TL;DR: Famed precious metals investor and very vocal Bitcoin skeptic Peter Schiff claimed, “I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid.” Responses came hot and heavy, with most dunking on Schiff for not being able to manage a 12-word seed phrase. Others took it as an opportunity to reflect on password management and its importance.
Peter Schiff Claims His Bitcoin Vanished
“So now not only is my Bitcoin intrinsically worthless,” Peter Schiff continued angrily, “it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad!” When commenters insisted he simply forgot his password, Schiff shot back, “I did not forget my password. Read my tweet. My wallet forgot my password. There is zero chance I forgot my password. I used a very simply [sic] numeric password that I have used many times in the past.”
One of the largest cryptocurrency exchanges in the world, Binance, and its CEO Changpeng Zhao (CZ) used Schiff’s predicament to stress, “Many hardcore crypto ogs advocate storing your own keys. But the truth is, today most people are not able to secure a key even from themselves (losing it). A trusted centralized exchange is #SAFUer for most people. The numbers speak for themselves,” a view considered quite heterodox among enthusiasts.
Bitcoin ABC lead developer Amaury Séchet took a very different approach. “People laugh at this – and let’s be frank, it’s kind of deserved – but, on the other hand, the majority of people are just as computer illiterate as Peter is,” Séchet chided. “If it doesn’t work for Peter, no matter how dumb he’s behaving, it doesn’t work period.” Indeed, what can seem obvious to ecosystem veterans, and on its face easy, might not be the case for folks less technically inclined. It’s a point echoed by many in the community who have long urged for better, more intuitive user interfaces.
Wall Street expert turned crypto advocate Caitlin Long observed, “Oh no Peter—this reveals how little u really know abt #Bitcoin. Clearly u haven’t invested time to really learn it. Before u started criticizing u should have truly educated urself. I respect ur work in other areas, but u just revealed why no one should follow your advice on #BTC.” This comes after another supposed economics expert and Bitcoin skeptic, admittedly of the opposite worldview of Schiff in terms of money matters, Paul Krugman also expressed confusion about how crypto operates well after giving his definite opinions on the subject. Perhaps the most generous response to Schiff came from Blockchain.com, makers of an original, early bitcoin wallet, “Hi Peter, we’re sorry to hear about the issues you’re currently experiencing with your Blockchain Wallet. Please rest assured, your funds are secure. We will PM you shortly.”
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