It is now evident that crypto skeptics will never run out of reasons to criticize Bitcoin and the cryptocurrency industry.
On Sunday, Jan 19, famous gold bug and self-proclaimed Bitcoin hater, Peter Schiff claimed that for some reason, his Bitcoin wallet got corrupt, and his password is no longer valid; thus, he is unable to access all the Bitcoin he has ever owned.
Out of frustration and anger, Schiff went on to lament that he never realized that owning bitcoin was worse than he thought.
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 My wallet got corrupted somehow and my password is no longer valid.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! pic.twitter.com/6SJvDJOZU6
— Peter Schiff (@PeterSchiff) January 19, 2020
What really happened?
Following the tweet, members of the crypto community started responding to his complaint to see how they can help with prominent crypto figures like Anthony Pompliano (Pomp), co-founder of Morgan Creek Digital, asking if Schiff had somehow forgotten his password, thus his inability to access his funds.
Translation: You forgot your password?
Same thing happens to your email if you’re irresponsible and forget your password, Peter ??♂️
— Pomp ? (@APompliano) January 19, 2020
Schiff’s response, however, was quite hilarious as he denied forgetting his password.
“I did not forget my password. Read my tweet. My wallet forgot my password,” Peter Schiff said
Pompliano then offered to help Schiff to recover the lost coin after explaining that his wallet cannot forget a password.
The software just executes the commands that humans give it.
It can’t “forget” anything.
Email me and I’ll try to help you recover the lost Bitcoin.
— Pomp ? (@APompliano) January 19, 2020
In response to the help offered by Pompliano, Schiff said that it was the Founder and CEO of ShapeShift, Eric Voorhees, who set up the wallet for him.
“Eric Voorhees set up the wallet for me, and even he thinks there is nothing I can do. But you’re welcome to try if you have any ideas,” Peter Schiff told Pomp.
But why would Voorhees create a wallet for someone and not ask them to save the private keys for the wallet since he knows how important they are in recovering one’s funds?
Don’t blame Bitcoin
One of the major benefits of Bitcoin is the amount of freedom it offers. Using bitcoin means you are fully responsible for how you handle your funds.
Perhaps losing his bitcoin is a punishment well deserved for Schiff considering all his criticisms against the cryptocurrency.
