Investor took out $20k for debt consolidation, put it in crypto, lost it all

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A Reddit post from today highlights the risks inherent in crypto investment, noting that the poster took the $20,000 loan he got for debt consolidation, put it into cryptocurrency. The post solemnly includes, ‘I’m wondering the extent of the troubles my stupidity will bring me.’

The poster says that in addition to the debt he already took the loan out against, they are now ‘paying a total of $1300 in debt payments and the total interest hitting me is $700 a month.’ While anyone with any investment in cryptocurrency is likely praying to the decentralized gods for a crypto turnaround, this individual sincerely needs something to turn around soon.

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The anecdote is yet another reminder that one should absolutely not invest something in cryptocurrency they couldn’t afford to lose. The market is simply too volatile and new for any investment to have any sense of security. Crypto is interesting in this way, as it attracts investors with little experience (and often with little-starting capital) despite being one of the most challenging markets for even veteran investors to make correct predictions in.

While most in the thread called out the poster for essentially gambling away money he sorely needed, some gave advice, and one user noted that ‘You didn’t gamble it, you invested it. Stupidly, perhaps, but all investments are gambles.’ Indeed, all investments on some level are gambles, but sometimes the stakes are just not worth the odds.

Author: bonnie weru

Crypto Lover and Messi Fan

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Investor took out $20k for debt consolidation, put it in crypto, lost it all

Bitcoin News | Crypto News | Latest News

A Reddit post from today highlights the risks inherent in crypto investment, noting that the poster took the $20,000 loan he got for debt consolidation, put it into cryptocurrency. The post solemnly includes, ‘I’m wondering the extent of the troubles my stupidity will bring me.’

The poster says that in addition to the debt he already took the loan out against, they are now ‘paying a total of $1300 in debt payments and the total interest hitting me is $700 a month.’ While anyone with any investment in cryptocurrency is likely praying to the decentralized gods for a crypto turnaround, this individual sincerely needs something to turn around soon.

FREE CRYPTO COIN JUNKY HANDBOOK - 147 page guide covering Crypto Fundamentals, Beginners/Advanced Crypto Trading Strategies, Crypto Mining Techniques, ICO Investment strategies, and so much more.

CRYPTO TRADING STRATEGY GUIDES - Whether You're Day Trading, Swing Trading, Or Just Investing...Our Extensive Guides Will Get You To Where You Want To Be.

The anecdote is yet another reminder that one should absolutely not invest something in cryptocurrency they couldn’t afford to lose. The market is simply too volatile and new for any investment to have any sense of security. Crypto is interesting in this way, as it attracts investors with little experience (and often with little-starting capital) despite being one of the most challenging markets for even veteran investors to make correct predictions in.

While most in the thread called out the poster for essentially gambling away money he sorely needed, some gave advice, and one user noted that ‘You didn’t gamble it, you invested it. Stupidly, perhaps, but all investments are gambles.’ Indeed, all investments on some level are gambles, but sometimes the stakes are just not worth the odds.

Author: bonnie weru

Crypto Lover and Messi Fan

Leave a Comment

[js-disqus]

Latest Crypto News

Goals set by Justin Sun for Tron(trx)in 2019

On the 31st Of May 2018, Tron achieved independence from Ethereum and Launched its own Mainnet with the Intention of being a fully functional Public Blockchain that supports Creation and development of decentralized Apps (dApps)

Read More »

Crypto Regulation Commences in South Africa

The South African government today issued a statement regarding the steps it is taking on cryptocurrency trading by setting up a working group dedicated to regulating blockchain and crypto. Background Before we get into that,

Read More »

Facebook Hiring: 5 Cryptocurrency Positions Open

Something is definitely brewing in Facebook’s newly formed department. Early in May, there was a rumor that Facebook was interested in opening a cryptocurrency department within its headquarters. The advertised positions are: Two Software Engineers

Read More »

Crypto StartUps are Failing

Cryptocurrency start-ups have had a rough year with a huge section of them laying off loads of their workers with the  Bitcoin price crash. Bitcoin has lost around $280 billion of its value this year

Read More »

CNBC Reporting the surge of bitcoin to $100 back in 2013!!

https://www.youtube.com/watch?v=O3XvCbh8pQU reddit Buffer Facebook Twitter FREE CRYPTO COIN JUNKY HANDBOOK – 147 page guide covering Crypto Fundamentals, Beginners/Advanced Crypto Trading Strategies, Crypto Mining Techniques, ICO Investment strategies, and so much more. CRYPTO TRADING STRATEGY GUIDES

Read More »

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