[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   

File: 65 KB, 800x600, IMG_6836.jpg [View same] [iqdb] [saucenao] [google]
57596785 No.57596785 [Reply] [Original]

I want to take out a $10-15k personal loan for investing (crypto obviously), but I’m young so it’s next to impossible to get a loan. No institution outside of jewish payday loan companies is willing to offer me anything without a co-signer. I don’t want to have to involve anyone else, but it might be the only way for me to get ahead and take advantage of crypto gains. Even if I get a part-time job, it won’t net me $10k or even $5k in time for the bullrun. What does /biz/ suggest? I already asked my parents and they aren’t willing to do it

>> No.57596807

Get a job, hit the oil rigs nigga.

>> No.57596811

Skill issue

>> No.57596831

I’m going to law school eventually, but I’m currently in school. I’m not getting a full-time job anon. The loan is seemingly my best bet

>> No.57596848

I didn’t ask to be born in 2002

>> No.57596916

So you're a child with no assets who wants to take out a bank loan against someone else's credit to gamble on the crypto market?


>> No.57596952

I know what I’m doing though. I’m not going to buy retarded dogcoins, just split between two top 25 coins or even all in on one. From what I read here, anons took out loans to buy LINK at ICO prices, Sam Hyde used credit card debt (not an option for me) to cryptomaxx, etc.
I wish I could have the debt fall on me, but the process demands a co-signer — unless there’s some funding alternative I am overlooking.

>> No.57596967

Btw I actually do have SOME valuable assets (guns and some gold), but I will never give them up / offer them up as collateral.

>> No.57597099

Nigga if even your parents won't lend you the money why would anyone else. I bet you do a lot of other dumb shit as well.

>> No.57597112

>borrowing money to spend at the shitcoin casino
holy shit, i hope this is a troll
you're going to go fucking bankrupt
you are in for more pain than you can imagine

>> No.57597145

Anon, I did in 2022, what you are trying to do right now. You are obviously new around here, like I was back then. In retrospect, my loan was a huge mistake that I had to make up for by working 50+ hours per week for 2 years. One of the rules of investing is to not invest more than you can afford to lose (don't invest money that isn't yours, ie debt). There is a good reason that rule exists. I didn't listen to it and I paid the price.

You are setting yourself up for an even more dangerous position than I did. You don't have a means to pay it back if your bet goes against you. And you are willing to make someone else legally liable for your decisions. Bad idea.

>> No.57597229

And what did you invest it in?
It wouldn’t be the shitcoin casino, it would be ETH or BCH. Chill out

>> No.57597320

Unironically LINK.

>> No.57597395

Okay so you invested at the time the bullrun was ending? Had you done it before, as I would be doing, you would have profited 2-3x

>> No.57597442

>It wouldn’t be the shitcoin casino, it would be ETH or BCH. Chill out
You're going to lose your shirt. This is really stupid.

>> No.57597456

Its a stupid idea
It sounds good in your head, but it really is stupid

>> No.57597488

What is my alternative? Just be a good little boy and save up for another 4-5 years before the next cycle which might not even come? Fuck that. I want to take advantage of this thing before it’s tamed. Maybe you’re okay having to work forever, but I’m not. I’m young and I can afford to take risks

>> No.57597507

>What is my alternative? Just be a good little boy and save up for another 4-5 years before the next cycle which might not even come?
The tortoise smokes the rabbit anon. Slow and steady wins the race. Work hard and be smart and only invest what you can afford to lose. You'll get there.

>> No.57597575

>BTC has made 300% gains since it's bear market low
>we are sooooo early bros

You think I didn't believe the bullmarket was going to continue, just like you think it will continue right now? Nobody would have been able to convince me otherwise and odds are that you will ignore my advice, as well.

I will leave you with this one last piece of advice: Regardless of whether your bet turns out good or bad, do everything in your power to not fuck over your co-signer. A relationship with a person you can trust is infinitely valuable and it would be a real shame if such a relationship were to be destroyed over 10 fuckin thousand dollars.

>> No.57597611

I know what you mean. If I could take out a student loan and just use that to invest, thereby not putting anyone else at risk, I would. There’s no process of which I’m aware that gives out money so twenty-somethings can invest, so this is really my only recourse if I believe there is a bull market coming (and I do).

>> No.57597725

Try the mafia.

>> No.57597751

If you knew what you were doing you wouldn't be a 20 year old who needs to borrow a pissant sum of money as "startup capital". Stay in your lane retard

>> No.57597789

>It wouldn’t be the shitcoin casino, it would be ETH or BCH
Everything besides XMR is a pokemom card digital casino and even xmr is crabbing 150$ for a long time.

Everything is a casono with crypto

Even if you get lucky, you will gamble again and fuck it all up.

If you are broke and want to invest. I eould suggest something that is cheap to grow, like quail or chickens, sell eggs and meat. Or blueberrys... or shitake or something. Sell it, use the 80% of the profit for a vangard ETF. Gable 10-20% on crypto and silver

>> No.57597805

Try meth, crack and BWC or fentanyl and BBC if you are into that

>> No.57597826

If I wanted to work I would just get a job as a legal assistant before law school. Ideally it doesn’t have to come to that

>> No.57597857
File: 7 KB, 224x219, MaduroCastro.jpg [View same] [iqdb] [saucenao] [google]

this is good advice, every other reply in the thread can be ignored

anon we're at the tail end of a 15-year credit expansion cycle. The government is borrowing $1 for every $3 it spends. Right now is a TERRIBLE time to invest in anything, especially using borrowed funds.

Also, for the love of God, do not buy BCH. Please write down on a piece of paper that you wanted to borrow $10k to buy BCH and then hide the paper somewhere, so a decade from now you can find it and laugh at how silly you were when you were 20, and utter a prayer of gratitude that you didn't follow through.

>> No.57597938

What is your argument against BCH? I’ve heard them all pretty much

>> No.57598001
File: 58 KB, 657x718, YouAreHere_BellCurve.png [View same] [iqdb] [saucenao] [google]

>im too stupid to save 10k
>how do i find someone stupider than me to cosign
>to invest in crypto

what could go wrong really?

>> No.57598017

You can always go to aave, and use everything they give you to pull a Dplay jackpot never seen before

>> No.57598028
File: 15 KB, 512x512, tnz4Ql4QaB.jpg [View same] [iqdb] [saucenao] [google]

what a perfect opportunity to invest in some top rate crypto such as doge and shiba those coins totally haven't had their pump and dump phase already pass i can really see a clear path for the only smart decision and it is to put 100% of your portfolio into $shib because you will literally never lose and you will definitely 10000x within 8 months guaranteed there is literally no way this doesn't work and i would definitely recommend selling everything you possibly can to put as much money as you can into this incredibly secure investment

>> No.57598033
File: 115 KB, 1200x852, CwRdvY7WEAESbFY.jpg [View same] [iqdb] [saucenao] [google]

a much better question is, what's the argument for BCH?

it sucks as digital money. 10 minute confirmation times. Zero adoption after 8 years.

why would people adopt BCH for payments? If people wanted to buy coffee using crypto, there are better options out there like Ripple.

But people don't want to pay for coffee using crypto. That investment narrative is dead.

Ultimately crypto is either valuable for its utility, or it's valuable as a store of value.

BTC is the only store of value crypto.

BCH sucks at the one utility it's supposed to have.

I promise you that 30-year-old yourself will agree with me!

>> No.57598039

>I know what I’m doing though. I’m not going to buy retarded dogcoins, just split between two top 25 coins or even all in on one
Nice, I like your risk management.

>> No.57598049

I hope whoever you manage to trick into ruining their credit is a vengeful person.

>> No.57598065
File: 2.91 MB, 870x720, 1705963143627690.webm [View same] [iqdb] [saucenao] [google]

Checked. I like the way you think. What crypto do you hold for short/medium term? And what do you hold for long term?

>> No.57598071

i agree with this anon. put a little hair on your nuts before you start this shit. or you aint gonna make it.

>> No.57598113
File: 169 KB, 749x603, prosperity_ruin.jpg [View same] [iqdb] [saucenao] [google]

I'm a BTC maximalist. I sold all my alts between 2020 and 2022.

I think there are a few cryptos with good utility like ETH or LINK but I have no idea how to value them so I don't think it's worth holding them.

"Bitcoin is digital gold" is a simple narrative that all 7 billion humans can understand and use. All humans share in common paper money that's constantly devaluing and therefore everyone can benefit from keeping their money in a deflationary asset like bitcoin.

>> No.57598181

get a job and grind airdrops. also the bull run started some time ago. still plenty of upside, but you should be collecting ammo for the next cycle because you're likely not gonna make it this one.

>> No.57598207

>next cycle
Bro shut the fuck up it’s February 2024 not 2025

>> No.57598231

You are a top signal tho and not early anymore

>> No.57598262


>> No.57598298

Get a student loan for more than a year's tuition, say it's for living expenses or something.

>> No.57598341

It won’t work I already explored that

>> No.57598405
File: 31 KB, 96x96, 1701612010687565.gif [View same] [iqdb] [saucenao] [google]

ITT: newfag asks oldfags for their wisdom and proceeds to do what he had already decided to do before he even made the thread. Many such cases. Remember OP, you get what you fucking deserve.

>> No.57598596

I wasn’t asking “should I do this”, I was asking for specific advice on how to do it. If you are all “oldfags”, then it’s annoying that you all seem to be rooting for me to fail. You should be above that sort of thing if you’re gonna be on a high horse.

Plus, it’s not like I’d be gambling on shitcoins. ETH and BCH are legit coins and investments. You’re just a midwit if you don’t realize that

>> No.57598675

You can always spot the projection posts

>> No.57598694

"newfag" , "oldfag", must everything be a "fag" to you? Are we not simply people?.....unless someone is gay then yeah they're a fucking faggot

>> No.57598731

OP, i have respect for you. But a loan is a bad idea, because paying that money back has a time limit. If something happens that you cannot predict, you are fucked beyond your wildest imagination. Trust me, i barely made it out of AVAX's doublespend alive because i used a student loan payment to fund a buy in before the glitch occurred. I was too inexperienced and didnt have the means to just leave the investment in AVAX, nor did i have the wisdom to pullout when i was at 3x.

In my view OP, you should get a part time job (perhaps freelance, perhaps wagie) and put any of that excess money into whatever coins you are feeling. That way, you are not using money that some fucker wants back. The gains wont be enormous but you will learn how markets work in a safer environment. And also, you would be surprised at just how much side money you can accumulate, especially since all of it will be going into a bull run.

>> No.57598741


You literally cannot afford it, thus this thread.

>> No.57598793


Certified newfag, fuck off

>> No.57598806

>it’s not like I’d be gambling on shitcoins. ETH and BCH are legit coins and investments

>> No.57598812

Why weren't you asking advice on how to do this when BTC was in the dumps at $15k? Why are you instead asking now, when BTC has already pumped close to its all time high? Think about it for a minute. Is it possible that you are part of the group of people who always buys the tops and always sells the bottoms? Is it possible that your plan involves buying the top of the bullrun, even if you don't know it yet? You didn't recognize the bottom. What makes you think your judgement is sound enough to know where the top is or whether the top has already been reached?

>> No.57598873
File: 95 KB, 443x455, 1541721571586.jpg [View same] [iqdb] [saucenao] [google]

get a job. In the time you spent whining here you could be making money at a job even a min wage job. It doesnt take long to save up the money you need if you have living costs covered, youre just a lazy zoom zoom who thinks they are above working well listen up wolf of wall street youre NGMI

>> No.57598885

>you didn’t recognize the bottoms and tops
I had no money with which to invest, plus I was incredibly busy with school until recently. I convinced my dad (who has money) to invest in BTC when it was significantly lower in price. I am not a normie, nigger

>> No.57598990

Thanks for putting into words exactly how I feel about ETH. I've also been, somewhat hesitantly, divesting my holdings of it into BTC the past few months.

>> No.57598996
File: 3.33 MB, 640x400, 1680271680563420.gif [View same] [iqdb] [saucenao] [google]

>I had no money with which to invest
And you don't have money to invest now, either. Which is why you are exploring the idea of using someone else's money to invest aka debt.

>I was too busy with school, but now that the price has gone up, I'm suddenly not as busy as I was before, which is totally a coincidence.
Face it, you are a normie. The people "on their high horse" know better than you because they have knowledge gained through realtime experience. If you had any braincells left after all the corn syrup you have chugged, you would listen to those people.

>> No.57599000
File: 1.96 MB, 2448x3264, TIMESAND___JohnMitchellxxDOBandSSNxx019589285xx02091965xxFgg2hoMjS8WqTc2428W4dFVACaqTcF8DrXdYE87r7n.jpg [View same] [iqdb] [saucenao] [google]

Use this guy's info.

>> No.57599171

i joined in 2019 i know what newfag means i just decide to think outside of the herd. Understand, herdfag? Yeah, 2 can play at that game, gamerfag

>> No.57599181

i guess this makes me a thinkfag...