I had been watching some interesting articles on Crypto Coin or cryptocurrency and remembered that I had opened a crypto ‘wallet’ some years ago with an outfit called Coinbase. From what I remembered to be able to trade or use cryptocurrency (the things Bitcoin made famous) you needed to have some sort of wallet and Coinbase for whatever reason was the most convenient at the time.
So I pulled up the Coinbase website and to my delight the username and password that I had registered under so many years ago were still in my browser so getting to Coinbase was a breeze. I then decide to make some random purchases of some cheap coin to get myself into the game.
I bought $10 worth of something called XRP and $10 worth of something called Stellar Lumens. I’ve had those now for a couple weeks and have seen it grow some. I started with about $20US and now a couple weeks later I have $28.00 with it peaking at some $30.00US in my portfolio some days ago. Not so bad.
Then apparently the outfit that owns the XRP Crypto Coin came under SEC investigation today rendering my investment temporarily, I hope, null. I mean within my portfolio it shows as an asset with a worth of around $9.50US but trading of XRP has been suspended in all markets until we find out what the investigation is all about. I did do some preliminary research and it looks like the owners bought 600 Million US in the Crypto Coin but didn’t disclose it publicly as they were suppose to do under SEC trade regulations. To me that looks like they just cashed out some of the value of the stock in real world dollars but I’m still naïve to all this so I have much to learn in the coming years. Man I hope I just didn’t lose $10. That’s worse than gambling lol.
I don’t ‘see myself getting serious into this but I find it compelling that I initially put in $20 or so and I have already profited 33% or so in market fluctuations. Some portion of that may have been a dubious investment and ultimately a loss as my Crypto Coin wallet now claims to no longer trade in XRP. Hopefully the investigation gets ironed out otherwise I just got scammed.