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/biz/ - Business & Finance

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20279079 No.20279079 [Reply] [Original]

>Take out huge bank loan
>Put it all into cryptocurrency
>Declare bankruptcy, nobody knows you own anything in crypto so they can't even get at it
>Wait for everything to blow over, cash your crypto out later
>Easy profit of a few hundred thousand

Explain why this wouldn't work.

>> No.20279102

The forgotten route:

>Your chosen crypto gets fucked
>End up with nothing
>declare bankruptcy

>> No.20279127

>>20279079
you have to be at least 18 years old to post

>> No.20279221

>>20279079
Illegal
The bank/government will want to know where the money went.

>> No.20279347

>>20279079
How do you intend to buy crypto without a paper trail? Bankruptcy fraud is very illegal by the way.

>> No.20279350
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20279350

>>20279079
>being this retarded
>being this new
you have to go back

>> No.20279427

>>20279079
how about this
>take huge loan
>put it all in crypto
>if it moons, great, pay back loan
>if it goes to 0, declare bankruptcy

there you go, the legal way to do it and no one can say shit

>> No.20279445

>>20279079

because no bank is going to give you an unsecured huge loan, lol.

plus, bankruptcy court wouldn't allow your bankruptcy claim

and all your crypto would go to zero anyways.

>> No.20279463

>>20279221
Say you lost your bitcoin in a unfortunate fishing accident

>> No.20279810
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20279810

>>20279445
>plus, bankruptcy court wouldn't allow your bankruptcy claim
This. Even if it did it definitely wouldn't be a clean-slate chapter 7 bankruptcy.

Probably one of the weaker ones where you still have to pay back what you owe in installments.

>> No.20280239

>>20279347
Bitcoin machines? Ghost? Where there's a will there's a way

>> No.20280274

would do something similar desu but right now the only loan offers i’m getting are from paypal. can’t even get a CC to max out even though my score is 723