1 minute read
- David Schwartz of ripple says he lost $300,000 in bad investments in crypto.
- Why it is important to do your research before investing!
David Schwartz, the chief technical officer at the blockchain-based initiative Ripple has just revealed this week that he has lost a hefty sum of money whilst trading numerous alternative cryptocurrencies that ended up being worthless.
Specifically, he lost around $300,000 as he made the reveal responding to a question on Quora. A user had asked whether anyone had lost money trading bitcoin or any other cryptocurrencies as he went on to note that even though he had made more money than he had lost, he had still lost quite a lot of money in the industry.
“My total losses, just on tokens that become completely worthless, is just over $300,000.”
Schwartz is one of the original architects for the XRP ledger and has been very open about his poor investment choices in the past.
Last month, he revealed that he sold 40,000 ethereum at $1 each as a part of a derisking plan he and his wife decided to opt in for years ago in 2012.
Currently, the token is just under $500. If he had kept his money, he would probably be worth somewhere around $18 million today.
It’s reasons like these why it’s so important to do your research before investing in a cryptocurrency. Before we finish it’s worth noting that we are not financial advisors and this has not been financial advice, please research into your investment before putting your money into one.