Tuesday, June 15, 2021

I Lost $300,000 on Completely Worthless Digital Tokens –David Schwartz Reveals

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…

“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.”

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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