THELOGICALINDIAN - A crypto enthusiast who took out a sixfigure accommodation to acquirement cryptocurrencies has apparent them lose about 85 of their value
Investment Lost with NEO, Stellar, Litecoin, Ethereum, and Others
On Monday, Reddit user “Cryptohomie,” a 32-year-old active in Abu Dhabi, UAE, acquaint a photo of his coffer claim schedule to the cryptocurrency subreddit, according to News.com.au.
The photo shows a certificate from Emirates Islamic Bank that lists account repayments of 8,194 dirham ($3,067) until December 14, 2021. The aboriginal accommodation is listed as 338,000 dirham ($126,500) with a absolute outstanding bulk of 393,296 dirham ($147,200) including interest.
“Here is my coffer chapter accompanying to the accommodation I took to advance in crypto,” Cryptohomie wrote. “Still three-and-a-half years to go until I’m freed. Until then, I’m alive for annihilation and I’m at 85 per cent loss. I achievement it gives you a lesson.”
Of agenda is that the money was not acclimated to acquirement Bitcoin, but instead NEO, Stellar, Litecoin, Ethereum, “and some shitcoins that absent 95 per cent of their amount already.”
Looking back, NEO has absent about 90% of its amount back peaking this accomplished January, Stellar is bottomward about 75%, Litecoin has alone about 85% in value, and Ethereum has accomplished a abatement of about 80%. In relation, the amount of Bitcoin has collapsed by about 70% back hitting all-time-highs about $20,000 aftermost December.
Overall, the absolute bazaar assets of the about 2,000 cryptocurrencies tracked by CoinMarketCap accept alone from $800 billion to beneath $200 billion at the time of publishing.
Moving forward, admitting his losses, Cryptohomie is still complex in the space. He said he was “now mostly into” NEO, Ontology, Elastos, Stellar, and HPB. The user explained that the berry money for his advance was a “simple loan” that banks accord “almost instantly in UAE.”
“You can get $100,000 aural few canicule on your annual after abundant verification,” he said.
Reddit’s Response to Cryptohomie’s Losses
The acknowledgment from the Reddit association was mixed. Some were sympathetic, not intending to accomplish the bearings worse for Cryptohomie than it already is: “I don’t anticipate there’s annihilation we can say that you don’t go to beddy-bye cerebration about already,” one user wrote.
But added perspectives accompanying to the backfire accustomed beforehand this year back assertive debit/credit agenda providers began banning the purchasing of cryptocurrencies with their cards. And some angry Cryptohomie’s acutely chancy purchases to why the bazaar accomplished such highs at the end of 2017.
One user wrote: “So this is why we hit $US20,000.” Another acclaimed that “people complained” back banks stopped acceptance cryptocurrency purchases on their cards, but common that those moves were “because of things like this.”
“Since this aftermost run I’ve wondered how abounding bodies did this array of affair and how abundant banks accept loaned out for crypto. I brainstorm there accept and will be absolutely a bit of credit/loan defaulting.”
Last December, at the acme of the cryptocurrency amount run-up, a U.S. balance regulator warned people were demography out loans to buy agenda currencies:
“We’ve apparent mortgages actuality taken out to buy Bitcoin,” Joseph Borg from the Alabama Securities Commission said. “People borrow money. People do acclaim cards, disinterestedness lines.”
Borg added that the botheration was that “innovation and technology consistently outruns regulation. This looks like tulips from Holland aback in 1637.”
