Need Help with investnment strategy!!!

[JohnnyPierce]

Long story short, a few weeks ago I signed up with BTCJam (a bitcoin based crowdfunding site) and asked for a loan just to see if they were for real or not, the supposed reason for my loan was to purchase some cloud mining and for trading, I asked for 40 Bitcoin and never paid attention to the account again, today I logged in and I discovered that my loan submission was fully funded.

The thing is, the 40 bitcoin loan is to be paid in 1 years time with an interest rate of 7.75% per month, which in broad terms will cost me 63 bitcoin in a year, or about 5.2 bitcoins per month.

Since I had to give all my personal info, ID Card, proof of address, proof of earnings, scamming them is out of the question.

I need some guidance on how to invest this money so I can deliver on my loan and still make a profit on the side!

Thanks and best regards!

 

[bartosimpsonio]

What's that strange pyramid smell in here?

 

[JohnnyPierce]

What's that strange pyramid smell in here?

What do you mean? Are they a scam? I've only read good reviews about them, that was why I signed up.
I don't see how can they be a scam since I was actually able to withdraw the 40 bitcoins into my personal wallet!?!


Nevertheless, the fact of the matter is, in this moment I have 40 Bitcoin in my wallet and I have to do something with them to start making some profit.
I have an obligation to pay them 5.2 Bitcoins every month for a year.

So my dilemma is this. What can I do with 40 bitcoins that is able to make me a ROI equal or greater than 5.2 bitcoins a month?
(I can always convert the 40 bitcoins into dollars)
So in other words I have 9300 dollars to invest now and need to make at least 1250 dollars a month. Can anyone give me some guidance?

 

[3bisu]

You put all your real info to see if they were real?

 

[Not Ste Hughes]

Bitcoin is not enforceable by law, its not a recognised currency. It's not even currency at all...

Even if you don't pay it back there is little they can do but don't be a twat about it... give them the BTC back, explain your not interested anymore and you want to close your account.

 

[Not Ste Hughes]

You put all your real info to see if they were real?

Obviously the best way to see if you can trust someone is giving them all your personal details, bank statements and ID cards over the internet.

What other way would there be?

 

[JohnnyPierce]

You put all your real info to see if they were real?

Well, yes, I read a lot of reviews first to make sure, but yes, I went down that road, but when I applied for the loan, I thought it wouldn't be fully funded, since I didn't really bothered do give an elaborate loan strategy, I just asked for 40 bitcoins for trading and cloud mining purposes. I was aware that if fully funded I had absolutely no strategy to pay it back, but I thought no one would invest.

I don't think that it matters where the loan came from, the fact of the matter is, I have 40 bitcoins (9300 Dollars) do apply and invest as I see fit. And I have to pay 5.2 bitcions (1250 dollars) every month.

So my question is this, what can I do with 9300 dollars that nets me at the very least some consistent 1250 dollars a month, preferably more since 1250 dollars a month would be merely to break even, I would like to make some profit also.

I have no idea where to begin, but I have to pay my first monthly payment in about 2 weeks, so time is running out to start investing the money and making some profit.

 

[JohnnyPierce]

Bitcoin is not enforceable by law, its not a recognised currency. It's not even currency at all...

Even if you don't pay it back there is little they can do but don't be a twat about it... give them the BTC back, explain your not interested anymore and you want to close your account.

Well, I have 9300 dollars that were lended to me, I'm in debt, and have my credit cards maxed out, so this money may solve most of my problems if applied right. And since BTCJam seems to be a good crowdfunding plataform, I don't wish to scam them, because I have an open door to ask a future loan if I want to or need to..


Nevermind where the money came from, I'm asking for financial advice, treat this as a common loan. I asked for a loan of 9300 dollars and have to pay back 1250 dollars every month for a year.

What can I do with this money to make a profit????

 

[Not Ste Hughes]

Buy a Ferrari for every month for your $1,250 and sell it for $100,000

This should help you solve your debts.

 

[JohnnyPierce]

Buy a Ferrari for every month for your $1,250 and sell it for $100,000

This should help you solve your debts.

This isn't real advice, nevermind..

 

[Digitalist]

Well this is a bit of a predicament. The problem is that they have all of your information, so depending on your location, they have probably cause to sue you if you do not deliver as you entered a contract. I concur with Not Ste Hughes that you should get out of it if at all possible as it stands right now, you are in over your head.

With that interest rate, you would need a monthly return on asset of about 14% or a annual return of 168%.

 

[JohnnyPierce]

Well this is a bit of a predicament. The problem is that they have all of your information, so depending on your location, they have probably cause to sue you if you do not deliver as you entered a contract. I concur with Not Ste Hughes that you should get out of it if at all possible as it stands right now, you are in over your head.

With that interest rate, you would need a monthly return on asset of about 14% or a annual return of 168%.

The thing is, if I deliver the money now, I will already have to pay more than what I receive, and this is basically my last line of credit, come next month I will be unemployed, I have no money, my credit cards are maxed out.

These 9300 dollars "fell from the sky", with the success stories I see in here, it doesn't seem like a stretch to ask a way on how to double my money in a years time.

 

[3bisu]

All the success stories you read here took time, effort and knowledge which clearly you don't have

 

[Digitalist]

If you took out a normal loan of the same amount at say 7% for 1 year, your payment would be just over $800 a month. Few hundred dollars of interest over the life of the loan that you would need to come up with. A free method on this forum could save you and your investment would be from $0 to $100 depending on how you wanted to get going.

Unfortunately, the RonCo oven, Set it and forget it crowdfunding is telling you to come up with over 17 times that. This is just a crappy uphill battle man.

An investment of any type can potentially lose money. As in, your original value goes down. In your case, you really can't tolerate that as it places you worse off than you are at this exact moment. If you had 10 years, different story, but with 1 year, too much can possibly go wrong.

Get in touch, as suggested earlier, and ask if they can a) forgive the loan and have you repay right now or b) request instructions to pay it off. At this point, the longer you wait the more this costs you. Perhaps arrange to pay back any owed beyond the original amount in payments over 6 months/whatever - this would likely require an explanation of hardship which given what you have shared is a reasonable route to explore. Do some freelancing to pay whatever fees or interest they nail you for. Chalk it up to a crazy and freaky learning experience.


When 9300 dollars falls from the sky, someone isn't going to come bust your kneecaps after a year asking for it back. Cut your losses and move on.

Wish you the best of luck with this.

 

[ChanzGrande]

Yes, given OP experience level it would be somewhat silly to expect to gain online from this loan scam. However, its pretty clear this was just a thread to drop the BTCJam name.

You guys realize of course that once a million newbies saw that one person could get a BTC loan - many of them likely ran right over to the Nigerian(used for emphasis - not because I think they are actually Nigerian) website and put their personal information right in there.

So clever. Not really, but we can't all exercise good judgment every day, right guys?

For clarity - > Its always obvious when a new account drops a link -> it's often much less obvious when they just drop a Google Bait.

Good luck with your on-going lead-gen efforts JohnnyPierce.