I feel like I've found the Holy Grail of investing because I can't see any possible way this can lose money. I've recently found out about payday loans where they basically give you money with no strings attached and you just have to pay it back at a later date. I thought about taking out a few of these and buying Bitcoin but then I found something unbelievable.
There are exchanges that let you trade on something called "margin" - I'm not sure what that is but it looks like you can get 10X your gains without any downside. Basically if Bitcoin goes up $1,000 you profit $10,000. I have no idea how they can afford to give away free money but it's all in black and white.
So all day I've basically been taking out payday loans - I'm up to almost $50,000 since there are so many companies and none of them check each other. There's practically no credit checks or anything involved so you can keep borrowing. And I've been using the money to "go long" on Bitcoin at 10X margin.
There is no possible way to lose money because you have a 50% chance of it going up or down yet can make 10X your profits. And if anything happens I just need to take out more payday loans to pay the original one. I'm sharing this information with you all in confidence but don't go blabbing it to everyone you see.
Zachary Collins
NO MY FINANCIAL MARKETS DEFEATED BY A LOWLY NEET FROG
Michael Myers
You gon die, kid
Jaxon Powell
Payday loans are not the only loan you can take. I advise you to talk to your bank if they offer any other loans. We are literally getting rich on jew money here.
Xavier Wood
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Hunter Ross
i get you're memeing but when i was young and stupid, around 21-23 years old, i got stuck in the payday loan shit; basically as soon as i paid a loan i'd need to instantly take another one so i had money to pay the bills, eventually i was taking other payday loans to pay off other payday loans, signing up for credit cards to pay payday loans/credit cards
ended up around $220k in debt, eventually just declared bankruptcy. was a bad time. I'm in my mid 30s now tho so that shits long behind me
Chase Wilson
No, won't bite
Henry Mitchell
Thanks op I'm gonna have my cousin do this since he's 18 and I'll cosign on all his stuff if he goes bankrupt
Jack Watson
>payday loans where they basically give you money with no strings attached Not true. Payday loans do have strings attached: required collateral from car title, or, bank account access, or, tax information from W-2. These are not all the kinds of payday loans, but it's best to know your debt when you are going into debt. If you pay back the loan before required, there is no penalty, but if you don't pay it back, you might be losing your car. It would be cool to mention that next time OP.
Ian White
y-yes yes goy you did! oh no! what ever shall I do!
Liam Wilson
Can you not get a personal loan? I got 50,,000 from wells fargo in decemeber. I went all in on btc @ 18.7, I'm in the red but I'm making payments. I fugure by the end of the year I"ll be up big. I did lose a little bit trading on the margin at bittmex, but I'm sure BTC will reach 100k this year.
Hang in there OP you'll make it;.
Carson Rivera
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Ryan Nguyen
Why don't you go further with this... Take out 2 $1,000 loans bet long on one bet short on the other
the one that you win, now you have an extra $9,000 to pay off the loss on the alternate one surely there is a flaw in this?
Easton Baker
Wait...what is the flaw in this?
Andrew Roberts
jesus...... fomo
TA next tiem?
Wyatt Rodriguez
STOP BUYING VALUABLE ASSET WITH WORTHLESS FIAT PLEB!
Xavier Adams
if you have $1k short/long with 10x leverage it means that every % gain/loss in BTC price is multiplied by 10, so a 1% gain/loss becomes 10%, a 10% becomes 100%
So if it goes the wrong direction in price by 10%, you get liquidated (100% of your capital is gone)
whereas to turn $1k into $10k you'd need the price to move in the right direction by 100% (which would get 10x'd into 1000%)
So what's more likely, that the price of BTC gains/loses 10%? or that it doubles or halves? Obviously 10%, so you likely get liquidated one direction then liquidated the other direction, which is why it's a horrible idea.
Gavin Fisher
Fuck... and I thought I had it bad wasting 6k throwing it into shitcoins near ATH and losing 55%, at least BTC will be going up to 50k for sure this year, so you'll at least 2.5x your money soon enough.
Camden Foster
Vechina to 1000 this year
Thomas Jackson
are you out of debt now? you know you had the right idea back then trying to leverage debt to make bank which is the way to do it. you just did it with bad debt instead of good debt.
