Peter Schiff Lost His Bitcoin

[maxreish]

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.

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[Eugenar]

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.

[btc_angela]

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.

[terciduk123]

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?

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.

[ragavancoin]

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.

[blckhawk]

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.

[FanEagle]

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.

[Pamadar]

He forgot his password I have zero doubt on that. He's trying to blame it as some corruption but I bet it's more like he's confusing it with a different password he used.

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.

[imstillthebest]

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"?

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 .  

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

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  .

[Wind_FURY]

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.

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.

[mirrasel]

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

[bitvalak]

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.

[boyptc]

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.

[NotATether]

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

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.

[50 Cent]

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

[garyrowe]

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?

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

[7788bitcoin]

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.

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.

[hendra147]

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.

[Wind_FURY]

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.

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.

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.

[pushups44]

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:

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

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

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.