David Schwartz, the chief technology officer at Ripple, has lost more than $300,000 after investing in assorted altcoins.
David Schwartz Has Lost a Lot of Crypto in Recent Years
The crypto space can be quite speculative. In fact, it is often said that people who choose to invest in crypto should be prepared (somewhat) to lose their entire investment. The volatility of cryptocurrencies and the vulnerability of the space to hackers and malicious actors are two of the biggest contributors to the loss of crypto funds.
However, sometimes it can just be making the wrong decisions. Choosing poor coins to invest in or not taking enough risk when an opportunity is there. This, Schwartz says, is what largely contributed to his mega losses over the years.
The news first appeared on Quora, a platform in which people can ask random questions and anyone can potentially step onboard and provide answers based on their unique knowledge of the situation or whatever experiences they might possess. Someone had asked if people had potentially lost money while trading BTC or other cryptocurrencies. Though many people stepped in and provided answers, one stood out. It came from David Schwartz, who appears to be the only person on there that has made a career out of crypto.
Schwartz claimed to have made several bad investments in coins that either didn’t work or were weak from the start. Among the currencies he had chosen included TIX, DICE, FLASH, VEZT, KIND, PRYZE and KUDOS, to name a few – all of which at the time of writing, have been deemed worthless by various industry experts.
The funny thing is that many of these coins enjoyed special bull runs in the past, most of which occurred in 2017, a year in which many cryptocurrencies were reaching for the stars. By the following year, however, several of these coins fell to low-end prices and have since refused to move up.
Schwartz is a leader in the crypto space, but it’s not the first time he’s spoken in the past about his poor investing decisions. In October, for example, he submitted a message on Twitter claiming that he had sold roughly 40,000 ether units for about $1 each back in the year 2012. Today, those units would be worth a combined total of more than $18 million.
He also sold quite a bit of bitcoin for only $750 and several units of XRP – the currency behind Ripple – for about ten cents each, a decision he has come to regret greatly.
Not Enough Risk Taken?
His tweet reads:
My decision to de-risk was made in 2012 or so when I discussed investing in cryptocurrencies with my wife. She insisted we agree on a de-risking plan right then and there, and I must say that every bitcoin I sold for $750 or XRP unit for $0.10 hurt.