>take on debt>buy gold and Bitcoin>take on more debt>use new loans to pay off old debt and buy more gold and Bitcoin>credit score goes up because I consistently make my payments>keep borrowing more and more, indefinitelyWhat's the catch?
>>62770547There isnt one, when you die lenders will seek payment from your estate and then it will be settled.
I do this,but not just gold and cryptoequities as wellI only have 15% exposure to gold and crypto. Without leverage, it would be more like 8% exposure.>>62770599I plan to die massively in debt,I'll never get anything from my parents, and in fact, when they die, I'll refuse to be an executor of their estate. I warned my sister not to sign anything when they die or she'll be responsible for their debts and funeral costs.If I die without a huge amount of debt,I'll be disappointed in myself. I'm going to accumulate as much debt as I possibly can.Even when you're on you deathbed, banks will still loan to you. I've seen it.
>>62770547That only works if the value of the asset goes up. If it goes down you can't pay the debt. It's call a Ponzi Scheme.
>>62770547Bitcoin won't go any higher.
>>62770599>lenders will seek payment from your estate and then it will be settled.unsecured loans don't allow them to be paid with what would otherwise be the inheritance of your family.
>>62770599>lenders will seek payment from your estate and then it will be settled.Ahh, geez dood...
>>62770547Congrats You’re now a central bank
>>62770547First catch is you have to sell the gold and bitcoin to make payments on debt, meaning they need to go up more than the interest rate of the loan or you lose money.Second catch is you're going to be accused of money launderingThird those loans will be treated as cash advance with much higher interest fees and requirementsFourth you'll need collateral that's not gold or bitcoinFifth your income will limit the size of available loans
you have to pay fees on gold and bitcoin every single time you buy and sell so I doubt your story
>>62770547>What's the catch?crypto-winter. but, a good plan
>>62770639>Bitcoin won't go any higher.
>>62770844>Second catch is you're going to be accused of money launderingwut?