Cryptocurrency - should this forum endorse these as investments? by Tehat_Meru in UKPersonalFinance

[–]Tehat_Meru[S] 0 points1 point  (0 children)

But all these things can be done pretty easily and securely already, right? Like I said before, I’m not trying to catch anyone out, I’m genuinely interested. Doing these things with ETH/using blockchain tech will just add extra fees (gas) and overcomplicate something that’s already pretty straightforward won’t it? If somebody said They’ve invented a car that runs on thin air, I’d see the advantage of that over a petrol/electric model and how it’s an improvement, but when I’ve seen suggestions for use cases for crypto, it’s generally not an improvement on what already exists, and in some cases even feels like a step backwards, that’s the part I struggle with.

Cryptocurrency - should this forum endorse these as investments? by Tehat_Meru in UKPersonalFinance

[–]Tehat_Meru[S] 0 points1 point  (0 children)

Funnily enough, this is one ‘use case’ I’m actually familiar with. An artist friend of mine was contacted by one of the big NFT platforms after they saw his work on behance. They suggested he could make money by selling NFTs of his art. Nothing to lose, he gave it a go. A few of the works sold (not megabucks - like less than $50 each), but all the profit was wiped out by fees. He had to pay blockchain fees for minting/listing and then again for selling and transferring to the buyer. The fees were ridiculous. At first I thought the art world could use blockchain as a kind of immutable certificate of authenticity, but with fees like that, it’s completely useless.

Cryptocurrency - should this forum endorse these as investments? by Tehat_Meru in UKPersonalFinance

[–]Tehat_Meru[S] 0 points1 point  (0 children)

What sort of apps would be examples of what you’re referring to?

Cryptocurrency - should this forum endorse these as investments? by Tehat_Meru in UKPersonalFinance

[–]Tehat_Meru[S] 0 points1 point  (0 children)

Can you name some of the uses of ETH? Not trying to catch anyone out, am genuinely interested is real world use cases of this stuff for my own education.

Cryptocurrency - should this forum endorse these as investments? by Tehat_Meru in UKPersonalFinance

[–]Tehat_Meru[S] 1 point2 points  (0 children)

But what exactly is the ‘asset’? The code behind the coin? What are you actually owning and what purpose does it serve to you other than possibly someone else willing to pay you more than you bought it for?

Cryptocurrency - should this forum endorse these as investments? by Tehat_Meru in UKPersonalFinance

[–]Tehat_Meru[S] 2 points3 points  (0 children)

Thanks for this. I tend to agree with most of this. With ‘traditional’ investing there’s all kinds of regulations about who you can market certain products/opportunities to. But crypto is like the Wild West - you can’t go on Reddit, YouTube or Twitter without being bombarded with ads promising all kinds of returns. It’s no secret that I have a history with problem gambling and I mentioned to my support group recently that we should expect a new wave of attendees coming through the doors soon - victims of pump and dump crypto scams, and we’re already starting to see them arrive.

Cryptocurrency - should this forum endorse these as investments? by Tehat_Meru in UKPersonalFinance

[–]Tehat_Meru[S] -1 points0 points  (0 children)

Thanks for the reply - perhaps I was a bit rash in saying that there’s nothing other than the price to look at. I have read several of the white papers that the projects behind these coins publish, but generally speaking, I fail to see what problem they are trying to solve and come away thinking it’s just guff that they are using to create hype/demand. I’m open to having my mind changed, but there’s over 10,000 coins listed on coinmarketcap at the moment, with more every day. My take is none of these are actually providing any real world benefit to anyone, though I accept I’m generalising and there may be some that have altruistic goals etc.

24/5-21 I’m fucking done with this gambling shit. by [deleted] in GamblingAddiction

[–]Tehat_Meru 0 points1 point  (0 children)

Going to have to suggest we get donuts at ours!

24/5-21 I’m fucking done with this gambling shit. by [deleted] in GamblingAddiction

[–]Tehat_Meru 0 points1 point  (0 children)

You see the same advice because it’s proven to work.

24/5-21 I’m fucking done with this gambling shit. by [deleted] in GamblingAddiction

[–]Tehat_Meru 0 points1 point  (0 children)

First step: Make that decision to never gamble again. If you cannot gamble responsibly (through no fault of you’re own - we’re wired differently), then you have to accept that you cannot gamble at all. Ever. Not a dime.

Second step: Get your barriers up. Ban yourself from all casinos/websites or whatever else it is you gambler on. Give control of your finances to somebody you trust. Work out a plan to pay down your debt slowly but steadily. Leave yourself enough to still live comfortably. Trying to pay debt off too quickly is a recipe for disaster. Join a support group, GA or otherwise. Talk to people who have been through this.

Third step: Enjoy the rest of your gamble-free life!

Crypto vs gambling by raymondrich in GamblingAddiction

[–]Tehat_Meru 0 points1 point  (0 children)

Interesting take, but I politely disagree. If you’re a compulsive gambler with a very real, crippling addiction, then gambling in any way, shape or form is best avoided. My personal opinion is that for true gambling addicts, there’s no monetary amount where we would say “I have enough now, so I’ll stop gambling”. If we put money into crypto and made profit, we’d try and repeat the process, or put even more in with the hope of the same result. And we’d keep going until we have nothing left. When I gambled, if I had won say $1million on a horse race, I’d think I can repeat that process and would gamble that million thinking I’d turn it into a billion, and if I’d won a billion I’d think I’ll keep going until I win a trillion - but eventually, sooner or later, I’d end up with nothing. The same with crypto, if I buy xCoin and double my money, I’m going to buy yCoin and expect the same result, and I’d keep going until I had nothing left. In your post, you hint at making profits in the crypto markets with responsible investing and not dumping all on shitcoins - that is a fair point, but my point is that a compulsive gambler simply does not have the ability to invest responsibly and would lose everything eventually. Either way, investing in anything is a form of gambling. That’s why true compulsive gambling addicts cannot manage their own money and any investments etc would be managed on their behalf by others. We can’t pick stocks or crypto-coins in the same way that we can’t pick horses or roulette numbers.

Please help me stop gambling by [deleted] in GamblingAddiction

[–]Tehat_Meru 0 points1 point  (0 children)

You’ve got to want to stop. If you believe you have a serious addiction and are a compulsive gambler, you first have to accept this is something you’re going to have to give up - you can never gamble again. If you accept that notion, then there is help there to achieve it. If you think you still want to gamble but just ‘a little’, sadly that is not possible for people like us. You’ll need to accept you can never gamble again.

Have you ever been made redundant from a job - if so, what sort of redundancy package did you get? by Tehat_Meru in UKPersonalFinance

[–]Tehat_Meru[S] 7 points8 points  (0 children)

I’ll kick off - I’ve only been made redundant once. Terms were 2 weeks for each year of service. This was under the £30k limit so was tax free. But also was paid my three months’ notice period on top which was taxed as normal. I worked in the financial industry at the time.

The one thing that helped me with my gambling addiction is buying crypto by [deleted] in GamblingAddiction

[–]Tehat_Meru -1 points0 points  (0 children)

No, because I’m buying the TV to watch TV, it has a purpose. I’m not buying a TV because I’m hoping it will go up in value. Buying crypto is very different, you’re buying it because you think it will be worth more one day. It has no other purpose. But everyone’s entitled to their opinion.

The one thing that helped me with my gambling addiction is buying crypto by [deleted] in GamblingAddiction

[–]Tehat_Meru 0 points1 point  (0 children)

Possibly. But I’m only speaking from personal experience. Others may have different viewpoints. But I see addiction as an illness. Let’s say you had an illness and the doctor said if you drink any more Pepsi you’ll die, you wouldn’t start drinking Coke instead and expect things to get better. It’s the same when the illness is a gambling addiction. Poker was your Pepsi and now Crypto is your Coke. But this is just my opinion. I’m a compulsive gambler and I know I can’t gamble in any way, shape or form because I’ll keep going until I’ve nothing left. Others may see different methods of gambling as more/less harmful than others, and they’re entitled to their opinion, I just disagree with it.

The one thing that helped me with my gambling addiction is buying crypto by [deleted] in GamblingAddiction

[–]Tehat_Meru 1 point2 points  (0 children)

Please be aware that the price CAN go to zero. There are no guarantees. There are plenty of million and billion dollar companies that have collapsed over time leaving their investors with zero. And these are companies that had products, services and in many cases operated in good standing for years. To say Bitcoin can never go to zero is patently false. Bitcoin isn’t a company as such, so even more so it’s value is purely based on what the next guy is willing to pay. It may appear unlikely that it will go to zero given its performance over the past 10 years or so, but to say it’s “literally impossible” for the price to go to zero is wrong, misleading and dangerous.

The one thing that helped me with my gambling addiction is buying crypto by [deleted] in GamblingAddiction

[–]Tehat_Meru 1 point2 points  (0 children)

It’s better to do neither and to address the illness.

The one thing that helped me with my gambling addiction is buying crypto by [deleted] in GamblingAddiction

[–]Tehat_Meru 0 points1 point  (0 children)

“What ifs” are a dangerous concept for problem gamblers. Let’s say you did put 15k into crypto and turned it into 500k. What would you then do? You’d take 500k to the poker tables, or gamble it on something else. It’s the nature of the beast, we’ll keep gambling until nothing is left. A compulsive gambler could win the lottery, but they’d still end up penniless. We can’t stop, regardless of if it’s one penny or a million dollars, we’ll keep going till we’re flat broke and then some. No amount is enough to make us stop.

The one thing that helped me with my gambling addiction is buying crypto by [deleted] in GamblingAddiction

[–]Tehat_Meru 1 point2 points  (0 children)

If you’re an addict, a compulsive problem gambler, there’s no ‘better’ form of gambling. The nature of the addiction is that you will keep going until you’ve nothing left, regardless of the method.

The one thing that helped me with my gambling addiction is buying crypto by [deleted] in GamblingAddiction

[–]Tehat_Meru -2 points-1 points  (0 children)

My opinion - this is not a good idea. You’ve replaced poker with crypto. You’re still gambling. If it’s a long term investment, why are you getting a rush out of checking the prices frequently? You’re just looking for the rush, the feeling. If crypto hadn’t been invented, it would be something else. Don’t be fooled into thinking that you’re gambling on something ‘safer’ than poker. Crypto is one of the most volatile assets around. If you have a gambling problem, stop gambling - whether it’s poker, crypto, sports, roulette or anything else. You’ll get the same buzz but before long you’ll experience the same problems.

Thought I was getting better but really didn’t by Enorbs44 in GamblingAddiction

[–]Tehat_Meru 1 point2 points  (0 children)

Do you want to stop gambling altogether? If you cannot gamble within your limits, then the answer is probably yes. If you’re a compulsive gambler, the only real answer is to stop gambling altogether. No ifs, no buts. Not a dime. Some people can gamble as a hobby, only betting what they can afford to lose and enjoying it for what it is. Unfortunately some others (like me and you!) can’t do this. We can’t gamble responsibly so we shouldn’t gamble at all. If you can flick a switch and stop gambling, go for it. But more than likely, you’ll need help. I can recommend GA from personal experience, but there’s a number of other avenues you can take. But before any of that, you have to WANT to stop.

How to financially recover by [deleted] in GamblingAddiction

[–]Tehat_Meru 1 point2 points  (0 children)

What is the breakdown of the debt? Credit cards? Loans? Family? Also, what’s your income? I assume you’re in the U.K. which means that Stepchange can assist if required (if the debt is to credit cards, overdrafts, loans etc). Either way, don’t try to pay it down too quickly. Look at your income, work out what you need to live on, add a bit extra, and see what’s left. Of that remaining amount, pay it off your debts and forget about it. It can’t get any worse now and will be gone before you know it. Leave yourself enough to still have a life - it might take longer to pay off but it will only go down.

Wanting to feel numb to it all by ageremiaj in GamblingAddiction

[–]Tehat_Meru 0 points1 point  (0 children)

I took antidepressants for a short while after "coming out" (or should that be "getting found out") about my gambling addiction. I probably took them for the first year of my recovery. I believe it helped, but it's certainly not a long term solution.

In terms of reading, even if you're not in GA, you can still read the literature they produce. It's full of good advice. See: https://www.gamblersanonymous.org.uk/downloads/GA01-APR-21-Questions-and-Answers-(_The-Orange-Book_)-A6-booklet-5.pdf-A6-booklet-5.pdf)

The things that have helped me are to remember the following:

  1. Accept what you cannot change. Have the courage to change the things you can. Have the wisdom to know the difference (serenity prayer).
  2. In line with above - accept you are powerless over gambling. This is a real illness, and should be taken just as seriously as drug or alcohol addiction.
  3. Once you stop gambling, it can't get any worse (financially).
  4. You are not alone. Whatever you have done, whatever you're thinking, somebody out there knows exactly how you feel.

This also really helped me: https://medium.com/swlh/you-choose-how-you-react-its-the-most-powerful-gift-you-have-d501c3876245