Adventures in crypto-land

So I chose this week to have a first wee dabble into crypto currency. When I say a wee dabble, I literally mean that a box of matches is probably of more value than my investment.

Naturally, I was cautious. I am listening to a really good BBC podcast at the moment called the “The Missing Crypto Queen” and it has had the totally reverse effect on me; instead of putting me off it has whetted my appetite to educate myself and make my own mind up as to giving it a try. Small thrills!

So I have a few slightly more “out there” chums who I defer to on subjects like this. One is a risk taker plain and simple but can see that and advises others against going in on her basis; the other is a former goth, war gamer and conspiracy theorist who point blank refused to discuss it with me over the phone or by any other messaging service than Telegram. Turns out that’s where most of my new crypto buddies have candid chats. It’s a bit like WhatsApp I suppose just more secure for geeks in the know. School day 1.

So after doing a bit of reading online I decided on three fairly well known coins to focus on by way of getting to grips with it all so I put a tenner on each and got a virtual grain of sand in a virtual wallet. Oooh exciting! Which is apparently totally hackable too and I need a usb pen. Great!

The above paragraph sounds fairly straight forward, but in reality took me all day and involved me setting up a new online bank account with one of the newer banks for this purpose alone. My three other traditional banks blocked the various transactions and ways of doing them through intermediaries immediately. It was to the point that I almost felt like giving up. I won’t say which banks blocked me but, interestingly, they all denied it was because of cryptocoin/a strange transaction being flagged up on the system. I honestly can’t see why else they would block a £10 transaction and so already I’m starting to understand why the die hards allege that the banks want them shut down as a disruptive influence and are trying to do so using anti-competitive practices. I mean nothing to do with crypto’s rep for facilitating organised crime, Silk Road drugs transactions, anonymous unlimited transfers worldwide, or the ability for your investment to be wiped out every time Elon Musk scratches his ear on prime time telly. Oh and the environmental impact is terrible. It is hard to know what to think to be honest.

I must say, I have been hooked on watching the volatility of the graph since I invested on Saturday and I was aiming to buy in a dip so to an extent my plan may still work as my total net investment value is sitting at 30%, which is annoying in that I obviously wasn’t patient enough to let it bottom out but exciting enough to wonder if an when the curve will turn or if I’m in a money pit.

My experience is that it’s actually not as daunting to get into as it seems at first; provided you are playing with peanuts and you know the score on high probability gambling obliteration!

Anyone else like a dabble? It’s a whole new sub-culture, a new toy for me for now!

6 thoughts on “Adventures in crypto-land”

  1. I’m having a go myself. Turned 80 into 140 bucks but after Mr Musk said he won’t be using crypto for Tesla most of them dropped in value considerably. I think it’s best to hold on to them till they go back up rather than panic sell them. Good luck!

    Liked by 1 person

    1. I’m thinking the same. Also thinking he’s about to launch something himself 😂 I think if you are on it everyday several times, quick small amounts can be shaved off quite easily! I’m hanging tight for now but really don’t have a lot of skin in the game just now – just for fun! Good luck to you too, maybe see you in Vegas in time 😜

      Liked by 1 person

      1. Haha yes. I’ve been buying and selling about 20 different ones back and forth every day making a slight profit every time. But the ones I’m in now have gone down a bit. It’s a bit of fun and like a casino indeed. I wouldn’t put all my money in and I wouldn’t bet on just one horse neither. Cheers!

        Liked by 1 person

  2. I love your post GD. But as my day job is a consultant in financial services regulation you are braver than me. Sadly crypto-brokers are like the wild west at the momment. Banks are nervous because as crypto transactions can be anonymous its a a great route for moving criminals money! The regulator the FCA are trying to get on top of it. Just make sure your broker is regulated by the FCA.

    Liked by 1 person

    1. Haha! I hear you! Thankfully it had to be to get past the snazzy new bank I have just set up with. I did try a few broker bank combo to no avail. Just a bit of fun. A pound each way on jallopy!! 😎

      Liked by 1 person

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