David Schwartz, the chief technology officer at Ripple, lost over $300,000 after investing in different altcoins.
David Schwartz Has Lost a Lot of Crypto in Years
The crypto space can be speculative; it is often said that people who choose to invest in crypto shall be prepared to lose their entire investment. The volatility of the cryptocurrencies and vulnerability of the space to hackers and malicious actors are the most significant contributors to the loss of crypto funds.
But sometimes it can just be making the wrong decisions. Choosing inferior coins to invest in or not is taking enough risk when an opportunity is there. Schwartz says that this is what mostly contributed to his enormous losses over the years.
It was first reported on Quora, a platform in which people can ask different questions. Anyone can step on board and then provide answers based on their unique knowledge of the situation or any experiences they might possess. Someone asked if people have lost money while trading BTC or other cryptocurrencies. Although many people have stepped in and provided answers, one had been outstanding. It came from David Schwartz, who seemed to be the only person there that made a career out of crypto.
Schwartz claimed to have made many wrong investments in coins that either didn’t work or were weak right from the start. Among the currencies, he has included TIX, DICE, FLASH, VEZT, KIND, PRYZE, and KUDOS, to name a few – all of which have been considered worthless by numerous industry experts.
The funny thing is that some of these coins enjoyed bull runs in the past, most of which have occurred in 2017. In the following year, several coins fell to low-end prices and refused to move up ever since.
Schwartz is a leader in the crypto space, but it is not the first time he has spoken about his poor investing decisions. Last October, he submitted a message on Twitter claiming that he had sold 40,000 ether units for about $1 back in 2012.
He also sold a bitcoin for only $750 and many units of XRP for about 10 cents each, and he regretted this decision immensely.
Is Risk Not Enough?
His tweet states:
“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.”
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