[dtube] Borrowing Money to Buy Cryptocurrencies - Good Idea?
In this video, I'll be discussing whether it's a good idea to get into debt to buy cryptocurrencies like Bitcoin and Ethereum.
DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.
***I am in the process of adding many of my videos from YouTube on to DTube. Apologies for any posts that you've already seen before!
Original date of upload: August 16th, 2017
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I suspect that the people who would take out a mortgage to invest in Cryptocurrency are in that hopefully small subset of the population that is going to make some kind of catastrophically bad personal financial decision at some point anyway. Using Cryptocurrency as collateral in loans though does seem interesting. I wonder how people are doing the risk analysis on that. Personally, I'm not a fan of Cryptocurrency. It's no longer a practical currency and won't be again until it stabilizes. So people are apparently seeing its use as a store of value, which I'm not seeing.
I wouldn't say it better, thanks for the comment
I agree, the problem is you have to pay interest on borrowed money. We don´t yet know when Bitcoin is going to lift of for definite. Trading with leverage is always a very risky idea.
Yes I feel it is way too volatile to risk borrowing big time. I think it is like any investment, the only cast-iron-sure-fire way of knowing the movement of a coin or stock is to be able to see into the future. Absent of this clairvoyant abilty, well, you have to be pretty brave.
Always a joy to listen to your thoughts Louis.
personally terrible idea ... as it is crypto is highly, highly volatile and as the saying goes "never invest more than you can afford to lose." And borrowed money is by definition something you cannot afford to lose. cheers
In my eyes that seems as a really really really bad idea.
I will quote Tide Pods add "no, no, no, no, no, no, no"
Didn't think I'd have any comments referring to tide pods on this video xD
Well comments are like a box of chocolate you never know what you gonna get :D
I personally do not think it is a good idea to get into debt for anything , even for crypto currency , investments are risky at best , but then again you get a mortgage for a house and that can be a risk too !
Borrowing money is not something we should do without thinking through, especially true if we want to use it to buy cryptos. Considering how volatile crypto is it is better to do proper research. If not, we can easily lose money and ends up in debt. Personally though, I rather not borrow money but that is just my opinion. Thanks for the video @louisthomas.
excellent point of view, I'd say ... SELL everything you have, and live below your means for as long as you can and invest everything you can, but don't do into debt.
Fantastic point. In hindsight, I wish I sold everything I had when ETH was $10. Maybe a kidney too!
A kidney too! LOL!! I did sell everything when ETH was at $17 and Bitcoin at $450 and I still live way below my means, it's been and continues to be the adventure of my life :)
dang, risky ... but can pay off huge too haha. personally not for me
it has paid off for me big time, but you're right definitely risky and not for everyone for sure.
Great post friend, greetings very good job. I wish you luck!!
Upvoted ☝ Have a great day!
%50 is all one should risk at most, %25 if you're feeling frisky