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Crypto genius (lemmy.world)
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[-] eezeebee@lemmy.ca 149 points 11 months ago

"while your investment appreciates in value", hopefully.

[-] Tubics@lemmy.world 38 points 11 months ago

Even if it loses 90% of its value it's still a win if the money came from credit cards you never paid back. Although the couple of hundred bucks you get might not be worth the hassle

[-] Wogi@lemmy.world 13 points 11 months ago

You will also be unable to take out any debt upon release. It's difficult to get credit as a released felon without a history of defaulting on debt.

So, being generous and saying that he sees a 4% return on his investment, he'll have slightly more than he went in owing, and will be completely unable to even get a car loan, a decent job, or place to live.

He will have turned 0 dollars in to a lifetime of hardship.

[-] Sotuanduso@lemm.ee 22 points 11 months ago

Correction: He will have turned 0 dollars into a lifetime of hardship and a few hundred dollars.

[-] TseseJuer@lemmy.world 5 points 11 months ago

where do i sign?

[-] Trainguyrom@reddthat.com 4 points 11 months ago

If all of the defaults occurred >7 years ago and there's been no credit activity since the individual would have no credit score because of no credit history. I know this because I've literally seen it happen. What you do then is apply for a secured credit card (basically you pony up some cash to secure an extremely low credit limit) then after you've established a payment history and a credit score you can move on from there. As far as I know financial institutions do not take into account one's felon status when determining elgibility

[-] Serinus@lemmy.world 2 points 11 months ago

One thing I can say definitively about crypto: It will not see a 4% roi.

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this post was submitted on 07 Dec 2023
698 points (100.0% liked)

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