Crazy Idea Here. Thoughts?
I want to get everyone’s thoughts on this life move and potential financial hack. The idea is to take on an outrageous amount of debt, like literally as much as you can possibly get, use it all to buy Bitcoin, and then just declare bankruptcy and not even attempt to pay back the fiat debt. Your assets could be seized to repay the debt, but you Bitcoin couldn’t be as long as you control the wallet it’s in. As long as you could live with only Bitcoin and no fiat, and had no need to access traditional financial institutions, you would absolve yourself of any legal responsibility from the debt and still just live off your Bitcoin. Would this work? Or would this just end in disaster? submitted by /u/MRJohnson1997 [link] [comments]
I want to get everyone’s thoughts on this life move and potential financial hack. The idea is to take on an outrageous amount of debt, like literally as much as you can possibly get, use it all to buy Bitcoin, and then just declare bankruptcy and not even attempt to pay back the fiat debt.
Your assets could be seized to repay the debt, but you Bitcoin couldn’t be as long as you control the wallet it’s in.
As long as you could live with only Bitcoin and no fiat, and had no need to access traditional financial institutions, you would absolve yourself of any legal responsibility from the debt and still just live off your Bitcoin.
Would this work? Or would this just end in disaster?
[link] [comments]
