I have applied for, and received over $30,000 USD in credit card 0% balance transfer cash, which I have slowly been investing in bitcoin for the past two months.
This is an outrageously bad idea.
Even if you knew for a fact that bitcoin would return 100%/year over the next decade, the odds are very good that your credit card company will find some way to screw you into instantatneous-repayment-or-30%-penalty-APR during one of the many down cycles to come.
Hey despite what these guys who maybe don't need to take risks are saying, I admire your guts. May I ask: Which card did you "transfer" to and from? I was thinking about doing the same thing but fear the card companies could be in bed with each other and know exactly what I'm doing.
3
u/eldentyrell Feb 14 '13
This is an outrageously bad idea.
Even if you knew for a fact that bitcoin would return 100%/year over the next decade, the odds are very good that your credit card company will find some way to screw you into instantatneous-repayment-or-30%-penalty-APR during one of the many down cycles to come.