Should I max out my credit card to buy bitcoin?

Discussion in 'General Bitcoin Gambling Discussion' started by NKOTB, May 29, 2017.

  1. NKOTB

    NKOTB Member

    Since January the price of bitcoin has more than doubled. I thought at $1,000 is was too expensive so I decided not to buy and wait for the price to go back to $600. Unfortunately, the price has since risen to $2,300 so I'm kicking myself for not investing sooner. I have a feeling that the price will go over $3,000 before the end of the year so I'm tempted to buy bitcoin using the 10K limit on my Visa.

    Is this a stupid thing to do?
     
  2. Freddy

    Freddy Member

    Yes, this would be an incredibly stupid thing to do in the current environment. If you followed bitcoin news you'd probably be aware that there is currently a huge split in the community as to how the bitcoin blockchain should scale. There is a real possibility that bitcoin will split into two camps in the coming months. This would have a drastic effect on the price as each coin would probably be trading at a few hundred dollars a piece and you would lose 70%+ of your investment.
     
  3. SuckIt

    SuckIt Member

    Cryotocurrencies are high risk/high reward. Even though bitcoin stands the best chance of long term success, there are still risks involved so you shouldn't invest more than you are willing to lose.
     
  4. Humble Servant

    Humble Servant Active Member Staff Member

    Today you can buy a bitcoin for about $2,300, which is down from over $3,000 a couple of months ago. Ethereum has lost over 30% in value and many other alt coins are just worse so I'm hoping people have learned a lesson about crypto-currency volatility.
     
  5. EvilK

    EvilK Member

    i would be very careful over the next couple of months because there is a controversial hardfork planned for november that could split the network in two and destroy the price. if this fork can be avoided however, i predict the price will go to $10,000 by christmas.
     
  6. Humble Servant

    Humble Servant Active Member Staff Member

    We hit a new ATH today of $5,300 so if 2X fails or doesn't happen then your prediction might actually happen. Personally I don't see bitcoin hitting $10K until the summer of 2018.
     
  7. 4TheWin

    4TheWin Member

    I think the bitcoin price is so weak now because so many people behaved stupidly like this guy and they bought bitcoin with money they couldn't afford to lose. Now they're panicking and the price keeps dumping.
     
  8. PokerGod

    PokerGod Member

    i can fully understand why many credit card companies blocked their customers from making cryptocurrency credit card purchases during the bubble in late 2017. most of the people who bought are probably down 80% and are likely to never recover their money if they bought useless ICO's or altcoins. i bet credit card companies are having big problems now getting their money back. in my opinion crypto purchases should only be done on debit cards.
     
  9. Humble Servant

    Humble Servant Active Member Staff Member

    Anyone else think we might be close to the bottom of this bear market ($4,000) and it might actually not be a bad idea to borrow some money to buy BTC? Is that totally reckless?
     

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