Ripple’s CTO is arguably not an enlightened investor in cryptocurrencies. David Schwartz reveals to have invested at a loss in tokens, altcoins, whose value was reduced to nothing.
You can be a technology expert for the world of crypto-currencies without being a wise trader yourself. Perhaps this is the case with David Schwartz, the CTO (Chief Technology Officer) of Ripple, the issuer of the XRP token.
On the Quora forum, the executive of the company thus testifies to its bad investments in crypto. All of these investments will result in a dead loss. “I bought several cryptocurrencies which turned out to be disasters,” he admits.
Ripple’s 11 losing altcoins from CTO
David Schwartz lists a total of 11 tokens, which will prove to be losing investments for him. These are for example Blocktix (TIX), DICE, Flash (FLASH), Vezt (VEZT), Amp (AMP), Signal Token (SIG) and KudosCoin (KUDOS) tokens.
Many of these altcoins will end at zero in 2017 and 2018, says Cointelegraph. Clearly, for the CTO of Ripple, these acquisitions of tokens are so many losses to be recorded on its balance sheet. And money, Schwartz has lost.
“My total losses, just on chips that have become completely worthless, are just over $ 300,000,” he estimates. But as he recounted himself, the Ripple executive also missed out on considerable capital gains.
The tech expert recently reported selling 40,000 Ether at a price of just $ 1 a token. He thus collected $ 40,000. At the current ETH price ($ 461), Schwartz would therefore have pocketed more than $ 18 million.
Sale of 40,000 ETH at 1 dollar each
He further specified that he had sold other cryptocurrencies, in particular Bitcoin for $ 750 and XRP for $ 0.01. But why such transfers when these assets could be considered as a store of value?
“I have an aversion to risk, with people who depend on me financially and emotionally. Fate made me put a lot of eggs in one basket, ”he justified. This aversion did not prevent him from losing $ 300,000 in altcoins with an uncertain future.
Investing in altcoins is not to be overlooked, however. Bitcoin is not the only value to put in your wallet. Billionaire Tim Draper, in addition to his more than 30,000 BTC, also owns Bitcoin Cash (BCH), XRP, Tezos (XTZ), and Aragon (ANT).