It seems HODLing can only get you this far – especially if you...

It seems HODLing can only get you this far – especially if you opt to invest in cryptocurrencies at random.

A year ago, I hopped on one of the many fleeting trends fueled by the blockchain bubble: cryptocurrency mystery boxes. Twelve months later though, my mystery box, which was initially worth $50, is now valued at less than $3 bucks – a staggering 90-percent drop in price.

So how did we end up here? Let’s get into it.

Cryptocurrency mystery boxes: the origin story

The concept of cryptocurrency mystery boxes first cropped up at the height of the blockchain bubble in late 2017 and early 2018. The idea was to give newbies an easy way of investing in cryptocurrencies without any of the hassles associated with virtual coins, like registering on exchange desks, setting up a wallet, and doing your own research.

To avoid these (pretty essential) extra steps, users would pay a slight premium to receive a USB stick loaded with a random selection of cryptocurrencies. Customers could choose among different mystery box tiers, ranging from $50 to $500 (and sometimes even higher). And indeed, tons of mystery box vendors provided similar products.

I got my mystery box from a company called CBlocks. In January 2018 when I first received my box, CBlocks’s offerings started at $100 (for a USB stick loaded with $50 worth of cryptocurrency) and went as high as $525 (for a USB stick loaded with $500 worth of coins).
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