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How I Lost 10354 SJCX in Coinbase!

Everyone does dumb things in there lives. Last month i did something that ranked pretty high in the dumb list..I hold a some digital assets and one of my baskets of assets was 10354 SJCX . At todays prices that would be about £800. SJCX for those that dont know is a digital token on the StorJ Network. Storj is a decentralised cloud storage solutions built on Blockchain technology. Earlier this year when i heard about the project i wanted to test the application. However to be part of the test group you had to hold 10000 SJCX which at the time was relatively cheap at only about £100.. i thought what the hell 😉

I had these coins sat in the wallet for ages… they had gone up in value over the months i had them….and in the end they became worth about £800…Which is a 8X increase pretty good gains i thought. I dont know why , i thought to myself what would happen if i tried to transfer the SJCX into my Coinbase wallet.  After all a Storj Wallet is a extension of a bitcoin wallet… I also thought that id be able to transfer them oout if anything went wrong since coinbase have a good support team.

Without really thinking what i was doing i went and transfered ALL the SCJX to a coinbase wallet i own 1Cr563rzct219VZL1sHoVSNGNuMU128swE. Only when i went and opened my coinbase wallet i had a horrible feeling i messed up bad.

Once i had realised what i had done i rushed to email coinbase support to see if they could assist me somehow..this was the response i got from coinbase.

JUN 23, 2016  |  04:21PM PDT
Robert Reid replied:

Hello,

Unfortunately, it’s not that easy. Our keys are locked up in our own secure key storage system. This system is only able to sign Bitcoin transactions and can’t do anything else. We tied our hands on purpose with respect to these private keys. So it’s really hard for us to sign non-Bitcoin transactions. Obviously, it’s possible, but it requires a ton of engineering effort to code up, test, and deploy a solution. And it is not worth it for us to do this for the small amount of money people lost to this.

We have had many people that have sent altcoins to our Bitcoin address, and we were not able to help them retrieve them.

I am sorry for any inconvenience this caused and for misunderstanding your initial question.

Regards,

 
Robert Reid
Customer Support Agent
Coinbase

 

 

It may be the case that the SCJX is suck in Coinbase forever or maybe oneday a coinbase engineer with the private keys will scope up my lost SCJX. So the lesson learn from this experience is not to sent Altcoins like Storjx to Coinbase or you will lose them FOREVER.

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Why Invest in Ripple ( XRP )

XRP has been my favourite digital asset since the invention of bitcoin. I have been keenly following Ripple since 2013 and it has done an impressive amount of work on the ripple protocol.  Here are my top 5 reasons to invest in XRP .

 

  • Impressive list of Investors

    Ripple is well funded Startup with over $42 million from Venture Capital money. Big names such as Andreessen Horowitz, Google Ventures and Santander have all got stakes in Ripple. More venture capital is predicted to be injected in the future since most startups go through several rounds of funding.

 

  • Digital Asset with no  Counterparty Risk

    This is a real special property of XRP. Counterparty risk is the risk to each party of a contract that the counterparty will not live up to its contractual obligations. Counterparty risk is a risk to both parties . In most financial contracts,counterparty risk is also known as default risk. for example the dollars and pounds in your bank have counterparty risk. Bitcoins and XRP are digital assets that have no counterparty risk and that makes them very special indeed!

 

  • More Economical and faster then Bitcoin

    One thing i love about ripple is that the security of the network does not rely on the “Mining” process like bitcoin. Personally i feel that Bitcoin mining, although serves a purpose of securing the network, is a complete waste of electricity. This is the reason that will hinder the growth of the bitcoin network. I think Ripples concensus is far more sensible way to secure the network and alot more greener. Also faster transaction confirmation is a benefit to the ripple network taking seconds rather then hours.

 

  • More Major Banks joining the network

    In 2016, Santander became the first U.K. bank to use Ripple for cross-border payments, offering a simple payments app running on Ripple’s underlying technology. Santander, UniCredit, UBS, ReiseBank, CIBC, National Bank of Abu Dhabi (NBAD), and ATB Financial are among the latest banks to adopt Ripple to improve their cross-border payments. Ripple is the only enterprise blockchain solutions, Ripple’s growing, global network includes 12 of the top 50 global banks, ten banks in commercial deal phases, and over 30 bank pilots completed, among many others also using Ripple’s solutions.

 

  • Store of Wealth

    i am sick of  my wealth being inflated away by our current financial system. The currency in our banks have inherently have no value , they are not a store of wealth which is an important characteristic of sound money. to make things even worse we have central banks that print money with every financial crisis which just erodes value. XRP and Bitcoin are now being used as a store of Value because you cant print more of them… there will only be a certain amount of XRP. XRP is infact a deflationary money which by definition will become more valuable as time go on and thats one of the reason to invest in XRP early before the prices get high.

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How to Buy Ripple ( XRP )

Ripple XRP

XRP is a digital asset just like bitcoin. XRP is the native digital asset to the Ripple network. XRP is increasing becoming a way investors can store wealth that is outside of the traditional banking system.Its a digital asset that has no COUNTERPARTY RISK..Other great benefits of Ripple is that you can hold other currencies in your ripple wallet aswell as XRP.  The time transactions takes to confirm are seconds which is much quicker then bitcoins This guide is to help those interested in getting hold of XRP and investing in the digital currency.

To create a funded Ripple account, follow these steps:

    1. Create a Ripple account with a client application. Or another easy way is using these ripple tool / Cold Wallet
    2. Activate your ripple wallet . All ripple wallets need an initial 50 XRP to activate the functionality of your wallet
    3. Link your gateway account to your Ripple account 
      • Identify a gateway or exchange that you trust with your assets, register with it, and connect your gateway account to your Ripple account.
      • Choose a Ripple gateway or exchange and create an account there. If your in europe i would recommend Bitstamp
      • Follow the gateway’s procedure to link your Ripple account to your gateway account.
      • Follow the gateway’s procedure to fund your gateway or exchange account.
    1. Trade for XRP using Ripple’s distributed exchange which allow users to trade without the need for a broker or a third party exchange. Ripples desktop client can be used to access ripples distributed exchange. Anyone can post bids or offers into aggregated global order books, and the Ripple protocol finds the most efficient path to match trades.

ripple_2

  • Check the exchange rate in your client application and ensure that you can accept the rate before approving the transaction.
  • Place an order to buy XRP on the Ripple Consensus Ledger by using your client application.

Alternative Methods

  1. Create a Ripple account with a client application. Or another easy way is using these ripple tool
  2. Activate your ripple wallet . All ripple wallets need an initial 50 XRP to activate the functionality of your wallet
  3. Buy Bitcoins from Coinbase or Localbitcoins
  4. Buy 10,000 XRP from my Online Store using your bitcoins

 

Buy XRP using Credit Card