I have no problem against loan. What I'm wondering is why you didn't spend your money (Bitcoin) instead using it to take a loan of money that you now have to pay back.
I know what the answer will be to be honest. You did it because you were worried about missing out on Bitcoin gains. In a way you entered a trade.
I do it because i can pay bills for months in advanced and still keep my bitcoin. Loans to splurge and buy unnecessary stuff is not needed. My bills are paid on advanced and i still have my bitcoin. And yes getting your bitcoin back because you spent a large chunk or a big purchase is not easy. It always runs away.
*and keep my Bitcoin*
Yeah that's what I mean. You guys are not honest with yourselves when you take these loans.
First of all a partial custody is not self custody therefore those coins do not belong to you for a period of time.
Also the reason you want to keep these Bitcoin in your name on paper is that you don't want to miss out on chart gains. You're entering a leverage trade against fiat.
I live in America and i cant spend bitcoin im sorry if i have to work with what we have. Yes i was knocking loans till i tried and really understood them. Now i take out as i need untill things change that i can buy gas buy meat buy toothpaste toilet paper and all that at one store that i can drive to. Untill then we taking a small risk to live. Because i cant eat bitcoin if no one accepts it. Be happy im not selling to blackrock.
Buying fiat = spending coins
Nothing wrong with that. I don't care if BlackRock own money.
Bro i was taking out 2k loans bro. Hahaha 1k loans bro dont think im over here taking 10k and 35k loans. Haha im very small small fish i just have a big mouth hahaha 😆
The amount doesn't change anything to me.
Instead of spending your coins (buying fiat to pay for things) you decided to enter a fiat trade (shitcoining).
There is only 2 way to justify this.
1) You wanted to go leverage long on Bitcoin and did not mind to lose custody for this.
2) You wanted to avoid some kind of taxable transaction from buying fiat with coins and the loan allowed for this.
I can understand #1 and it make sense as long as you're honest with yourself. You did not mention #2 so I have to assume it wasn't the reason.
All I'm saying is that you guys use these collaterized loans as a way to go leverage, not simply unlock liquidity and that to me is shitcoinery disguised as Bitcoin.
Because I was broke, so I unlocked some bitcoin that I had.I unlocked it and I used some cash and then I paid back the cash and I got my bitcoin back into self custody. Some of us need to tap in to that Bitcoin we have without selling it. It only makes sense if it's gonna continue going up.
The problem is the unresponsible ones that think they can afford stuff, and they can't, and they end up losing the Bitcoin, and then they start crying on here, and others think that it's really bad. That's their fault. They should have been more responsible.
Could've just spend the coins on fiat to buy your stuff then buy back the coins when you can afford to save money...
I do it all because its rough out here in the hood. I seel corn. Yesterday i sold maybe $100 to buy some shit. I do it allllllll. In a small scale but i do it all fuck i sell on cashapp and buy on cashapp i really dont care. I do whats needed to survive. Not everyone diamond hands that living check to check thats bullshit or living in the usa that no store accepts bitcoin
I'm not saying anything about you having to sell coins. I don't mind. I do it too all the time too. I'm just saying it's gay to take a loan instead of selling UNLESS you are honest and you don't mind admitting you're going long or because you have some financial reasoning like avoiding taxable events.
And I'm not calling you a shitcoiner here. I'm not saying you're an horrible person. I don't want this to be perceived as if I'm calling you a fucking retard.
