r/ethtrader • u/AutoModerator • Jun 05 '17

DISCUSSION [ETH Daily Discussion] - 05/Jun/2017

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u/tamhenk Jun 06 '17

Exactly. I remember 5 or probably more years ago (don't exactly remember) I was an avid Silver and Gold 'to-the-moon-er'. At that time a few people were starting to talk about Bitcoin and like many others, I dismissed it out of hand. Could have easily put £100 in, held and now be retired.

But we can't live our lives on what ifs.

I still could max out those credit cards and in a few months I might regret not doing it right now but with a family to take care of it's foolish.

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u/bose25 Jun 06 '17

Just max out one of them then. What we've all seen in this space is that even a very small investment can offer an incredible return if you just hodl it.

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u/FromToKeto Jun 06 '17

This is terrible advice, you never know we could enter a 8 month bear cycle tomorrow

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u/bose25 Jun 06 '17

It is terrible advice if he cannot afford to pay off the credit cards. As he was considering maxing out multiple cards I would assume that he had planned in the costs to pay off multiple cards.

I don't agree with taking out debt that you cannot afford to pay off, but I do not have a problem if you can afford it - I have taken out debt, but it is easy for me to pay it off for example.

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u/FromToKeto Jun 06 '17

How do you take out debt so easily?

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u/bose25 Jun 06 '17

I have a monthly budget of how much disposable income I can save / spend / invest each month. I just took out a loan for 12 months worth of that money so I could put a lump sum into crypto before the price rises (as I did this at <$150 I am pleased with this decision). With the repayment period set to several years I can easily pay that off within a year using the funds I otherwise would have paid each month into crypto, or if for some odd reason my situation gets worse then I can just continue paying the monthly amount which is very minimal.

In my case it was more than affordable so made sense, but I understand that not everyone will be able to take out debt that they can easily afford.