Should I get a loan?

[milewilda]

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?

Rules numbet 1 is " never taking any loan for your investment ".
Is your portofolio on profit ? How many percent ? If yes then just let it be like that and wacth your money growing.

If you are in profit its mean you are in good position and dont make it bad by taking loan, even if its comes from your family and interest rate free ( Money does not have family ). You only can destroy your family relationship if somethings goes wrong.

Considering those are gains then it isnt really needed nor necessary to take some loan and its true that money could really be the root for you to have some quarrels inside the family which it isnt really worth for you to do so and you do already have money then what would you do aim for more?
You have already in amount in BTC and you do already have an amount in Altcoins then if you do tend to diversify more then you can always pull out those
funds and diversify rather than on taking a loan into your family members but if you are really in doing so its your choice but remember to pay them on time.

[boyptc]

I have seen one of these stories, an acquaintance of mine did a loan which he couldn't pay at the right time which ended up costing him more because of interest and ended up with no profit because he won big in trade but all went to paying the loan, so if I were OP, I would think twice getting a loan.

That's just a taste of trading and sweet victory at the beginning.

But that doesn't mean that whenever a newbie earns a lot from their very first trades, they should invest big quickly. That's a very wrong strategy that will lead them to lose more.

That person you knew probably has learned his lesson but sadly, it had brought him obligation to pay higher interests.

[cryp24x]

It's not a good a idea to make loan in crypto industry mate, especially your not the one who will get a loan, instead your family, right?
No good dude. Besides, instead of doing it, why not you borrow them a money coming from your pocket? isn't a good idea and plan because it is your own family.

[lienfaye]

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?

Well you already have huge investment for bitcoin and alts so I think its not necessary to take a loan even there's no interest. Plus its not advisable to invest using a loan money, sure its your family and they're also willing to wait until you repay them but if something went wrong or they already needed the money and the price of bitcoin and alts are still in dip then its going to be a problem. Sometimes (or often) greed can make us think of something that can put as into a bad situation.

[South Park]

For anyone that wants to take out a loan, loans are there to make you financially better and not worse, people should realize that. So when you question if you should get a loan or not, really think what you are going to use it for, is it something that will make your life better financially, now or in the future, or is it something that is risky? I can also get a loan and wager that all at once, which means I could also win, but I could also lose as well so who knows? Should I do that?

It is basically a thing that is provably good for your finances, buying a house, getting a car, buying out your debt from a bad interest to move it to something better, or shorter debt to longer debt to drop the monthly, basically it needs to make it better for you or you are not going to live a good life for a very long time, hence why you should try to not take a loan unless you are 100% sure.

Which is why a great deal of the loans given today are completely unnecessary, we are living in an age in which getting a loan is incredibly easy, for the most part of history getting a loan was difficult and you needed to show it was going to be used for a productive activity, now most loans are meant for consumption which means that they do not really benefit you and are in fact playing against you on the long term, but since people have no financial education they keep doing this over and over again until they find themselves too indebted to do anyting about it.

[isaac_clarke22]

~

So it was all just breakeven for your acquaintance, huh?
What was his/er reason of loaning in the first place, anyway? As I mentioned in this thread before, it is just doubling your risk because you might not be able to pay the said loan and it would be almost just breakeven at the best.
I am still curious on the reason of your acquaintance though.

[dota2bestplayer]

Since the investment is considerable, why choose a loan? If you don't have extra funds, I suggest not to take a loan, but to invest according to your own personal ability. In addition, although altcoins are sometimes profitable, they are also risky. If it were me, I would not choose to use my family's money to gamble, I would try my best.

[dunfida]

Since the investment is considerable, why choose a loan? If you don't have extra funds, I suggest not to take a loan, but to invest according to your own personal ability. In addition, although altcoins are sometimes profitable, they are also risky. If it were me, I would not choose to use my family's money to gamble, I would try my best.

There's always greed seeing the market on a red charts before and if did loan some funds, for sure he already make profit right now as the market recovers.

If you are going to loan for investment purposes or for trading and you know that you can get that money back in time, then there's nothing wrong about it just don't ask for a loan that you can't afford to pay especially if you lose that money in trading. There's always a risk, but if you personally see an opportunity to buy at a cheaper price, then I think its worth the risk.

But getting that money in time cant be determined because we dont know on when it would pump out so when you do took a loan then you shouldnt rely on the profits you can possibly made with crypto.

It is not really that worth the risk if you do ask me, it is much better if you do make out investment on not a loaned money because you cant be sure if you can repay it on time

but if you do have other source of income that can compensate with that then its up to you.

[andriarto]

Since the investment is considerable, why choose a loan? If you don't have extra funds, I suggest not to take a loan, but to invest according to your own personal ability. In addition, although altcoins are sometimes profitable, they are also risky. If it were me, I would not choose to use my family's money to gamble, I would try my best.

There's always greed seeing the market on a red charts before and if did loan some funds, for sure he already make profit right now as the market recovers.

If you are going to loan for investment purposes or for trading and you know that you can get that money back in time, then there's nothing wrong about it just don't ask for a loan that you can't afford to pay especially if you lose that money in trading. There's always a risk, but if you personally see an opportunity to buy at a cheaper price, then I think its worth the risk.

But getting that money in time cant be determined because we dont know on when it would pump out so when you do took a loan then you shouldnt rely on the profits you can possibly made with crypto.

It is not really that worth the risk if you do ask me, it is much better if you do make out investment on not a loaned money because you cant be sure if you can repay it on time

but if you do have other source of income that can compensate with that then its up to you.

indeed we should invest according to ability and not to force ourselves like looking for a loan. in a trade we must be able to calm down in order to think logically. loans will only make us greedy and make our minds become chaotic, so that trading concentration is not obtained. I think wealth will be obtained only through the process, not in the blink of an eye

[Prettyjing34]

If it’s your family and it’s interest-free, you can try it, but don’t invest blindly. You can choose some valuable altcoins to invest, but the premise is that you have to understand and have learned, and have a certain degree of altcoins. You have to understand that after you make a certain amount of money in altcoins, you can repay your family members and use more money to invest. However, investment is risky. Keep a good attitude and wish you success in investing.

[kawetsriyanto]

...

exactly, considering a loan for trading or investing is risky enough.
Moreover, we are new at this concern.
Many people may expect too high and much about getting profits as soon as possible and as much as possible by using more money to tarde or invest. But, many people forget that high profits also require high risks.
we may think about the profits probability that we can gain, however, never forget the money that we may also spend adn lose because of sudden dropped rpices, bearish traps, and also worse with panic sell or panic buy.
'
This is completely risky.

[Sirait]

The loan would be from my family and interest free.

if I were you I would borrow and buy more bitcoins and some altcoins because the loans are interest-free and without deadlines. the end of this year for sure the crypto market will be bullish again as many predicted, buying now is the best time.

[Johnyz]

thats the best kind of loan to collect and invest into crypto because no pressure and interest rate to pay back within a stipulated time. you can buy more especially if there is more dips. if you are currently in profits then dont rush to invest more now.

There’s a good and bad debt, you have to categorize this as a good one because its for investment purposes, the risk is there but if you are confident enough about the market then its your call, just don’t push yourself beyond your limit, that’s not healthy anymore if its beyond that. If its profit, take it and reinvest it so you won’t need to borrow money to anyone, just use that funds until it becomes big money.

[Kittygalore]

Bitcoin and almost any other investment is risky and doing loans is probably the most stupid thing to do especially if you know that you don't have enough money to pay it back as quick as possible, loans for investment only works when you are an influential and rich businessman.

[john_nautica]

thats the best kind of loan to collect and invest into crypto because no pressure and interest rate to pay back within a stipulated time. you can buy more especially if there is more dips. if you are currently in profits then dont rush to invest more now.

There’s a good and bad debt, you have to categorize this as a good one because its for investment purposes, the risk is there but if you are confident enough about the market then its your call, just don’t push yourself beyond your limit, that’s not healthy anymore if its beyond that. If its profit, take it and reinvest it so you won’t need to borrow money to anyone, just use that funds until it becomes big money.

By indulging oneself in procuring loans or debts to be used for investment, one must be wise enough in making decisions. It is risky to resort to this way, and also to have a too high expectation, so probability of gaining profits must be studied hard. If something unfortunate happens, money would not be the only thing that is loss but also the relationship and trust of families and relatives.

[Raflesia]

...

exactly, considering a loan for trading or investing is risky enough.
Moreover, we are new at this concern.
Many people may expect too high and much about getting profits as soon as possible and as much as possible by using more money to tarde or invest. But, many people forget that high profits also require high risks.
we may think about the profits probability that we can gain, however, never forget the money that we may also spend adn lose because of sudden dropped rpices, bearish traps, and also worse with panic sell or panic buy.
'
This is completely risky.

Loans are used only for trading and investment. This is a big risk, it shouldn't be easier, even if it's a big risk. I can't imagine if the market conditions become so bearish.
I'm sure with them doing loans hoping that this will be a higher profit even though this doesn't determine good or even bad results, so vice versa, and those who do this are of course ready with the risks involved, and once he is a professional, the loan is still a become a burden when it cannot recover within the grace period of the loan.

I know there are so many pitfalls in the crypto market with its FUD and others so if this is inside of me of course I can't control it.

[conected]

The loan would be from my family and interest free.

if I were you I would borrow and buy more bitcoins and some altcoins because the loans are interest-free and without deadlines. the end of this year for sure the crypto market will be bullish again as many predicted, buying now is the best time.

- Family can be your limitless bank and always help you in every moment of your life but you should also know that the stomach of this market has an almost limitless ability to absorb, once you have been swallowed too deeply by it, your money will be digested by it and moved to another place, your family may not push you for loan repayments but your self-esteem and desire to win will push you and you may be embarrassed by failures in the event of a rush and unpredictability.

[Mpamaegbu]

However, I could use some opinions first. What do you guys think I should do?

Something didn't smell right when I read the OP. That was how I felt as I doubted the story. So, I took a peep at the OP's profile to find out if what my hunch tells me is right. Bingo! There it is! My hunch is right. The OP is just a troll. Obviously, they could be someone with a high rank here trying to troll with a noob account. Why did I say so? Check the OP's profile. Well, don't bother with that. Let me attach it here for all to see. Time of opening the account, asking the question and last time logged in is just 14 minutes interval. It simply means that OP asked the question without any intention to read from comments, at least not from that account.

In fact, it's just a second difference from the time it was posted and when OP was last active. Meaning that OP posted and left immediately.

[isaac_clarke22]

~

Makes me want to mention this thread in Meta. Have you noticed many newbies/junior members opening threads lately?
Except that the OP doesn't seem to fish for merits. It could be just a made-up story.

[Lanatsa]

In fact, it's just a second difference from the time it was posted and when OP was last active. Meaning that OP posted and left immediately.

I checked it out too and I have seen the same thing which basically means that he just posted and left without seeing any comments or suggestions or feedbacks but since you can check out
community response without logging in then it might be possible that he already get the things or idea that he wants.

Getting a loan for investment  isn't bad but be sure that you can pay up those back in said time or due date to avoid problems.If you do see that its worth the risk then go ahead

but don't forget to have back up plans in case the thing you anticipated didn't happen.