Bitcoin Forum

According to Cointelegraph, perennial bitcoin bear Peter Schiff has lost his bitcoin due to losing his password:

https://cointelegraph.com/news/peter-schiff-lost-his-bitcoin-claims-owning-crypto-was-a-bad-idea

What are your thoughts?

No matter how cautious you are, these can happen to man. I cannot reach my wallet, which has some crypto, as my phone has failed.

He didn't mentioned how much he lost here.

So I'm thinking this is just another attempt on his end to discredit BTC here.

Of course, if you invest on it, you should take care of your wallet's password, in which Peter Schiff doesn't really understand on the first place.

Interesting article, but the skeptic in me is wondering if it's actually true.  Sounds to me like there might be a chance of him recovering his bitcoin if someone can figure out what the problem is.  It also sounds like a perfect statement to make if you wanted to slam bitcoin--by pointing out how easy it is to lose it.

And the little devil that sits on my shoulder is gleefully wondering how much bitcoin Schiff had in that wallet.  I've never been a fan of the man, since he's been blowing hot air for years now about gold and bitcoin and I'm just tired of his nonsense.  If he hates bitcoin but bought and lost it anyway, then screw him.  

My third curiosity is about which wallet he's using and how strong his password was.  If it wasn't really strong, there's a good chance he could remember it.  Anyway, this "news" is interesting but has a funny smell to it.

Edit:

Ah, you beat me to that statement.  That did occur to me as well as I said.

He's pretty stupid, as he uses the same password for everything. Anyway, I gather one of the Bitcoin YouTubers has recovered it for him.

Wasn't he one of the guys who used to say - if you don't understand it, then don't invest in it.

Because Peter did not lost his password. His wallet forgot his password. Well, that's according to him. LOL to the logic of this old man. So I agree with you that this might actually be just another silly attempt on his end to discredit Bitcoin.

He said he lost his password. Just like that. And now he is once again barking at Bitcoin no end about owning Bitcoin as a bad idea. He was simply looking for another reason to attack Bitcoin at a particular time when Bitcoin is bullish and proving him wrong for the nth time.

Pomp came to the rescue but the old man insisted that nothing could be done about it anymore. He seems afraid that Pomp could actually recover his Bitcoin and find out that it was just a mere 0.000001BTC.

This sums it up
https://i.postimg.cc/59kjgBZ7/ptr.png

Hilarious :D

Apparently his password is just "a very simple numeric".

how can be ? a wallet forgot the password ? which mean the wallet have a stupid system,its not make any sense.
what i thought just he probably didn't uses his brain to open the wallet, or probably he uses the wrong password for login to his wallet.

He didn’t mentioned the amount.I can 1$ worth of bitcoin or 1bitcoin.Man can forget password, but Machine can't.is he mad? Or saying it because of his loss.     

no i don't believe him because he is a prominent person and has some bad words towards bitcoin so there may be some intention in this end.
and what i think is there are lots of things to save password and all of a sudden he lose his?nah that's a joke.

There are two hypothesises here. Being a renown Bitcoin bear he might want to bring panic to the crypto community that Bitcoin and inherently BTC wallets are not safe, but I'm sure no one would believe that non-sense. He is either just faking the lose of his password or he is a negligent bitcoin user. It is common sense to back-up the private keys to your wallet especially if you hold a significant amount of funds.

No matter what he says - he is the only one to blame. He didn't even exposed the bitcoin wallet he was using afaik

You said too nice.
I also think that he just tries hard to find something to say against Bitcoin.

Did he have an account to an online/custodial wallet? Then he didn't "own" any Bitcoin from the first place.
Did he forget the password for his wallet and he doesn't have a backup of the seed? Then why he tries to blame Bitcoin for this?!

PS. People tend to remember forgotten password. Of course, some people will never admit that.  ::)

Maybe this is why he is a bear in the concurrency space.  If people aren't responsible enough to secure their private keys, then this will happen and it'sno one elses fault and should not reflect on cryptocurrencies as a whole.

Its one thing to lose your wallet login details and another not remembering the exact password you used. But personally, the problem i always have with people forgetting their password or lossing their password is that, how can you lose the password to the wallet containing money (bitcoins to be precise)? This tells me that you don't value the bitcoin you own in the first place and don't believe that its the future of money.

Another one losing the wallet/password... Did Peter ever came here to read the gazillion warnings about making the seed words and securely store that handwritten paper with said seed words? Seriously the password (or wallet) no one cares, but if you don't do this you will lose your funds. Let this warning serve to anyone reading this message.

Well on the good side, for every (formerly) rich bitcoiner losing their wallet, value of bitcoin as a whole increases a little bit. Its like burning coins, so i guess he unwillingly gave a large donation to the community.

Peter Schiff would do just about anything to give Bitcoin a bad name. He's against it, I respect his ideas and thoughts due to the fact that everyone is allowed to have their own ideas and thoughts. He's one of a kind however, and the reason I don't appreciate him is because there's a difference between not liking a cryptocurrency and creating a false, negative image of a coin just because you hate it.

You don't like Bitcoin & cryptos? Good for you. I'd debate with anybody who hates cryptocurrencies but those people like him.

This "my wallet forgot my password" thing shows just how much he really knows about Bitcoin and the way it works. And, besides all this going on, if he hates it so much, EVEN IF he had all the BTC gifted to him, why was he even holding a cryptocurrency? That's similar to owning a gold investment but talking all the time about how you'd never buy precious metals. See the connection?

The problem with these idiots is that they are not doing what they preach and that in itself shows their character. He loves the media spot light and he preaches some stupid things and he might have some followers to listen to these stupid things. May this is another ploy to have some media coverage that he lost his coins because he lost his password and want to show that how old people should not use it  :D.

He forgot his password, and he could not access his wallet. It was all his fault and it had nothing to do with Bitcoin reputation, we are human and we can forget anything we don't want and for a cryptocurrency market investor, we should be careful to store everything because it's our money. But it seems that he is very indifferent to this matter

A huge hater and a critic of bitcoin, and this incident does proved that he's just talk with his criticism without learning the technology and technicals behind of what his criticizing.

Plus using a buggy web wallet such blockchain.com is too naive for a ceo of some company.

If he truly lost his bitcoin password, then it doesn't fully understand how to be his own bank.  There are several ways of keeping tracks on bitcoin password, besides we have the option of keeping save our private keys and recovering phrase, so he didn't keep all these or he's just bashing bitcoin?

His wallet forgot it :D

-Did you break the garage door Peter?
-No the car broke it!

Great comedian this Peter.

Actually, it's according to Peter Schiff himself.

I always did say not everyone is ready for, or wants to, be in sole and full control of their own money. It used to be strange to me that people would actually refuse that in favour of someone else being in charge of their money, able to take care of it for them. It doesn't anymore, now that I know it's those who benefited the most from the current system that still want to cling on. It's only when the state or bank's bitten you that you understand how attractive financial freedom and independence is.

Move along, Schiff.

According to that article , we still don't know how much was inside that wallet because I'm sure that that wallet was just a back-up of his prime wallet but any lost bitcoin is not good to happen especially when we know that a lot of them were lost during early days when people made transactions with hundreds and thousands of bitcoin. Anyway I hope this is another lesson for everyone who is not responsible for his wallet and coins.

How come some one look expert and have many bitcoin in his wallet could lost password of their bitcoin account, I not really sure and believe with him because can lost his password and many people will remember with their password and save with several place when geting problem with one place after saving password of bitcoin account.

He was very critical to Bitcoin but he does have BTC wallet with coins on it. That's certain a a vindication. Unfortunately his wallet lost its password. Not really sure if laughing at his loss is appropriate but what he tweeted is really funny. Humiliating himself this way seem a karma but I do hope he can recover back his coins.

How are you so sure? This guy is experienced (not crypto-wise), but everyone makes mistakes. He might've saved his wallet password (I suppose it's an online wallet like Blockchain) but forgot to also back up his seeds/keys.


Actually, lost BTC helps the shortage of it and therefore helps us all.


The old dude despises Bitcoin in every kind of way possible. It's a lesson for those who spread BTC FUD everywhere while HOLDING BTC THEMSELVES.


Definitely (https://twitter.com/PeterSchiff/status/1219071560746586112). Bashing (https://twitter.com/PeterSchiff/status/1214214488376958979). It (https://twitter.com/PeterSchiff/status/1212833217650266114).

So basically he shits on Bitcoin, they buys it, then fails to maintain basic principles of holding crypto and blames it on Bitcoin? This guy is surely enterntaining

The gold bull which, for years has been trying to defame bitcoin for all his nonsense is back at it again. This time, to pinpoint a flaw that really isn't a problem at all: memory retention (of the user). He stated on his tweet that his wallet forgot his password. The greatest question here is how could a wallet whose purpose is to store tons and tons of data be 'forgetful' in a single occasion?

Either way, I'm keen to know how much bitcoins he lost in the process. Also it's kind of hypocrytical for someone to keep some coins on his own safe all the while preaching negativity about the tech and its effects on the economy.

I wonder what nonsense would the guy blabber in his next misadventures with bitcoin ans crypto in general. It's getting old now tbh

Oh really? that will be awesome because it's kind of not good for people of such high profile to make such comments about bitcoin. it taints the name out there making it extra difficult for people to appreciate bitcoin. Would be waiting to hear his comments when this is finally sorted out, more like bitcoin is safer if you save your private keys safely!

It's very bad news. Might have some options for recovering password....

It look like he is just telling a lie for bitcoin to get some bad impression
base on twitter he doesn't want other people to help him he said that he know his password.
but for me it look like he doesn't really lose some bitcoin and he knows that there is nothing to recover that's why he doesn't need help.

We shouldn't attack this at "this is his fault. Crypto is meant to be fully secured by its user"

We should be building better tech so that this doesn't happen to the millions of people who don't back up their wallets a million times.

If you are a crypto enthusiast you want crypto to be mainstream, so let's face the fact that mainstream is not a bunch of tech geeks.




If we want crypto to succeed, we need more educational content and better security features on wallets.

Peter is obviously making this up to gain more attention. Look at the engagement his tweets are getting. He is clearly struggling to remain relevant.

Agree. And crypto users are even helpful enough to recover it for him despite him spreading FUD about BTC.

Desktop wallets are not rocket science. The wallet I believe reminds users to remember his password the moment he is done installing it and keep a copy of his private key.  Its easy to operate mobile wallets now, I think it will gonna go mainstream soon.

LOL a well known economist and CEO is using a simple password...Yeah, Peter Schiff must think we're all as dumb as a goat.

The guy is probably tired of everyone asking him about Bitcoin so he decided to tweet something to shit on Bitcoin. Seriously tho, this whole thing reeks of FUD (the "Bitcoin was a bad idea" part in his tweet gives it away), a lame and funny attemp at it, but still FUD that the average joe will probably believe.

We are discussing this subject on a local thread, and I will repeat, no one know if it's true and most important, in BTC you are the owner of your coins, and you have to take all precautions to not lost your money
And I don't know why buying BTC if this guy don´t like and trust in BTC

That doesn't make sense if the wallet can forget your password! I mean the password that you enter while you creating your wallet it should be stuck there for life if you don't change it, so it's probably a lie or that person called Peter Schiff has changed his wallet's password a while ago and he just forgot that, but due to this problem, people they should be careful about saving their passwords to not forget it in the future.

If his password is relatively simple then there are password recovery services out there that can get your account back with a small fee. As long as his password isnt some random characters, numbers, symbols which are over 25 characters long then its possible to "crack" it after a few hours or days.

This is generally very common. Do you remember the passwords that you used about 10 years ago? Probably not. However keep in mind what if you dug a hole in the earth somewhere, hid your gold there, and 10 years later you forgot where you buried it, whois fault would it be then? Which you blame gold then because you forgot where you put it?

Then there are those that mined bitcoins during 2009, found some blocks, since it was worth nothing, when they upgraded their computer they threw out their old hard-drive and those coins are gone forever. This is also fairly common, look at the amount of unspend coinbase transactions from 2009-2010.

The solution would've been simple for Peter: if the access to his wallet would've been blocked, he should've pulled out the paper he should have written the seed of his wallet onto in 2018 and just use that as a recovery.

Don't blame the dollars if you lost your wallet in a bush. It was yours, you had to secure it.

But whatever.. take a look at his Twitter profile and you'd see for yourself what his opinion on BTC is. That alone gives me a bit of doubt about the legitimacy of his "corrupted password" tweets, although at the same time I do believe he lost access to it.

But now seriously - this is about a $50 gift from 2018. Is this debate really that important for the $50 he lost?

Because there were so many hacks happening, his paranoia burst out so he kept changing his password everyday. It just happen that he forgot that he changed it 3 times. Right now he will just stick to one password and its  "password123". That's the easiest and not very predictable. Understanding blockchain had made him astonished for weeks, so please don't bother him much with nonsense talk about passwords.

He did not took bitcoin seriously, if so why such important matters like passwords easily lost like that? It's not reason that he keeps on changing it because of the hackers, if you value bitcoin, notepads or just a pen and paper will do. I don't think it costs a lot or it is that big. If you can see the whole picture, an owner/investor will protect his investment by firstly securing the private keys and passwords.

Upon isues concerning lost of funds, many factors arising where we could divide it into two, one is the negligence of the owner, second is the lack of functionalities and security features by the exchange or personal wallet. By the way, I do't really know who is Peter Schiff in the first place, but I think he should have corrected his mistakes if and only if, details he provided is legit and he written all the important details with regards to logging in to his account. On the other hand, exchange or wallet itself should provide support when the person co tacted them whether technical issues occur. Thus, reaching up to the point that this is an entire mistake of the owner.

He probably didn't take it seriously and then blame the system for his dumbness. And it is well documented that he is anti-bitcoin so what do you expect from him? Pomp offered a helping hand, but we don't know how it turns out to be. The amount here doesn't matter, he just wanted to proved that something is not right with bitcoin, or at least if you're going to invest on it.

Peter Schiff said, "I know having Bitcoin is a bad idea, I never realized it was this bad!"
He just tried to make the opinion that owning Bitcoin is not the right choice just because of the password problem which in my opinion is like a charade, but what he said tells us that he is a holder of Bitcoin but does not understand well about Bitcoin.

Should have good knowledge about Bitcoin then people doesn't talk like holding  Bitcoin is not safe or whatever. Do not mislead because one should be more careful or cautious about his/her private keys or Passwords. Always password should be very stronger save somewhere and lock it.

Bitcoin gave life to so many people it's worth using it and do not blame Bitcoin is not safe to invest. People are having good knowledge knows how important or profitable is investing in bitcoin is. You do not know how to safeguard your keys or Passwords.

What do you expect from a man that has been skeptic and critic of Bitcoin since from the start? He didn't even set up his own wallet, he seems to not know its basics (saying that "the wallet has forgotten his password"), and now his argument simplified things as "Bitcoin is bad"?

He blamed a technology for being bad because of his own mistake. That, to me, makes no sense.

I’ve been in this same situation a lot of times, luckily the money I had in those wallets wasn’t much. The first mistake I made was that I created a BITCOIN wallet and I forgot to copy the wallet ID, and unfortunately for me when I was trying to login to my wallet they required me to enter my wallet ID and password. I knew my password but I didn’t have my wallet ID and that’s because I never what wallet ID was and that’s how I lost the money I had in that wallet. So, I created new email address and also used to create another wallet and the same repeated a few times before I realized the mistake I was making and I also didn’t back up those money so there are no backup phrase.

Anyone that’s creating a Bitcoin wallet should make sure that they create a password that is hard for anyone to come up with and easy for them to remember. If you’re trying to create a difficult password and at the end you end up with something you can’t remember, then I’m sorry for you.

His statement coming from those tweets represent how he really trying to drag down he's trying to blame bitcoin wallet forgetting his password.
Maybe to those who are not really interested and have negative view with bitcoin he'll be able to convince them, but to  th0se who understand this
system he won't get anyone to trust his claimed.

what you mean he didnt set up his wallet ? you mean the story is only made up and he didn really lost his bitcoins  ?  his so bad because he is a lier .  


not only him but thats what other people do too  . there also people that say bad things to bitcoin but they didnt tried it once   . there are those who are skeptical and still tries bitcoin but they end up blaming the wallet , the system , of the bitcoin itself but the real problem is them because they cant catch up  .

Plus doesn't he manage a fund? I would not want my money being managed by a kind of person who loses passwords, lose funds is result, with no back up and way to recover them.

I was shocked by seeing his tweet even I can't believe!

The news presented is ambiguous, there is no clarity on how much is missing. Then when does it happen. They only mention loss and there are sentences that corner Bitcoin as a useless asset. To be honest I know that this is an attempt to bring down bitcoin, besides that Schiff is also an anti cryptocurrency. I do not know what underlies he really hates cryptocurrency.

Schiff doesn't really have an idea of what bitcoin is. This proves why he keeps on bashing bitcoin and remains to be a bitcoin bear.

He didn't even have the idea how to protect his bitcoins and keeping the password of his wallet.

Didn't he have the BIP39 seed for that wallet? He could have just written the words on a piece of paper like best practices say. Given that he is very rich and he probably has a lot of personal security, the paper's unlikely to get stolen and he should have just wrote it down. If this is a wallet he manages at home then he could have even wrote down the password too.

Double mistake. He used an easy password and he didn't take care to preserve it.

https://twitter.com/PeterSchiff/status/1219278400398880768 Peter Schiff doesn't know how to restore his wallet already. he use blockchain.com wallet. maybe his wallet corrupted. https://github.com/blockchain/My-Wallet-V3/issues/408

Peter has always spoken against Bitcoin and this time around he has found another opportunity to riddicle this wonderful gem again. When i saw the tweet yesterday, I laughed. How can a man highly knowledgeable claim that the wallet forgot his password? It only goes to show how desperate he really want to rubbish the spectacular nature of bitcoin. One thing is for sure, Bitcoin always win

Peter Schiff is a fund manager and he became famous for his prediction of the financial crises back in 2006, it is difficult for everyone to understand how to keep a basic back up and so is the problem with many, i bet many have no idea about keeping the seed secure let alone a decent good password and for those who are not able to do these basic stuff they should not invest in bitcoin.

This is one of the human errors in crypto. Bitcoin Asst is decentralized, 100% control and rights are in the holders. But when the holder loses his wallet key, and there is no backup, all assets will be lost. This is the importance of a back up private key. But I found a project that was being developed to back up private keys, phrases, etc. Even when all devices are lost or reset. This app will automatically send a private key that is stored in another app. After some time is not accessed. Infinitus or  https://inftech.io/ can be seen at this link.

But he's wrong about Bitcoin for how many years now? I heard before Bitcoin reached $1,000? Hahaha.

He should stop being so immature, posting FUD about other people's investments. No one attacked him for being a boomer gold bug.

From what I understand, bitcoiners donated this bitcoin to Schiff to win him over. Schiff supposedly lost his bitcoin, which can be interpreted in different ways. I believe Vitalik Buterin weighed in that cryptocurrencies must become more user-friendly, and I heard he faced a backlash from crypto Twitter. On the other hand, this makes Schiff look technically inept, whatever the merits of Buterin's argument. I actually think Buterin is right and Schiff looks incompetent.

I have doubts about the veracity of the words Peter Schiff posted on Twitter about the fact that he lost access to the wallet. To get such a screen as he published, just enter the wrong password. But if he really lost access, he needs to register on bitcointalk to learn more about safe use of the wallet.

As per his statement he knows the password but unable to log in the wallet because there is something issue with wallet or may be  something updated issue with that wallet.So i think how can someone without any knowledge of Wallet they store the bitcoins there because we know the importance of Password or Private Key or Wallet Seed if we take any of those backup we can easily restore our Wallet if any issues happens with our wallet. But how can Peter Schiff gives a silly statement like that.

Which he won't do under any circumbstance. I guess this is more "I told you so" moment for him rather than "damn, what have I done wrong"

only noob will be fooled by this ,for sure there will be another attack against bitcoin from this one since this issue comes out to think that it is very impossible for people like him losing his Password.what about you Believing on what says here?

of course he is already in Bitcointalk because he already has Bitcoin so it is normal that he knew this forum and also he knew where to fool people.

He is saying "his wallet forget his password”. It may be possible that somebody hacked his password and changed it. There is seed with every wallet and you can always recover your password from that. Where is Peter Schiff seed? Its very easy to criticize bitcoin.

I think he might be a bit jealous of CSW, what with all the "not your private keys, not you bitcoin" nonsense and what not going on.

 :D

Why would he care anyway, as bitcoin clearly holds 'no intrinsic value' for him, quite literally. Guess his password must be of value ?

 ;D

Why bitcoin has intrinsic value ...
- https://bitcointalk.org/index.php?topic=5215927.msg53556510#msg53556510

Well, this old man is definitely searching for the attention through " Forgetting the password " and other trivial excuses, and to be honest I don't really care if this Peter Schiff lost his amount of Bitcoin or not, it does not even matter, and this information will never help me.
In fact, we need to ignore this kind of news to be honest, and focus on the things that can improve the era of Bitcoin in different ways , it would be through creating some Blockchain projects with a new ideas.

Oh.. so this is the reason behind his bearish predictions with Bitcoin. Poor old man lost the private keys and password to his Bitcoin wallet and is therefore jealous of those who kept their coins securely. IMO, he should leave all this bitterness aside and move on with his regular life. It is still not too late to own a few coins. And Peter Schiff is still financially sound enough to purchase a few dozen BTC at the current market prices.

I guess you're right, most of the topics here are already focused on a popular person. The OP asked on our thoughts on this common-sense situation, how will you react if someone lost huge money? a simple question with a basic answer right.

People nowadays are getting too much attention, If someone tweeted, it's already here in BTC discussion, every individual is important are always in this discussion as if it helps the growth of BTC in 2020. And btw, Peter Schiff will always take an opportunity to spit non-sense on the public, I'm tired of people like that.  

When CW say something it has to be on the news so this Peter also wanted to be in the news without claiming he is satoshi.  We understood so that he wants BTC to drop but why does cointelegraph have to name him "perennial bitcoin bear Peter Schiff "? 

He'd be one of the person who will line up with Jaime Dimon  one day.

Someone posted on twitter and already gives Trezor wallet to Peter Schiff,
https://images2.imgbox.com/5a/95/XZX4C4C4_o.png
https://twitter.com/anilsaidso/status/1219409624291430400
I hope he does not forget his wallet pin this time  ;D

it is very unfortunate if the private key is lost and right now the property does not belong. but indeed this has its positive side, where the volume of bitcoin circulating in the market is getting smaller, thus allowing prices to grow faster. I think he is a great investor and knows what to do next

Looking at the fact that Peter has been critical of bitcoin, this may just be another way of trying to discredit bitcoin and seek unsolicited attention from the public. He knew the sacredness of his password, it's his responsibility to keep it safe and not someone else.

It is a pity that Peter Schiff did not publish the address of the wallet, it would be interesting to study its contents. If his password is hacked, there will be no bitcoins. And if we see bitcoins there, it means that no one hacked Peter Schiff's wallet.

Someone set it up for him?
Hmm.. something is also fishy out there.

Well, I dont think anyone could help him if someone already got it. Right?
It might not be loss but could be stolen.  ;D

Give this a month and a article about him will come out.

can't stop smiling with this case, I had once this situation and asking many services about recovering wallets.
Finally it back and I need 2 years to remind it, seriously 2 years to make that wallet open again.
Its surprisingly just because i input 1 char after original password while i changed my password routine.
Now i tried to use hardware like trezor to split my savings of coin. Hopefully nothing goes wrong from now on.
Like my friend mentioned me to save the paper card. And the recovering seeds on that paper card already on safety box.

from a person that is not treating Bitcoin Good?no one could help Him because this is just His own created story,how can a man like him with all resources and very intelligent can just Lose his Password like that?

and you are definitely correct that in just a week or months he will have a Big words towards Bitcoin for sure.and we can expect it like what he always do.
almost every thread that talks about this issue has same theory that this is just another false statement from peter to discredit Bitcoin so expect anything soon from Him.

      I think Peter Schiff just wants to misinform about the potential of the BTC, for people to panic. I don't think ShapeShift is a platform with problems. Regarding the password, if he really owns 1 BTC on this exchange, his account password is spelled incorrectly by him. The man is very arrogant and I do not understand what he earns by discrediting Bitcoin.

He is obsessed with gold and I think he takes offense that bitcoin is compared to gold by its boosters. Jim Rickards is another gold bug with a problem with bitcoin. However, not all gold bugs are anti-bitcoin.