Well-known Bitcoin critic Peter Schiff told that he had lost access to all his coins, as his wallet password is no longer valid. For what reasons this happened, the financial expert was at a loss to answer, saying only that the wallet was compromised.
I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad! pic.twitter.com/6SJvDJOZU6— Peter Schiff (@PeterSchiff) January 19, 2020
On Sunday, Schiff wrote on Twitter that at that moment he lost all the bitcoins he owned. As he suggests, his wallet was somehow compromised and the password was no longer valid. So now his bitcoins not only do not have any intrinsic value, they do not have market value either. He notes that he knew: having bitcoins was a bad idea, but never suspected it was so bad.
The economist’s record collected numerous retweets and comments, among which the main idea was that it is impossible to lose access to bitcoins as long as the user has a private key backup stored in a safe place.
Anthony Pompliano, the co-founder of Morgan Creek Digital investment company, also offered his help in regaining access to the wallet, but his dialogue with Schiff seems to have come to a standstill.
So, to Pompliano’s question about whether it’s about a forgotten password by analogy with e-mail, Schiff advised him to carefully read his original tweet again, adding that his wallet forgot password.
I did not forget my password. Read my tweet. My wallet forgot my password.— Peter Schiff (@PeterSchiff) January 19, 2020
Anthony Pompliano reasonably remarked that the software only executes the commands that a person gives him and cannot “forget” anything.
In response, Peter Schiff added that the head of ShapeShift, Erik Voorhees opened the wallet for him, and even he can do nothing.
According to Voorhees, in 2018, after a heated debate with Schiff, they went together for dinner, during which he helped the economist open his wallet on his mobile phone, and also gave him $50 in cryptocurrency. What kind of wallet was it, Edge or BRD, Voorhees did not exactly remember, but he recommended to secure the wallet if it contains a significant amount of money. However, Peter Schiff did not write down the password or passphrase.
Here's what happened: after debate in 2018, we went to dinner. Peter had never used bitcoin before (!) I helped him set up wallet on his phone (Edge or BRD?), told him to secure it if he ever held significant value on it, gave him $50. He forgot pw, and never recorded phrase. 😑 https://t.co/kcQkAyU9Rv— Erik Voorhees (@ErikVoorhees) January 19, 2020
Schiff refused to continue the further discussion, but after a while, wrote a new tweet. He added that since all the bitcoins in this compromised wallet were presented to him, their loss is not a big tragedy. God gave, God took, and this is especially applicable to Bitcoin. He planned to hodl and go with the flow. The difference is that his ship drowned before the first cryptocurrency.
Since all the Bitcoin in my corrupted wallet were gifted to me, it's not that great a tragedy for me that they're lost. "Easy come, easy go," is especially true for #Bitcoin. My plan was to HODL and go down with the ship anyway. The difference is that my ship sank before Bitcoin.— Peter Schiff (@PeterSchiff) January 19, 2020
It’s not yet clear what kind of provider's wallet Peter Schiff says about, there is no answer to the question about where the copy of private keys is located.
Recall that Schiff has repeatedly questioned the value of Bitcoin as a protective asset, stating that nothing in this context can be compared to traditional gold. Last summer, the aforementioned Anthony Pompliano decided to introduce him to the cryptocurrency closer by giving some bitcoins.