8 ms·

Got a loan recently with 20% APR and dumped it all in bitcoin when it was at $19k. Super depressed and haven't slept for two days.

by buryat 9y ago

Crye 9y ago
Ah good on you. Just find another loan shark. There's no way this can fall anymore.
r0fl 9y ago
Life could be worse. Imagine how Mcafee will have to eat his own dick at this rate.
charlesdm 9y ago
Borrowing at 20% APR is stupid. Did you think it would end up at $XXk without any corrections along the way? That said, look back next year and perhaps things won't be as gloomy as they are today. Edit: I can't believe I'm saying this, but you might want to look at refinancing that debt using a credit card. Their APR tends to be around 10 to 13% per annum. Might as well limit the damage done.
- deleted 9y ago
  [deleted]
- bebop 9y ago
  Some will even give you 0% for a year and free debt transfers. But yeah seems like a bad idea.
cvaidya1986 9y ago
Hey man. It’s the manipulators. Also, your creativity is worth billions. That only comes from peace of mind. So focus on creating something new and amazing and valuable to the world. You’ll be happier and wealthier and more fulfilled that way. It’ll all work out buddy!
- 659087 9y ago
  I almost expected to see a "Buy my book / attend my seminar to learn more!" link at the bottom of this post.
  - cvaidya1986 9y ago
    Now you’re giving me ideas! Merry Christmas. ;)
aphextron 9y ago
Is this a joke? You can't be serious
popz41 9y ago
20%?! Thats worse then most credit cards!
loteck 9y ago
This chart may help encourage you, if you can handle the squeeze. https://www.buybitcoinworldwide.com/volatility-index/ https://www.buybitcoinworldwide.com/volatility-index/
vthallam 9y ago
I hope this is a joke or sarcasm. But if not, you should definitely not invest money that's not your's, no matter what you think you will miss out on. As you know that's part of the investing 101. But on the brighter side, there are far too many people involved for this to go full bust, the tech is solid, there's more and more exchanges launching associated products(bitcoin futures), Goldman is launching a full trading desk. It's a thing now, just don't sell it yet and HODL. I hope you at least get your money back.
- bcg1 9y ago
  Bitcoin absolutely could go full bust. It is not a physical commodity, there is no utility outside of its perceived value. It is not a company, so it doesn't even have book value as its floor. And the technology is open source and well known, so there is nothing special or scarce about Bitcoin technology at this point. Even the companies that have capital investments in Bitcoin hardware could just repurpose that for a forked coin or possibly some other purpose altogether
  - hesdeadjim 9y ago
    The best thing for Bitcoin as a technology would be to stabilize in price and have lightning networks solve the scalability problem. The moment we can actually use it for it's original intended purpose and not a speculative asset, the sooner we can see innovation take hold. Of course this ignores how hamstrung the technology is by the IRS treating it as property subject to capital gains tax. If I have to worry about paying tax anytime it is converted to fiat or exchanged for goods and services of real value, the less motivated I am to do so.
  - mrtksn 9y ago
    I'm not sure about this argument. You can also make a perfect copy of Facebook and you wont have a facebook. The brand is what makes Bitcoin, just like most of the companies that have perfectly good competitors with the same or better product utility but nowhere the market or profits. For Bitcoin to die out, every single person needs to decide that doesn't want it.
hesdeadjim 9y ago
And this is why I struggle with a moral quandary every time I make money off this crypto craze. Where is the money coming from when I sell? What percent of it is from someone else making a very poor financial decision in a desperate move to elevate their financial position? I believe most people would answer "who cares" as long as they are getting theirs. But if you are someone who believes those with money have a responsibility to help elevate those without, it's real hard to not feel dirty when you are one of the people seeing profits.
dmos62 9y ago
You'll do fine. Invest those bitcoins to altcoins, like Ripple or Ethereum. Cryptocurrency capitalisation is still steadily increasing. People are just dumping BTC for altcoins now, which is normal at the end of a strong uptrend. 6 months ago it was the opposite, i.e. altcoins rallied and then were dumped for Bitcoin. Just don't panic. If you're trying to participate in this, you can't take it too seriously, otherwise emotions will wreak havoc on your decision making. The whole trick is riding these waves, without expecting them to be constant. One piece of long term advice would be to keep greed in check. It's better to make small profits and be calm, than make large profits and be nervous. Another advice is, before entering a trade, have a clearcut plan of where you will take profit in case the trade goes your way, and where you will leave if it goes against you. I know the emotional trip can be tough. I added my email to my user page, so get in touch if you need any kind of support, technical or otherwise.
nealwu 9y ago
This person is trolling all of you. Look at this post he/she made nearly four years ago: https://news.ycombinator.com/item?id=7803526 https://news.ycombinator.com/item?id=7803526
- buryat 9y ago
  I sold back then when it dropped to $300, wanted to get back into bitcoin, who knew that I'm going to buy high

Got a loan recently with 20% APR and dumped it all in bitcoin when it was at $19k. Super depressed and haven't slept for two days.

by buryat 9y ago

Got a loan recently with 20% APR and dumped it all in bitcoin when it was at $19k. Super depressed and haven't slept for two days.

Crye 9y ago

Ah good on you. Just find another loan shark. There's no way this can fall anymore.

r0fl 9y ago

Life could be worse. Imagine how Mcafee will have to eat his own dick at this rate.

charlesdm 9y ago

Borrowing at 20% APR is stupid. Did you think it would end up at $XXk without any corrections along the way? That said, look back next year and perhaps things won't be as gloomy as they are today. Edit: I can't believe I'm saying this, but you might want to look at refinancing that debt using a credit card. Their APR tends to be around 10 to 13% per annum. Might as well limit the damage done.

deleted 9y ago
[deleted]
bebop 9y ago
Some will even give you 0% for a year and free debt transfers. But yeah seems like a bad idea.

cvaidya1986 9y ago

Hey man. It’s the manipulators. Also, your creativity is worth billions. That only comes from peace of mind. So focus on creating something new and amazing and valuable to the world. You’ll be happier and wealthier and more fulfilled that way. It’ll all work out buddy!

659087 9y ago
I almost expected to see a "Buy my book / attend my seminar to learn more!" link at the bottom of this post.
- cvaidya1986 9y ago
  Now you’re giving me ideas! Merry Christmas. ;)

aphextron 9y ago

Is this a joke? You can't be serious

popz41 9y ago

20%?! Thats worse then most credit cards!

loteck 9y ago

This chart may help encourage you, if you can handle the squeeze. https://www.buybitcoinworldwide.com/volatility-index/ https://www.buybitcoinworldwide.com/volatility-index/

vthallam 9y ago

I hope this is a joke or sarcasm. But if not, you should definitely not invest money that's not your's, no matter what you think you will miss out on. As you know that's part of the investing 101. But on the brighter side, there are far too many people involved for this to go full bust, the tech is solid, there's more and more exchanges launching associated products(bitcoin futures), Goldman is launching a full trading desk. It's a thing now, just don't sell it yet and HODL. I hope you at least get your money back.

bcg1 9y ago
Bitcoin absolutely could go full bust. It is not a physical commodity, there is no utility outside of its perceived value. It is not a company, so it doesn't even have book value as its floor. And the technology is open source and well known, so there is nothing special or scarce about Bitcoin technology at this point. Even the companies that have capital investments in Bitcoin hardware could just repurpose that for a forked coin or possibly some other purpose altogether
- hesdeadjim 9y ago
  The best thing for Bitcoin as a technology would be to stabilize in price and have lightning networks solve the scalability problem. The moment we can actually use it for it's original intended purpose and not a speculative asset, the sooner we can see innovation take hold. Of course this ignores how hamstrung the technology is by the IRS treating it as property subject to capital gains tax. If I have to worry about paying tax anytime it is converted to fiat or exchanged for goods and services of real value, the less motivated I am to do so.
- mrtksn 9y ago
  I'm not sure about this argument. You can also make a perfect copy of Facebook and you wont have a facebook. The brand is what makes Bitcoin, just like most of the companies that have perfectly good competitors with the same or better product utility but nowhere the market or profits. For Bitcoin to die out, every single person needs to decide that doesn't want it.

hesdeadjim 9y ago

And this is why I struggle with a moral quandary every time I make money off this crypto craze. Where is the money coming from when I sell? What percent of it is from someone else making a very poor financial decision in a desperate move to elevate their financial position? I believe most people would answer "who cares" as long as they are getting theirs. But if you are someone who believes those with money have a responsibility to help elevate those without, it's real hard to not feel dirty when you are one of the people seeing profits.

dmos62 9y ago

You'll do fine. Invest those bitcoins to altcoins, like Ripple or Ethereum. Cryptocurrency capitalisation is still steadily increasing. People are just dumping BTC for altcoins now, which is normal at the end of a strong uptrend. 6 months ago it was the opposite, i.e. altcoins rallied and then were dumped for Bitcoin. Just don't panic. If you're trying to participate in this, you can't take it too seriously, otherwise emotions will wreak havoc on your decision making. The whole trick is riding these waves, without expecting them to be constant. One piece of long term advice would be to keep greed in check. It's better to make small profits and be calm, than make large profits and be nervous. Another advice is, before entering a trade, have a clearcut plan of where you will take profit in case the trade goes your way, and where you will leave if it goes against you. I know the emotional trip can be tough. I added my email to my user page, so get in touch if you need any kind of support, technical or otherwise.

nealwu 9y ago

This person is trolling all of you. Look at this post he/she made nearly four years ago: https://news.ycombinator.com/item?id=7803526 https://news.ycombinator.com/item?id=7803526

buryat 9y ago
I sold back then when it dropped to $300, wanted to get back into bitcoin, who knew that I'm going to buy high