David Schwartz, Ripple’s Chief Technology Officer, found that he lost more than $ 300,000 by investing in altcoins.
According to a post by Quora on Nov. 2, which asked readers if they lost money trading Bitcoin (BTC) or other cryptocurrencies, Schwartz said he made some cryptocurrency investments that “ended up worthless shutdown”.
“I bought a lot of cryptocurrencies that turned out to be a disaster,” explained the CTO of Ripple, who is a very frequent contributor to Quora.
“My total losses, just for tokens that have completely lost their value, are just over $ 300,000.”
Schwartz specifically listed 11 tokens that turned out to be bad investments for him, including Blocktix (TIX), Würfel, Blitz (FLASH), Vezt (VEZT), Amplifier (AMP), Signal Token (SIG), Biene (BEE), Kind Ads Token (KIND), Pryze (PRYZ), KudosCoin (KUDOS), and Neuron (NRN). Many altcoins hit zero in 2017 and 2018.
Overall, it’s good news that, given his track record of making bad investment decisions, Schwartz isn’t Ripple’s chief investment officer. The CTO also announced in October that 40,000 ethers (ETH) were sold in 2012 when the price was below $ 1. With ETH currently priced at $ 454, Schwartz’s holdings would have been worth more than $ 18 million today. He said that too sold an unspecified number of Bitcoin (BTC) for $ 750 and XRP for $ 0.10.
Many prominent investors own both altcoin and BTC. The billionaire Tim Draper said in September that in addition to his 30,000 BTC, he has Bitcoin Cash (BCH), XRP, Tezos (XTZ) and Aragon (ANT).