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Dying man claims he just borrowed $325K to go all-in on bitcoin

Scorpio

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Dying man claims he just borrowed $325K to go all-in on bitcoin amid record highs

By Shawn Langlois
Published: May 10, 2017 5:59 a.m. ET







‘If bitcoin reaches the 10k mark ... I plan on moving to the West Coast’



Getty
Either way, this one won’t end well.

Bitcoin exploded past $1,700 Tuesday, taking out new highs as 2017’s remarkable run for all virtual currencies spilled into another day.

A man going by the cyber handle gingerbreadfutters, if his post on Reddit is to be believed, isn’t taking profits. No, in fact, just the opposite. He says he’s taking out an equity loan of $325,239 on his house to buy 191 bitcoin BTCUSD, +1.29% Yikes.

The catch, he claims, is that he has an undisclosed terminal disease, which frees him up to take such a ridiculous risk.

“I decided to make my newest lunge, using what equity I have accrued on my estate over the past 10 years since the 2008 financial crisis,” he wrote. “If bitcoin reaches the 10k mark — which I see as a distinct possibility, or I would not have taken such a risk — I plan on moving to the West Coast and getting away from all the angry people here where I currently reside.”

Angry people were quick to criticize, as hundreds of comments poured in.

A fellow Reddit user by the name of Dispairsquid16 said the story rings familiar: “Almost like a high school chemistry teacher deciding to begin making and selling crystal meth due to a change in life circumstances.”

Some well-wishes from CryptoInvestor: “Firstly, let me wish you good luck. Second, let me tell you how much of an idiot you are.”

Is this the top? Indeed, says HukusPukus. “This is it. This is the signal I’ve been waiting for. Time to sell all my bitcoins and buy a house,” he wrote

Even the uber bitcoin bulls, like loserkids, had a hard time with this one.

“Though I’m 100% bullish on bitcoin long-term this is an incredibly stupid idea,” he wrote. “But you’ve already heard it from others. Either way, good luck.”

If Spencer Bogart, head of research at Blockchain Capital, has it right, gingerbreadfutters is definitely setting himself up for financial disaster.

The virtual-currency market has all the trappings of a bubble, Bogart said, adding that he thinks it could have more room to rise before a correction occurs. “It’s definitely unsustainable,” he explains, “though I don’t know if it’s in its final moments right now.”

http://www.marketwatch.com/story/dy...ll-in-on-bitcoin-amid-record-highs-2017-05-09
 

solarion

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#2
Sounds like a bad move. Borrowing to stack moar @ $1702 a pop after the run it just had is crazy risky.

...of course I ain't terminal(as far as I know) so there is that. It's at 1775 right at the moment, so not looking like a mistake...yet.
 

mayhem

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#3
Sounds like a penny stock pump and dump.
 

TAEZZAR

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solarion

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Sounds like a penny stock pump and dump.
A penny stock with a $29,000,000,000 market cap. A few hundred grand is nothing.
 

Mujahideen

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#7
Never buy at the top.
 

nickndfl

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I think the government is going to step in at some time and stop it in some unknown way. Or the bottom could fall out or all of his Bitcoins could get stolen in a hack. Everyone deserves a dream, especially on one's deathbed.
 

Silver Art

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#10
As much as I like Bitcoin and being a fan of bitcoin, I could not see myself, for example, selling ALL of my '70's silver art bars, to buy bitcoin at these levels. Then again, I do not have a terminal illiness (as far as I know) so this person might feel that he does not have anything to lose at this point. A terminal illness in this case meaning death is in the "very near future" instead of in the "very distant future".

With all of that said, I will have to ask this....................If bitcoin does hit $10,000 (a very slim possibility IMO), will he still be alive to see it and liquidate his BTC holdings at the $10,000 bitcoin level?
 

solarion

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Blaming the currency for what people do with it is rather like blaming a hammer for abusing nails. It's just as insane as silly comments like "guns kill people". Uh, no they do not...and bitcoins do not kidnap people.
I think the government is going to step in at some time and stop it in some unknown way. Or the bottom could fall out or all of his Bitcoins could get stolen in a hack. Everyone deserves a dream, especially on one's deathbed.
...or a meteor could hit the planet before he dies of his disease. Frankly, if the guy uses a lick of common sense securing his 191btc he's far more likely to lose them to an asteroid than a "hack".
 
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nickndfl

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Another thought is sooner or later a new, less expensive substitute will emerge. One with less transaction fees and is more easily available. Something that comes to mind would be either Google, Amazon, Paypal, Ebay, Microsoft, Apple or the offshore bank of Timbuktu creating a similar currency. That would crash Bitcoin.
 

anywoundedduck

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Another thought is sooner or later a new, less expensive substitute will emerge. One with less transaction fees and is more easily available. Something that comes to mind would be either Google, Amazon, Paypal, Ebay, Microsoft, Apple or the offshore bank of Timbuktu creating a similar currency. That would crash Bitcoin.
And, which ever one wins, it is just a matter of time until the next Sherrif comes to town.