My Little Dabble with Crypto

With Brexit dominating the British media, I could write a blog of what Brexit will mean financially to the British contractor from my perspective. But fuck Brexit and fuck the British media. It has gone on too long, it is important but fuck me it is boring.

A subject that was in the spotlight was Crypto currencies. Although it is not in the forefront of peoples minds at the moment, I will discuss it briefly as it is yet another one of my investments that haven’t quite worked out.

Everyone who I have spoken to about BTC (Bitcoin) has got a story about someone they know or how they could have made a fortune. And I am no different. Unfortunately when I finally got into it, I had missed the opportunity of making a small fortune by making a lucky punt. When it comes to any type of investment, I fall on the unlucky side of the coin. Get the violins out.

The very first time I heard about BTC was on December the 25th, 2015. The price for 1 BTC at the time was $453.42. I would have had a spare £5000 to have little dabble if I had understood and believed in the asset class at the time. If I had bought at the time and then sold at around the peak of December 2017, I would have made a small fortune. It would have been roughly £150,000 UP if I had done that strategy but I didn’t have any BTC knowledge and I didn’t have a fucking crystal ball.

Being a man of routine, I would always go out before Christmas dinner and have a few pints in one of the locals. The women of my family would stay at home with the kids and cook the dinner and it was a routine everyone was happy with.

Back to Christmas 2015 and I was having a few pints with my Step Dad Col and brother Jason and we were catching up with friends and family. One of the family members we were catching up with was my cousin Liam. Liam and I were close in our younger years but at this stage we hardly ever saw each other.

When talking to him in December 2015 I remember him telling me about BTC and how he was involved. I listened and was genuinely happy as he seemed to be doing well. But I wasn’t really listening. Why didn’t I fucking listen that day? It just wasn’t meant to be. It was partly because my shitty financial brain couldn’t comprehend what he was saying. I was also fed up of my failed investments. I was destined to work to 70 and only have my 3 shitty rentals that would probably still have negative equity in 2053.

The next time I was to speak to Liam he had been involved in an accident. I’d heard he had fell down some stairs and fractured his skull over in the UAE. I messaged him as I was concerned. He was on the mend and we started exchanging messages. After a few messages he started telling me how I had to get into BTC and other Crypto coins as it was the future. At this stage I had heard a lot of people talking about Bitcoin and the asset class was becoming very popular around the world. At the time (June, 2017) it was sitting at or around $3000 for one coin.

Speaking to Liam I decided to make a small investment of £2000. Liam was doing very well in the Crypto world and I was excited as I felt as though I knew someone who could direct me and help me to make educated, informed decisions. He even had his own company ‘Alphabit’ and I got the impression the money was rolling in. Looking on his FB account he was travelling all over the world and looked to be living the high life.

Liam was excited as well and was firing message after message about BTC and finance in general. He was clearly against centralized banks and governments and he believed in this new exciting asset class with everything he had.

I was brand new and couldn’t take it all in to be honest. The messages were flying into me as I was bobbing up and down on a small boat on my way to a wind farm. I didn’t know exactly what I was getting into, but I was open-minded and was willing to have a little dabble.

Initially all I had to do was send Liam the money and he would do the rest. I just had to set up a crypto-to-crypto exchange to receive the tokens. I had to set up an exchange called ‘BITTREX’ and it was relatively simple.  The token I was going to invest in was MTL. Me being the wise investor, didn’t do any research at all and just simply went with it on Liam’s recommendations.

As I didn’t have a clue about this new technology and new type of money, I needed to do a little bit of research with regards to the basics so I could at least receive the coins and hold them securely. I also had to look at how secure it was, so I bought an easy to understand guide “Bitcoin for dummies”.

After a few weeks I received my MTL coins and had £2000 pounds worth. I later sold this coin for BTC and bought another coin on Liam’s recommendations. I actually made a couple of hundred dollars so I had made money for a change.

In November 2017, Liam recommended a coin called ‘Unikorn Gold’ and I was willing to put another £2000 in to the coin. With Liam’s connections I was able to purchase the coins at 20 cense before the ICO (Initial coin offering). When the ICO had been and passed Liam was to send me the tokens for me to do as I pleased.

If memory serves me correct, the UKG (Unikorn) ICO happened in early January, 2018. I was watching the price like a hawk. The price rocketed to over $2 and my investment of £2000 was now worth over £20,000. The problem was I didn’t have the tokens. I messaged Liam about my tokens, and he didn’t get back to me for another 10 days.

He sent the tokens but at this stage the price had dropped, and my investment was sitting around $10,000. I should have cashed in then, but I held on Liam’s advice (long term buy and hold strategy) and my UKG investment is now worth $200. Another failed investment.

Similarly, this happened in early 2018 with another coin called DTA. Again, I put another £2,000 in. After I received my coins the price rose and my DTA was worth $10,000. Again, I was advised to hold and again the price dropped. The DTA coins I have are worth approximately £100. Another failed investment.

At or around the same time I also invested in AELF. This time I only invested $800 worth, but Liam was adamant about this one. Again, my investment rose to $8000 but I didn’t sell. Yes, you guessed it, Liam had advised me to buy and hold and the price fell again. Another failed investment.

If I had sold at the right time, my little dabble with Crypto would have been worth well over £30,000. But again, I haven’t got a crystal ball. Another factor was that I was clueless and was just following what my cousin was advising, without doing the necessary research. I am a big boy and I am certainly not moaning about Liam’s advice. Always do your own research.

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