I have a line of credit through my bank, 250k. The interest is 6%, settled monthly. I've been considering drawing 100k to purchase more altcoins. Bad idea or potentially genius?
Currently have 25k in the market with a 31k profit, timeline about 45 days. I put another 25k in yesterday.
And what coins would you buy?
Generally speaking that's a bad idea. More specifically, how long would it take you to pay back the money assuming your position was totally wiped out? And keep in mind, the risks don't exclusively include trading/price risks. Your wallet--or an exchange's wallet--could be hacked.
Speaking of which, in the past we've heard about hacked centralized exchanges or odd behavior like closing accounts. It was advised to use decentralized exchanges instead, because those are not relying on the exchange owner's server and you get to keep your private keys. But yesterday attackers took control over the Domain Name Server of the decentralized exchange EtherDelta.com. If you visited that website during that time you'd be sent to the attacker's website which steals all the Ether and tokens from your wallet.