Could bitcoin pop the credit card debt bubble?

well if anyone is going to do it, they need to act quickly before they simply disallow CC transactions. i'm amazed that they haven't yet, tbqh

>You can't buy lottery tickets with a CC
>You can buy shitcoins with a CC
That's not going to last long.

Unless you buy your coin anonymously, IRS already has the information of the people who trades at coinbase. Good idea though.

couldn't you do the same with any kind of debt, not just CC?

forgive me

i dont see how that's pertinent

>destruction of (((them))) in one simple move
This is an advanced shitpost

FUCKING DELETE THIS NOW YOU GOYIM THIS WILL NEVER WORK
YOU WON'T WIN
THIS WON'T BE THE LAST YOU HEAR OF US

sure but coinbase takes either checking or credit card. stuff student loans or mortgages would probably not permit you to buy crypto.

Holy shit
This thread needs immediate deletion

>Open bittrex account
>send BTC
>buy monero
>transfer monero to wallet

SLIDE THIS THREAD! NOW!
HEY EVERYONE I AM AN EARLY ADOPTER WITH 10000 BTC! EACH REPLY TO THIS POST WILL GET 1.5 BTC IF YOU POST A FUNNY MEME!

It's like saying make debt and hide the money.
Are you people retarded?

Calm down, this has been happening for a while now. People take shitloads of loans and push it into crypto and declare bankruptcy and the bank can't do shit about it except try and make your life miserable

How does one acquire BTC with a credit card?

honestly btc price would just drop to zero

Of course this will work.

But it will work even better after the crash for those with good credit to buy up all the leftover dirt cheap assets destroyed in the cash bubble and get richer x10.

It was a retarded idea before an asset was invented that could not be retrieved by anyone other than yourself especially since there is no way of proving you even have this asset.

my friend, who turned me on to this, is convinced that bitcoin was created by the Fed to mop up all the excess dollars floating around in one beautiful act of financial carnage

TOP KEK

>do this
>move to thailand
>fuck the bank
Could they find me user?

yep they could and would

>take out massive amounts of credit card debt
well here is the problem. Is it so easy for you burgers to just take massive loans without nothing to back it up?

Yes, of course, but not fall for the btc, vtc, LTC, such crappy coins, go for LINK

Follow any advice here on Veeky Forums

Interesting very interesting

S I P B O Y S

>is it easy
Yes absolutely, they just charge exorbitant interest. They mail a preapproval right to your house:
>No credit? No income? No matter! You're approved for a $100,000 loan!
>fine print says it's an adjustable rate between 33% and 350% interest.

I think it's capped at 26% by federal law, but I could be wrong.

that sounds like a bad business plan for the creditor

If you don't pay they crank you up to a high interest rate with lots of penalties. They hope you pay the minimum payment for the rest of your life.
If you don't pay them, they take you to court, ruin your credit rating, and you never get anyone to loan you money for 7 years.

>you never get anyone to loan you money for 7 years
well i'd take $100k for that lol

No one is going to loan you $100k unless you have a great credit rating, which means you have a long history of repaying your debts.

...

I have a total limit of $7500

$2500 at 0% APR for at least another year though
what do?

You can only charge $1k per card a week or some shit. And it's required that you show your drivers license on coinbase now.

Sorry anons, wont work.

Oh and to follow up with my post:

cryptocoinsnews cum/coinbase-ordered-hand-14000-user-accounts-irs/

Don't charge more than you can repay in a single month and don't fuck up your credit rating because of the advice of a bunch of autists on an imageboard.

mm so lets see..
>start taking small loans
>put it in btc
>repay with btc gains
>take bigger loans
>repeat until you borrow 1 million then do what OP says
could work?

If you only have one card.

slight revision:
>invest in bitcoin
>buy with credit card via normiebase
>>schedule payments with fake bank account #sand take advantage of the ach lapse
>>rack up 1000% of your CC balance in bitcoin
>>transfer your 6 figures of bitcoin off exchange
>>dispute all the charges as fraud
>>bank has to write it off
>>normiebase locks your account
>>open another and repeat until CC closes your account
>hide your btc from your debtors
>>normiebase can't repossess shit
>credit card agencies cant repossess shit
>declare bankruptcy
>secretly get rich
>multiply by 25% of Americans
take down coinbase
take down financial system
shitcoins win

>You can only charge $1k per card a week or some shit. And it's required that you show your drivers license on coinbase now.
my jewbase cc limit is 10k and my bank limit is 100k and i'm a nobody
just do their KYC shit and apply for higher limits, simple

Open a brokerage account and buy on margin. Then at least you can make an educated decision about investments.

>Don't charge more than you can repay in a single month and don't fuck up your credit rating because of the advice of a bunch of autists on an imageboard.
Too late for that lad I'm already balls deep in crypto, partly financed initially by CC debt. I don't even have a job

Does anyone still issue NINJA or NODOC loans?

I could be misremembering but I got a piece of mail like that once. The initial is probably wrong b that maximum rate was definitely triple digits.
Perhaps they exploit a loophole or something.

Well sell as much crypto as you need to pay off the debt. It's not rocket science. Don't go in to debt, ever, unless it's a house.

I should also note that I now have excellent credit because of this scheme (cc debt -> crypto -> pay off debt)

The payday loan places are under different rules, as are the personal loan places. They can rape you financially and it's totally legal.

>unless it's a house
how'd you find Veeky Forums grandpa

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Until crypto crashes
You can deduct your property tax and interest on a house. Plus it's an appreciating asset unlike a car or something like that.
>This is Veeky Forums not /coin/, right?

1. Coinbase has your info and IRS will have it too.
2. You can hide anything; you could buy gold.
3. You won't be able to spend your money.

monero, obviously

>Until crypto crashes
And then what? I do what everyone else does and work for peanuts and pay it down, no big deal

upside is massive and downside is capped, pretty simple

looking forward to mortgage measured in sats

>this could take down the financial system

I actually did just this but moved to the Philippines with the money!
I work offshore so now get paid straight in to my BDO bank account and just avoid the UK.
Under UK law I can go back in 10 years time have the debt wiped from my history and repeat.

>buy thing with credit card
>put in safe
>Hide safe from debitors
>declare bankruptcy
>credit card agencies can't repossess your shit
>secretly get rich
>repeat for 25% of Americans

>3. You won't be able to spend your money.
bullshit, people would line up to take monero for goods and services even if it's at a premium

purse.io etc.

As long as you are prepared for that to happen. Just don't leverage yourself to the point you get in to a really bad position.

What does that even mean?
You bought BTC through Coinbase idiot.
You cannot buy on an exchange without a tie to your bank account.
You buy BTC and then Montero.
They still know you have bought BTC.

You still can't buy a house or a car without them being taken away.
You can't have any durable item.

i did this already

took out 15k in debt in 2015

5k on bitcoin.

have not paid anything of it back

i dont have bank accounts

i dont have creedit cards anymore

i dont see a way they can get money out of me i dont even have a job.

my bank is suing me and my court date is in feb

im gonna tell the judge that i dont even use cash
anymore

when i need food i just buy giftcards with bitcoin

i live with my parents
and im going to tell them i only have bitcoin

i hope i make it in the news

it would be historical

"FOR THE FIRST TIME IN HISTORY" - california man settles debt with bitcoin"

what is your point? the pertinent question is whether they can demonstrate that you still possess the coins. with monero they cannot, period. with bitcoin it's an open question because of hacking/losing your wallet, but with more risk because they can monitor for spending from the address

right now I have about 11k in crypto, 2.5k in mining hardware, 4k in computers/electronics and 3k in CC debt. I'm thinking about putting another 2.5k into crypto from here since that's at 0% for a while

I'm prepared for that to happen I guess, but I'm in a fine position right now

>You still can't buy a house or a car without them being taken away.
you can rent and uber

EZ mode

why not just pay down the principal you fuckin goof?

>what is your point? the pertinent question is whether they can demonstrate that you still possess the coins.
I get a 100 k USD loan.
I buy gold with it.
I hide it.
They cannot demonstrate I have the gold.

Are you like five?

Nice idea, the problem is you couldn't really enjoy the money you made for a while. They actually do pay attention to how you spend money during and after a bankruptcy, and if you're buying a lot of expensive things (or really just spending more than you make on paper) they will track down coinbase records and figure out that you committed credit fraud. Before you say that's not credit fraud, read the definition. You borrowed money with no intention of paying it back, and in fact you had a plan in place to never pay it back, which is very illegal.

why should i ?

sure my credit is wrecked

BUT WHO CARES

im trying to make a statement ,

FUCK FIAT
FUCK CREDIT CARDS
FUCK BANKS

bitcoin baby

Veeky Forums is literally retard, it's pathetic

I think the Jews are done accumulating so they rolled out their one world enabling A.I. written Cryptocurrency to do exactly this. Crash all economies nothing is backing our money already and now that we are litteraly forking it over to something that is essentially an un-tarrifable untaxable import we are all gonna be sucking isopropyl through breadbags until these Jews get the new order lights on again. screen cap and print this out and post it on your wall. Cuz you won't have electricity to post this.

just seems like pointless toil for nothing
nobody will care and you'll just put yourself in a worse position
if someone's gonna make a statement it'll be a whale, not some cuck with 300k

Sounds like you did it the right way

my ideal game plan is to save up for a large house in a cheap but safe area around here, buy it, convert to duplex, rent out half while living in the other half

any flaws with my master plan?

So long as you don't wake up tomorrow and see bitcoin trading at $500. That's a possibility, so make a plan in case that happens.

>So long as you don't wake up tomorrow and see bitcoin trading at $500. That's a possibility, so make a plan in case that happens.
plan is p much get a job and buy more then i guess

DELET THIS

I don't see anything wrong with making some money off of coin. I put $500 in when it was $3k, but I wouldn't plan my future based on it. It could crash at any minute for any reason regardless of what you read here. Just make sure you have an exit strategy in case that happens.

Hi OP so it says here that you declared bankruptcy a year ago but looking up your file shows you're living in Beverly Hills with total assets in the seven figures, can you give us a call back?

Yeah except it was someone from another country pissed off and wanted to attack america so they devised bitcoin to crash USD by feeding from it.

>but I wouldn't plan my future based on it
Honestly, I'd say the "normal" route is my plan B. Getting completely wiped out in crypto at this point for me sets me back what, six months of wagecucking at most? But the upside is potentially years worth of wages in a relatively short time. It seems like a no-brainer for me. I guess I'm not planning my future around it, but it has the potential to pay off and influence my future in that way.

I'm kind of kicking myself for not getting on the bandwagon earlier. I have a stock in my brokerage account that I put $10k in to and it's worthless now. I wish I had put it in to crypto instead.
I tried mining ETH with my pc, but it seemed too little too late. Sounds like you were ahead of the curve, I hope you get a nice reward for that.

You realise the difference between tracking cryptocurrency and tracking gold, right?

Actually I was lurking /g/ and playing video games in my mom's basement back in 2010 while they were all telling me Bitcoin would be the next big thing. I remember writing it off and making condescending posts about how their fake Internet money wasn't going to go anywhere. Pretty sure if I had left my secondhand Thinkpad on overnight I'd have gotten a few hundred Bitcoin around that time. I assume I would have sold it all for $20 though like everyone else that held that long.

You think it's still worth mining alt-coins? I tried mining ETH for a week and all it got me was a hot room and .000001 ETH. I have two 980Tis.

I mine altcoins with my rigs—the trick is to research and find coins that people don't know much about. ETH, XMR, etc. are all pretty saturated, but there are coins out there that people simply haven't discovered yet. Not to mention those which are simply low market cap/relatively unknown and which have the potential to go somewhere in the future. Although I suspect that the greatest alt season is now behind us (March–Sept of this year) and with things like Bitcoin futures reaching normies, it's all up in the air.

Personally I just want to keep what little money I do have in crypto and hold on to my butt

Yeah, all crypto transactions are public; gold transactions are not.

Jesus Veeky Forums is retarded.

They're gonna sue your parents as your legal guardians and take your house

also it's pretty neat to save on heating in the winter or even get paid for it (depending on what you're mining)

...

I live somewhere where it's still hitting the 80s during the day, so it just makes me run the AC in addition to the electricity. Are there really any alt-coins that aren't scams? I see people shilling them all the time here, but I haven't been especially convinced.