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Ripple CTO, David Schwartz, claims to have a significant amount of funds invested in some cryptocurrencies usually referred to as shitcoin. He said this in a recent post on Quora, answering a generic question asking if anyone had lost funds by trading cryptocurrencies.
Ripple’s CTO further revealed that the cryptocurrency is not worth buying, “Absolutely. Not as much as I earned. But yes, I bought quite a few cryptocurrencies which turned out to be disasters. My total losses, just on tokens that become completely useless, are just over $ 300,000.”
READ: Cryptos: Nigerian financial experts talk about the risks associated with trading digital assets
Schwartz, who is one of the original designers of the XRP Ledger, said those worthless tokens include TIX, DICE, FLASH, VEZT, AMP, SIG, BEE, KIND, PRYZE, KUDOS, and NRN.
What you should know
A shitcoin is a cryptocurrency with little or no value or a digital asset that has no immediate or useful purpose. The term is often used to describe cryptocurrencies that developed after BTC rose to prominence.
READ: Bitcoin Whale transfers $ 1.1 billion worth of cryptocurrencies for $ 3.58
Recall about a month ago Nairametrics revealed the strange transactions made by Ripple’s Chief Technology Officer, David Schwartz, who regretted making bad decisions about his cryptocurrency wallet in 2012, resulting in an eight-figure missed profit. at current prices.
In a series of tweets released by Ripple’s CTO, he sold some Bitcoins for $ 750 and 40,000 Ether (ETH) for $ 1 each, a stash that would be worth more than $ 15.5 million at today’s prices.
