Considering borrowing 10k @15% for a loopring investment. My thoughts on why it’s a crazy/great idea below.
Hello everyone, for those who don’t know, I’ve been on this sub for 20 days now, so go easy on me. Edit- have decided to dca instead. Sanity prevailed. It was 15% apr not total. Bought some loops at the high and never sold. Bought a bit more at the low. Bought 10x at the current low and actually then had the time to open a loopring account, read up on the tech and was pleasantly surprised. From my limited understanding I can see that this is basically a new system of payment that if successful could be the paving stone of value exchange on the net and across all digital frontiers - which is tit jacking. I already have other investments and my job seems fairly stable so far , well - as stable as things can be right now. Questions remain as to whether the government may try and intervene to “protect its fiat currency” or whether there are other risks involved that I don’t even know about. Anyhoo- I am considering taking a loan at 10k usd and doing an investment into loopring right now. Repayments will be affordable but if I were to lose my job , I’d only be coughing up 80$ extra for the loan than i otherwise would do , which isn’t a terrible problem. The problem is that I have to be able to make those monthly payments for the next 5 years. The challenge that is in front of me now is A- invest what I have now and even if loopring goes to 10$ a coin or 20$ a coin , it would be a nice sum, but not a life changing sum. (Life changing meaning being able to afford housing, nothing fancy, just a one or two bed where I can sleep safe at night) Does anyone have any thoughts or opinions or tips on whether this is a retarded idea or whether the risk to reward ratio is visible to you as well, not just me. If I were to do it I’d add funds weekly with a weeks worth of cooling off period if the price dips by more than 10%. Thanks Elegant remote