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amitrwt
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May 21, 2014, 08:33:00 AM |
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how unwise is it to take up a loan to buy some coins now?
Depends on what you need it for. If you are going to change it to USD, I suggest you don't take a loan. You're a newbie anyway, you won't get a loan unless you have collateral. I think he's asking about getting a loan offline..! |
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CaptainBeck
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May 21, 2014, 08:35:55 AM |
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how unwise is it to take up a loan to buy some coins now?
If you mean get a fiat loan, thats fine if you think BTC will go up. If you mean get a BTC loan its only wise if you think BTC will go down. |
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RockHound
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May 22, 2014, 01:03:04 AM |
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Anyone else notice that Thursdays seem to be action days for Bitcoin? After yesterdays rally - We could be taken to $550 or massive dump back to $450 either way will be interesting  |
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bitcoinsrus
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May 22, 2014, 01:09:45 AM |
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Anyone else notice that Thursdays seem to be action days for Bitcoin? After yesterdays rally - We could be taken to $550 or massive dump back to $450 either way will be interesting I heard that something about major buys or dumps on thursdays (of course its just hear-say) but lets see what happens tomorrow. my guess is same slow steady uptrend (might cross 500) |
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spazzdla
Legendary
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Activity: 1722
Merit: 1000
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May 22, 2014, 03:17:41 PM |
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how unwise is it to take up a loan to buy some coins now?
It is always a bad time to use debt to invest, never do it. |
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wachtwoord
Legendary
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Activity: 2338
Merit: 1136
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May 22, 2014, 03:27:12 PM |
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how unwise is it to take up a loan to buy some coins now?
It is always a bad time to use debt to invest, never do it. If you have near-zero equity en low earning power but for some reason do have a significant credit line it can be beneficial to do this but only if you don't have ethical objetions to defaulting on your loan-suppler and declaring bankruptcy if things turn south (objections I personally would have). |
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DPoS
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May 22, 2014, 03:37:02 PM |
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how unwise is it to take up a loan to buy some coins now?
It is always a bad time to use debt to invest, never do it. huh?? the entire stock market run up since ZIRP was fueled by that practice |
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MoneyGod
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May 22, 2014, 03:42:44 PM |
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how unwise is it to take up a loan to buy some coins now?
It is always a bad time to use debt to invest, never do it. I have experience of this and just because of this now I never good in my life because this debit is rising day by day and I am going down day by day my tip is never do this |
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bitcoinsrus
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May 22, 2014, 03:46:13 PM |
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how unwise is it to take up a loan to buy some coins now?
It is always a bad time to use debt to invest, never do it. I have experience of this and just because of this now I never good in my life because this debit is rising day by day and I am going down day by day my tip is never do this I used to wonder why the same thing I bought the year prior was now raised (like a dollar or two). Minimum wage is always rising. I think it has to, just to keep the same value it once did. |
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megashira1
Legendary
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Activity: 1146
Merit: 1000
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May 22, 2014, 03:56:16 PM |
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Isn't it wise to use debt to invest if you know you can pay it off if shit hits the fan? For example instead of selling one assets such as silver to buy btc, use debt to buy btc and now you have double the amount of assets working for you and if bitcoin fails then you sell your silver to pay off the debt and it's accumulated interest.
Considering the risk/reward ratio with bitcoin, i think it's a bet worth taking.
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DPoS
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May 22, 2014, 04:22:19 PM |
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Isn't it wise to use debt to invest if you know you can pay it off if shit hits the fan? For example instead of selling one assets such as silver to buy btc, use debt to buy btc and now you have double the amount of assets working for you and if bitcoin fails then you sell your silver to pay off the debt and it's accumulated interest.
Considering the risk/reward ratio with bitcoin, i think it's a bet worth taking.
and if you have 0% to no interest loans then you can always rollover to another one and just pay the service costs |
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RockHound
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May 22, 2014, 04:41:19 PM |
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Anyone else notice that Thursdays seem to be action days for Bitcoin? After yesterdays rally - We could be taken to $550 or massive dump back to $450 either way will be interesting I heard that something about major buys or dumps on thursdays (of course its just hear-say) but lets see what happens tomorrow. my guess is same slow steady uptrend (might cross 500) Love Thursdays  |
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RockHound
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May 22, 2014, 04:44:12 PM |
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Anyone thinking we'll be around $500 for a while?
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byt411
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May 22, 2014, 04:45:42 PM |
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Anyone thinking we'll be around $500 for a while?
Who doesn't? I think that with some luck, we will be able to get to at least $600. |
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RockHound
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May 22, 2014, 06:47:40 PM |
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Anyone thinking we'll be around $500 for a while?
Who doesn't? I think that with some luck, we will be able to get to at least $600. Yeah hopefully Byt GL mate! sub$500 looks unlikely - I think we're in for some sideways $500 action. Don't know how long that will last though (6 days?) |
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CoinDiver
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May 22, 2014, 07:46:55 PM |
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how unwise is it to take up a loan to buy some coins now?
What would you pay for a guaranteed share of possibly the biggest innovation since the internet itself? What are you risking? What's the reward? |
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superresistant
Legendary
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Activity: 2156
Merit: 1131
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May 22, 2014, 07:48:06 PM |
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Yeah hit it dude.
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Amph
Legendary
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Activity: 3248
Merit: 1070
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May 22, 2014, 07:59:17 PM |
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where are all the haters thread now?
fudders that wanted cheap bitcoin i guess? lmao
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BitchicksHusband
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May 22, 2014, 11:34:15 PM |
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Only invest what you can afford to lose.
If you are borrowing to do it, you can't afford to lose. (As much as I joked about taking a $10,000 0% line of credit on one of my credit card offers if the price went down to the $100s, I seriously wouldn't do it. I don't borrow to invest.)
That said, I DID borrow against my 401k to invest, but I consider that OK for the following reasons:
1. I have it covered by my outstanding vacation should I lose my job
2. I am paying interest to myself, not somebody else, so it's not a loan in the traditional sense. In fact, I make MORE money every month.
3. I want to invest a percentage of my "retirement" in bitcoin (retirement in quotes because I plan to retire this year but I can't touch that money for decades) but there is simply no other way to do it
Please don't borrow to invest. Bitcoin could still easily go to zero.
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1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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CaptainBeck
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May 23, 2014, 07:54:20 AM |
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Only invest what you can afford to lose.
If you are borrowing to do it, you can't afford to lose. (As much as I joked about taking a $10,000 0% line of credit on one of my credit card offers if the price went down to the $100s, I seriously wouldn't do it. I don't borrow to invest.)
That said, I DID borrow against my 401k to invest, but I consider that OK for the following reasons:
1. I have it covered by my outstanding vacation should I lose my job
2. I am paying interest to myself, not somebody else, so it's not a loan in the traditional sense. In fact, I make MORE money every month.
3. I want to invest a percentage of my "retirement" in bitcoin (retirement in quotes because I plan to retire this year but I can't touch that money for decades) but there is simply no other way to do it
Please don't borrow to invest. Bitcoin could still easily go to zero.
All sensible stuff there my BTC friend. Looking to retire this year but cant touch the money for decades, must be doing pretty well for yourself there. The bottom line in all of this is BTC is not a golden bullet, dont risk what isnt there. |
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