[ad_1]
Quick grip
1 minute of reading
- Ripple’s David Schwartz claims he lost $ 300,000 in bad cryptocurrency investments.
- Why it is important to do your research before investing!
David Schwartz, the technical director of the blockchain-based Ripple initiative, just revealed this week that he lost a substantial amount of money while trading numerous alternative cryptocurrencies that ended up being useless.
Specifically, he lost about $ 300,000 when he made the reveal by answering a question on Quora. One user had asked if anyone had lost money trading bitcoin or other cryptocurrencies while continuing to note that even though they had made more money than they had lost, they had still lost a lot of money in the industry.
“My total losses, just for tokens that become completely worthless, are just over $ 300,000.”
Schwartz is one of the original architects of the XRP ledger and has been very open about his poor investment choices in the past.
Last month, he revealed that he sold 40,000 ethereums for $ 1 each as part of a mockery plan he and his wife agreed to join years ago in 2012.
Currently, the token is just under $ 500. If he kept his money, it would probably be worth around $ 18 million today.
There are reasons like these why it is so important to do your research before investing in a cryptocurrency. Before we finish, it is worth noting that we are not financial advisors and this was not financial advice, please research your investment before investing your money in one.
For more news on this and more crypto updates, keep it with CryptoDaily!
© 2020 CryptoDaily All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.
