Ripple chief technology officer David Schwartz says he’s lost hundreds of thousands of dollars chasing altcoin dreams that didn’t pan out.
In a new post on Quora, Schwartz answers a generic question asking whether anyone has lost money trading Bitcoin and cryptocurrencies.
Schwartz says he’s made plenty of bad bets in the industry.
“Absolutely. Not as much as I’ve made, but yeah, I’ve bought quite a few cryptocurrencies that turned out to be disasters… My total losses, just on tokens that become completely worthless, is just over $300,000.”
The Ripple executive, who is one of the original designers of the XRP Ledger, says those worthless tokens include TIX, DICE, FLASH, VEZT, AMP, SIG, BEE, KIND, PRYZE, KUDOS, and NRN.
Last month, Schwartz revealed he sold 40,000 Ethereum at $1.00 per coin. He also sold Bitcoin at $750 and XRP at $0.10.
“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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