Tag Archives: digital currency

The house wins

Yes, that has been the case since before WW1. In gambling the house wins and I got an interesting surprised served up by the BBC. It was the article (at https://www.bbc.co.uk/news/technology-65610851) where we see ‘Cryptocurrency: Treat investing as gambling, MPs say’ OK, that was a little unexpected, but when you think of it not the weirdest step to make. We see this with “The risks posed by crypto were “typical of those that exist in traditional financial services and it’s financial services regulation – rather than gambling regulation – that has the track record in mitigating them”, a Treasury official told BBC News.” I can get behind that. Lets not forget that crypto has no gold backing like currency, so not only is it a gamble, but in many cases it is a long shot at best. There is however a consideration we need to have and it is seen with “Gambling helpline charity GamCare told the BBC that, in the past two years, it had heard from more than 300 people who said they were struggling with investing in cryptocurrency and other forms of online financial markets.” It is seen with ‘struggling with investing’. I personally wonder that if you are struggling with an investment, then why invest in it to begin with, but that might be me. 

The plot thickens when you see “He said he had lost about £150,000 investing in crypto, including money he had borrowed, and that checking his phone to see how the market had moved had become an obsession. “There was no break at all, I was just I was on my phone constantly watching it and just couldn’t sleep,” he recalled.” So one person borrows to invest? I would not do that to buy stock in reliable options like Tesla or IBM, as such I will never ever do it in something fleeting as digital dollars. That is an orgasm more fleeting than trying to get one from a hooker with aids. I do not now, not ever trust digital currency. I accept that there are moments that this is the one payment option, but it will only exists until I get to the nearest bank to convert it to something more reliable. As such there is a rather nasty breach here. I would never invest in it and I do get that some do. And to be honest if I had the money in 2010 I might have bought 5-10 Bitcoins and that would have set me right, but I do not trust any digital currency and I still see all these ads come past with the statement ‘How rich would you be now if you had bought even one bitcoin in 2010?’ Yet that ship sailed and when you consider the grifters and BS artists trying to get you on digital trades, the idea to treat it as gambling makes a lot of sense to me and with gambling comes a lot more oversight. 

In the end, I have no idea where this will go, but the idea that all these new ‘students of digital currency’, the idea that they are soon to be privy to gambling oversight does seem appealing to me. And I do get it, it might be me, I might be too old for this new currency. 

I will let you decide, have a great day. 


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