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KEY POINTS
- Ripple’s CTO has invested in some altcoins that are now worthless
- David Schwartz said he regretted the decision to sell some cryptocurrencies very soon
- The risk factor is high in the cryptocurrency business
Ripple chief technology officer David Schwartz said he lost a total of $ 300,000 after investing in altcoins or alternative cryptocurrencies.
Schwartz was answering a question posted on Quora, asking if anyone “had lost money trading Bitcoin and other cryptocurrencies.” It received responses from different people, but of them, only Schwarzer had a strong background in the cryptocurrency industry. XRP, issued by Ripple, is one of the top five cryptocurrencies by market capitalization.
Schwartz said he made some cryptocurrency investments that turned out to be disasters. He didn’t list all the cryptocurrencies, but said the following had to be deleted as useless: TIX, DICE, FLASH, VEZT, AMP, SIG, BEE, KIND, PRYZE, KUDOS, NRN.
Most of these coins peaked in 2017 and 2018, but are currently worth zero. For example, TIX is worth $ 0.001, according to CoinGecko, and KIND is worth $ 0.000997, data from CoinMarketCap shows. Some of the coins can no longer be found on either CoinMarketCap or CoinGecko, suggesting that their value had been zero for quite some time, Cointelegraph reported.
This isn’t the first time Schwartz has talked about some of his bad investment decisions. In an October tweet, he revealed that he sold 40,000 Ether very early for $ 1 each in 2012; 40,000 ETH is currently worth $ 18.5 million. It also sold a sizable amount of Bitcoin for $ 750 and a large number of XRPs for $ 0.10, Schwartz said in a tweet.
When asked why he’s backing cryptocurrencies when he’s done some risk reduction himself, Schwartz said he’s a risk averse kind of person. Also, since there are people who depend on him financially and emotionally, he couldn’t risk everything in cryptocurrency. He said he is now in XRP and owns Ripple stock, while acknowledging that the risk is very high across the entire cryptocurrency space.
“I’m too rational to pretend otherwise and suggest others to do the same,” he added.
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