Ripple CTO, David Schwartz, says he has a significant amount of funds invested in some cryptos usually referred to as shitcoins. He said this in a recent post on Quora, while responding to a generic question asking whether anyone has lost funds trading cryptos.
The Ripple CTO further disclosed that the crypto is not worth buying, “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.”
Schwartz, who is one of the original designers of the XRP Ledger, said those worthless tokens include TIX, DICE, FLASH, VEZT, AMP, SIG, BEE, KIND, PRYZE, KUDOS, and NRN.
What you should know
A shitcoin is a crypto with little to no value or a digital asset that has no immediate or useful purpose. The term is often used to describe cryptos developed after BTC rose to its prominence.
Recall about a month ago Nairametrics exposed the odd transactions made by Ripple’s Chief Technology Officer, David Schwartz, who had regrets on making bad decisions for their crypto portfolio in 2012 – resulting in the eight-figures worth of missed profit at current prices.
In a series of tweets released by Ripple’s CTO, he sold some Bitcoins for $750, and 40,000 Ether (ETH) for $1 each back then – a stash that would be worth more than $15.5 million in today’s prices.