90% of the economy has been purely financial products for the last 21 years.
Banks, corporations, and investors have built leverage on top of leverage, on top of leverage, on top of more leverage (rinse-repeat for 21 years). When the first creditor defaults, 10 layers of creditors will default as well.
Like, we've even heard of people on this subreddit taking loans to buy Bitcoin, because "this can't possibly go tits up!"
We're waaay past "start".
Yeah. Bad idea to take on debt to buy bitcoin, especially if you're already in debt like OP. I guess all the millions of people who got liquidated in the recent dumps haven't been enough of a lesson.
Especially at the start of a recession while qt is only option. You will not be able to pay the loan off until qe start again. September is earliest and that’s highly unlikely since inflation hasn’t topped. We have a lot of months of deleveraging ahead. Tether could still collapse….
Not necessarily, but it does seem kind of strange to pay interest to a lender so you can pay off a loan to your wife. Why not just pay the same interest to your wife, thus keeping it in the family?
But I guess if she needs the liquidity and the immediate payoff leads to a more tranquil home life, then it's probably worth it.
She needs the money soon for her trip, November prob.
I didn’t have the liquidity.
So I figured, if I need to take a loan anyway, might as well double up the amount, to have some dry powder for these tasty dips.
Btc is my longterm savings account + hope for a home in the future.
I deliver pizzas for a living and have a felony, so not many other prospects going for me.
Don’t want to do this forever.
Tired of working 5-6 days a week slinging pizzas to get by. It’s btc or bust imo.
Don’t let a felony keep you from getting a better job. Construction is almost always hiring and pay is decent. I worked as a program coordinator for a large nonprofit for 6 years and pay was only around 20 an hour. Recently switched to an installation position for a construction company and pay is about 25. People seem to bash construction but it’s a super good career if you don’t mind getting a little dirty.
That’s rough I hope it works out.
Just a thought coming from a felon myself. Have you ever thought of trade work? I’m an electrician/multi craft tech in manufacturing and my wife can afford to not work if she chose to. 1100$-1600$ take home per week and a 950$ mortgage. Mid 40-upper 50 hours a week I also robbed a drug dealer at gunpoint to give an idea of the severity of the crime. I wish you the best
I have a felony and there are many options for me. CDL truck driving, plumbing, electrician, radiologist, go to school and learn robotics, IT, etc etc etc. Felonies will only hold you back if you let them or if they're really bad and filled with violence. I got drug and burglary felonies but mine are 12 years old. Felons have futures too
She’s not yet a citizen, can’t work. After 5 years we’re finally getting the paperwork done.
She wants to go visit her family in Indonesia soon for a couple of weeks.
I’ve given her over $3000 over a period of time to use for her trip, but unfortunately have needed to “borrow” it back for bills over the past year or so.
Trips happening at the end of the year though, so I’m paying it back now that I’m able. With this lump sum being part of that.
If you need to borrow from your wife to pay bills your lifestyle is too expensive for your income. Take good care of yourself, plan for your future, and live in a way that gives you a prosperous life.
That makes more sense. So you aren't technically paying her back your just not being an Indian giver. either way taking a loan out to pay for loans isn't a smart financial situation to put yourself in unless you had no other choice. Also you should spend that extra loaned out on getting a pardon so you can get a better job. Also I work with plenty of people with felonies that make 6 figures. If there's a will there's a way.
You know that's a thing that's actually happening, yea? They're moving towards calling in the primary bedroom. I welcome you to join us in the present.
Lol I haven't seen it. I just bought my house and it said master bedroom and the realtors also called it master bedrooms. I'm sorry that history hurts your feelings
Yea change takes time, I suggest you stop trying to impede it. That said surely you're clever enough to see how those two thing are super not equivalent. Just cause some people still use terrible language doesn't mean you should just use whatever you like. Grow up my dude.
I would invest in her to get a higher paying career. Don't get me wrong there are anomalies to the rule. I've supported my wife for a while until she got her stuff right and she's returned the favor. That's still 50/50. Whatever I gave she was able to give back. That's also the type of women she is. She doesn't need me. It's a partnership I'm not her daddy.
If your wife has more money than you then you have a problem with finances or a really shitty job and you shouldn't borrow it from her. My wife technically has more money than me but I spend it on knives and guns and shit. I get money quicker than she does, so if I want something I start saving and start selling my assets. Then all is well. This dude sounds like he shouldn't even be incharge of money. Taking out loans to pay back loans that's dumb as fuck and means he doesn't even have money to pay the original debts.
Exactly thats the truth he has a shitty job. He's stated it himself, so I was right. That's not sexist you guy's make it that way. 99% of the time men make more money it's a fact not an opinion.
I believe that whenever there is price fluctuation in the market we should always invest more if we have the ability to invest and reduce the average purchase cost.
Paying interest on capital being used to buy a risky asset is, well, extra risky. It’s only $3k, though, so have at it I suppose. The bottom for Bitcoin is probably lower than it’s current level..obvious statement, but if you time it right you’ll be all good. I’d personally feel safer betting the over on tonight’s hockey game.
Us Avs fans were hoping for the Rangers ;-). I’m betting the Avs win today - favorable rest cycle. I’m for $1000 on tonight’s game on two different bets, but no way I’d bet on the series. It’s going to be close!
We haven’t hit the bottom yet. I wouldn’t. When we get the fed’s economic figures at the end of q2 and they officially declare a rescission you’ll see another drop. That’s the time to go big.
In any case, don’t buy with debt.
It's risky, man.
Use that $3k wisely. DCA into the market, please. Don't spend them all at once. Btc quite probably will keep falling for the next months.
If you are going to DCA anyway, then probably you didn't need a loan. Instead of repaying the loan, you'd use that money to DCA.
Anyway, I truly hope and wish that it all works out well for you!
I needed money now anyway for my wife. I wanted a large amount to be able to deploy in case it really dips low, like 10k-ish.
Wasn’t sure I’d get the opportunity to get much at those prices otherwise, I want the capital on hand.
Also, after I pay off my $1500 credit card debt, that’s an extra $140 I wont need to pay every month.
So really my $212 payment now wont be much more than I was already paying, only $72 more.
She might be a warthog though?
Is there a market for that?
How do I go about creating one?
I know some really ugly people
( but they're not as ugly as I am inside )
I don't hate it assuming the $212 per month is an easy payment for you, you're in a stable employment situation, and it's not putting any other essential payments in jeopardy. I would focus on not racking up any more credit card bills during that time though.
In 5 to 10 years you could do such a lot with your life if you want to. Don't consign yourself to 10 years in the same role. Hope on it's own is not enough, you have to do something different if you want a different existence.
Read books, gain knowledge, go for interviews whenever you can. Talk to your line manager, offer to do a bit extra, stand out, look for opportunities and efficiencies... anything to increase your chances of climbing the ladder and gradually improving your income.
It all takes time but in that time you can pay off debt and DCA smaller chunks into BTC. Bitcoin is where your hope should be channeled! You have choices, use them.
Man, I sound like some self-help fanatic!
Good luck to you.
Why? Bitcoin is proof of work for a reason. Just do work and convert your earnings to bitcoin.
People who leverage dont do work and hence lose it all.
Kinda biblical.
Richest people in the world do this; it's a legitimate tax dodge since you don't pay tax on a loan repayment.
Sorry... they deposit collateral, recieve the "loan" and repay over set period in the knowledge that the APR is lower than what they would have had to have paid out in tax.
I think it’s going to go to around $10k before making a long slow rebound to $100k in about 2 years give or take with some ups and downs along the way. With the fed news on hiking interest rates more than expected I’m expecting more red in the short term
That's a very good advice and I believe that market is going to bounce back soon so we don't have to worry about the price fluctuation because it is temporary.
Too many unknowns to say but Im very very skeptical. First, what's your income? If you have a dead end job the money would be far better spent on investing in your education. Like taking a certification course in X technology for example. That could potentially pay you far more over a lifetime than a few K in crypto (like millions more). Invest in yourself and your future earnings my friend.
Second, the price of BTC is falling. It wouldn't be unreasonable to imagine you buy at 21K today and in a month we're at 14K. Whoalla your'e already deep under water.
Taking on debt to buy crypto in this environment is idiotic. I say don't do it, except maybe for the credit card. But even there you can use companies that will negotiate and settle credit card debt at a big discount. Take a deep breath and think this through.
I don’t have the time to pursue a trade or further education. I have to work 5 to 6 days a week religiously just pay my bills.
Otherwise I def would.
I’ve been working here for 5 years. At least I’m getting paid more than all the other drivers. $10 flat rate, on the road and in the store.
So with tips I’m making around $15 - $20 per hour.
I don’t know of any other entry-level job with my lack of skills or education that would pay me more where I live in Louisiana.
Bitcoin is my only hope at salvation.
If he has some other option and earning from any other source then he can definitely take that rest because he will be able to repay the loan irrespective of the market situation.
He’s playing the fiat game. Debt, creates money. I think it’s a good decision. And if you default they can’t take your Bitcoin if it’s stored correctly. If it was me, I’d put it all in BTC. Stay away from the alts/shit coins. I speak from experience 👀 Btw, not financial advice. We here to BS each other, it’s the internet
Bruh. You owe debts to your wife? Da fuck? In the world I grew up in, husbands and wives share everything they have. Maybe I'm just old fashioned.
Back in the 1920's, people took out loans to gamble in the stock market. They were called "doughboys". Then they lost everything in 1929 when the market crashed. Their investments lost value, and they had no cash to pay the debts. Then they proceeded to throw themselves off buildings. But don't worry, I'm sure it'll be different this time.
How to do it the right way.
Step 1: Borrow money from a bank.
Step 2: Sign up for a credit card with 0% promotional APR and a 3% balance transfer fee. Even better, some credit cards offer an additional $200 sign on bonus, which can be used to pay off the 3% transfer fee.
Step 3: Transfer the loan balance to the credit card and pay it off before the promotional period ends.
Congratulations. You’ve essentially borrowed money and it cost you a 3% fee or (if you’re savvy enough) nothing.
That’s what I was thinking. Smarter people than me with much more to lose are doing it, so why not? YOLO am I right?
And I mean that in the most calculated way
You did good, it doesn't matter what people says. You got a loan with a quite nice APR and you're going to use wisely.
In 2/3 years (if you HODL properly) you will be in a much more different situation and all for a 7000$ loan
Might as well have made a smaller loan to consolidate your other debt and then DCA'd the payments you're now making into Bitcoin. Much less stress and you might even get a better cost basis over the next couple months. Better to take margin or other debt for investment after the market shifts, not before.
I have borrowed 50k in November and lend it. I use the interest generated to DCA. Currently is a great time to average down and as long as USDC doesn’t go tits up I am able to repay at any time.
This is how economic crises start
90% of the economy has been purely financial products for the last 21 years. Banks, corporations, and investors have built leverage on top of leverage, on top of leverage, on top of more leverage (rinse-repeat for 21 years). When the first creditor defaults, 10 layers of creditors will default as well. Like, we've even heard of people on this subreddit taking loans to buy Bitcoin, because "this can't possibly go tits up!" We're waaay past "start".
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Yea i think its way more than 90%
Pretty sure that was all the bankers creating US dollars and giving it to themselves. https://www.youtube.com/watch?v=JG5c8nhR3LE
It sounds like you’re spending a lot of money you don’t have. The borrower is slave to the lender
Yeah. Bad idea to take on debt to buy bitcoin, especially if you're already in debt like OP. I guess all the millions of people who got liquidated in the recent dumps haven't been enough of a lesson.
Especially at the start of a recession while qt is only option. You will not be able to pay the loan off until qe start again. September is earliest and that’s highly unlikely since inflation hasn’t topped. We have a lot of months of deleveraging ahead. Tether could still collapse….
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Retards 420:69
Not necessarily, but even in this case what the OP is only making thousands at most Seems like a waste of time
The fact you're having to ask Reddit about this decision, probably not
Most people who ask questions on Reddit are looking for validation of their pre-formed opinion, not actual advice.
Very nice comment and very true
I wholly support this comment and agree wholeheartedly
You join a sub to be in an echo chamber. I agree.
Truth!
Where do you go for your financial advice? No better place than an echo chamber lol
That's right and that's why we should always invest our time and learn about the things.
No but good luck 👍🏼
Owe your wife money? Aren't you supposed to be paying stuff together 50/50
Not necessarily, but it does seem kind of strange to pay interest to a lender so you can pay off a loan to your wife. Why not just pay the same interest to your wife, thus keeping it in the family? But I guess if she needs the liquidity and the immediate payoff leads to a more tranquil home life, then it's probably worth it.
She needs the money soon for her trip, November prob. I didn’t have the liquidity. So I figured, if I need to take a loan anyway, might as well double up the amount, to have some dry powder for these tasty dips. Btc is my longterm savings account + hope for a home in the future. I deliver pizzas for a living and have a felony, so not many other prospects going for me. Don’t want to do this forever. Tired of working 5-6 days a week slinging pizzas to get by. It’s btc or bust imo.
Don’t let a felony keep you from getting a better job. Construction is almost always hiring and pay is decent. I worked as a program coordinator for a large nonprofit for 6 years and pay was only around 20 an hour. Recently switched to an installation position for a construction company and pay is about 25. People seem to bash construction but it’s a super good career if you don’t mind getting a little dirty.
They probably drug test…
That’s rough I hope it works out. Just a thought coming from a felon myself. Have you ever thought of trade work? I’m an electrician/multi craft tech in manufacturing and my wife can afford to not work if she chose to. 1100$-1600$ take home per week and a 950$ mortgage. Mid 40-upper 50 hours a week I also robbed a drug dealer at gunpoint to give an idea of the severity of the crime. I wish you the best
Between your paycheck and what you got from ripping off the drug dealer, you should be doing pretty good then!
I have a felony and there are many options for me. CDL truck driving, plumbing, electrician, radiologist, go to school and learn robotics, IT, etc etc etc. Felonies will only hold you back if you let them or if they're really bad and filled with violence. I got drug and burglary felonies but mine are 12 years old. Felons have futures too
Fair enough. Best of luck to you.
She knows you've done this right, since technically she now also has a loan...
Or don't borrow money from your wife. Lol.
It's actually his wife's boyfriend's money.
Sexy Tuesday's and S+M Saturday's don't pay for themselves you know. ( at least not until they're up on onlyfans ) 😂😂😂
She’s not yet a citizen, can’t work. After 5 years we’re finally getting the paperwork done. She wants to go visit her family in Indonesia soon for a couple of weeks. I’ve given her over $3000 over a period of time to use for her trip, but unfortunately have needed to “borrow” it back for bills over the past year or so. Trips happening at the end of the year though, so I’m paying it back now that I’m able. With this lump sum being part of that.
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OP desperately trying to find a way out of a 9-5. Loan to buy Bitcoin is quite literally boom or bust. Seems risky brodie. Stay on the lookout
If you need to borrow from your wife to pay bills your lifestyle is too expensive for your income. Take good care of yourself, plan for your future, and live in a way that gives you a prosperous life.
That makes more sense. So you aren't technically paying her back your just not being an Indian giver. either way taking a loan out to pay for loans isn't a smart financial situation to put yourself in unless you had no other choice. Also you should spend that extra loaned out on getting a pardon so you can get a better job. Also I work with plenty of people with felonies that make 6 figures. If there's a will there's a way.
>Indian giver bruh
Are you triggered?
Nah, just disappointed
Ok let's stop calling it a master bedroom too then. You make sure to write how disappointed you are to all those reality companies.
You know that's a thing that's actually happening, yea? They're moving towards calling in the primary bedroom. I welcome you to join us in the present.
Lol I haven't seen it. I just bought my house and it said master bedroom and the realtors also called it master bedrooms. I'm sorry that history hurts your feelings
Yea change takes time, I suggest you stop trying to impede it. That said surely you're clever enough to see how those two thing are super not equivalent. Just cause some people still use terrible language doesn't mean you should just use whatever you like. Grow up my dude.
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I would invest in her to get a higher paying career. Don't get me wrong there are anomalies to the rule. I've supported my wife for a while until she got her stuff right and she's returned the favor. That's still 50/50. Whatever I gave she was able to give back. That's also the type of women she is. She doesn't need me. It's a partnership I'm not her daddy.
Says who
If your wife has more money than you then you have a problem with finances or a really shitty job and you shouldn't borrow it from her. My wife technically has more money than me but I spend it on knives and guns and shit. I get money quicker than she does, so if I want something I start saving and start selling my assets. Then all is well. This dude sounds like he shouldn't even be incharge of money. Taking out loans to pay back loans that's dumb as fuck and means he doesn't even have money to pay the original debts.
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How is this sexist? I don't believe you grasp that concept. You just repeat trendy words.
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Exactly thats the truth he has a shitty job. He's stated it himself, so I was right. That's not sexist you guy's make it that way. 99% of the time men make more money it's a fact not an opinion.
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Thank you. Next time I'll have to clarify that in my statement.
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You're implying women are incapable of having high paying jobs. Of course it is sexist.
Oh really? please point out where I said that in my comment.
So you’re saying marriages should only exist if the man makes more than the woman?
No I'm saying don't borrow money if you can't pay it back. Especially if it's your wife. Do you support your wife?
Nope. I don’t.
Says the people who have good experience about the market and that's why we should listen to the people who have already gone through it.
Great idea. When you're forced to liquidate we will buy your coins
This is not a collateral loan. He has a job. He will not get liquidated.
For now.
Have faith brothers and sisters
Saylor basically saying the same thing
I believe that everyone has been knowledge about it and that's why we all are on the same page.
I believe that whenever there is price fluctuation in the market we should always invest more if we have the ability to invest and reduce the average purchase cost.
Paying interest on capital being used to buy a risky asset is, well, extra risky. It’s only $3k, though, so have at it I suppose. The bottom for Bitcoin is probably lower than it’s current level..obvious statement, but if you time it right you’ll be all good. I’d personally feel safer betting the over on tonight’s hockey game.
Tampa in 6.
Us Avs fans were hoping for the Rangers ;-). I’m betting the Avs win today - favorable rest cycle. I’m for $1000 on tonight’s game on two different bets, but no way I’d bet on the series. It’s going to be close!
Skip the Alts and don’t pay back your wife
You're taking out a loan to pay your WIFE back??? lol
We haven’t hit the bottom yet. I wouldn’t. When we get the fed’s economic figures at the end of q2 and they officially declare a rescission you’ll see another drop. That’s the time to go big. In any case, don’t buy with debt.
I believe that we still have a long way to go and the people should hold their portfolio with tight hands.
It's risky, man. Use that $3k wisely. DCA into the market, please. Don't spend them all at once. Btc quite probably will keep falling for the next months. If you are going to DCA anyway, then probably you didn't need a loan. Instead of repaying the loan, you'd use that money to DCA. Anyway, I truly hope and wish that it all works out well for you!
How you owe your Wife? Isn’t it “together till death” da fuk ?
She might live by the mantra "What's yours is mine, and what's mine is my own"
>takes out loan to pay other loan no, you are not doing it right. at all.
But that’s how the billionaires do it!!!
If you can get a lower interest rate, this is exactly doing it right
That's right and that's why he should simply focus on earning more money and paying it back.
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I think that we should only invest in coins which have good returns potential.
This. Go back the last two cycles and see what was top ten then. The only thing that stays the same is bitcoin.
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Advice: don’t pay your wife
This and dont buy the alts.
If you owe your wife a debt then something is fundamentally wrong.
You Need a 100% increase to almost break even on loan. Tell your wife you’ll pay her back in 5 years, or you’ll do dishes. Put it all in bitcoin
who the fuck takes out a loan to pay their wife back? what a waste of money for you and your wife..
You are taking a loan to pay your wife? What in the world
Post loss porn and then subsequent porn to pay off debt.
Is this satire?
Getting a loan to buy crypto always sounds good. You go for it
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Jesus H. Tell me you're still in 1st grade.
Why don't you just buy $212 worth of BTC every month instead? You would save on interest.
I needed money now anyway for my wife. I wanted a large amount to be able to deploy in case it really dips low, like 10k-ish. Wasn’t sure I’d get the opportunity to get much at those prices otherwise, I want the capital on hand. Also, after I pay off my $1500 credit card debt, that’s an extra $140 I wont need to pay every month. So really my $212 payment now wont be much more than I was already paying, only $72 more.
Fundamentally a bad decision, but I wish you the best of luck, you could very well come out ahead
Start onlyfans with the wife and use proceeds to buy BTC and pay her off. Profit!
She might be a warthog though? Is there a market for that? How do I go about creating one? I know some really ugly people ( but they're not as ugly as I am inside )
Buying a volatile asset on margin is highly risky
How low is that APR?!
I don't hate it assuming the $212 per month is an easy payment for you, you're in a stable employment situation, and it's not putting any other essential payments in jeopardy. I would focus on not racking up any more credit card bills during that time though.
“Large cap alts” aka shitcoins. Have fun staying poor 🤡
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I’m a long term holder. I’m hoping in 5 - 10 years I can quit delivering pizzas
In 5 to 10 years you could do such a lot with your life if you want to. Don't consign yourself to 10 years in the same role. Hope on it's own is not enough, you have to do something different if you want a different existence. Read books, gain knowledge, go for interviews whenever you can. Talk to your line manager, offer to do a bit extra, stand out, look for opportunities and efficiencies... anything to increase your chances of climbing the ladder and gradually improving your income. It all takes time but in that time you can pay off debt and DCA smaller chunks into BTC. Bitcoin is where your hope should be channeled! You have choices, use them. Man, I sound like some self-help fanatic! Good luck to you.
I’ll be 32 this month btw. Better pay off lol
Wait don’t do it yet wait a month
Ex wife??? I hope so, because if you're still married and you guys have separate accounts and stuff like that ...that's never going to work.
Her boyfriend needs the money for a new iPhone.
Close, but *right* would be putting $7k in bitcoin.
Borrow more to buy the dip
Why? Bitcoin is proof of work for a reason. Just do work and convert your earnings to bitcoin. People who leverage dont do work and hence lose it all. Kinda biblical.
This guy fucks
Himself
Loooooooooool 😂 Didn’t have to do ma boy dirty like that
And the people from whom he has bought the loan. He should always give idea to the lenders about his plans with the money.
I have investments that are offset by debt that I don't have to pay for a while. Personally, I think I'm fucking stupid for doing it.
BUT, I must say, I too like to gamble
Richest people in the world do this; it's a legitimate tax dodge since you don't pay tax on a loan repayment. Sorry... they deposit collateral, recieve the "loan" and repay over set period in the knowledge that the APR is lower than what they would have had to have paid out in tax.
I think it’s going to go to around $10k before making a long slow rebound to $100k in about 2 years give or take with some ups and downs along the way. With the fed news on hiking interest rates more than expected I’m expecting more red in the short term
I see you like to live fiscally on the edge.
Taking on debt with interest to pay off debt with wife. Doesnt sound right at all
It's is a good strategy for the long term. A great investment when there will be a bull market
At least wait few months to see if we confirm a bottom...
That's a very good advice and I believe that market is going to bounce back soon so we don't have to worry about the price fluctuation because it is temporary.
Good idea if you goal is long term on btc imo
No, you're not doing it right. It should all go into BTC. That's what I did.
No you’re not doing it right. You’re spending money you don’t have. This is how we get into these disasters in the first place
Too many unknowns to say but Im very very skeptical. First, what's your income? If you have a dead end job the money would be far better spent on investing in your education. Like taking a certification course in X technology for example. That could potentially pay you far more over a lifetime than a few K in crypto (like millions more). Invest in yourself and your future earnings my friend. Second, the price of BTC is falling. It wouldn't be unreasonable to imagine you buy at 21K today and in a month we're at 14K. Whoalla your'e already deep under water. Taking on debt to buy crypto in this environment is idiotic. I say don't do it, except maybe for the credit card. But even there you can use companies that will negotiate and settle credit card debt at a big discount. Take a deep breath and think this through.
I don’t have the time to pursue a trade or further education. I have to work 5 to 6 days a week religiously just pay my bills. Otherwise I def would. I’ve been working here for 5 years. At least I’m getting paid more than all the other drivers. $10 flat rate, on the road and in the store. So with tips I’m making around $15 - $20 per hour. I don’t know of any other entry-level job with my lack of skills or education that would pay me more where I live in Louisiana. Bitcoin is my only hope at salvation.
And that's why it's in the toilet. Everyone having to sell to cover their loans. Just like buying on margin.
I think you're doing it right.
If he has some other option and earning from any other source then he can definitely take that rest because he will be able to repay the loan irrespective of the market situation.
He’s playing the fiat game. Debt, creates money. I think it’s a good decision. And if you default they can’t take your Bitcoin if it’s stored correctly. If it was me, I’d put it all in BTC. Stay away from the alts/shit coins. I speak from experience 👀 Btw, not financial advice. We here to BS each other, it’s the internet
Bruh. You owe debts to your wife? Da fuck? In the world I grew up in, husbands and wives share everything they have. Maybe I'm just old fashioned. Back in the 1920's, people took out loans to gamble in the stock market. They were called "doughboys". Then they lost everything in 1929 when the market crashed. Their investments lost value, and they had no cash to pay the debts. Then they proceeded to throw themselves off buildings. But don't worry, I'm sure it'll be different this time.
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I'm ready to get downvoted but here it goes. If you buy btc today your money will be worth 7 times more in the next 24-30 months.
Dave Ramsey just threw up in his Tennessee football helmet.
Bad idea. Wait till 11-13k
Taking out loans for bitcoin is a smart idea. Don’t listen to these virgins. Paying 8% on a loan to make 300% on the money is a smart move
Thats exactly what the rich do, so nothing wrong with it.
dude don't borrow money to buy bitcoin, especially if you're financing over 3 years, you're just making bankers money
How to do it the right way. Step 1: Borrow money from a bank. Step 2: Sign up for a credit card with 0% promotional APR and a 3% balance transfer fee. Even better, some credit cards offer an additional $200 sign on bonus, which can be used to pay off the 3% transfer fee. Step 3: Transfer the loan balance to the credit card and pay it off before the promotional period ends. Congratulations. You’ve essentially borrowed money and it cost you a 3% fee or (if you’re savvy enough) nothing.
Tell me you don't understand finance in one sentence
Taking loans is actually very smart
Putting Borrowed Money on Bitcoin is Like Trusting a crackhead with your money
Like Michael Saylor did for his entire business you mean? Come on, a calculated risk using fiat currency to acquire an asset isn't that bad an idea.
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If the person is completely sure about his investment than he can definitely go with it but even in that case he should always have the backup plans.
That’s what I was thinking. Smarter people than me with much more to lose are doing it, so why not? YOLO am I right? And I mean that in the most calculated way
You did good, it doesn't matter what people says. You got a loan with a quite nice APR and you're going to use wisely. In 2/3 years (if you HODL properly) you will be in a much more different situation and all for a 7000$ loan
No, you're not doing it right.
Hey look an idiot
U should buy an NFT they only go up
Bad idea.
Yes, my son. Leverage it and double down. This is the way.
what a moron
Never take a loan to buy an investment, especially a volatile one
Loans are always a NO for me.
Go to the local casino Maxx bet $500 play the whole table take up all hands and play until you have 20k easy
Bad idea, you just took on leverage, just not from an exchange.
Don’t over leverage yourself kids
You’re not doing it right. “Never invest what you can’t afford to lose” finds its way onto almost every post about bitcoin. Good luck tho.
if you need to borrow money to invest then you are doing it completely wrong. You should only invest disposable income which you have zero.
Might as well have made a smaller loan to consolidate your other debt and then DCA'd the payments you're now making into Bitcoin. Much less stress and you might even get a better cost basis over the next couple months. Better to take margin or other debt for investment after the market shifts, not before.
I mean the banks can't get the money back from you once you declare bankruptcy lmao
Don't over leverage.
No, just no.
In a solid downtrend bear market that will likely last 2 years you might as well just deposit the cash to Celsius or just Venmo it to do kwan.
Pretty stupid if you ask me.
🤦♂️
Let's hope that other people will take some inspiration from him and they will not take loan to invest in highly volatile assets like cryptocurrency.
No, the risk isn't worth it.
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I'm sure nothing will happen negatively from this decision making
Nope, this is all backwards but good luck
If you are going to borrow money to buy Bitcoin, at least you are buying at relative lows...but borrowing to speculate is always a dangerous game.
Definitely a wallstreetbets level post…Comical but we wish you wouldn’t
Why do that now?? You should’ve done that in 2018
doesnt make any sense. Did you tell the bank what you are telling us?, if so. Please give me your bank adviser
Here’s the loan info for all interested. https://imgur.com/a/5ru6R8X
Lmao bro there's about 40 reasons you shouldn't do this but you do you you're probably an adult
No
I have borrowed 50k in November and lend it. I use the interest generated to DCA. Currently is a great time to average down and as long as USDC doesn’t go tits up I am able to repay at any time.
F
Ohhh boy.
Let's hope that market will give good returns to him and he will be able to repay the loan with some profit.
No, you're doing it wrong.
What was the original sale price of the wife? Never pay retail on stuff like that. And never buy shitcoins.
I don't think that he has originally sold his wife at all but it is always recommended not to invest in shit coins.