According to Schwartz, project founders are not bound to have complete faith in their abilities and ideas. He indicated that by not having complete faith, they can make better decisions.
Ripple chief technology officer David Schwartz through a series of tweets slammed different crypto investment ideas brought up by the crypto community on Twitter. According to Schwartz, he has in the past made irrational decisions that have essentially cost him millions of dollars.
Hereby advocating for people to invest according to their best ability but understand the risk management to avoid frustrations.
How It All Began for Ripple CTO David Schwartz
The whole issue revolves around a tweet that once an XRP army Tiffany Hayden indicated that people should keep holding the asset if they want to remain poor. Her statement was met with mixed reactions, whereby one XRP enthusiast replied that one should not buy the asset because you want to get rich, rather purchase it to avoid poverty.
Their disagreement attracted mixed thoughts in XRP investment, whereby one person indicated that all XRP current enthusiasts are a scam.
“Anyone pushing XRP while derisking is exit scamming. You can’t go around trying to build faith in others for XRP while you yourself have no faith in it and feel derisking is the best option,” @PbuzzXr tweeted.
It was at this moment that Ripple CTO intervened to highlight his thoughts. According to Schwartz, he is of the opposite view and project founders are not bound to have complete faith in their abilities and ideas. He further indicated that by not having complete faith but understanding their strength and weakness, they can make better decisions. Notably, Schwartz indicated that fate made him put all his eggs in one basket. Whereby, he is all in XRP, and Ripple as a company.
“My job, my reputation, Ripple stock, XRP, and so on. I like that basket. But the risk is very high in the entire cryptocurrency space. I’m just too rational to pretend otherwise and suggest others do the same,” Schwartz stated.
He further opened up on the past investment decisions that advised him to make up his mind once and for all.
In response to a question why he de-risked his crypto investment portfolio. David stated that he was pushed to de-risking back in 2012 after discussing with the wife on the matter.
It was then that he sold his Bitcoin, XRP, and Ethereum. According to him, the decision hurts to understand that he sold bitcoin for $750 and XRP for $0.1.
The 40,000 ETH that I sold at $1 was all me though.
— David "JoelKatz" Schwartz (@JoelKatz) October 11, 2020
He further stated he sold 40,000 ETH at $1, which was all solely advised.
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