Bitcoin Forum

Plus surprise, it isn't Bitcoin's fault, which at first was "Bitcoin's fault" as he was trying to indirectly suggest. He's now probably trying to save his reputation because he only made himself look stupid.

https://twitter.com/peterschiff/status/1220135541330542592

Well he certainly had a big challenge to surpass his stupid beany babies comments some years ago...

He succeeded admirably to double down on stoopid... :D

Ha, how was it a costly mistake - was his Bitcoin not in the wallet once he realized how to access the wallet properly? This guy sounds like a real clown!

Just found this additional tweet...


Why does he own Bitcoin if he doesn't believe in it? That's f*cking illogical. Did the Mothers Against Drunk Driving drink and drive, just for kicks on the side? Insanity, this guy!

i've seen this dude's name mentioned recently a lot and i don't get why people have been talking about him when his actions are the common mistakes that a lot of newbies have been making and nobody talked about any of them. basically that is most of the topics created in tech support board!
not to mention that he NEVER owned any bitcoins because when you don't have your private keys and all you have is an "account" on a "server" then you don't own any bitcoins even if that "server" is blockchain.com and it lets you have your keys.

Peter Schiff does not know and learn about blockchain and bitcoin technology, so naturally he does not know that every wallet has a seed phrase to recover funds in the wallet and can access it to other wallets too, I am a blockchain.com wallet user. Sometimes many people who hate bitcoin are looking for confusion someone that bitcoin is easily hacked, even though it is clear that it is a mistake and carelessness of its users not because of the bitcoin, so hopefully he knows the function of this forum for anything other than to help beginners know bitcoin well

Technically you don't actually "hold", or "own" Bitcoins in your computer/device/hardware wallet/etc, you only have the access to the UTXOs. But that's me nitpicking. Hahaha.

The thing is that people badly want him to start embracing Bitcoin.

I cringed hard back when Peter Schiff received a lot of donations to his Bitcoin address, and all those donations came from imbeciles thinking that they can change his mind on Bitcoin. Instead of actually spending their coins and help the ecosystem, they sent their coins to someone who will use it as ammo to trash talk Bitcoin.

People need to accept that even if Peter Schiff secretly likes Bitcoin, nothing will make him publicly admit that because his main business revolves around Gold. To make things even worse, I'm pretty confident that a lot of the businesses he partnered with will cut all ties when he changes his anti Bitcoin narrative.

Read between the lines, it's all a publicity stunt: See? Even (the big ego stupid) me have lost money just by a simple and silly mistake anyone could do. Don't go into Bitcoin, it's not for us!

That is the only logical thing to understand by his recent tweet, daily he wakes up to say something to bash BTCitcoin and on that day he saw an eureka moment that he lost his password and conveyed his frustration to bash BTCitcoin but he did not knew that his stupidity will come back and bite him.

He is a social media addict and daily he needs some content to post to get his stupid followers exciting ;).

People simply have a need to maintain a cult of personality, and Schiff is their God of Gold, just as Buffettis is their God of Stock. And whenever something happens to such people, their followers fall into some sort of trance for just one tweet or FB post. There are at least a dozen threads on one completely unimportant story as if it were a loss of a few million dollars, and it is a total of less than $2000 which is not even an investment, but gifts.

Peter Schiff Net Worth is $70 million, and for those who want to see the bigger picture, I suggest reading the following article (https://www.fool.com/investing/2016/06/16/peter-schiff-loves-gold-to-the-surprise-of-exactly.aspx).

Mystery on his innocence, but foolishness for us who quite knows about the seed phrase. The negative thing of this whole case is that he immediately blamed it all to the Bitcoin as a technology, rather than thinking first of his actions and what he actually did. Good thing is that Blockchain still helped him despite his mistake, maybe to uplift Bitcoin's image and prove he was wrong.

Every wallet does not have a seed phrase. Many do, but not all.

Because he is a celebrity, and people generally talk/care more about something that happens with a celebrity rather than with strangers. And in this case some people almost celebrate it, because Peter Schiff criticizes Bitcoin often, even though like you say - it's a mistake that happens to newbies quite often. IMO it's a problem that isn't addressed enough, I think wallet software - regardless if it's a site, an app or a desktop wallet, they all should have a page with red border and big warning site that tells people in upper case letter to back up their keys or their coins will be lost forever.

It is funny how he doesnt know the difference between pin and password, havent taken time to do proper research, yet, he is always trolling bitcoin. Many  will lose respect for him.

Thank God he was honest anyway

He's a libertarian radio personality who is a gold-bug and has been campaigning against bitcoin for years because he fears that it's convenience as digital gold will depress the demand for actual gold.

The surprise was that he owned any bitcoin at all. And then he was obviously trying the trope of "see how easy it is to lose bitcoin".

That's why he got so much publicity in the mainstream press.

Peter Schiff should have backed up he seed phrase here on the forum like I do, that way it never gets lost !!!

At least Peter Schiff is HONEST about what happened, exactly the type of person I would trust.

https://i.imgur.com/C1qWPII.png

Hard Facts

I wonder whether he really lost/forgot the credentials he had to put in the password field or he did all this to intentionally place Bitcoin in a bad spot publicly but did not expect the entire community to negatively react against his statement.

Although the mistake was only his, he keeps blaming Bitcoin and its community response for his actions. The only thing I don't understand is.. is Peter so important that we should discuss everywhere on the forum about him? Like let's be serious, I care 0% about this guy.


Wait. Was it around $2000? The guy who set his wallet up said it was a $50 gift.

He got that amount from his friend Erik Voorhees (https://twitter.com/ErikVoorhees/status/1219046141028982784), but afterward, some other people continued to send him donations (gifts), and today that address is holding 0.21 BTC (https://www.blockchain.com/btc/address/1LZpj4zkgcGzGb9EuLLbwby1BPT3c1uRTy?page=1).

He is not at all important, especially for BTC, I have already written my opinion why this is great news to some people. It's actually the crypto media that makes the big news out of nothing, and people get caught on the hook very easily.

Peter Schiff is one of the smartest people on the planet, especially when it comes to economics.   A LOT of people including you will wish they had listened to Peter Schiff when they are poor or bankrupt....   Remember this post, and come back and read it a year or two from now...  And instead of getting mad and feeling sorry for yourself, LEARN from your mistakes.

Hard Facts

A costly mistake... Who is going to pay for it? He started talking shit about Bitcoin, probably to check if this moves the market. It's hard to say whether it influenced the recent bearish move or not but we saw red on the charts for the last few weeks. Now he's backing out of that whole "I regret having Bitcoin" attitude? This guy is such a childish attention whore.
Apologize to the community Peter!

yes that's right, but at least all wallets always suggest to all users to back up whatever keys are in shape, because we know carelessness is human behavior so naturally they remind us to backup the wallet key so that when we lose account access because we forget the password, at least we can access wallet with a wallet key

When you are already called yourself Hard Facts, then you should check out some hards facts about Peter Schiff. Are you talking about the same Peter who is predict that gold will rise to $5000 (https://www.cnbc.com/2015/12/20/the-peter-meter-assessing-schiffs-predictions.html) in few years (2012) or is it same Peter who says that Dow Jones Industrial Average will collapse from 10 000 to 2000, but instead it rose to 18,000?

There is an article in my previous post which clearly shows that Peter has been constantly wrong since 2002, and it also explains how he makes a profit from his bad speculations.

What financial advice did this clown give anyone to stop being poor or save yourself from bankruptcy? If you invest $1000 in BTC back in 2015 and buy 5 BTC you could sell them in 2017 for $100 000, and as far as memory serves me this brilliant economist advised people not to buy BTC.

At least he confessed that was his own fault
But it's an easy task to do, every single wallet that I used is well explained in the tutorial to keep my password and seeds in a safe place, I don't know why a person do this

Well, really don't have much to say about his experience, I knew something wasn't adding up about his loss password. Next time he should ensure to properly save his pass in a more proper place, maybe a good diary. It was his error though.

Ah, I must have missed that one--but I'm sure I've missed most of his comments, since I long ago tuned him out after realizing he was a precious metals permabull.  

I'm not sure why Schiff even bought any bitcoin to begin with, but whatever.  What I'm more surprised about is that he obviously didn't take the time to learn the basics about it before doing so--if he didn't write down his seed phrase, that betrays a level of ignorance about bitcoin that I find puzzling, as I don't think Schiff is a stupid man by any means.  A huckster, yes.  Stupid, no.

I'll also give him credit for owning up to his mistake instead of doubling down and blaming bitcoin even more.  The latter is something he could have easily done and, I suspect, is what a lot of other people might have continued to do.  

Yeah, this is another reason why I'm not a fan of his--but I still don't think any of his wrong predictions make him stupid.  Nobody can predict the future and I'm not sure why people with followings continue to try (though I have a pretty good idea).

I agree that there's nothing interesting about the mistake, and it sounds very typical. I don't think that's why people talk about it. They talk because he's Peter Schliff, he's famous for criticizing Bitcoin, praising gold and being a person that got rich via old methods, so he does not value Bitcoin.
Judging by the news, Schliff might have planned his initial statement as an attack on Bitcoin but was forced to say what happened and that it's not BTC's fault, because the media make him look bad.

The media dont make him bad. More people are angry with him because as what you have said he is against with the bitcoin and he really loves criticizing bitcoin thats why he spread a news about lost bitcoins for fame and popularity and also to discourage people in joing crypto world but his plans became unsuccessful.

I'm right, it's just an act of losing a wallet even he didn't really lose it. His statements change when people bash him due to his dumb statements toward Bitcoin.

It's very impossible to lose the wallet instantly, imagine you own a huge amount of bitcoin but doesn't secure your wallet?
It's good news that this issue was already solved, I'm just waiting for CSW issue on Feb.

he doesn't know the difference between a pin and a password, because Gold doesn't have it.
https://twitter.com/PeterSchiff/status/1220803298447495175
Peter Schiff and I can access his Gold without a private key.

There he go.

Now I think something is proven to him.
Don't say bad things when you are angry.
Calm down and do your work. Now, what will he say to the bitcoin technology. I bet he should heal those scars that he gave.
He cannot say he is sorry. Making up for those bad things that he said should be the first thing he should do.
Hype bitcoin!!!  :D

Thanks for the news as I have never used Twitter. Merit.

The feedback he got from his original tweet, which was a lie, was negative, and his true intentions were very clear. The tweet in the OP about what "he discovered" was to save himself from further embarassment in my opinion.

A very unfortunate loss for Peter Schiff and a lesson to everyone else. SEED phrase should be stored in a safe place and preferably on a special metal device. Here is a link to an article that describes various SEED storage devices and tests for their resistance to various types of damage. Link — https://blog.lopp.net/metal-bitcoin-seed-storage-stress-test/

Not really. He probably doesn't own any actual gold, just like most Bitcoin investors probably don't actually own their actual private key. What they own is some certificate that promises them they will be able to redeem it for the equivalent in gold (or bitcoin). To be fair, it does seem pretty safe to pay a bit more to have someone else take care of your gold/btc, and at the same time sleep in the assurance that if anything happens to it, you're insured (then again, that insurance itself is also a promise!).

In fact, he didn't buy anything - I've written it many times before, even on this thread :


This whole stupid story actually came about because someone gave something to someone, and that person has no idea what they got for a gift. Gifting $50 worth of BTC to Peter or some 10-year-old child is actually the same thing, they both won't know what to do with it. Although much more justification can be found in the case of a child, than in an adult who earns millions.

he realized that he gains No support if ever he will throw stones towards Bitcoin about this case so he has No choice but to admit that it was his mistake and no one to blame but him only.

people are not stupid to buy His issue and that changed His mind about the scenario might take in this.
just after a week he finally realized this?is that normal for this Bitcoin critic?well for sure it wasn't right/

Unfortunately, he lost a lot of money for the most basic reasons. I don't think he could mistake the password for such a private key.  Obviously, we need an approach to Bitcoin wallets and more specific security methods to avoid making mistakes like Peter.

He doesn't even actually own much paper gold at all---he in an interview said that most of what he owns and is somewhat related to gold is either his business or the gold stocks that he has in his portfolio.

Gold stocks are to gold what altcoins are to Bitcoin, leveraged instruments to maximize their ROI. This means that he doesn't care much about the metal itself, but is obsessed with the gains that these stocks could provide.

I never considered him to be an actual gold bull because he is so obviously focused on ROI. If he really cared about the actual metal he would promote that instead of some speculative stocks he always considers undervalued.

I do like Peter Schiff even though he is somehow does not like Bitcoin.  I first saw him in a video of a debate regarding Bitcoin as future money.  Though he lost on that one, he still stand his ground.  Anyway, now I know why Peter Schiff does not like Bitcoin  ;D. 

the merciless thing is reputation. i guess nothing will change his image of clown

You can always recover your wallet, if you have carefully written your seed. It's very easy to blame bitcoin but security of your wallet lies on your shoulder. Craig Wright, McAfee and now this drama coming to end.

Good for you for listening, you are smarter than the majority of people here.  Having listened, if you see Peters predictions start to come true, it may save you financial ruin...

He did NOT lose the debate, he was in a room full of BitCoin Advocates...   Given a NEUTRAL AUDIENCE, the results would be far different.

CENTRAL BANKS and governments are buying GOLD, not BitCoin.   That should clue you in.

UPDATE 23 JANUARY 2020

Peter Schiff figured out exactly what happened, and all of Peter Schiff's bitcoin is gone FOREVER, now living in BitCoin Heaven...   Eric Vorhees set up Peter Schiff's wallet at a debate for him, and Never gave Peter Schiff's his Seed words, nor his password...  Peter Schiff used his PIN believing that was all he needed until a software update logged him out of his wallet, and he now has no way to get back in...  So Peters Bitcoin is TOTALLY GONE as Peter First reported, the only difference is that we now know why.

It's only because he's a known personality in libertarian and goldbug circles which have quite an overlap with (earlier) Bitcoin users. His 2006 prediction of the real estate market driven recession brought him  a lot of new followers, many of whom later got involved in Bitcoin and were disappointed he didn't share their enthusiasm for Bitcoin. He's too heavily invested in metals to bother with Bitcoin so I don't see him changing his sceptical stance.

seeing Schiff's tweet doesn't really admit his mistake, and I don't believe that he never had a copy of his seed phrase and he also said he never knew the password, it's too hard to believe, because basically when we make a blockchain wallet accounts like those used by Peter Schiff, will definitely ask us to provide our email address and password, we also have to re-enter our password to confirm.
I think it's drama because Peter Sciff's claim is hard to believe, isn't this ridiculous?

So, haters gonna hate as usual. It was obvois what this is was his problem

Could be.
Just making a story so that it won't look that much bad.
But he cannot fool everyone. If that someone didn't reach out to fix things then he might be really lose all those funds.

You cannot just freaking forget your password specially if you know you have a large amount being kept there.  ;D

How TOTALLY IGNORANT and STUPID can you be ???  Commenting on something you have no knowledge of  🙈🙈🙈   No one should ever listen to Dart18, must less take financial advice from this fool.

UPDATE 23 JANUARY 2020

Peter Schiff figured out exactly what happened, and all of Peter Schiff's bitcoin is gone FOREVER, now living in BitCoin Heaven...   Eric Vorhees set up Peter Schiff's wallet at a debate for him, and Never gave Peter Schiff's his Seed words, nor his password...  Peter Schiff used his PIN believing that was all he needed until a software update logged him out of his wallet, and he now has no way to get back in...  So Peters Bitcoin is TOTALLY GONE as Peter First reported, the only difference is that we now know why.

And the " large amount being kept there " was about 2000.00 USD, a very small amount for a multimillionaire like Peter Schiff

Hard Facts