Peter Schiff's Bitcoin wallet mystery is solved

[samuraijin]

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

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

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

[Lucius]

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.

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 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.

[rdluffy]

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

[Leonardo7]

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.

[The Sceptical Chymist]

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

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.  

Are you talking about the same Peter who is predict that gold will rise to $5000 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?

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).

[kryptqnick]

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.

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.

[ice098]

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.

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.

[finaleshot2016]

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?

He just wanted attention, that's all.

..And I doubt he really lost his keys on his wallet, IMO he's also gaining benefits on using BTC and at the same time, he's an anti-BTC for promoting his own Ponzi. It's just an act, my fellow friends.

It's good news that this issue was already solved, I'm just waiting for CSW issue on Feb.

[50 Cent]

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.

[Dart18]

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!!!  

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

[Wind_FURY]

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!!!  

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.

[EdvinZ]

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/

[buwaytress]

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.

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!).

[Lucius]

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.

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

He got that amount from his friend Erik Voorhees, but afterward, some other people continued to send him donations (gifts), and today that address is holding 0.21 BTC.

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.

[Reatim]

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

My #Bitcoin mystery is solved. I mistook my pin for my password. When Blockchain updated their app I got logged out. I tired logging back in using my pin, which was the only "password" I had ever known or used. I also never had a copy of my seed phrase. Honest but costly mistake!

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/

[wack slacker]

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.

[BitHodler]

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!).

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.

[bitcoindusts]

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.

Hard Facts

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  . 

[kizlod]

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

My #Bitcoin mystery is solved. I mistook my pin for my password. When Blockchain updated their app I got logged out. I tired logging back in using my pin, which was the only "password" I had ever known or used. I also never had a copy of my seed phrase. Honest but costly mistake!

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

[msarro]

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

My #Bitcoin mystery is solved. I mistook my pin for my password. When Blockchain updated their app I got logged out. I tired logging back in using my pin, which was the only "password" I had ever known or used. I also never had a copy of my seed phrase. Honest but costly mistake!

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.