[2020-01-19] Peter Schiff Says Owning Bitcoin (BTC) Was 'Bad Idea' After Losing

[bL4nkcode]

Peter Schiff Says Owning Bitcoin (BTC) Was 'Bad Idea' After Losing

After an eight percent dump, it seemed like things couldn't get better for Bitcoin bears in the likes of Euro Pacific Capital CEO Peter Schiff. However, instead of gloating over the humiliating defeat of the bulls, the gold bug took to Twitter to express his frustration over losing access to his BTC holdings.

Source: u.today


I just can't help but laugh after reading this. While making any digital accounts/wallet, after all its your responsible as the owner to save and take care of your digital belongings, at least make a backup and secure your device.

[coolcoinz]

So he eventually decided to buy Bitcoin after all that complaining that Bitcoin is so much worse than gold. That's interesting

Also, saying that he lost his password doesn't really put the blame on Bitcoin. He lost it because he did not follow the guidelines. You are always supposed to have a backup of your wallet. Also, it's a good idea to have seed words so that you can recover your wallet even when both copies get damaged, for instance in a house fire. Peter looked to me like a smart guy and he didn't even make a wallet backup.

Also, that BTC dump did not look organic. More like a single whale dumping his stash, maybe hoping to screw with some overleveraged traders. It's not going to mark a return to the bear market, it was too quick and too steep.

[xhomerx10]

Typical boating "accident" for which Gold bugs are famous.  I guess it scales to Bitcoin as well

[gentlemand]

Typical boating "accident" for which Gold bugs are famous.  I guess it scales to Bitcoin as well

Aye. It's a great way to keep dissing Bitcoin and simultaneously cover them track. Since his father was a fanatical tax dodger it fits the mould rather nicely. Is there actually a wallet these days that lets you open it without recording and inputting your seed? I haven't come across one for a long time.

Edit - it's all Erik Vorhees's fault - https://twitter.com/ErikVoorhees/status/1219046141028982784

And it's... 50 bucks worth?

[Getmon]

This old man is just making everything a reason to hit at Bitcoin. Bitcoin does not come with a robot or a slave to do everything for him. He needs to use a little of his mind and effort to make sure everything is put in the right place.

[bbc.reporter]

It's ironic to see someone with important position don't know the importance of backup your digital files.

He is a bitcoin hater. However, maybe the bitcoin maximalists should teach him instead of reacting negatively to his tweets hehehe.

Also, this should be accepted by bitcoiners that solutions should be created to produce better wallets to make it easier for newbies.

[CryptoBry]

Peter Schiff Says Owning Bitcoin (BTC) Was 'Bad Idea' After Losing

After an eight percent dump, it seemed like things couldn't get better for Bitcoin bears in the likes of Euro Pacific Capital CEO Peter Schiff. However, instead of gloating over the humiliating defeat of the bulls, the gold bug took to Twitter to express his frustration over losing access to his BTC holdings.

I am sure that Bitcoin holders and supporters are laughing at Peter Schiff and his predicament right now. So eventually he bought some Bitcoin maybe just to show us that owning one can be more difficult than owning gold, and maybe in that aspect he can be right. However, a gold owner can also lost gold if he can be careless just like what this man had done with his password. And in this world there is no guaranteed cure for a carelessness (or being stupid for that matter) especially with the stature like that of Mr. Schiff. Personally, I have nothing against Peter Schiff as I also welcome and appreciate investments in the real gold but there is no need to be destroying each other as we can all be good friends and be supportive of each other. We can b supporting gold while also supporting Bitcoin, right? Gold and Bitcoin can be considered as the best investment assets, safe havens and store of value.

[hugeblack]

I don’t know why everyone focuses with any statement issued by Peter Schiff, Craig 'Faketoshi' Wright, Roger Ver or others. These people want to be the people’s talk and thus they show extremist views.

Peter Schiff is a Bitcoin hater, but I do not know why he focuses on it & spends a lot of time tracking prices or even buying some coins "if we assume that he lost them."

The story is funny and does not deserve to be discussed.

"If you don't believe me or don't get it, I don't have time to try to convince you, sorry" - Satoshi Nakamoto

[hv_]

It's ironic to see someone with important position don't know the importance of backup your digital files.

He is a bitcoin hater. However, maybe the bitcoin maximalists should teach him instead of reacting negatively to his tweets hehehe.

Also, this should be accepted by bitcoiners that solutions should be created to produce better wallets to make it easier for newbies.

PS: He needs Bitcoin in his bank accounts - job done

[1Referee]

Also, this should be accepted by bitcoiners that solutions should be created to produce better wallets to make it easier for newbies.

Agreed. It shouldn't be the case that stupidity from the user's end should result in loss of funds so easily.

I do however have to point out that the banks we always assumed our money was safe with in case our bank account gets emptied by hackers, are no longer always refunding the total balance. I'm reading more and more stories where people are literally left broke because the bank refuses to refund people because it's their own mistake that they lost their money.

In the end, Peter Schiff is always looking for a reason to trash talk Bitcoin. If it isn't the price of Bitcoin that has greatly outperformed Gold this year, it's something else he will use. It's not a surprise that after no more price tweets he now resort to such silly methods to gather attention. Shiny rock at $5000 per ounce yet? 

[audaciousbeing]

Peter Schiff Says Owning Bitcoin (BTC) Was 'Bad Idea' After Losing

After an eight percent dump, it seemed like things couldn't get better for Bitcoin bears in the likes of Euro Pacific Capital CEO Peter Schiff. However, instead of gloating over the humiliating defeat of the bulls, the gold bug took to Twitter to express his frustration over losing access to his BTC holdings.

Source: u.today


I just can't help but laugh after reading this. While making any digital accounts/wallet, after all its your responsible as the owner to save and take care of your digital belongings, at least make a backup and secure your device.

Fortunately for us in the crypto industry, his opinion does not matter which is something good for us to run with. Over the years, a lot of people have expressed opinion on bitcoin and crypto but eventually nothing happened to it which makes the joke to be on him. I am sure if the price even drop, he will still have something to talk about.

[Lucius]

So he eventually decided to buy Bitcoin after all that complaining that Bitcoin is so much worse than gold. That's interesting

I am sure that Bitcoin holders and supporters are laughing at Peter Schiff and his predicament right now. So eventually he bought some Bitcoin maybe just to show us that owning one can be more difficult than owning gold, and maybe in that aspect he can be right.

Why comment on an article you have not read?

Peter Schiff did not buy BTC, but received it as a gift (linked in the article). The fact that he lost something now (password or something else) is just proof that he has no idea what BTC really is and what it means to be your own bank.

I don't even understand the need to convince people like Schiff or Buffett/Munger that something is good or bad, they are a species in extinction that works by the old rules and so will be until the very end.

[gentlemand]

Also, this should be accepted by bitcoiners that solutions should be created to produce better wallets to make it easier for newbies.

I haven't come across a wallet in recent times that hasn't forced me to record and reenter the seed. It has also made it very, very clear what happens if I lose the seed.

Can't really think of much more they can do. If you don't pay attention then balls to you.

[d.kevin29]

I haven't come across a wallet in recent times that hasn't forced me to record and reenter the seed. It has also made it very, very clear what happens if I lose the seed.

Can't really think of much more they can do. If you don't pay attention then balls to you.

There are actually many wallets that let you skip that step at your own risk. I've skipped the step many times on different apps and then had the constant fear whether I've written down my seeds or not. Up to this day, I'm still not sure whether I have the seeds for all of my wallets written down. It's scary.. The writing down part should be mandatory..

However, this case is different and has no link to a Bitcoin flaw or anything else except his own mistake. Peter doesn't know how Bitcoin works. Peter's wallet was set up by Erik Voorhees but he did not save his phrase. The worst thing he could've done was blaming Bitcoin for his mistake. This just shows how much he really knows about Bitcoin at all.

Let's not also mention the fact that he was holding his funds on Blockchain Wallet, and there have been plenty of stories from people who've had the same issue as him. Although they state they "don't have access to your wallet or your wallet password", holding funds on a server-sided wallet is a risk one has to assume. But because Peter hasn't used Bitcoin, his statements hold no value in my eyes.

[gentlemand]

And Mr. Binance has some wonderful advice for all of us -

'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.'

https://twitter.com/cz_binance/status/1218973539207770113

All this from the man whose site has been hacked AND wanted to roll back the blockchain to counter it.

If you can't secure a wallet then having your funds in a place that can be emptied with a password or two, that's if they don't empty it themselves, is not turning me on.

[BTC Bridges]

....
Peter Schiff is a Bitcoin hater....

If we had a way to send him a couple BTC's then he might not hate so much. 

[bbc.reporter]

Also, this should be accepted by bitcoiners that solutions should be created to produce better wallets to make it easier for newbies.

In the end, Peter Schiff is always looking for a reason to trash talk Bitcoin. If it isn't the price of Bitcoin that has greatly outperformed Gold this year, it's something else he will use. It's not a surprise that after no more price tweets he now resort to such silly methods to gather attention. Shiny rock at $5000 per ounce yet? 

Agreed, however. Everyone should be helpful to the newbies who sincerely want to learn and ignore the people who say anything bad about bitcoin to try to trick us to get our attention.

[Kakmakr]

"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!"

I have serious doubt about the claims that he is making that his wallet is corrupted.   We know Peter Schiff hates Bitcoin, so why would he buy bitcoins in the first place? Also, if you hate something, you will do some research and talk to a lot of people to find ways to criticize it.

The way he is talking, seem to indicate that he might have fabricated the "wallet corruption" claim and it is evident that he knows very little about wallet recovery.

You should think that an experienced stock broker / financial commentator would do some basic research on a topic before he spews nonsense like this, but it is clear what his agenda was with this "wallet corruption" post.  

[hello_good_sir]

It's honestly beyond stupid. It just shows how incompetent he is, treating his investments with such negligence.

Perhaps it's a publicity stunt as well to keep up with his stance that BTC is a worthless investment.

Schiff has shown that he is a long term irrational decision maker, telling people to invest in gold at any time without taking into account any measure of market conditions. Gold bugs like these have historically not outperformed investors in the equities sector over the long run.

[Getmon]

It's honestly beyond stupid. It just shows how incompetent he is, treating his investments with such negligence.

Perhaps it's a publicity stunt as well to keep up with his stance that BTC is a worthless investment.

Schiff has shown that he is a long term irrational decision maker, telling people to invest in gold at any time without taking into account any measure of market conditions. Gold bugs like these have historically not outperformed investors in the equities sector over the long run.

More likely a publicity stunt than just pure negligence. It was intentional most probably.

I cannot imagine Peter actually buying Bitcoin as an investment in the first place. That would make him more stupid as ever. That would make his words and actions on the opposite poles. At this point in time and with all the words he had said against Bitcoin, it is foolish to simply turn around. Everything he is will turn into shreds if he does that.