How I Turned $1000 into $3200 in 42 Days Using Coinseed (UPDATE: Coinseed is a Scam, Please Read)
by
W. Paul Alexander
for
Better Call Paul
UPDATE: Coinseed has turned out to be a scam, as mentioned in my note below. Please use another app like Robinhood (if you're new) or another DeFi app that you are comfortable using. The bull market is still strong, and there is a great deal of money to be made, so don't let the actions of a scammer ruin your experience. We are working to bring a class action suit against them to recoup our funds. Read here for more information: https://www.publish0x.com/better-call-paul/were-you-scammed-by-coinseed-get-in-on-the-class-action-laws-xxwkyjg
Hello Everyone! This is an update on the value of the investments I made with $1000 of the last stimulus check round (the $600 per person one). I am leaving the original article below so you can see the history of my investments.
Note: There have been several people who have commented regarding their negative experiences with the CoinSeed app. Keep in mind, the point of this article is not the CoinSeed app, it's tracking the value of an investment made on a certain date through a certain date. There is a daily withdrawal limit of $250.00 from the CoinSeed app. This had not caused me any issues yet, because I don't spent more than $250 per day, and because this is meant as a lesson in hodling, not to make profits and immediately withdraw. Keep in mind, many US banks have a withdrawal limit of around $300 per day, and as I've not even needed to exceed that limit in quite some time, I am unlikely to be affected by the further $250 limit imposed by CoinSeed. Your experience and needs may vary, so as with any product or platform, I urge you all to do your own research before putting any of your money into anything, and if the platform I use does not make sense for your needs, use something else! After all -- again -- it's not about the platform I'm using, it's about the crypto.
UPDATE 3: February 12, 2021
UPDATE 02/12/2021: Hello! Another 5 days have passed and my holdings have jumped again in value, very significantly. Remember, I started this path right before the beginning of the year using $1000 of the recent stimulus funds. Well, upon waking up this morning and logging into the app, I noticed that my USD value has now surpassed $3000, holding steady over $3200. Thus, I have profited over $800 since my last post less than a week ago. Slowly, the passive income from crypto investments is moving past the "part-time job" equivalent. this week providing me with the equivalent of 40 hours at $20 USD per hour. It's not enough to buy a Lamborghini, but it is definitely enough to start making informed investments in other markets so that my portfolio can work towards diversification (the ultimate goal!).
Much of this week's gains have come from the increase in value of the Basic Attention Token (BAT). I have a large bag of BAT, from earnings made during the referral bonus days of Brave Browser, as well as from earnings on Publish0x. I've been a supporter of Brave since the beginning of the project, mainly because it comes with a necessary use case scenario -- user-supported advertisements during web browsing coupled with its own Brave Browser. Even while it remained stagnant in the $0.20-0.29 range, I continued to earn and buy BAT, and I admit I did so from a place of positive emotion attached to the company. This is generally not a good idea, but combined with the immediately needed use case of BAT and the strength of the team and code behind it, I took a gamble and it paid off. With the current price being almost $0.65, all the money I had invested in BAT has almost tripled in value. I have long felt that BAT was undervalued, and I believe that this price increase is just the beginning, with my own prediction/opinion being that it will eventually see around $1.00 or more.
Ripple, which I initially sold right before the SEC announcement and suspension of XRP from many trading platforms at $0.39 and picked back up at $0.21 is also taking back off, running just behind the value of BAT and currently trading at $0.59. It looks as though there will soon be increased regulation in the cryptosphere, but at this time, investors seem keen on their bets that Ripple will survive to fight another day. Recent increases in XRP value seem to back up this opinion.
Also, of course, this increase comes on the heels of Elon Musk's public statements and Tesla's decision to accept BTC as payment and invest $1.5 billion into Bitcoin. This has caused a bull market on top of a bull market, with Bitcoin approaching $50K, like many of us predicted on here. As far as Bitcoin goes right now, the message is clear -- hold onto whatever you have with dear life, because the value is only going to increase as time goes on.
Rounding out the winners are Cardano (ADA), and of course Yearn.finance, which has seen an increase in value to surpass BTC after many weeks of stagnation in the 30's.
UPDATE 2: February 7, 2021
UPDATE 02/07/2021: Today, looking at Coinseed, the value of my holdings are now $2389. I have made several tweaks to my portfolio since the last update. One mistake I made was moving my entire ADA bag to Ethereum. While I've made a decent profit from this, I would've made more if I had kept it in Cardano, because it is currently on a moon pump. I also bought an extra $100 in DOGE at $0.035 cents, but I am not including that in here, as the Elon Musk/DogeStreetBets phenomenon is a VERY high-risk position, and I do NOT want anyone to misconstrue my words into a recommendation to bet on DOGE. My personal opinion is -- you may get lucky, but you may lose your ass. If you have it to lose and want to gamble, that's your prerogative.
So, I am currently vested in the projects below. Now, last night things were a little better, and my total portfolio value was sitting around $2550. However, I didn't write this update last night, so I have to use the value of my portfolio during this little slump we are seeing this morning, leaving me at $2389.
I am the most excited about Ethereum right now, as it is in all-time-high mode and has predictions of at least $2000 in many different analyses.
That's about the end of this update! You can choose to read the prior update and the original article below so you can see the history of this value tracking project. Thanks for reading!
END OF UPDATE 02/07/2021
UPDATE 1: January 9, 2021
UPDATE 01/09/2021: This is my first update to the original article, published 01/07/2020. I have decided it will be easier -- both for posterity and for the sake of linear reading -- to just update and repost one article with the most recent update being what readers see first. That way, if you're keeping track, you can do so much easier.
So, I wasn't going to post another update here until I checked my balances at around 7:50 PM. Now, in a total of 12 days, I have turned $1000 into $1847.00. From where I was at 2 days ago, that's $99.50 per day. Nice little income for literally doing nothing but investing $1000, making 2 tweaks, and letting it sit.
So, I want my readers' opinion. At what point, knowing the coins I am invested in, should I cash out to USDT? Or should I hold the currencies that I have? It's just -- it's not very often that you see a complete 100% profit, and at this point, I'm up to 85% (or a $847 return on my $1000 investment).
END UPDATES
Original Article Below - Published 01/07/2021
Hello to my faithful audience! After the crazy events of last night, I was unsure if I would write this article today, as attention seems to be focused on the attack on the US Capitol during the counting of the electoral votes yesterday. Damage was done to some of the government property as leadership offices were taken over for a brief period before police in riot gear took it back and stood guard while representatives returned to finish the job of certifying Biden's win.
Damage to some of the antique furniture in the Capitol Building can be seen here -- of course, this is just a small example, and you can see the window boarded up as well.
So now that we're past January 6, there is a chance that the political rhetoric will begin to calm down. This probably won't have too much of an effect on markets, though, as the markets seem to have collectively ignored the craziness of Washington, especially out of the executive branch.
But that's not what I am writing this article for... I only mention the attack to give a bit of background as to where we are at this point in time as we see all out race for the moon in the crypto realm. It's truly like looking directly into two different dimensions when you compare politics to finance.
So, back around Christmas, I mentioned that I would be starting a project that would invest an amount into a basket of cryptocurrencies and would track said project, publishing updates along the way.
Well, I settled on investing a little over $1000 -- $1057, to be exact -- into the DeFi Coinseed App. If you are not sure what Coinseed is, you can learn more about it here (not a referral link, I promise!). My plan was to invest on the first of the year, but I ended up getting it in around December 28, at which time I invested he $1057 into a basket of top currencies.
Now, Coinseed has their own basket of cryptos pre-selected for you, but I didn't use this feature. Instead, I invested in the following:
Bitcoin
Litecoin
Ethereum
Cardano
Chainlink
Bitcoin Cash
I also had BAT and XRP in the baskets, but I ended up converting them to USDT and then redistributing it among the selections above. Now, we are obviously in a bull market like the world has never seen before, but I never expected to be able to make this much, this quick, and with such a small investment.
So, between December 28, 2020 and today, January 7, 2021, this is what my Coinseed balance looks like:
So, as you can see, my balance is currently $1665.77. This profit has been realized over the course of a week and a couple of days. It's equivalent to having a part-time job without having to do any work except for research my investments and make adjustments accordingly.
This means that I have made a profit of $608.00 in this very short amount of time, and it looks like the rise will continue. To put it into an easy-to-understand explanation -- my rent is $595. My profit this week pays for my rent and leaves $13 left over to stop and pick up (drive-thru or curbside, of course!) a nice, healthy vegan meal.
As far as a percentage goes, this means that my Coinseed investments have grown by a rate of 36.51% in just over a week. This is why I have been advocating people consider investing their stimulus, as this is an amazing return that many could definitely use as their financial situation becomes more dire.
So, what do you all think? How much should I let it rise before I sell for USDT and wait for the correction to scoop more up at a cheaper price? Please leave your comments below, and I'll get back to each and every one of you, if I have the time!
Have a wonderful day, everyone -- Deo Volente!
-Paul
Image Credits:
1. CNN
2. Luke L. |The Crypto on Medium.com
3. https://medium.com/learning-lab/how-to-make-money-with-cryptocurrencies-9a6d4a08e976
4. Self screenshot of Coinseed App 01.07.2021.
Coin widgets supplied by Publish0x courtesy of CoinGecko.
