Connect with us

Ethereum

Regrets — Ripple’s CTO sold 40,000 Ether for just $1 each

Published

on



Ripple’s Chief Technology Officer, David Schwartz, has revealed that he and his wife decided to make a “derisking plan” for their crypto investments in 2012 — resulting in eight-figures worth of missed profit at current prices.

In a series of tweets published on October 11, Schwartz revealed that he sold 40,000 Ether (ETH) for $1 each back then — a stash that would be worth more than $15.5 million at today’s prices.

The Ripple (XRP) executive also said that he regretted selling a significant sum of Bitcoin (BTC) for $750 and a large trove of XRP at $0.10, but did not reveal the volume of the sales.

Schwartz revealed his early conservative downsizing while responding to Twitter user ‘PbuzzXr’ who claimed that “anyone pushing XRP while derisking is exit scamming” in a wide ranging thread.

The user, who was not speaking about Schwartz specifically, added: “You can’t go around trying to build faith in others for XRP while you yourself have no faith in it and feel derisking it is your best option.”

Ripple’s CTO emphasized that his decision to derisk in 2012 was informed by the fact he is “a risk averse person with people who depend on me financially and emotionally.”

“Fate caused me to put a lot of eggs in one basket […] The risk is very high in the entire cryptocurrency space. I’m just too rational to pretend otherwise and suggest others do the same.”

Last week, Ripple’s co-founder and executive chairman, Chris Larsen, criticized the United States for failing to keep up with the likes of China, Singapore, and the United Kingdom in fostering crypto innovation, hinting that the company may soon relocate from the U.S.





Source link

Ethereum

Ethereum London upgrade launches on testnet as 100K staked in a day on Eth2

Published

on

By



Ethereum’s forthcoming London upgrade, containing the highly-anticipated Ethereum Improvement Proposal (EIP) 1559, has been deployed on the Ropsten testnet.

Following the June 24 launch on Ropsten, London is now expected to progress through Ethereum’s Goerli, Rinkeby, and Kovan testnets at roughly weekly intervals — from which point the Ethereum community expects a date for mainnet deployment to firm up.

The new upgrade will see transaction fees burned. According EIP-1559 tracking website, Watch the Burn, roughly 88,500 testnet ETH nominally worth $177.6 million has been burned on Ropsten over the day since London’s deployment.

The high rate of Ether being burned on Ropsten has reignited discussion regarding whether EIP-1559 will render Ethereum deflationary — where more ETH is destroyed than new supply enters into circulation — and what this could mean for Ethereum’s price moving forward.

However, EIP-1559 is not the only upgrade that the community is looking forward to from London, with David Mihal of CryptoFees describing EIP-3074 as “fixing one of Ethereum’s most overlooked security issues” to do with approvals.

Related: A London tour guide: What the EIP-1559 hard fork promises for Ethereum

Coincidentally or not, crypto data aggregator, CryptoQuant, identified that 100,000 Ether had been deposited into Eth2’s staking contract around the same time as the launch, worth roughly $200 million.

CryptoQuant also noted that more than 5% of ETH’s supply is currently locked in staking worth approximately $11.75 billion.