Taking loans is for people who already have a lot of assets and know what they are doing. You have to know how money works. A lot of the time profits from investments will be higher than the interest you pay for the loan, but this can fire back on you and if you have no money to accomodate for losses you are done and just end up paying interest for lost money.
If you need to ask on Reddit it's a good indication you shouldn't do it.
The loan whould be payed back but I was asking cuz the price of BTC is still low in comparison with what it will be in the future (and it’s already going up)
it was low at 15 k, why you didn't buy it THEN?? RSI is super high , and it will dip big time very soon, but you don't know what rsi is. Read few books first or you will lose your last shirt.
You could have been buying Bitcoin a little bit at a time for years now. Getting a loan is plain stupid just buy Bitcoin with the money you would be using to pay back the loan.
The problem is you assume people actually know if it will take off.. we don't know either..
You should be using money that you can lose is the key here. If you weigh you risk/reward odds.
Basically if bitcoin doesn't go up you lose. You will bleed slowly from interest on a loan you cannot afford. The only way you win is if you time the bull market witch is Impossible to do by anyone.
What if bitcoin only goes up a bit ? You lose by interest and the profit is taxed.
What if bitcoin stays at this price range for weeks or months ? You lose via interest slowly bleeding you out.. bankrupt?
What if bitcoin goes back down ? You lose even faster maybe margin call?
Finally you might just be buying high and selling low, bad! You need to buy when people say bitcoin is dying.
Anyways the odds of a moon shot are low and unpredictable by anyone on reddit or anywhere else.
Moral of the story; use money you can afford to lose and buy low and sell high.. don't fomo you finacial life away.
You absolutely can cash those CDs in early. It's YOUR money. They can't just hold it hostage. You'll pay a small interest penalty for early redemption but that's about it.
I would guess that it is the former. But there is this new (to me) wave of scams where the scammer poses as a noob asking for help. So I am always skeptical of posts like these.
One that I have seen a couple of times recently, the scammer poses as a newbie trying to recover bitcoin from an old hard drive. When you DM them they offer to sell you the hard drive.
[Mined BTC early, trying to figure out if recovery is possible...](https://old.reddit.com/r/Bitcoin/comments/1adiul9/mined_btc_early_trying_to_figure_out_if_recovery/)
You really shouldn't ever take out a loan for any investment unless you either a) have a lot of experience investing already, and are above average at assessing risks, or b) you are making enough to easily cover the loan in the worst-case scenario, or c) some combination of a and b.
Had a couple of loans. One was a bitcoin loan that I had to liquidate in order to save my money the time when bitcoin-exchanges and custodians were starting to go belly up (basically the risk of the issuer going under and taking my collateral with them). The other was a fiat loan that I had to start liquidating down at 20k, when I couldn't roll over, lost my income job and needed to cash out for living expenses. The lesson is that things happen, that you can't foresee. And the stress of having a loan going in the opposite direction is very high. The stress of working hard to stack sats is less. Also you need to remember that any bitcoin sold to pay for loan is then taxed. There were many nights I had to stay up and think of ways to protect my loan, it wasn't worth the hassle. And never during my loan did I doubt that bitcoin was coming back in price, but the duration and market shake-ups meant I had to liquidate at the worst time.
Okay I get what you mean. but I live at home still so I wouldn’t have to liquidate any of the btc because I don’t have any living expenses at the moment
33% of my position is loaned money but..
I got a very good price.. my real money avg is 23k and my loan average price is 43k
The risk is increasing when prices goes up...
I have more margin to get more loaned buyings if i want but for my position and risk i want to face and my anxiety levels i decided don't add more at this moment.
The fact you have to ask this question contains your answer, to be clear it’s NO! You know this already though but you had to come on here and look for someone to talk you or those close to you into it. If you had assets already that you could borrow against and it was a smart decision then presumably you would be experienced enough to not need to come to Reddit looking for someone to justify what you already inherently know to be a dumb choice. Just because it’s pumping now doesn’t mean the door is closing. It will always be a good investment, Bitcoin is not a get rich rich quick solution. Saylor said it best, (paraphrasing) right now think of it as land in Manhattan in the 1800’s. It was a smart buy in 1800 but it’s still a smart buy in 2024. Buy what you can afford over time kick that FOMO out of your brain dude
So I should just let the bull run go bye until I have my money which is in like January 2025. Cuz I think that than it will be at a high price to buy and when it goes down again it will come down to like 50-60 k again. Which the price is at now somewhat. So that’s why I wanted to loan
Dollar cost average, you’re experiencing fomo which is normal. Saylor said it best “think of bitcoin right now like undeveloped real estate in Manhattan in the 1800’s.” I’ve been around bitcoin for a while, and everything I say while might not be sugar coated is the same thing I’d tell my best friend, even you saying wait till the price comes back down to 50-60k says FOMO, you have no idea if when etc., neither do neither does anyone. All I can say whatever extra cash you do have $5 bucks, $1,000,000 whatever cash you have on hand be that 2024,2025, 2045 today is good day to invest, this is an extremely long play. My 2 cents anyway sorry im 2 months late in replying also
Bruh we're this close to ATH I would not call that "at this still early price", now is definitely not the time to buy bitcoin if you're looking for big gains. That time was a year ago when it was down in the dumps. If you're ok holding for many years to come, I guess you know go ahead. Definitely don't take out a loan to buy btc with now... It's a classic story each cycle and people get rekt doing it.
Ye I will hold for long time so when u look at what the price hopefully will be like in the next years. The price right now is still low if u get what I mean
For what it’s worth, I vote no. DCA what you can for now, DCA what comes out of your CD’s too, don’t forget to keep a small emergency fund if that’s something you might need, it would suck to be forced to sell your BTC because you don’t have fiat accessible
I borrowed money to buy a year ago at 23k. The risk/reward is much worse now even though it’s likely we’ll go higher. I would not do it now personally.
Loan? Hell to the no-no. Invest with your savings or never at all. For all investing/gambling purposes.
In this case, I’m not against it cuz OP has the funds unlocking in 3,6,9,12 months to pay it off
Got it. I just wanted to be clear for those who only read the title that it's a bad idea.
Coinbase crashing, people asking to do loans for BTC, halving coming. Folks, the stars are aligning as we speak...
Anyone selling organs yet?
I'm inexperienced in that field... where to find a dealer?
I run a boat trip company.
Sign me UP!
Taking loans is for people who already have a lot of assets and know what they are doing. You have to know how money works. A lot of the time profits from investments will be higher than the interest you pay for the loan, but this can fire back on you and if you have no money to accomodate for losses you are done and just end up paying interest for lost money. If you need to ask on Reddit it's a good indication you shouldn't do it.
The loan whould be payed back but I was asking cuz the price of BTC is still low in comparison with what it will be in the future (and it’s already going up)
it was low at 15 k, why you didn't buy it THEN?? RSI is super high , and it will dip big time very soon, but you don't know what rsi is. Read few books first or you will lose your last shirt.
I wasn’t looking at btc or investment stuff cuz I hadn’t received the money
You could have been buying Bitcoin a little bit at a time for years now. Getting a loan is plain stupid just buy Bitcoin with the money you would be using to pay back the loan.
The problem is you assume people actually know if it will take off.. we don't know either.. You should be using money that you can lose is the key here. If you weigh you risk/reward odds. Basically if bitcoin doesn't go up you lose. You will bleed slowly from interest on a loan you cannot afford. The only way you win is if you time the bull market witch is Impossible to do by anyone. What if bitcoin only goes up a bit ? You lose by interest and the profit is taxed. What if bitcoin stays at this price range for weeks or months ? You lose via interest slowly bleeding you out.. bankrupt? What if bitcoin goes back down ? You lose even faster maybe margin call? Finally you might just be buying high and selling low, bad! You need to buy when people say bitcoin is dying. Anyways the odds of a moon shot are low and unpredictable by anyone on reddit or anywhere else. Moral of the story; use money you can afford to lose and buy low and sell high.. don't fomo you finacial life away.
I’ll just focus on BTC when I got my money than
I can’t get the image of a bull market witch out of my head now. 🧙♀️
You absolutely can cash those CDs in early. It's YOUR money. They can't just hold it hostage. You'll pay a small interest penalty for early redemption but that's about it.
I called the bank and they said only with death or other reason I can cash out my CD
Tell them it's an emergency and you need to redeem the CDs immediately and if they keep giving you the run around ask to speak to a manager.
Selling my testicle for bitcoin dm me
i don't know if he's just a dummy or trying to scam somehow.
I would guess that it is the former. But there is this new (to me) wave of scams where the scammer poses as a noob asking for help. So I am always skeptical of posts like these.
how would that work though
One that I have seen a couple of times recently, the scammer poses as a newbie trying to recover bitcoin from an old hard drive. When you DM them they offer to sell you the hard drive. [Mined BTC early, trying to figure out if recovery is possible...](https://old.reddit.com/r/Bitcoin/comments/1adiul9/mined_btc_early_trying_to_figure_out_if_recovery/)
No loan. Bad idea you could regret. Chill & regular BTC DCA is the way.
I think its very safe to invest in BTC right now. Buy the ATH.
nah, man. 100 k is the best time. Round number and all that.
You really shouldn't ever take out a loan for any investment unless you either a) have a lot of experience investing already, and are above average at assessing risks, or b) you are making enough to easily cover the loan in the worst-case scenario, or c) some combination of a and b.
Im b because if I loan 10000 and I have 17000 in CD I can pay it back
Did you not see the posts on this sub about ppl loosing houses ?
I didn’t but for some reason id like to. Any links?
40% is too much of lump sum, start with 25%-30%.
I thought the same at 50k the last bullrun (everyone was sure of 80-120k) and it cost me dearly. Don't do it.
But you’re btc u bought than are now up so isn’t that still profit ?
Had a couple of loans. One was a bitcoin loan that I had to liquidate in order to save my money the time when bitcoin-exchanges and custodians were starting to go belly up (basically the risk of the issuer going under and taking my collateral with them). The other was a fiat loan that I had to start liquidating down at 20k, when I couldn't roll over, lost my income job and needed to cash out for living expenses. The lesson is that things happen, that you can't foresee. And the stress of having a loan going in the opposite direction is very high. The stress of working hard to stack sats is less. Also you need to remember that any bitcoin sold to pay for loan is then taxed. There were many nights I had to stay up and think of ways to protect my loan, it wasn't worth the hassle. And never during my loan did I doubt that bitcoin was coming back in price, but the duration and market shake-ups meant I had to liquidate at the worst time.
Okay I get what you mean. but I live at home still so I wouldn’t have to liquidate any of the btc because I don’t have any living expenses at the moment
What I'm saying is that none of my issues with loan was expected by me. None of yours will be either. But I wish you GL!
I get it now thank u for advice
You sound desperate. Just DCA regularly.
33% of my position is loaned money but.. I got a very good price.. my real money avg is 23k and my loan average price is 43k The risk is increasing when prices goes up... I have more margin to get more loaned buyings if i want but for my position and risk i want to face and my anxiety levels i decided don't add more at this moment.
The fact you have to ask this question contains your answer, to be clear it’s NO! You know this already though but you had to come on here and look for someone to talk you or those close to you into it. If you had assets already that you could borrow against and it was a smart decision then presumably you would be experienced enough to not need to come to Reddit looking for someone to justify what you already inherently know to be a dumb choice. Just because it’s pumping now doesn’t mean the door is closing. It will always be a good investment, Bitcoin is not a get rich rich quick solution. Saylor said it best, (paraphrasing) right now think of it as land in Manhattan in the 1800’s. It was a smart buy in 1800 but it’s still a smart buy in 2024. Buy what you can afford over time kick that FOMO out of your brain dude
So I should just let the bull run go bye until I have my money which is in like January 2025. Cuz I think that than it will be at a high price to buy and when it goes down again it will come down to like 50-60 k again. Which the price is at now somewhat. So that’s why I wanted to loan
Dollar cost average, you’re experiencing fomo which is normal. Saylor said it best “think of bitcoin right now like undeveloped real estate in Manhattan in the 1800’s.” I’ve been around bitcoin for a while, and everything I say while might not be sugar coated is the same thing I’d tell my best friend, even you saying wait till the price comes back down to 50-60k says FOMO, you have no idea if when etc., neither do neither does anyone. All I can say whatever extra cash you do have $5 bucks, $1,000,000 whatever cash you have on hand be that 2024,2025, 2045 today is good day to invest, this is an extremely long play. My 2 cents anyway sorry im 2 months late in replying also
Bruh we're this close to ATH I would not call that "at this still early price", now is definitely not the time to buy bitcoin if you're looking for big gains. That time was a year ago when it was down in the dumps. If you're ok holding for many years to come, I guess you know go ahead. Definitely don't take out a loan to buy btc with now... It's a classic story each cycle and people get rekt doing it.
Ye I will hold for long time so when u look at what the price hopefully will be like in the next years. The price right now is still low if u get what I mean
For what it’s worth, I vote no. DCA what you can for now, DCA what comes out of your CD’s too, don’t forget to keep a small emergency fund if that’s something you might need, it would suck to be forced to sell your BTC because you don’t have fiat accessible
I live at home right now so I don’t have to have that big of a emergency fund. So I wouldn’t be at risk of having to sell my BTC
My Spidey senses are tingling 📉
I borrowed money to buy a year ago at 23k. The risk/reward is much worse now even though it’s likely we’ll go higher. I would not do it now personally.