Last cycle I took out a personal loan to buy the $69k top then 0% interest rate credit cards to buy the dip, and the next dip all the way down to $16k.
If you're thinking about taking out a loan to stack sats, here's perspective from someone who timed it exactly wrong
https://blossom.primal.net/684a870f1b196ec36638d6305a0962f12296a877cae4c9050960d76f037b2776.mp4
Brave!
Solid advice & quality content.
It would be good to see more of this to balance out the bull juice ...
Thanks Ben for sharing your story. Ptoud of you for doing this. People new to Bitcoin need to listen. I too bought through the top and bottom of the last cycle (although I never took on debt). It's taught me about human nature when managing money. Your advice is good and heartfelt. I hope we jump in Q4 so you can realize some profit and settle debt. Best of luck and keep up the good work. 🍻 👏 🫂
thanks for your sharing your experience. a couple takeaways:
1. there is an interest rate applied to your quality of life based off of the scary debt
2. if you wouldn’t have take out the loan and instead used any future loan payments to stacking cheap sats then gains/losses can really compress to where it’s not mentally worth it
either way, you’re on an epic trailblazing long term path and need to keep your head high while continuously learning from what you experience
Lol You're my spirit animal for real. I did that shit way back and bought ethereum. HAHAHAHAHA
I made it out okay. I sold everything into Bitcoin and cleared up the debt.
I'm proud to be past my degen days.
Same here. Last bear market bought every dip from 50k with a 1.5x leverage long with BTC as collateral (size was my whole stack). Turns out you need much more BTC at 20k to cover for your losses from 50k 🥴
In hindsight everything would have played out and I would have made a fortune, but after the first dip to18k and russia invasion I pulled the plug and lost a lot from my total stack.
I think I would have gone insane if I had stayed in that trade during 2022
Hi Ben. The video seems to have been taken out . Only black screen. Would love to see it. Cheers.
It's here. Might be a problem on your end. Try a different client
I had a similar issue, I suppose it has to do woth the primal servers.
I was finally able to watch it on X-Twitter.
Primal doesn't like the long videos
Works better on amethyst
I did the credit card trick with my first bitcoins but was a bit more lucky. Would never do that again
I did almost same thing. Personal loan near the top, only for the price to keep falling.
Nobody can predict the tops or the bottoms.
Lower your time preference. Dollar cost average.
Sometimes you have to make the mistakes yourself, to really own the lesson. 🫡🙌
This video felt incredibly good because I'm convinced you're very honest and authentic. Thank you! 🙏🏻
Lol either you can't fake pain or we've seen so much of it that it's easy to spot the performance art
Yep I have done the same with both unsecured and bitcoin backed loans. Bitcoin backed are 100% not worth it if you can’t deal with the stress. Definitely don’t do it if you don’t have a solid income stream.
unsecured are a bit better I guess if you get a decent rate. I timed both horribly as well. I’ve never don’t the calculation but I’m pretty sure I would have ended up with more bitcoin if I just stacked along the way.
Well done for working through that man. Holding debt can be seriously stressful and often the reward is not worth it. I prefer to be able to sleep well at night.
Being all in means that you have more Bitcoin, but it also means that you have to spend Bitcoin despite fiat volatility. Maybe early bitcoiners will be celebrated for the way they stomached fiat volatility in a hyperbitcoinized world where the unjustness of "capital gains taxes" on Bitcoin is evident.
