Ripple Exec David Schwartz Has Lost a Lot of Digital Money

Tuesday 17 November 2020, 8:14 AM AEST - 1 week ago

David Schwartz, the chief technology officer at Ripple, has lost more than $300,000 after investing in assorted altcoins.

David Schwartz Has Lost a Lot of Crypto in Recent Years

The crypto space can be quite speculative. In fact, it is often said that people who choose to invest in crypto should be prepared (somewhat) to lose their entire investment. The volatility of cryptocurrencies and the vulnerability of the space to hackers and malicious actors are two of the biggest contributors to the loss of crypto funds.

However, sometimes it can just be making the wrong decisions. Choosing poor coins to invest in or not taking enough risk when an opportunity is there. This, Schwartz says, is what largely contributed to his mega losses over the years.

The news first appeared on Quora, a platform in which people can ask random questions and anyone can potentially step onboard and provide answers based on their unique knowledge of the situation or whatever experiences they might possess. Someone had asked if people had potentially lost money while trading BTC or other cryptocurrencies. Though many people stepped in and provided answers, one stood out. It came from David Schwartz, who appears to be the only person on there that has made a career out of crypto.

Schwartz claimed to have made several bad investments in coins that either didnt work or were weak from the start. Among the currencies he had chosen included TIX, DICE, FLASH, VEZT, KIND, PRYZE and KUDOS, to name a few – all of which at the time of writing, have been deemed worthless by various industry experts.

The funny thing is that many of these coins enjoyed special bull runs in the past, most of which occurred in 2017, a year in which many cryptocurrencies were reaching for the stars. By the following year, however, several of these coins fell to low-end prices and have since refused to move up.

Schwartz is a leader in the crypto space, but its not the first time hes spoken in the past about his poor investing decisions. In Octob ...

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