This is the late 1990s all over again. I recall people were not only buying stock on margin during the dot com but also pulling out the credit cards to purchase. While this makes a lot of sense when things are going up, when heading sideways or down, it is a stupid move.
There are so many who are living close to the vest financially and yet they are the ones who do this. What happens if BTC tanks to $3,000? It is not unheard of in the crypto world. These people will be sunk. They will be left with an asset that is worth 20% of what they paid for it while owing on the balance which is adding 20% interest annually.
And we thought people being upside down on their mortgages was bad...this will be horrific.
It is sad what desperate people will do.
But one day blockchain is going to right this ship and then these poor people won't be in such dire straits. This is another reason to promote Steem. Let these people know they can get involved in crypto for free.
Desperate moves aren't required.