AIBU or is DH....crypto and finances one...

[CryptoMadDH]

Not sure how much info to include so I'll try be succinct, no intention to drip feed so sorry if stuff is missing...

DH is really into crypto, done tons of research and sounds like he knows what he's on about (I wouldn't know, no clue or interest in crypto, maybe I should). He's started looking into investment and crypto and has set up VUSAs? And has crypto wallets etc.

We've had a big disagreement as he wants to throw a lot of money into crypto for the next few months in preparation for a 'bull run' - which I'm guessing is basically when prices rocket and profit can be made. I'm saying he cant put all his spare cash in each month as there's leisure, social etc...he's saying I'm shortsighted with this.

Brief preface: together 14 years since teenagehood. Married. Dc. He's a great dad, great/affectionate/loving husband...hands on does way more than his share and is supporting me with doing more cleaning/managing life admin/all dc stuff whilst I'm working and doing my masters. We're terrible at saving (well, I am, impulsive ADHD and binge buy). I'm very risk averse and he believes no risk no reward.

AIBU to be so risk averse? Am I being shortsighted??

Its basically gambling so should only be done with money you can afford to lose.
DH is very into shares and writes algorithms to help, he spends hours researching, its a hobby for him.
He won't touch Crypto

Er, I just posted to say my Dh is very into investing but won't touch Crypto
@MNHQ
Why has that been hidden please?

@MNHQ
Whats going on please? No Talk Guidelines broken

Well that was weird, seems I am back

You’ll have triggered automatic spam filters.

@CryptoMadDH when we disagree or are unsure on this kind of question we split it 50/50. So he puts half on high risk and half on something safer. Effectively you both get your way.

I’d really structure your spending, OP. Get a prepaid card or something so you simply can’t spend impulsively.
I put stuff in my online basket, then wait a few days before checking out. 9 times out of ten u don’t bother.

Crypto is about as stable as a house on jelly.

I'd have serious words. It's not worth it.

Dunno why my reply was hidden.

I did think that but I couldn't work out how

My DH has followed Bitcoin since shortly after its creation. He’s a programmer.

As long as it’s disposable/play money then it’s fine to let him have a go. Most people will lose it all, but as PPs have pointed out, it’s no different to your spending. Set a limit as to how much he can put in and agree to take profits at set points.

I put 20k into bitcoin a few years ago, it then tanked and I spent 2 years with my money halved. Thankfully I held on and have now got out what I put in and have left 6k "profit" to play with. My brother is a millionaire technically, having invested in it when it was at 7k, but it was just not the game for me.

I don't think it's a scam but you'd be very lucky to get the market-playing right. I'd probably consider putting more in if it tanked again, but it was a very stressful few years when we had 20k in, so maybe not.

Bitcoin is ethically troublesome and everyone playing it is co-creating the environment for relatively anonymous dark payments, drugs, people trafficking, ransoms.

Bitcoin doesn't have any physical value(even more so than standard currencies), all changes in price are about attracting more people who would want to buy it.

Technically, the whole concept and price gains works only because majority tends to keep it, but if something went wrong, the price would fall very quickly.

DO NOT DO IT!! My husband got suckered into this and lost a significant amount of money. The crypto bubble has burst, anyone making a profit from it is lucky not a calculated decision.

if you value your marriage steer well clear. It’s caused nothing but angst and heartbreak in mine.

together 14 years since teenagehood

Oh, my goodness. I don't know what to say frankly.

I have a friend like that. He treats her like shit. (Crying at work after his phone call).

She'll never leave him because she's never known any different.

Wishing you the best OP for your future. I'm a single mother, best thing ever. My son turned out great.

Bitcoin isn't just ethically troublesome it's an atrocious piece of technology. Bitcoin mining, a vital process for Bitcoin to continue working, consumes a truly vast amount of energy. It's the technological equivalent of setting fire to £50 notes to heat your house.

Dp got into crypto when very few had heard about it and he made life changing money.
Its in a bull run now and he's put everything he can afford to lose into it.
Dp said the small investor can't make the money from it now unless they sit on it for at least 5 yrs minimum.
However, note dp is only investing what he can afford to lose.
It's a huge risk if you can't afford to lose it.
I've just read your op to dp, he's still talking about crypto now (25 mins later), boring me to death, wish I hadn't asked 🙄

I work in an industry that has some crypto firms as clients, I really would not put my money into that.

Oh my reply has been hidden. I’ve posted on loads of crypto threads in the past 🤷‍♀️

This is a tricky one, because crypto can be a great way to get a profit whether it be short term or long term.
It's the reverse with DH and me - I'm the one who invested in it and I'm glad I did because it paid off and is still paying off. My risk adverse husband has accepted he was wrong and glad he trusted me with my decision.
On the other hand, you can put money in a bad investment and lose it just as easily, I would suggest he put money in that you both can lose and not be burnt by it and also put a small deposit in each month

And I see my first reply was deleted though my second is now showing and I was logged out of Mumsnet. 🤷‍♀️

I just gave my personal experience and views about it being too late to catch this cycle, risk of losing all your money etc

Alarm bells are ringing!
Is it like MLM for men?!
If you have debts you cant risk losing any money surely
ISA's are much more secure and offer a decent return, we have these
I refuse to invest in anything unsecured
Check out Martin Lewis's opinion and advice on investing
I am seing more and more people my age with nothing but debt

Someone mentioned receiving 10% over 2 years, average fixed rate (secure) was 5% for the last 2 years so its double that but with risks of losing it all.

as everyone has said you need to be willing and able to lose it all. Are you better off paying the mortgage off or gambling on bitcoin/investments?

That is the answer.
It is not to say that there will not be bull run but you don't invest what you cannot lose.