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Reddit user 'CryptoHomie' takes out $127,000 loan to buy crypto and sees 85% loss

15 Aug, 2018
by Joeri Cant
News
Reddit user 'CryptoHomie' takes out $127,000 loan to buy crypto and sees 85% loss

A 32-year-old living in Abu Dhabi, UAE, going by the name “Cryptohomie,” on Reddit, took out a $127,000 loan to buy crypto, and has since seen a staggering 85% loss. He hopes his 'painful' story can be a lesson to others.

Cryptohomie posted a photo of his repayment schedule to the Cryptocurrency subreddit on Monday, saying he still has three-and-a-half years to go until he is 'freed'. 'Until then', he continues, 'I’m working for nothing and I’m at 85% loss. I hope it gives you a lesson.'

He said he bought Neo, Stellar, Litecoin, Ethereum 'and some shitcoins that lost 95 per cent of their value already'. He apparently didn't invest in Bitcoin.

According to news.com.au, the Reddit user said he was still involved in the crypto space and was now mostly into NEO, Ontology, Elastos, Stellar and HPB.

The user further said that it was a simple loan banks give almost instantly in UAE.

“You can get $100,000 within a few days on your account without much verification,” Cryptohomie explained.

“I’m 32 and it was my first speculative investment. I think it’s an age where we’re still unconscious and take lot of risk if we don’t have big responsibilities like a kid or bills to pay.' He added that “if there is any ridiculously rich Emirati who doesn’t know what to do with his money, feel free to contact me”.

That probably won't happen. But hey, stranger things do happen in crypto world.

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