Ripple’s Chief Technology Officer (CTO) David Schwartz confirmed in a forum that he had suffered significant losses in failed altcoins. He explains that even though his earnings were much higher, he is still hurt by the fact that he wasted about $ 300,000 on some projects.
Among other data revealed by the founder of Ripple, is that greater still were his losses in Ethereum and Bitcoin. All of this shows that even the most successful investors in the world of cryptocurrencies face situations that force them to take wrong paths many times.
At the same time, it makes it clear that the nervousness of the crypto ecosystem is not reserved only for the inexperienced. The investor claims that he sold Bitcoin cheaply, although he did not specify a specific number of these coins. Similar situation faced with Ethereum, with which he would have lost about $ 18 million USD.
Why did Ripple’s CTO lose so much money?
As noted above, failures are not uncommon in the way of many big-name investors. The fact that Ripple’s CTO lost a certain amount of its investment capital should not be considered a surprise.
What makes this event news is that few investors give details about their movements. And more shocking than this, is the fact that the loss of $ 300,000 in failed altcoins, it’s just a tiny part of the entrepreneur’s unsuccessful battles.
Another issue to be evaluated here is about the wrong decisions that could lead Schwartz to lose part of his capital. Poor risk management on the part of the investor could be the cause that their losses, especially in Bitcoin and Ethereum, have been serious compared to that of altcoins.
However, this could be considered a matter for which you should not be judged. This, due to the fact that many of the decisions made by the investor, occurred at a time when these assets did not have the maturity of now.
Losses on Ethereum and Bitcoin
Although a loss of $ 300,000 for a successful investor may be considered a minor slip, this is not the only one. As stated above, Ripple’s CTO also lost in Bitcoin and Ethereum, the two most important digital currencies in capitalization.
According to the account of his experience, Schwartz assured on his Twitter account that long ago he would have sold 40,000 ETH. Back then, his coins were liquidated for $ 1 each. At today’s price, those $ 40,000 he made from the sale would have been $ 18 million.
In another era, for his part, he explains that he sold bitcoins for the order of $ 750 per coin. Schwartz did not specify the number of BTC he settled, but it is very likely that it was several dozen.
Not satisfied, the businessman explains that another of the things he regrets was selling part of his shares in XRP for $ 0.10.
Cryptocurrencies, despite the maturity that some of them like Bitcoin have acquired, are still volatile assets. An investment can bring great returns. At the same time, it can mean the complete loss of the money invested.
In response to a question on a Quora forum, Ripple’s CTO confessed that he lost about $ 300,000 worth of failed altcoins, further detailing what those coins were. Source: Quora.com
Schwartz keeps selling Bitcoin
Ripple CTO David Schwartz says he maintains his faith in Bitcoin. But at the same time, he explains that volatility keeps him slowly selling his cryptocurrencies.
“I have been selling Bitcoin slowly for the last few years. I’m still optimistic, it’s just that the risk pushes me to sell them ”, he says in one of his messages.
Despite all this, Schwartz remains one of the investors considered “high caliber” in the era of digital currencies. It should be noted that, as explained by the basic rules of trading, the magnitude of the losses does not matter as long as the gains are much greater.
Data to take into consideration
Ripple’s CTO, David Schwartz, assured that he had lost about $ 300,000 USD in failed altcoins, at the same time, reports that his decisions have not always been correct, since he sold 40,000 ETH for $ 1, and he also assures that he liquidated Bitcoin for value of $ 750 in moments of nervousness. Despite this, he is one of the most successful investors in the field of cryptocurrencies. Among the currencies where Schwartz would have lost his money, he mentioned TIX, DICE, FLASH, VEZT and 7 other cryptocurrencies that now they are worthless.