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RE: Question of the Day. Should I Borrow Money to Buy Crypto Currencies?

in #bitcoin7 years ago (edited)

This is a BIG NO NO!

I was in this space when BTC was $25 and I saw the price skyrocketing.
So I started to spend all my cash on BTC and my credit cards with low interest were used for my daily living expenses. It was great for awhile I was able to accumulate over 500 BTC.

I got greedy and thought I was so smart. I didnt want my coins to just sit on the sidelines I wanted to grow them so I started to invest in mining and other ventures.

Long story short I lost over 500 BTC from hacks and then the price dropped substantially. Mining was no longer economically feasible the coins I had left were not keeping up with my interest rates. I had to sell hardware at a lost and sell the majority of my precious coins to pay off debt.

Luckily, I was able to hold onto a measly $2000 worth of different coins. I did not give up and stayed in the game. With the most recent run-up Im now at a break even for all of the $USD I initially invested.

To reiterate do not borrow. It's too stressful.

Good luck all!

Resteeming

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Wow, one more story that makes me cringe. I hope you make it back to the 500 BTC.

I seriously doubt I will ever get 500 BTC back unless there is a HUGE correction. Right now I just be happy with getting back some of the USD.

Thanks!

@Hilarski I know what you mean.. :D It's a crazy story hey

That is the craziest story I have heard in a long time @SneakGeekz.. I'm sorry you had to go through that :O Seriously hectic! But well done for having balls, and keeping on husteling!!

You know that old adage ,"Failure is not an option" its one of my mantra's.
I can be charged with over paying for a life lesson but I can never be accused of not learning from it.
My whole life is filled with very valuable lessons that came at a very high price.

The cool thing is that life never gives you more than you can handle as long as your karma is balanced.
and who doesn't love a come back story.

Please give me 6 minutes of your time and watch these incredibly motivational videos.

Beast mode bro beans. Honestly respect you more now. I mean, from talking on Insta, I learnt quite a lot from you, but nothing is ever as powerful as the RARA (success story)! You sound like my kind of personality. Glad we were able to connect 💪🏻🙌🏻

Thank you for your kind words. Its always appreciated.