Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To allow DH to gamble with the savings?

44 replies

MoneyTooTightToMention · 30/09/2017 15:25

I've been putting £100 a month away for a year or so as savings.

DH has recently become obsessed with BitCoin and has sold it to me that we should put the £1000 savings into it and he can almost guarantee we will make money.

If we lost the money, it would obviously take me 10 months to save it back up again but to be fair, we could save more each month if we wanted to.

AIBU to throw caution to the wind and let him have it? I'm quite intrigued myself but would never have the balls to throw a grand in it personally but he seems dead confident?

OP posts:
FlandersRocks · 30/09/2017 16:12

Don't invest in bitcoins now - they lost a lot of their value recently

Isn't that the exact time you should be investing?

TheVeryHungryDieter · 30/09/2017 16:13

Do NOT invest in bitcoin now. There's a lot of new regulation coming along for virtual currency and the big banks are developing their own rival currency in a bid to stamp out unregulated currency.

Bitcoin is almost over imo. I would say it's had its day - if he had invested 18 months ago it would be time to cash out and let all the johnny-come-lately mugs buy in at the inflated value.

Tell him to invest in a Frankfurt-based property company instead. That's what I would be doing with spare cash. Lots of finance bods will be needing new homes.

Brittbugs80 · 30/09/2017 16:21

Plus, whether it makes a difference or not, nearly all of my old FLP MLM friends have moved over to bitcoin. There's an MLM set up doing this and if you recruit others you get money to teach them to trade.

I'd just keep saving personally, especially if you have no debt. Get yourself up to a three month safety net then maybe think about pension/Lisa etc.

Jux · 30/09/2017 16:21

Never gamble more than you can afford to lose.

Good advice from a friend who was an inveterate gambler but he had the money; I don't, so I don't gamble.

if you don't care about the 1K you've go and think it'll be a laugh to lose it on bitcoin, then do it. If you'd like to have 1K behind you and you would rather use it on something else or it's there for emergencies, then don't.

Whatever, just assume you'll lose it and then decide.

CaptainMarvelDanvers · 30/09/2017 16:22

No don't buy bitcoin - it earned some people a lot of money a few years ago so a lot of other people want in on it. It's recently lost it's value and there are other up and coming Cryptocurrencies with less of the baggage. There is also a strong concern that Bitcoin could be a Ponzi scheme.

Whatever you do, make sure you know what you are doing.

Peeetle · 30/09/2017 16:28

Don't invest in bitcoins now - they lost a lot of their value recently.

CaptainMarvelDanvers · 30/09/2017 16:28

FlandersRocks

Not if there is evidence that the value isn't going to go up...Cryptocurrency is probably going to be the future but it's going to get there by being associated to legitimate sources. Bitcoin has being involved in a lot of scandal such as Mt.Gox. It's also the currency of choice for criminals hanging around on the darknet.

SongforSal · 30/09/2017 16:31

Bitcoin is old news. The time to invest was a few years ago. I personally wouldn't.

Bambamrubblesmum · 30/09/2017 16:36

Ripple would be better than Bitcoin. It's a business enhancer rather than a disrupter.

Inertia · 30/09/2017 16:44

If that's your only source of savings then keep it as readily available bank savings for emergencies.

Pariswhenitdrizzles · 30/09/2017 16:48

I don't think it would be wise OP - the Evening Standard had an article recently which said the Bitcoin bubble might burst soon. I think looks like it's quite risky.

Have you considered investing some of your savings in something like Premium Bonds or an ISA? They're relatively safe to invest in.

Butterymuffin · 30/09/2017 16:51

Stick it in an ISA. And tell your DH that when he's saved some money he can decide what risks he wants to take with it. It's easy to be willing to take a risk when you didn't take the trouble to build up the money in the first place.

AnnieAnoniMouse · 30/09/2017 16:51

If you can't make him see that he's got no idea what he's doing, how about letting him 'invest' £100 - if he's any good he can turn it into £1000, if he's not he's only lost £100, not £1000.

QueenBeex · 30/09/2017 17:10

There is no way of being 100% sure you'll make the money or any money at all back.
If you're happy to possibly lose £1000 then go for it.

peteneras · 30/09/2017 17:17

DON'T DO IT!

I've met many people like your husband including close relatives talking about cast iron guaranteed returns. Initial discussions often led to violent disagreements in the end.

Gives me no pleasure to see all of them (and I do mean all of them) ultimately shut up for good.

StinkPickle · 07/12/2017 10:06

OP did you do it? If you did you’ll have made a fortune! Have you seen the prices now compared to then?

Hope you did it.

EricaWilson · 24/07/2020 19:36

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

LynnThese4reSEXPEOPLE · 25/07/2020 19:32

I was listening to a podcast about the Dark Web. There is (as I understand it) a limited amount of bitcoin that can be created due to the codes. It might have been a sure thing previously bit I'd be less confident about it now...

LynnThese4reSEXPEOPLE · 25/07/2020 19:33

Oops! Zombie!

New posts on this thread. Refresh page
Swipe left for the next trending thread