Has anyone here taken out a loan to buy crypto?

inb4 OP sells low on his first dip

>>2218785
yes, its about to shoot up

>>2218785
no because there's no way to cash out

>>2218831
>this meme

Whatever helps you cope

I'm a neet
No bank would ever giver me a loan.

Easy as fuck I'm 21 and last loan I have got was for 5k got it in one day at a credit union, didn't even ask me what it was for

>>2218785
Yep. It's a bubble.

>>2218785
Serious response: Don't.
Taking out a loan to buy a highly speculative thing is not a great idea. You are banking on all your assets rising about 25% or so to cover trading fees, interest, etc to just break even. And that you have the right timing to pull out when necessary. You will lay awake at night making sure this will happen.

I would just do a little at a time, with what you can afford. Buy on your credit card, pay it off as soon as you can. Don't take out five figures on this, anon.

>>2218905
Thanks for the good response anon. The plan would be to get the loan invest in certain cryptos and leave them in cold storage. I would be able to pay off the monthly loan relatively easily and with crypto gaining in popularity so far I would expect my gains to be very worth it.

>>2218785
I got a $10,000 loan a few weeks ago and I am currently up 25%.
The weekly payments are easy for me to pay off over 5 years.
I feel the potential reward outweighs the risk for me.

>>2218905
See
>>2219628
Buying with loans is great... unless you're buying at the ATH. but OP isnt retarded, so its a good idea. Just go with something safe like BTC, ETH, XMR.

Or go buy Moon Coin, it's headed to 400 SATS!!!

>>2219628
Seems like you bought in before the great leap up. At what price would BTC or ETH or whatever you bought have to fall to before you are back to breakeven?

>>2218785
you shouldn't make currency trades on margin. If you leverage and they issue a margin call you are going to be fucked.

I maxed out my credit card on ETH when it was at $33, cashed out some at $175 to pay it and the rest of my initial investment off. Got more money than I've ever had in my life at this point, thinking about cashing out and using it to pay off my student loans and my last two years of college. I'd probably kill myself if I sold it and could have been a millionaire if I kept it though so I guess I'll just hold.

>>2219628
What's your APR%?

>>2218785
Seriously debating taking out a loan. Im already like 3k in debt but thats from pre existing things. I actually blew like 800$ on prostitutes but I am not going the do that shit again, its a waste of money desu. I made about 1000$ on crypto in this last week with a starting investment of like 800$. So its going well, I really want more capital so my gains are more substantial. I have probably 10,000$ in clothing but its all incredibly rare and hard to obtain. But I have been debating selling off my clothes to pay debt/buy more crypto. But its really hard to let go of that shit because I have been building up my archive for a number of years now.

Jesus fuck guys, this is /biz/. Shouldn't we collectively tell him that he's a retard for even considering this?

>>2219803
pretty much yes, but if he still wants to go thru with it, then well we can't say we didn't warn him.

>>2219792
>I have probably 10,000$ in clothing
this doesn't seem like a good investment senpai, why not sell it instead of hoard it? at some point you are gonna get fatter and won't be able to wear your hipster bondage gear anymore, or it will go out of fashion, etc.

>>2219628
Enjoy your debt when the market crashes and you panic sell if you're not actually larping

To clarify for you guys, I would only be investing in long term holding for BTC ETH and another coin like WAVES or REP

>>2219697
I put 40% into ETH at $132
Put about %20 into sia at $0.06
10% into NEM at $0.12
20% into Litecoin at $25
and I put the rest into some shitcoins in the hopes they might moon
.>>2219740 10% over 5 years, ends up being $70 a week which does not change my life style at all.
>>2219840
I don't sell at a loss, ever.
I will stay on the ship even when its burning until I get some returns.

>>2220190
Have you made any gains or cashed out at all?

Alright listen up.

This is assuming you aren't a complete NEET and have some credit lines at chase. Apply for chase freedom unlimited. Move every line of credit you have to this card. Lets say you got 5k. Cool. Go CVS (or if you're cool a simons mall) by 5k worth of gift cards. Take these gift cards over a couple of days to USPS or walmarts for money orders.

Boom $150 off the card bonus and 5k cash ready to go, 15 month 0% apr.

>>2218831

This is what I am thinking

>>2218785
Maybe a small loan you can afford to pay off slowly, not something that fucks you over if you lose it all.

>>2221044
Honestly i was just thinking about a 20k loan. It wouldnt be hard to pay off by the end of the year, i just dont have the money up front right now

>>2219834
I just treasure it all. The pieces are very rare and sought after. Also I wont get fat.And these pieces of clothing are timeless.

>>2218785
no dude. ive been buying and trading for 4 weeks and im starting to think unless your into day trading, theres not much profit to be made here. shit i bought 4 weeks ago sky rocketed up, then plummetd back down, then shot up again, then tanked again. all in all its a roller coaster ride up and down, but if you just plan on holding long term, so far ive just about broken even

>>2218785
Buy in slowly faggot. wait till all the hype dies down. we just hit a new ATH so its going to fall then spike LATER rather than sooner. don't expect it to just keep climbing unless there is more good news coming out.