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/biz/ - Business & Finance

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12316907 No.12316907 [Reply] [Original]

Convince me not to do it /biz/

BTC will moon this year

>> No.12316911

do it faggot

>> No.12316927
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12316927

Assuming this is a bank, I didn't even know it was possible to use a line of credit to buy crypto directly. They don't seriously just let you transfer 50k in newly minted funny money to coinbase, do they?

>> No.12316937
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12316937

>>12316907
Only do it if you're mentally ready to see that investment go down 80%+. That's the situation I'm in with a $100k loan I took out in February 2018.
>>12316927
I got $100k from Sofi at 7.5% interest. They didn't give a shit what I use it for.

>> No.12316954

>>12316937
good thing were near the bottom already bucko

>> No.12316991

>>12316954
If you succeed then I succeed. Hopefully it all goes up from here but don't pretend like a multi-year bear market with BTC at triple digits isn't possible.

>> No.12317035

>>12316991
This bear market won't be over for a while. BTC is going to $3500 in the next 2 days.

>> No.12317090
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12317090

>>12316937
Thanks for the straightforward answer, anon. I use a major US bank and they got pretty nosy when I did a few five figure transfers to coinbase using my own goddamn money a few years ago.
Was the loan unsecured or did you have to pledge some kind of collateral/equity?

>> No.12317181

>>12317090
It's unsecured. No collateral, no fees. All they wanted was a copy of my photo ID and a couple of recent pay stubs. I submitted the app, online-signed their documents, and then the money was in my bank account a day later.

>> No.12317680

>>12316937
did you have to provide proof of income?

>> No.12317698

>>12317680
>All they wanted was a copy of my photo ID and a couple of recent pay stubs

>> No.12317714

>>12317698
I'm illiterate, thanks.

Does your income impact how much you can take out?

>> No.12317730
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12317730

how can people take loans for gambling? please explain someone? dont you gamble with money you can afford to lose? what if it doesnt go as planed? just kys? please explain i do not understand this mindset

>> No.12317744

>>12317730
get rich or die, that is the explanation

>> No.12317762

Do it it's perfect timing the absolute bottom

>> No.12317776

>>12316937
Greetings fellow SoFi debtcuck. I drew $40k in December, 7% APR, made about 400% gains and rode the crash and I'm at about 50% initial now. My monthly is $1250, manageable but it stings every time they ding my account and that's $1250 gone that I can't use to buy BTC/ETH/LINK at these firesale prices.

Even though my situation is dildos I would unironically encourage anyone who can afford the monthly payment to take a loan out for crypto - but not yet. We're almost certainly in a long sideways market now and there's no reason not to just DCA until a reversal looks to be a-brewing.

>> No.12317780

>>12317744
but why? what if they get rich? they blow the money as they have shown by their previous examples they do not know how to handle money. i am not shitting frens how can anyone think this way are you guys just trolling right now. i dont think op is shitting and neither is that other guy

>> No.12317785

>>12317730
because you can get in now and make it and literally retire in 3-5 years if you make the right moves in crypto or that doesn't happen and you owe the banks 10-50k grand. worth it if your young because you can secure the bag and pay it back with hard work but maybe not if your a boomer you'd have to kys if it didn't work out

>> No.12317803

>>12316907
only thing stopping you is fear

>> No.12317819
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12317819

>>12317776
my mind is blown right now. banks unironicly give people 40k - 100k to gamble on crypto and people take those loans? i cant process this

>> No.12317847

>>12317785
The issue is I'm young and people don't want to give me loans

>> No.12317873

>>12317847
no fucking shit. are you fucking serious right now. what was the last book you read? please be an elaborate troll i can not take this

>> No.12317907

>>12317819
I think somewhere in the fine text was a clause about not using the funds to invest in securities. They clearly didn't mean the funds to go to gambling the markets but BTC/ETH aren't securities anyways so I figured joke's on them.

I assumed they would call and ask about the purpose of the loan and I had a bullshit story concocted that I wanted to start a business buying and flipping collectibles, which was technically true. They did call but literally only asked me to verify my name and address and that was it. The call lasted 30 seconds tops. I had a good credit history and a stable job and that's all they really gave a fuck about.

>> No.12317918

>>12316937
>That's the situation I'm in with a $100k loan I took
holy fuck

how do you ever plan to recover your life? serious question

go all in on Monero, it's your only hope

>> No.12317929
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12317929

>>12316937
ABSOLUTE MADMAN

>> No.12317935

>>12317907
how about you invested that money in that idea and took the profit of that buisness venture to repay your loan and buy crypto? no? to down to earth?

>> No.12317936

>>12317918
>go all in on this slow currency coin that isn't accepted anywhere

>> No.12317940

>>12317907
>I think somewhere in the fine text was a clause about not using the funds to invest in securities. They clearly didn't mean the funds to go to gambling the markets but BTC/ETH aren't securities anyways so I figured joke's on them.

I'm in tears

>> No.12317954

>>12317776
Fuck me I didn't even think of sofi....I literally just got a 15% loan for 5k to buy ETH yesterday

>> No.12317962

>>12317940
i am not i am stunned i am not even... fml man

>> No.12317998

>>12317954
see this i can handle. this i can say aha this man is a troll man. do not trust this man he is not telling the truth. but but but.....

>> No.12318002
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12318002

>willingly making yourself a serf to the credit jew
>so you can gamble on internet monopoly money
yikes and oofpilled

>> No.12318009

reading this thread, i haven't laughed this hard in a while holy shit

>> No.12318019

>>12317998
wtf speak English nigger. they're not trolling. anons unironically take out 10k loans for crypto all the time.

those loans are 75% interest btw

>> No.12318025

>>12317714
Yes. I asked for 40k and was only approved for 30k, even though I make 70k annually. Glad I was only approved for 30k though, as the crypto I put it into is now worth like 4k, from 30k.

>> No.12318029

>>12316907
Shorts thrive on idiots like you.

>> No.12318071

>>12318025
shit, so if I'm poor I'm basically SOL

what about business loans or student loans I can gamble with?

>> No.12318091
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12318091

>these lads are serious

>> No.12318094

>>12317998
Lol wut

>> No.12318104

BTC is unironically going sub $1000

remember when $5800 was "support"? then it made a straight vertical drop to the $3000s

it's going to do that again to $1000. you haven't seen the bottom yet. all i gotta say, is if it drops to $1000, you might as well hold it until it goes back up because you've already lost your ass.

>> No.12318111

>>12317714
Yes, income probably effects how much money they will loan out. I make around $150k annually.
>>12317918
I'll just keep on wagecucking. I could pay it off within a year but there's no reason to do that.

>> No.12318123
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12318123

Lads what do I do? My credit score is 748

>> No.12318124

>>12316907
Use like 1k of that first to buy a lot of researched information.

>> No.12318126

>>12318029
>>12318104

Shorting is the only way to make money in Crypto now. Shorting literally is the new paradigm of crypto. I’m going to spread this on Twitter, Facebook, YouTube everything everywhere. Everywhere and everyone, Short short short short short short!!!!! Short to -$0 !!! Until not even 1 penny is left and then the BTC ceo will owe me money :) Did you not hear that everyone is shorting now? Omg like shorting is brilliant! BTC will ofc go down forever. You didn’t think that it would stop going down did you? Didn’t you hear? $5k by end of minute, $4k by end of hour, $1k end of day, and triple digits back to sub $100 end of week!! Shorting is the best way to success!! I’m writing a book on shorting. Shorters, bears and bitmex foreverrrrrr and everrrrre!!! <3 xoxoxoxoxoxox hey guys do you like shorting? Because I like LOVE shorting! Omg I love shorting so much! I love talking about shorting the market and how much of a genius I am for posting brilliant ideas about being a silly bear and shorting hehe! I love it how shorting is backed by technology too. Shorting is a new paradigm! I’ll short forever and everrrr ;) Ive been shorting BTC this whole time. I’ve been teaching others and I’ve gotten my neighbors and coworkers into shorting the market and we are all making a lot of money together shorting BTC and Ethereum. I’m really popular now among my friends because I’m making so much money from shorting the market, a lot of them are making accounts in bitmex now because of me. I can’t wait for this bear market to continue for the next 5 years until I have enough money from shorting to buy a house and hopefully a nice car. Shorting is the best guaranteed way to make money in the longterm.

>> No.12318143

>>12318104
>falling for the TA jew
Never gonna make it

>> No.12318145

>>12318123
>tfw thanks to /biz/ my eyes were opened and I now know (((who))) is responsible for most of the world's problems

>> No.12318236

>>12317730

See, here in the states, we like to roll the motherfucking dice.

Ive taken a loan out for crypto yrs ago. I bought in at arpund 2-300$ tho, feelsgood, not as good as i would have taken a 100g loan out though, mylawd son, u must have an actual career like true grown up, amiright?

>> No.12318295

>>12318126
Yea but try shorting a bunch of coins for months straight and tell me how your mind feels homie.. even if youre doing good it takes its toll on ya, even if u can afford to lose the money, losing money fucking sucks, and there will most def b3 times where u watch gains disappear in a sec, there will be times where u make them back even faster tho..stresful shit, i miss it, too bad id be selling at the bottom if i got back in

>> No.12318488

>>12318123
/pol/ is leaking so hard today

>> No.12319007

>>12317935
fuck off gayboy

>> No.12319087
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12319087

>>12316911
he got dubs and basically said what anyone else here should of said so yeah just do it already faggot

>> No.12319167

>>12316937
You poor bastard

>> No.12319175
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12319175

>>12317776
>I drew $40k in December, 7% APR, made about 400% gains and rode the crash and I'm at about 50% initial now.
>MFW I only invested $400 in video cards in 2014, I cashed out what your portfolio is currently worth at the peak, paid all the taxes on the shit... and my portfolio is still worth more than your initial investment

>> No.12319194

>>12316907
pretty based move OP just dont go all in instead do DCA

>> No.12319217

>>12319167
My shitcoins need to 4x by 2025 for me to break even. If that doesn't happen, then we're all poor bastards that wasted time and energy on this.

>> No.12319310

>>12316937
I wanted to kill myself when i lost $2k when i sold, i can't imagine how you feel with a 100k loan

>> No.12319358

>>12319310
The monthly repayment is less than 15% of what I make in a month. And I don't plan on selling. I'm slightly annoyed with the overall market more than anything.

>> No.12319376

>>12318488
Fuck off kike
Go back to >>>4channel

>> No.12319694

>>12316907
lmao go for it retard

>> No.12319774
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12319774

People that take out loans for crypto are real?!

>> No.12320139
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12320139

>>12316907
Do it,
Then buy 500 deribit call options with a strike at 8k. They'll expire in 180days, no liquidation until then.
If btc now goes to 10k an stays there until your expiry, then you'll make 500 x $2000 = $1M

Do it, one shot, one kill

>> No.12320272

>>12317730
>>12317744
>>12317785
>>12318002
>>12319310
>>12319358
>>12319774
>what is bankruptcy

>> No.12320381

>>12318111
What did you buy?

>> No.12320480

>>12320381
80% was used to DCA on ETH over like 2 months. Also bought some BTC. The rest went to NEO, NANO, and other shitcoins.

>> No.12320499

>>12320480
You're fine bro if 80% are in ETH and BTC.