Getting a loan to invest in crypto

Guys I'm strongly considering it. I've been doing pretty well but don't really have enough capital for decent gains.
Have you done it?
How much did you take out?
How has it gone?
Do you recommend?

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It's bad enough when the market drops, it would be even worse if/when you had to make that monthly payment on your worthless bags.

I wouldn't recommend it, user.

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I would only do this if you're literally willing to commit suicide if it fails

Do it faggot. Take out more money than you can afford. Put it in some shit coin in hopes of making 100x.
Then one night you wake up the the sound of phone notifications: this is it, the entire goddamn market is crashing. Every exchange has crashed from the stampede of fear.
Everyone is thinking the same thing: why the FUCK did we think we were all going to be driving lambos? Who was going to foot the bill?
You sit in utter shock, refreshing over and over, staring at the server error message, watching your coins drop to zero.

This whole thing could crumble at any minute. And every dollar you have tied up in crypto would end up in someone else's pocket. So go ahead and take out that loan, but keep enough of it to buy a good strong rope just in case.

Never gamble with borrowed money.

Why? I've got a job. I'd be able to make all the payments on time no matter what

do it pussy

99% on iotchain

1% on rope

rope is your exit strategy

You should definitely do it. I did it. And now I am a millionaire.

Just start with a smaller amount.

It doesn’t take long to get turn $1000 into $3000, or $3000 into $10000 in this world

>the perfect exit scam

yeah there's absolutely no downside to playing with a few thousands, especially if you've got a job, you aren't going to get kicked out of your home
if you actually manage to make 10k you can reconsider playing with more

don't invest money you don't have, and can't lose.

You're going to panic if you lose any shred of money, you realize that right?

liquidate your assets,
quit your job
max your credit cards, line of credit, loans and payday cheques

put everything into crypto, they can't find it and cash out after you've declared bankruptcy

Don't do this dumb shit, don't make crypto the Mortgage-crisis-2.0

I was in debt and had a lump sum consolidation loan of $40k to pay it off. I took $20k of that and put it into crypto back In August. My crypto is now worth $160k.

This could happen for you. Or this could be the worst decision of your life that puts you in serious debt.

you dont need a loan to get into crypto

$100 can turn into $10k

if you don't have excess of $100 you need to figure your life out first

>Have you done it?
Yes, in early December.
>How much did you take out?
40k. That's 2/3 year's salary for me.
>How has it gone?
Went great. Things went sideways for most of December, but on a very strong hunch I went all in on XLM when it was 0.22 around christmas. So I'm 4x now and rising.
>Do you recommend?
Honestly, if you can afford the payments no matter what happens to your principal, and if you're dead-set on escaping the rat race ASAP, I would say yes. Of course it's extremely risky, but from my perspective with my loan, I looked at it like this: Worst case scenario is I lose all the principal in a crash or a hack, and I'm stuck wage slaving for 33 more years instead of 30. Best case scenario, I make millions and reduce that figure to 1-2 years tops. For me, it was worth the risk for the chance to recover the next 3 decades of my life and escape slavecuckery for good.

>Blockchain tech has no real value and the entire market will crash
Retard.

I just applied for 50k - seems like a once in a lifetime opportunity to change my life

you are an actual fucking idiot and I really hope you don't

I put it on my card. $3000, but my stash is at $3700 so if I cash out I am still winning even after 10% apr.

The question isn't whether you can get 20% gains over a few days in this retarded bubble market, but what you're going to do if it crashes overnight or underperforms in the mid-term.

I took out a credit card for crypto, put $500 in and made 2.5k got can pay that risk off now and just hopefully make more shekels.

Well done. I borrowed against my 401k, tripled my investment in 5 months and didn't know shit about crypto so made some bad trades along the way. Probably could have 10x it starting today.

Worst case I have to pay back the 401k loan anyways but the way I see it is that money would have probably gone into crypto a little at a time over 5 years, too late to moon.

The value of the technology has nothing at all to do with the greed fueled ponzi schemes.

That's why you invest into something that actually has a real product and actual real partnerships. Stop investing in speculative value and start investing in something that will have real life adoption. Retard.

Yep 6 coins 4 for solid tech - 2 for milking the ponzi.

Not yet but I'm considering it.
sofi.com $100k loan @6.575%. Monthly payment would be $1960.13 for 60 months.

So how are we gonna avoid taxes when we're able to live off of our investments? I don't want to make all this money just to give it to the taxman

I’m about to take out a 5k loan. Don’t do anything you can’t afford to pay back with fiat. My situation is such that I’ll make 250 dollar payments each month for 2 years. Not a big deal at all, and that money was going to be put into crypto each month anyway. Why not get the money up front and pay the loan back without losing potential gains from the crypto you’re buying. Do as much research as you can on the coins of your choosing and just don’t take out anything more than you could truly afford to lose. I’ve already made 10k but I want to be able to put a little more in before we go absolutely apeshit this year and mass adoption takes place. Honestly, if you can’t take out a 5k loan for the potential to 100x what kind of pussy are you?

Have you already tried the market with a small amount first?

In my experience when I put more money I became somewhat more stupid with my trades, so try to get some experience first before doing something like this. But if you're confident, go do it

Godspeed user

>I'd be able to make all the payments on time no matter what

So save that money and invest in crypto you retard. You're just making excuses.

I took a loan on my truck and diverted about 4k into crypto. I also tried to pawn my guns but the offer was too low, even for lumens.

So how would taxes work then? Someone takes out a $1k loan, does a trade and say it goes up to $2k but then crashes, are you still taxed on the $1k difference even if the crypto is down to 0?

No, you are taxed on gains only, which is why the tax is called capital gains tax.

Do not gamble with money you don't have.

I would guess that being a loan doesn't matter. As soon as any money from anywhere buys a coin, it becomes capital gains and losses.

How to fuck yourself for life in ONE easy step!

>be me
>just lost my job
>get offer in the mail from my bank
>0% interest for 18 months, free balance transfers
>whynot.csv
>move my balance from my "cost of living while no income" rewards card for free
>plop down 5k in crypto, move into alts
>2x in a week
>feelsgoodman.svg
>get a new job
>paying card down while portfolio continues to moon

If you can get it at 0% interest it's basically free money tbqhwufam. I was piddling along until I actually had some capital to stake, all the stories about compounding interest are true.

Getting raped by interest while you get JUSTed in the market doesn't sound fun though. Would probably avoid that.