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Alright Oontz.  It's been on my mind for a while now amd I am seriously debating this.  So basically the SBA will offer me a loan of up to 150k.  If I do this I am going to go all in with crypto.  

 

Basically I wanna flip the btc or any good crypto in to hella profit to were I can pay the loan off at once and do it in less than a year but still make money.  

 

@Mercer I wanna stick it to the man so to speak. I mean if they wanna give me their shitcoin and I can really put my mind to it, I'd like to flip it.   What are your thoughts?

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1 hour ago, abrasivesaint said:

@poesi’ve heard a few others say they used Binance and have no complaints. I went looking for it before, but the way the app looks in the store looks like a AT&T advertisement or some shit and i was unsure, haha.. is this it? 

0FA7FCA2-485D-4A96-B1FD-3D5D0A6CEA28.jpeg

Just looked up binance and read nothing but terrible reviews. Is this just internet fags being over critical of the thing? Does anyone have any practical experience with it justifying complaints of lost money during funding from bank accounts and non existent customer service?

 

@poes

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38 minutes ago, mr.yuck said:

Just looked up binance and read nothing but terrible reviews. Is this just internet fags being over critical of the thing? Does anyone have any practical experience with it justifying complaints of lost money during funding from bank accounts and non existent customer service?

 

@poes


It’s the biggest exchange in the world and has low fees and carries almost every currency, 99.9% transactions are issue free but they process a fuck load and no doubt fuck up sometimes. 


none of the exchanges are perfect and I think non-existent customer service is the norm. 
 

ive only had some minor issues with delays on transferring funds that sorted themselves out in a day or two. 
 

check out coinbase, coinbase pro, bitterex, Gemini etc but sure they will have similar issues. 
 

it’s the Wild West out here. 

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4 hours ago, ndv said:

Alright Oontz.  It's been on my mind for a while now amd I am seriously debating this.  So basically the SBA will offer me a loan of up to 150k.  If I do this I am going to go all in with crypto.  

 

Basically I wanna flip the btc or any good crypto in to hella profit to were I can pay the loan off at once and do it in less than a year but still make money.  

 

@Mercer I wanna stick it to the man so to speak. I mean if they wanna give me their shitcoin and I can really put my mind to it, I'd like to flip it.   What are your thoughts?

 

 

Not financial advice, but....

 

1. You could be fucking yourself really bad here, so prepare yourself now before you pull the trigger for the worst case. Be ready to pay back the loan by making payments from your job income, as opposed to assuming crypto profits will cover paying it back. You could buy $150k worth of crypto and the next day you've got $75K and payment is due. This shit goes down in price too, unexpectedly. If you can't cover this loan out of pocket with your current income/expenses I don't recommend it.

 

2. Spread the initial buy out over multiple exchanges, stay under 10k per deposit/bank transfer, and 20k per year max into any single exchange. I'd suggest using wifey's credentials so you can open 2 Coinbase accounts, 2 Gemini's, etc. You'll also do yourself a favor by using multiple crypto friendly banks/accounts. Also, no need to go all in right away, dollar cost averaging in over time will make you less of an IRS target and help reduce overall risk slightly.

 

3. This type of move is a true fucking yolo, you could make it out the other side of this financially independent if you're smart. There will come a time within the next year or so when the price drops so much it looks like it's over, do not fucking panic sell at the bottom. For sure this is going to happen, it's hard to have faith during these massive dips, but you have to be able to HODL through that shit. Any approach outside of the absolute most disciplined diamond hands and you'll be making a huge mistake.

 

4. Truth be told, I should be telling you not to do this, any responsible person would tell you it's a bad idea and they'd be right. I'm kind of retarded though. I can't pull this off for myself, and not recommend other's do the same shit I did, and risk it all betting against this bullshit system I'm watching crumble live.

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6 minutes ago, abrasivesaint said:

First thing when i woke up was checked cryptos. Fought the panic button on Bitcoin for a moment and told myself to look at the “buy more” button instead, haha. 

 

 

Most difficult part of buying low, selling high. It's already bouncing.

 

 

 

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Truth. It was legit the first thing i did this morning, for whatever reason, my eyes were barely open and my brain went


“oh fuck!

 

...No.. no.. don't do it dummy.” 
 

 

Edit: also have to remind myself sometimes that the more money you have invested in stocks/cryptos, the worse it looks on your numbers when it dips, even though it’s dipping the same percentages. 

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It's also tied to your scope of concern. Most people out of habit process financial concerns in time cycles tied to their pay periods, paydays at their jobs. People responsible enough to pay rent, and bills larger than a single paycheck process financial concerns monthly. When you take the step to think ahead a year, or in some cases years in advance, you still naturally process a loss of a mortgage payment/rent in the monthly portion of the brain, distorting it's significance.

 

To make things worse there's also a bias where we disproportionately weigh concerns over negative results, like a dip, heavier than you weigh the exact same positive results, like a price spike. Regardless of what people say with their mouths, this is the real reason most people won't invest. It's scary, counterintuitive shit and crypto is literally like a rollercoaster.

 

The reassuring thing is that in reality, It's price has been rising exponentially for the last 12 years of it's existence. Everyone who's held for 4 years or more has added digits to their net worth, and the technology is still early in it's adoption/implementation.

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39 minutes ago, abrasivesaint said:

Damn, cant have Binance in the US? Need that specific .us version? 
 

Ya boys just trying to throw a couple bucks into coins he knows nothing about like Fanthom. 

Bittrex 

 

 

also know someone who uses waves 

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59 minutes ago, abrasivesaint said:

Damn, cant have Binance in the US? Need that specific .us version? 
 

Ya boys just trying to throw a couple bucks into coins he knows nothing about like Fanthom. 

 

You can. You just have to register on the u.s. site and then log in thru the app. I just signed up the other day.

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I am sure at this point there has to be some type of offshore crypto wallet/exchange going in.  I mean with the deep/dark web, VPN, and all I would suspect there's ways around all of this. 

 

Idk, maybe it's time for me to learn code and software engineering, then go underground and get really deep in the deep web.  

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