David Schwartz, CTO of Ripple, revealed that he and his wife decided to come up with a “cynical plan” for their cryptocurrency investment in 2012, which resulted in an eight-fold loss in profits at current prices.

In a series of tweets posted on October 11, Schwartz revealed that at the time he sold 40,000 Ether (ETH) for $ 1 each time – a share that would have been $ 15.5 million at current prices.

Ripple’s CEO (XRP) also said he regrets selling a lot of Bitcoin (BTC) for $ 750 and a large number of XRP for $ 0.10, but did not disclose the sales volume.

Schwartz announced his conservative cut early and responded to a widespread thread by Twitter user “PbuzzXr”, who stated that “anyone who uses XRP while having fun is a scam.”

A user who did not speak specifically about Schwartz added: “You can not try to gain the trust of others in XRP unless you trust yourself and feel ironically that it is the best option.”

Ripple’s CTO stressed that his decision to quit in 2012 was based on the fact that he was “a risk-averse person with people who depend on me financially and emotionally.”

“Fate made me put so many eggs in a basket […] The risk is very high in the whole cryptocurrency area. I pretend to be very different and invite others to do the same. ”
Last week, Ripple co-founder and CEO Chris Larsen criticized the United States for not keeping up with countries such as China, Singapore and the United Kingdom for pushing for cryptocurrency innovation, and suggested that the company may soon leave the United States.

Source: CoinTelegraph