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Ripple’s Chief Technology Officer (CTO) David Schwartz confirmed in a forum that he suffered significant losses in the event of failed altcoins. He explains that even though his earnings were much higher, he is still hurt that he wasted around $ 300,000 on some projects.
Among the other data revealed by the founder of Ripple, there is that even greater were his losses in Ethereum and Bitcoin. All of this shows that even the most successful investors in the cryptocurrency world face situations that force them to take wrong paths many times over.
At the same time, it makes it clear that the crypto ecosystem’s nervousness isn’t just for the inexperienced. The investor claims that he has been selling Bitcoin cheap, although he has not specified a specific number of these coins. Similar situation in the face of Ethereum, with which he would have lost about 18 million dollars.
Why did Ripple’s CTO lose so much money?
As noted above, bankruptcies are not uncommon in the way of many large investors. The fact that Ripple’s CTO has lost a certain amount of his investment capital shouldn’t come as a surprise.
What makes this event newsworthy is that few investors provide details on their movements. And more shocking than this, is the fact that the loss of $ 300,000 in failed altcoins, it’s only a small part of the entrepreneur’s fruitless battles.
Another issue to consider here concerns the bad decisions that could lead Schwartz to lose some of his capital. Poor risk management by the investor could be the cause that their losses, especially in Bitcoin and Ethereum, have been severe compared to those of the altcoins.
However, this could be considered a topic for which you shouldn’t be judged. This is due to the fact that many of the decisions made by the investor came at a time when these assets did not have their current maturity.
Losses on Ethereum and Bitcoin
While a loss of $ 300,000 for a successful investor can be considered a minor mistake, this isn’t the only one. As mentioned above, Ripple’s CTO also lost Bitcoin and Ethereum, the two most important digital currencies in capitalization.
According to his experience, Schwartz assured on his Twitter account that long ago he would sell 40,000 ETH. Back then, his coins were liquidated for $ 1 each. At today’s price, that $ 40,000 he made from the sale would have been $ 18 million.
In another era, for his part, he explains that he sold bitcoins for the order of $ 750 a coin. Schwartz did not specify the number of BTC he established, but it is very likely that there were several dozen.
Not satisfied, the businessman explains that another thing he regrets was selling part of his shares in XRP for $ 0.10.
Cryptocurrencies, despite the maturity acquired by some of them such as Bitcoin, are still volatile assets. An investment can bring big returns. At the same time, it can mean the complete loss of the money invested.
In response to a question on a Quora forum, Ripple’s CTO confessed that he lost about $ 300,000 worth of failed altcoins, further specifying what those coins were. Source: Quora.com
Schwartz continues to sell Bitcoin
David Schwartz, CTO of Ripple, claims to keep his faith in Bitcoin. But at the same time, he explains that volatility drives him to slowly sell his cryptocurrencies.
“I’ve been selling Bitcoin slowly over the past few years. I’m still optimistic, it’s just that the risk drives me to sell them,” he says in one of his messages.
Despite all of this, Schwartz remains one of the top-tier investors in the era of digital currencies. It should be noted that, as explained by the basic rules of trading, the magnitude of the losses does not matter as long as the gains are much greater.
Data to be taken into consideration
Ripple’s CTO, David Schwartz, has assured that he has lost around $ 300,000 USD in failed altcoins, at the same time, he reports that his decisions have not always been correct, since he has sold 40,000 ETH for $ 1, and also assures of having liquidated Bitcoin worth $ 750 in moments of nervousness. Despite this, he is one of the most successful investors in the cryptocurrency space. Among the currencies in which Schwartz allegedly lost his money, he cited TIX, DICE, FLASH, VEZT, and 7 other cryptocurrencies that are now no longer worth.
