Dying man claims he just borrowed $325K to go all-in on bitcoin amid record highs
Bitcoin exploded past $1,700 Tuesday, taking out new highs as 2017’s remarkable run for all virtual currencies spilled into another day.
A man going by the cyber handle gingerbreadfutters, if his post on Reddit is to be believed, isn’t taking profits. No, in fact, just the opposite. He says he’s taking out an equity loan of $325,239 on his house to buy 191 bitcoin BTCUSD, +0.12% Yikes.
The catch, he claims, is that he has an undisclosed terminal disease, which frees him up to take such a ridiculous risk.
A lot of people have apparently criticized this man for doing such a 'stupid' thing but I don't think it's that stupid as long as he understands the risk.
If he doesn't care to loose his house and if he lives in a state where the bank can't go after you for the loss on the house then I think It's a good plan. Personally I'd go half gold and the other half bitcoin because gold has never been worth zero in it's 5,000 year history as money. Also, if you keep the gold in a safe location like buried in your backyard then good luck to the bank if you declare bankruptcy and they see you have zero dollars in the system.
If bitcoin goes to $10,000 in a year or two then you made a nice three quarters of a million dollars in profit plus whatever gold has done it that time frame too.
The worst case scenario is you loose all the banks money and your house. So you declare bankruptcy and live your last years on Earth in a crappy apartment living off the government.
https://www.reddit.com/r/Bitcoin/comments/6a3lvd/today_i_took_out_a_325239_equity_loan_on_my_house/
Gingerbreadfutters breaking the system #LOL
Heck ya, screw the banks use their money against them :)
This sounds vaguely familiar. Remember the peak of the dotcom/tech bubble in 2000?
The only difference here is that the government and big banks can't control the price to crash the system when they feel like it.
YES! I Say Go For IT! Seriously How BRAINWASHED & Dulled out does anyone have to be to criticize this guy. Whether this Gamble pays off or not - is beside the point. Suppose he played it safe his whole life- like lots of people & he wakes up one day to find he's got nothing- & now TERMINAL Medical Condition- YAHH Keep Playing It Safe Folks. Never Do the Unexpected. If you can't say FUCK IT & Have Some Balls & Do SOMETHING- YOU WANT TO DO- NEAR THE END- When you going to do it- after you're in the grave?
GOOD FOR HIM!
I love it when humans get super logical and weird. Go for it GBFutters!