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People Mortgaging Their Homes To Buy Bitcoin, Report Says

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posted on Dec, 12 2017 @ 07:43 PM
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Looks like the Bitcoin bug is biting some people and they are mortgaging their homes to invest in the to the moon crypto.


According to reports, a number of investors looking to cash in on the soaring prices have resorted to putting their houses up as collateral to fund the venture.
“We’ve seen mortgages being taken out to buy bitcoin. People do credit cards, equity lines,” Joseph Borg of North American Securities Administrators Association said, via Business Insider.
dfw.cbslocal.com...

There is a growing feeling that Bitcoin is now entering a bubble that may very well pop. I imagine some of these people are the same who did not buy when it was $900 at the beginning of the year. We will have to see if the mortgages are/were a good investment.


The president of the securities firm added that he believes the risks outweigh the rewards tied to the popular cryptocurrency. “This is not something a guy who’s making $100,000 a year, who’s got a mortgage and two kids in college ought to be invested in.”

Economic experts have started to speculate when the bubble will burst on Bitcoin’s value. The digital currency has already taken a sharp dive after reports that hackers were able to steal tens of millions of dollars worth of Bitcoin on Dec. 7. That same day, the internet currency soared over $4,000 in value to new record prices as it passed the $16,000 mark.




posted on Dec, 12 2017 @ 07:49 PM
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if you're too dumb to money, you'll lose it.

having said that, if you have a house to mortgage, you're doing better than most already.

maybe they know rusty they're doing.

I'm making a killing with my spare change in the crypto markets, myself.



posted on Dec, 12 2017 @ 07:50 PM
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a reply to: seasonal


And when everything crashes and burns they'll blame the banks for loaning them the money.



posted on Dec, 12 2017 @ 07:50 PM
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Just in time for North Korea to hack them. Sweet!
a reply to: seasonal



posted on Dec, 12 2017 @ 07:51 PM
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a reply to: seasonal

investors call this fomo, en.wikipedia.org...



posted on Dec, 12 2017 @ 07:56 PM
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a reply to: NobodiesNormal




posted on Dec, 12 2017 @ 08:00 PM
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BTC...pppfffff that's last week
Should have bought LTC this week



posted on Dec, 12 2017 @ 08:01 PM
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a reply to: seasonal

That cat looks like he's got things under control...probably just some a-hole in his way...that's why he's on the horn



posted on Dec, 12 2017 @ 08:09 PM
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a reply to: Bluntone22

People have to understand that there's a difference between a 'crash' and a 'bubble'. A couple decades back when the internet was booming, it went through a bubble. It didn't crash, or we wouldn't be using the webs so openly and freely now. All impulses regarding trading bubble out... it's inevitable.

When crypto bubbles, people will be seeing there entire savings be wiped away and sell their crypto accounts.. I will let it bubble, ride it out, and let it climb back stronger than it did just recently. Crypto will bubble, but it will not crash... crypto is here to stay.



posted on Dec, 12 2017 @ 08:16 PM
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a reply to: coldkidc

That's right litecoin is going bonkers



posted on Dec, 12 2017 @ 08:16 PM
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a reply to: seasonal

Just wait till they get hacked and lose the lot or a significant proportion of there cryptocurrency.

Because it's not like it does not happen.

www.reuters.com...



posted on Dec, 12 2017 @ 08:17 PM
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Well that's how you do it.

Take out that mortgage on your house and go all into bitcoin.




posted on Dec, 12 2017 @ 08:22 PM
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originally posted by: coldkidc
BTC...pppfffff that's last week
Should have bought LTC this week


You're right. The smart money has already moved on. See ETH and LTC. Following that IOTA, ADA etc etc.



posted on Dec, 12 2017 @ 08:26 PM
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They will most likely do very well , and bitcoin is no-wares near its potential value.



posted on Dec, 12 2017 @ 08:29 PM
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im bummed i offed my little bit a couple weeks ago when it was at $11k. at some point its gotta pop though id think. although dont take my word for it. i have a terrible track record when it comes to bitcoin. like 100% incorrect and i kick myself for it everyday



posted on Dec, 12 2017 @ 08:30 PM
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The time to bail is NOW.



posted on Dec, 12 2017 @ 08:33 PM
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a reply to: schuyler

Diversify would be a better bet IMO.



posted on Dec, 12 2017 @ 08:43 PM
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House flipper here, thanks for the good news.



edit on 12 by Mandroid7 because: (no reason given)



posted on Dec, 12 2017 @ 08:48 PM
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a reply to: JinMI

Diversification is important but that requires people to do research if they're going more than 5 coins - think most people would be ok if they spread it out over BTC ETH LTC XMR DASH they should be ok unless the whole market dumps



posted on Dec, 12 2017 @ 08:50 PM
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a reply to: coldkidc

If the whole market dumps then none of it matters. I don't think it will be a complete wipe but a crash back to 5k or so BTC>



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