People Mortgaging Their Homes To Buy Bitcoin, Report Says

a reply to: seasonal

They say scared money doesn't make money, but this is just stupid. People need to do their due diligence and look into the IT security aspect of holding cryptos, as well as their volatility, AND the fact that they are an entirely new industry that could be severely limited by sovereign government intervention at any moment (as we are already beginning to see).

Not a smart move IMO.. in fact quite the opposite.

a reply to: lordcomac

I have no problem with BSing a little on the side ..

But investing all or most of your money in a currency backed by no one has got to bite everyone sooner or later..

Maybe an emp kills the grid for 5 min , but long enough to erase them all...

Maybe the worlds governments get mad and out law it..

It’s bad enough playing that game with a nationstate, but playing it with nobody....

get ready to buy...pulling back now
Agree crypto is here to stay but definitely going to dump sometime soon
Not sure what it'll pull back to but traditionally it's been at least 30%-40%...newbies will freak out but base is going to HODL...that's how it's made it this far.

a reply to: FamCore

In reality it might be one or 2 idiots who morgagaged money they don’t have and the media decided to pretend it’s a trend..

Until some natural disaster type event kills it or makes it reboot.. a reply to: coldkidc

a reply to: JoshuaCox

Which would be the same day the internet dies...bigger problems if that happens - got real money backed by US promises that I wouldn't be able to get too then

originally posted by: grey580
Well that's how you do it.

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

that video, where the guy says he mortgaged his house for bitcoin, was uploaded in april, if that guy really did it back in april he is millionaire now...

starting to see why people would do it.
especially with people like Mcafee saying its value will reach half a million....

People Mortgaging Their Homes To Buy Bitcoin, Report Says

Effing idiots.

All I can say is EFFING IDIOTS.

We have invested in livestock. When the proverbial feces finally impact the electric wind machine... I hope bitcoins pack a lot of calories.

originally posted by: JinMI
a reply to: schuyler

Diversify would be a better bet IMO.

Yep.

BTC,LTC,ETH, Bitcoin Cash, Dash.

Silver and Gold bullion.

I've done really good the past two days with BTC,LTC,ETH.

a reply to: neo96

yep good time to be a hodler - LTC & to a lesser degree ETH have been shockingly good (even for crypto) for last 72 hours

a reply to: seasonal

Yep! Good deals out there on it and similar junk. About as safe as stocks and probably many times more vulnerable to a switch, literally and figuratively, being done on them in an instant.

originally posted by: seasonal
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.

That is a sign things are going to crash. When the unsophisticated get in, it is time to get out. I remember during the first dotcom boom, people were mortgaging their houses to buy stocks and lost it all on Pets.com. During the housing boom, people were mortgaging their house to buy investment properties to flip. Lost it all in that bust. The same is going to occur with cryptocurrency.

a reply to: Edumakated

Maybe bitcoin is the cryptocurrency markets version of Bershirehathaway.

Current BRK-A share price: $298,630 .00

BTC $ 16,645
ETH $ 621.97
LTC $ 314.13
Todays price for posterity...

BTW if that guy ^^^ actually took a small 2nd mortgage...lets say $30,000 out of his house in early April 2016 to buy BTC it'd be worth about $1.2 million right now...

That's a lot of baby-sitting money

Probably stupid as hell to do it now though...unless it's over $100k next year
But who knows...might also be worth nothing by February

a reply to: coldkidc

It's just stupid to do period.

There's an old saying.

If you can't afford to buy it.

Don't.

Any investing should be done with disposable income.

Meaning money that won't be missed.

a reply to: neo96

Real estate and land..hopefully !

Makes me glad that got in back when they were only around u.s$30.00 .
Its unbelievable where they at now . Debating whether cash out or hold bit longer as thinking bubble may burst on it .
no way would mortgage house for it .

will laugh at these people when bitcoin crashes

a reply to: Jiggly

Most people in it are already on the winning end of it and are playing with house money at this point. That means, bitcoin owners are being paid to possibly grow or bubble their personal finances... it cost them ZERO to this point. The people you'll be laughing at will be laughing too... only you won't be able to get a vibe of whether they're laughing with you or at you. After all, at least there's something to lose for those that are gaining. Watching from the sidelines and laughing is like nodding an answer at the drive thru... it's not really going to be very effective much beyond whats brewing in the ole noggin.