David Schwartz Explains Why XRP Didn’t Adopt Bitcoin’s PoW Consensus Algorithm
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The Ripple CTO, David Schwartz has recently revealed that he lost $300,000 to a number of completely worthless digital assets.

He made the revelation of the huge loss in a new post on Quora, where a question was generally asked to know anyone that has lost money while trading Bitcoin (BTC) and any other cryptocurrencies.

The top executive at Ripple says that he had made some investment decisions that have turned out to be disasters:

“Absolutely. Not as much as I’ve made, but yeah, I’ve bought quite a few cryptocurrencies that turned out to be disasters. Here are just a few cryptocurrencies that I bought that I ultimately had to write off as worthless…

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“My total losses, just on tokens that become completely worthless, is just over $300,000.”

Read Also: David Schwartz: I Will ‘Almost Certainly’ Buy XRP If Not Involved With Ripple

David Schwartz, who is one of those that founded XRP Ledger revealed those worthless tokens as follows: TIX, DICE, FLASH, VEZT, AMP, SIG, BEE, KIND, PRYZE, KUDOS, NRN

In October, Schwatz also revealed that he sold 40,000 ETH at $1, BTC at $750, and XRP at $0.1:

“My decision to derisk was made in 2012 or so when I discussed investing in cryptocurrencies with my wife. She insisted we agree on a derisking plan right then. And I must say that every bitcoin I sold for $750 or XRP for $0.10 hurt…

I [still] own XRP and BTC as well as small amounts of BAT and ETH, and very small amounts of a few others.”

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.