A bit of do—to coin a phrase

A bit of a do, to coin a phrase.

 

In November 2017, one of my son Jamie’s friends bought some Bitcoin, a fairly new type of digital currency.

He had been told that he could have a better return on his savings than the low interest he was getting from his building society.

At first the returns seem to go up and down, but overall it was only slightly better than his previous building society savings account.

Then in December, one month later, his account balance more than doubled in just 24 hours, then in the next 24 hours the balance more than doubled again.

He now had twice the amount that he had started with in his ‘wallet’—a crypto term for account.

He then removed his original deposit back into his building society account, leaving the rest in Bitcoin, in effect he is now trading for free.

I should say now, that I am uneasy about this sort of easy money, like most people I have always worked for whatever money I have.

Apart from myself, my family were all gamblers, my brother in law owned a betting shop, my mother was a bookies runner—she collected bets from her friends and neighbours for him—then gambled with her commission.

One of my brothers lost his marriage because of his gambling,

Seeing all this, I thought gambling was not for me.

Like me, Jamie is not a gambler but after seeing his friends good fortune, he thought he would have a go, and put in the minimum amount, after 3 weeks his stake has hardly changed , but it was still better than his normal saving accounts.

His mistake being, he ‘followed the herd’ of optimistic ‘gamblers’—for gambling is what this is—and bought bitcoins at near their highest value.

The attraction of these accounts is that governments and the normal banks can’t interfere with them, the money you are risking is money that you have earned, unlike normal money men who invest some one else’s cash—until it’s all gone—usually, you are responsible for your own gain or loss.

In other words it is much the same as buying lottery tickets or doing the football pools, it is a pure gamble, you have as much chance of winning a big payout as swatting a gnat with a knitting needle in a darkened room, but it’s your choice.

Now, I think I would rather have a bit of excitement by chancing a few pounds, than allowing the normal banks to pay me about 1% for my savings, and then for them to lend that money to some one else for some ridiculous interest and then pay themselves a nice commission for doing so.

I am ashamed to say, greed has made me a gambler after all, I opened an account and deposited the minimum amount, luckily at a lower price than Jamie’s.

Then the ‘market’ price for bitcoin started to rise, and in a day without doing any work I ‘made’ 73 pounds.

There is a saying ‘That if something is too good to be true, it usually is’.

The next day my wallet contained less than my original deposit.

I have left any remaining money in the ‘wallet’ to see if this old adage is true.

It was quite exciting at first, a bit like trying to guess who Donald Trump is going to sack next.

 

 

 

 

 

 

 

 

 

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