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Original poster

DH has spent our Xmas money on BitCoin

101 replies

crisscrosscranky · 27/12/2017 18:38

🤦🏻‍♀️ we often get cards addressed to "Criss and Mr Criss" at Christmas from grandparents/aunts etc. The past couple of years we've used it for a weekend away around Easter time and I book it before the new year so I can send thank you cards and let the gifters know where we're off too they're mostly old folk; they like a proper thank you!

This year we got £155 in total. Just suggested to DH that Bath might be nice and that I'd to the bank tomorrow to pay the cheques in. He's then told me cool as a cucumber that he's invested it in BitCoin so if we wait a few months we might be able to afford a weekend in Europe rather than the UK Shock

I love this man to bits but he's just thrown our Xmas money away hasn't he!? I can't tell Aunt Doris and Uncle Quentin that he's gambling in digital currency so looks like we'll be paying for a weekend away on top of his new career as a broker he's actually a lorry driver Hmm

He thinks I'm massively unreasonable to be a bit cross because he seems to think next year we'll be millionaires if you didn't read that in Del Boy's accent you haven't watched enough Xmas telly

--

OP posts:
WasDoingFine · 27/12/2017 18:43

I don't understand what bitcoin is. Tried reading about it and am still confused

MrsTerryPratchett · 27/12/2017 18:46

That happens with these bubbles is that the risky and smart money is in at the very beginning, then smart money, then people who don't really understand at which point the smart money leaves and the people who don't really understand are left with something worthless. South Sea Company shares. Tulip bulbs. BitCoin. It's all the same thing.

Your only hope is that the smart money hasn't left yet. And fingers crossed won't before you do.

expatinscotland · 27/12/2017 18:53

I'd be fucking raging. That was your money, too, so I'd tell him I want my half back.

Noofly · 27/12/2017 18:54

Who did he use and what price was Bitcoin when he bought? You should be able to cash it in easily enough, depending on where he bought it and where it’s held (assuming he agrees to sell)

Rebeccaslicker · 27/12/2017 18:55

He may or may not lose the money; it may surprise you.

But it's outrageous that he spent it on that without asking you!

Viviennemary · 27/12/2017 18:56

I saw you had posted on the other thread when I asked about Bitcoin. At least it's not a vast amount. But I can't see how you will make any sort of profit or will even be able to sell that relatively small amount of Bitcoin without incurring quite large admin fees. I'd tell your DH you'll still have your weekend away thanks as before and he can pay for it. And then if he does become a millionaire he will share with you anyway!

Hortonlovesahoo · 27/12/2017 18:58

Bitcoin is way too fragile a market if you don’t understand it and don’t understand the risks. There are other (more stable) virtual currencies that would have been safer bets. Does he realise that he could have thrown that money away?

Noofly · 27/12/2017 18:58

I suppose at least he told you

harrietsoton · 27/12/2017 18:58

Hmm, he’s silly because it’s not the best time to invest in Bit coin - that ship has sailed my friend. It sounds like he didn’t do much research beforehand, the wally

Original poster
crisscrosscranky · 27/12/2017 19:02

He does realise he could lose it all but thinks it'll pay off. I don't know who he's using but he said after a few months he should get 40% back and it'll automatically reinvest the initial 'stake'- I'm pretending not to care at the moment so not asking any more questions! Apparently he's made £1.87 in three days which [quote] "is more that it would get in the bank" Hmm

We are fortunate that we wouldn't be in hardship if he did lose it all... because I normally manage our finances thank god!

OP posts:
f83mx · 27/12/2017 19:03

Regardless of what he spent it on (wouldn't touch bitcoin with barge pole) he took all the money and spent it without discussing with you? Wasn't it both of yours to decide what to do with??

scrabbler3 · 27/12/2017 19:03

He needs to do some overtime and book Bath with the proceeds.

However, the important thing is that he had no business investing joint money without your concurrence, irrespective of whether BitCoin is a sound investment or not. That's what he needs to take away from this. He mustn't repeat it.

expatinscotland · 27/12/2017 19:05

You're pretending not to care? Why? He didn't ask you and threw half of your money away.

WasDoingFine · 27/12/2017 19:07

Can anyone explain what it is to me.... in very simple words Blush

Noofly · 27/12/2017 19:12

OK, at least he has an exit strategy. Probably the best you can do is hope that he doesn’t panic when it next crashes (because it will crash and crash again) and sell at a loss. 40% in a few months is probably perfectly possible, if he can hold through the slumps and does really understand that he could lose all of it.

Noofly · 27/12/2017 19:14

Oh, and ask him if he has a SegWit address for it as opposed to a legacy one. Seriously- if it’s a SegWit address it will make the fees much lower when he comes to sell.

NotTheFordType · 27/12/2017 19:17

How has he bought it? If he has paid the cheques into your bank account today (the first day open since the afternoon of the 23rd, and I'm assuming they hadn't all arrived by then) then they won't have cleared yet anyway.

MongerTruffle · 27/12/2017 19:18

Can anyone explain what it is to me.... in very simple words

Bitcoin is a virtual currency. Over the past year, its value has risen by around £10000 (although every bubble has to burst eventually and that has started to happen). You can buy and sell it at online exchanges, and many websites (and even brick-and-mortar retailers) have started to accept it as payment. It is "mined" by using computer programs.

froshiechipandbrickie · 27/12/2017 19:18

Well, as long as he can deal with the volatility...

But yes, he should have asked you. Doing this with shared money without asking is simply unable.

froshiechipandbrickie · 27/12/2017 19:19

*unacceptable

MongerTruffle · 27/12/2017 19:22

I'd like to add that my explanation was massively, massively oversimplified.

BewareOfDragons · 27/12/2017 19:22

Tell him you want your half of the money, so he can sell some to get it back. Do something nice for yourself with it.

Dapplegrey · 27/12/2017 19:31

I'd look at it this way:
If the money goes down the drain then it might be a lesson to your dh not to gamble again with higher sums on risky investments.
So very annoying but a lesson learned.

If the investment goes up then you will have an even better weekend away than you would have done with the original money.

Hortonlovesahoo · 27/12/2017 19:34

Maybe show this to him? It's a summary of all of the virtual currencies for the last 5 days.

DH has spent our Xmas money on BitCoin
ShoesHaveSouls · 27/12/2017 19:36

He hasn't necessarily thrown it away - it's high risk, sure - the bubble might burst - but he could make you a ton. Someone over xmas told me they had one (bought in Sept) and they're £8k up. They're not selling yet, either and he's v savvy financially. At the same time though, I note my dh hasn't dabbled - and he works with hedge funder types, who tell him where to put money... but dh doesn't tend to do high risk stuff.

Just make sure he hasn't been scammed - there's a lot of that about.

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