed for ever.

Long story short: Don't do it.

[isaac_clarke22]

~

I would just loan if it is a business that I would do a startup, but loaning to invest something that would not promise me to pay back the said loan in a certain year while you mentioned at yours for five years, I would not personally do a loan for that.
You never wanted to dug yourself into a hole that you will keep climbing over and over.

That's crazy. What about if you are never able to reach the break-even point?

I still consider it irresponsible to borrow money to invest. Especially in a market as volatile and unpredictable as cryptocurrency.
~

Thank goodness that I am not the only one thinking like this.
This is what I was emphasizing at my first reply.

[el kaka22]

I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.

Why not? If you're getting loan from your family members them you will be absolutely right to go for it because you are getting loan with free of all problems of usual traditional banks having. If I am having such kinds of opportunities then definitely I will go for availing them by considering right now the kind of opportunity from bitcoin markets. Yeah, bitcoin prices may get doubled at any time soon from its current market prices.

Usually I'm completely against on going for loan for trading purposes but when you are having plans for holding up to next five years and you're going to invest only with the bitcoins then there will be nothing wrong on going for loans from your family members.

[Questat]

I feel some greediness on the part that OP wants more. I know it was his decision but I never think it was the best option to take even it was coming from the family. Well, OP had already the money $109k plus is big enough. I'm not really sure what really he thinks.
I'm not going to stop you but seems you want to have some problems. Much better not to do it, just a piece of advice.

[boyptc]

Currently I have $109,750 in Bitcoin and $60k in alts.
 
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
 
However, I could use some opinions first. What do you guys think I should do?

You've got already a good amount of investment in bitcoin and alts and I think that's already sufficient until you get your own cash instead of borrowed money.

I won't take a loan to invest.

[dunfida]

Currently I have $109,750 in Bitcoin and $60k in alts.
 
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
 
However, I could use some opinions first. What do you guys think I should do?

Depends on you because the loaned amount cant wait for 5 years and its impossible for your loved ones wont really sue you out for you to repay them.

If you do go aim for bitcoin then why you cant just pull off those altcoin which is on 60k in value which i can say that is really big for most people and switch or convert it to btc?
Btw, how much in fiat value you are targeting out to have some loan?

[Ararbermas]

I think you're investing too much if you will get a loan from your family just to buy more alts.. Because to be honest for me in my opinion you have enough money to make good return in the future.. wherein what i can suggest is don't force the situation if you don't have enough money because sometimes the market isn't really that good like what you think. What if all of the sudden the market experience massive decline again? Indeed market is very unpredictable, so be aware investing too much because we are not a fortune teller..

[palle11]

If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
 

I'm looking at this from your post as you understand that price can drop a great deal. It seem your family is supportive to you in your life endeavour if you can wait this long and they won't bother you, it means it may not be considered as a loan but a gift. Loan itself attracts a fee.

You can get the gift for your investment anyway but you still need to invest in good and existing coins.

[$crypto$]

Your pocket money is already quite large by now and that for me is already at its highest point.
But that's if you are sure of the choice then it's not a problem for you as long as the loan is really safe from your own family so it's big without interest for a long time even 5 years is targeted
Maybe you have seen how the potential of altcoins in the future is, and now is the time to act if you want to get bigger, but I believe you are a bigger player and always manage your portfolio after getting the loan.
The big risk is definitely you, the important thing is to make sure it's all you can bear.

[kapalmabur]

If the loan doesn't burden your family, do it. Because we have to think about the biggest risks that can happen in the future, many people discuss crypto will smell good this year and will be bad for next year. Maybe now your family can provide the loan, but maybe next year they want it back and the market is not in good condition.

if you want a lot of profit in the next few days or the next few months you should start now you have to buy cryptocurrencies, especially Altcoins,
don't let you see people get rich in the next few months, yes you can borrow money from your brother or at the bank,
and buy when the price is cheap, don't buy all in, but buy gradually

[slaman29]

I would say you're really lucky. My alts used to be about 30/40 percent of Bitcoin when I started hoarding and now it's only around 10% and that's mainly thanks to Ethereum doing so well.

Don't get a loan though, at least, not in a bull run. Prices may still go lower. Invest what you can afford to lose, and never put yourself in debt.

Just don't.

[1l1l11ll1l]

I don't think you need a loan in these circumstances. you can try to do some short term trades to get profit. I'm sure it's pretty easy if you're not too greedy. only a few days to be able to do market analysis, and you can make ends meet in a few days or reinvest if you want

[Inspiron14]

There's nothing wrong with getting a loan to buy crypto currency assets, but you have to loan money wisely to use it,
and you have to get a loan from people who really don't need money, otherwise you'll be confused if you can't. pay it,
and it doesn't go according to plan, before getting a loan, my advice is to make risk management first

[Raflesia]

I still consider it irresponsible to borrow money to invest. Especially in a market as volatile and unpredictable as cryptocurrency.
-snip-

Unfortunately, people tend to take incredibly high risks when there is even the slightest chance of a very high profit. For me, taking out a loan in order to invest already belongs to this category of "incredibly high risks".

Banks usually do not give loans for such "ideas", if then only with correspondingly good collateral through real estate or similar.
Taking out a loan for an investment with friends or relatives I consider even more questionable. This can lead to the fact that friendships are destroyed for ever.

Long story short: Don't do it.

I will not do that even though there is a small opportunity in front of him, for me a loan is a burden and a high risk later on, I don't think this will be an opportunity or even a failure by trying even a loan to your own relatives and family, because I have felt before and friendship became tenuous because of the loan problem, the family is now not sporting and doesn't give him any more loans, it's better to have your own capital but we can prove it by making big capital later.
Banks will never provide loans without the desired collateral so it will be difficult to approve loans.

All around me, their friendship has started to break because of unfinished loans.

[Issa56]

In Cryptocurrency I believe is really a bad idea to borrow money to buy a coin but since you are getting it from a family member and is interest free and the person can even wait for 5 year I really that's not bad but I will advise you to do your research very well first before buying a coin and don't even try to invest in any shit coin or any upcoming coming make sure you invest in coin that you believe they will never fail you like ETH, BNB, LTC etc. I believe coins like that won't fail you but if you invest in upcoming coins anything can happen because you might endup losing your money.

[Sled]

Currently I have $109,750 in Bitcoin and $60k in alts.
 
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
 
However, I could use some opinions first. What do you guys think I should do?

I believe that you have the courage to risk more in crypto but I'm going not to agree with you borrowing money from anyone else even from your family. Why? You know how risky is this, not all the time we are lucky. You have said you are willing to wait for 5 years but have you think that your family couldn't be in need of money for that long? Maybe they are and you might sell your investment when the time has come even the price is cheap, that was your loss, I think.

[Ryker1]

Currently I have $109,750 in Bitcoin and $60k in alts.
 
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
 
However, I could use some opinions first. What do you guys think I should do?

I believe that you have the courage to risk more in crypto but I'm going not to agree with you borrowing money from anyone else even from your family. Why? You know how risky is this, not all the time we are lucky. You have said you are willing to wait for 5 years but have you think that your family couldn't be in need of money for that long? Maybe they are and you might sell your investment when the time has come even the price is cheap, that was your loss, I think.

Well, if OP is willing to take a risk --why not.
If you are lucky in trading, there will be a chance that your money will fold for how many times, otherwise, --it will also easy to wipe out in just a matter of hours, and the chances that you will get profit is very small. There could be a double sword effect if you will get a loan just to trading and hoping you will earn on it. Lossing the amount that you have borrowed and also the capital that you have borrowed. It is a very risky part, so if you plan to do trading, just set an amount that only you can afford and make sure that this is not needed like supposedly for daily needs.

[boyptc]

In Cryptocurrency I believe is really a bad idea to borrow money to buy a coin but since you are getting it from a family member and is interest free and the person can even wait for 5 year I really that's not bad but I will advise you to do your research very well first before buying a coin and don't even try to invest in any shit coin or any upcoming coming make sure you invest in coin that you believe they will never fail you like ETH, BNB, LTC etc. I believe coins like that won't fail you but if you invest in upcoming coins anything can happen because you might endup losing your money.

Even if it's from his family. Although there's the favor that will be given to him being part of the family but money matters for some families.

In general of this, it's not really a good option to borrow money for investing in cryptocurrencies. But if he understands all the huge risk that he's taking and it's totally fine.

If he has the capacity and source for paying it, make sure that he understands what he does.

[CaVO32]

In Cryptocurrency I believe is really a bad idea to borrow money to buy a coin but since you are getting it from a family member and is interest free and the person can even wait for 5 year I really that's not bad but I will advise you to do your research very well first before buying a coin and don't even try to invest in any shit coin or any upcoming coming make sure you invest in coin that you believe they will never fail you like ETH, BNB, LTC etc. I believe coins like that won't fail you but if you invest in upcoming coins anything can happen because you might endup losing your money.

Even if it's from his family. Although there's the favor that will be given to him being part of the family but money matters for some families.

In general of this, it's not really a good option to borrow money for investing in cryptocurrencies. But if he understands all the huge risk that he's taking and it's totally fine.

If he has the capacity and source for paying it, make sure that he understands what he does.

Well, the family should also know the risks involved when it comes to crypto investments. He should laid out possible scenarios to them and be transparent. With the money that he has invested on crypto right now, I believe, he has the capacity to pay his family in case something goes wrong. And if he is willing to wait long term, better invest on rock solid projects like ETH and BNB. But if there is another choice, better not get a loan even if it is from your family, stick to you own financial capability.

[Fatunad]

In Cryptocurrency I believe is really a bad idea to borrow money to buy a coin but since you are getting it from a family member and is interest free and the person can even wait for 5 year I really that's not bad but I will advise you to do your research very well first before buying a coin and don't even try to invest in any shit coin or any upcoming coming make sure you invest in coin that you believe they will never fail you like ETH, BNB, LTC etc. I believe coins like that won't fail you but if you invest in upcoming coins anything can happen because you might endup losing your money.

Even if it's from his family. Although there's the favor that will be given to him being part of the family but money matters for some families.

In general of this, it's not really a good option to borrow money for investing in cryptocurrencies. But if he understands all the huge risk that he's taking and it's totally fine.

If he has the capacity and source for paying it, make sure that he understands what he does.

Well, the family should also know the risks involved when it comes to crypto investments. He should laid out possible scenarios to them and be transparent. With the money that he has invested on crypto right now, I believe, he has the capacity to pay his family in case something goes wrong. And if he is willing to wait long term, better invest on rock solid projects like ETH and BNB. But if there is another choice, better not get a loan even if it is from your family, stick to you own financial capability.

Unless if he would really be that honest on telling that those loaned money would be put up in crypto but I highly doubt that OP would really be telling the truth
because if family members do know that it would be invested on crypto or something that they didn't able to hear off then they would really be in doubts.
For sure there would be other reasoning behind those taking loans or borrowing money scenarios. No matter what kind of reasoning it would be
as long you are responsible on repaying those loan and wont really be taking too long then that would matter the most.