One thing that I am very excited about is how bitcoin is the first private money of the world vs the public fiats of the world. Now people have an option between controlled state monies or private limited supply money. The value over time will speak for itself as all fiats eventually fail due to inflation. Bitcoin is great because it can transcend the eras of fiats as it is valued globally & simply a more fair measuring stick of value, controlled by no one.
I'm looking to earn sats and I'd like to do so while spreading the news & information about Bitcoin & Lightning to the communities around me. I try to spread it anyways but it would be awesome to stack a few sats while doing it! If you have an offer or know of any hit me up.
How dumb is it to take out a credit to buy a big chunk of bitcoin soon-ish? I'll wait until the next FOMC meeting at least.
I know a lot of people say no, never go into debt to buy bitcoin but if I don't overleverage myself and keep the monthly payments reasonable, I start to believe it's a no-brainer if I'll never sell my bitcoin anyway?
Maybe I start to get too greedy. But it's also hilarious to think to use the current system based on debt to buy the hardest asset in the world, haha
Damn. They want to meet me in person because I am a student but their website doesn't work to create an appointment, lol.
Update: Ah, worked now for some reason. I have an appointment for next Thursday. Let's see if they'll laugh at me for buying bitcoin, haha. Not sure if I even have to tell them that. I'll do some research
No. Never tell to the bank what you gonna do with your money.
Invent whatever any other reason / destination.
Will be interesting to see if they will give it to you in cash.
You should watch this nice spanish movie (EN subs) El concursante about a guy that won a lottery but the bank is not giving him cash, but a lot of "credit" to spend. Very good movie.
BTW, be aware, when you go to a bank for a loan, in the moment you sign the papers, that credit was already sold as a debt to others, so you actually pay for a debt that it doesn't exist anymore.
I know a case when the guy, get back to the bank and send them an official letter to prove the source of the money in their balance sheets from where they gave him that loan and what was the damage done if he will not pay it back.
After some letters fight back and forth, the guy won and never paid back the loan.
I will look into finding the video, is quite old, where the guy explained all the story.
In other words, they literally create new fictitious money with your signature.
They will probably ask it, but you could say it's for miscellanous expenses. E.g. buying a bicycle or smth. They don't need to know what it's for. Only that you can repay them.
They might reject your loan if you tell them. However, I think even Peter McCormack took out a loan years ago to buy btc and the bank knew what it was for. Some banks hate bitcoin and block tx to exhanges, others see no problem as long as you can service the debt.
I would just move the money to another bank first, for privacy reasons.
I think it's pretty dumb. Bitcoin could drop 50% tomorrow. It's risky and gambling, but historically has paid off handsomely. History is not an accurate prediction of the future, however..
The fundamentals are the same, but the fundamentals are worth ~$20k.
The fundamentals were worth $20k in December 2017, but were worth $3k in 2018/19/20.
It's risky and gambling because no one (including you) knows what the price will be tomorrow. Can you stomach a 50% drop for 1-3 years? I am a bull, but could see it dropping lower in the next year or two.
As mentioned in another comment, yes I can. I am not thinking about 1-3 years. I am thinking about 5+ years.
Yes, I can see it drop lower, too. I still have to decide if I want to put it all in now or spread it out like I did with my monthly salary for the past 2 years. I have an appointment on Thursday: #71379
How will you be able to buy cheaper if you already blew your load at $20k?
I hope you understand what I'm getting at, which is that nobody knows the price tomorrow. Your best bet is to buy with money you already own, and it is you alone who must weigh the risks (and there are many) of taking out a loan to buy bitcoin.
If you are sure you can service the monthly payments without any problem, I think it's ok. But if it takes more than 15%-20% out of your paycheck, I wouldn't do it.
It's a speculative attack on the Euro in essence. I think it makes sense.
The current situation between north and south Europe. Increasing pressure from political parties to exit the EU (see Brexit). I don't want to say I don't like the EU. But there are definitely some problems with it.
If I'll lose my job I'll be fucked for a while until I found a new job
I did something similar. Opened a 0% credit card and used that for my regular fiat purchases. The fiat I didn't spend because of the card has gone into buying Bitcoin. As the 0% gets close to expiring, if I haven't paid off the card, I'll open another 0% card and transfer the balance.
Got the idea from @DEEPFUCKINGHODL on Twitter. He's apparently done this multiple times. So far it's working well.
I did this back in March 2020. When Bitcoin had that crash almost to $3k I took one of my credit cards and did a huge purchase then did a “DCA” over the next 12 months to pay it off with a 0% balance transfer with a one time 5% fee. When BTC went to $69k it was an amazing trade in fiat terms I could have easily sold the BTC to cover the credit card but I didn’t. I just used the cash flows from my fiat job to pay off the card and kept the sats in cold storage
Yes, anything that I normally would have bought with fiat, I put on the credit card instead. No monthly limit, just ensure you don't overspend more than you normally would. I paid on it occasionally with my Fold card, but I've stacked so much more Bitcoin doing this.
The question is, how long could you tolerate a bear market, if you're buying Bitcoin on credit? If the price stayed like this for four more years, would you be toast?
Bitcoin is the hardest asset in the world, but it doesn't have to behave on our schedule. I believe the market will shake out all but the longest term holders.
If the price stayed like this for four more years, would you be toast?
No, the price could drop to 0 and I wouldn't have a problem since I still earn fiat and have no other liabilities except a credit where I pay 25€ per month but I don't see this becoming a problem. The only problem I see would be if I lose my job, but that's a risk independent of bitcoin's price in my opinion. And I would have bigger problems then. I also feel pretty safe in my job (or easy to change jobs).
So I could tolerate the bear market indefinitely pretty much.
I basically just want to put my money where my mouth is without doing anything seriously stupid, haha
Depends how much of Bitcoin Maxi you are...
If you buy BTC just as an "investment"... don't do it.
If you buy BTC to FUCK THE BANKS... DO IT.
People who start learning about how money works end up being bitcoin maximalists.
I am in Bitcoinlandia from 2012 and never stopped stacking sats.
In 2015 I took a loan from a bank and bought all the way BTC.
In 2016 I took out all the money I had in a pension fund and I bought all the way BTC.
In 2017 I emptied all my bank accounts and bought BTC, all the way.
If you have a way of life that you can afford to pay back that loan in shitcoin fiat, DO IT. If you do not have it, then leave it. Just sell your car, sell your house, live simple and stack more.
I NEVER REGRET THAT. Now I have ZERO money in a bank and closed 99% of them. Almost not even using a bank anymore.