The libertarian economist claims that the loss of access to his BTC wallet was no fault of his own.
On Sunday, January 19th noted American libertarian economist, “gold bug,” and renowned Bitcoin skeptic Peter Schiff told the world that he had lost access to his Bitcoins.
“I just lost all the #Bitcoin I have ever owned,” wrote Schiff, who is also the chief executive officer at Euro Pacific Capital and the Chairman of SchiffGold.
“My wallet got corrupted somehow and my password is no longer valid.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.”
The tweet was posted on Schiff’s unverified Twitter account along with a screenshot of an error message that reads “error decrypting wallet, please check that your password is correct.”
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 My wallet got corrupted somehow and my password is no longer valid.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
“So much fake news about how I forgot my wallet password.”
Schiff insists that the loss was not any fault of his own, but that the loss was due to a problem with the wallet’s software.
“So much fake news about how I forgot my wallet password,” he wrote roughly ten hours after he first tweeted about the loss.
“Can't #Bitcoin pumpers be honest about anything? I was very clear that I didn't forget my password. My wallet no longer recognizes my correct password. Plus what's up with over 3K people liking that I lost my Bitcoin?”
Indeed, a number of Bitcoin community members seem to be skeptical that the wallet was corrupted, and seem to think that the loss was the result of Schiff’s own human errors.
Anthony Pompliano, co-founder and partner at Morgan Creek Digital, publicly reached out to Schiff, saying that “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.”
However, Schiff responded by saying that Erik Voorhees, chief executive officer and founder of cryptocurrency exchange ShapeShift, “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,” Schiff added.
“Financial sovereignty: it's not for everyone.”
However, Erik Vorhees--who confirmed that he had, indeed, helped Schiff to set up his Bitcoin wallet--wrote that Schiff “forgot pw, and never recorded [his recovery] phrase.” A recovery phrase, or seed phrase, is a pneumonic phrase that is used to recover a Bitcoin wallet's private key in case it gets lost.
“If I gave him an ounce of gold and he dropped it on the sidewalk would he similarly condemn the precious metal as a foolish monetary system?,” Vorhees asked, adding in a separate tweet that: “financial sovereignty: it's not for everyone.”
Here's what happened: after debate in 2018, we went to dinner. Peter had never used bitcoin before (!) I helped him set up wallet on his phone (Edge or BRD?), told him to secure it if he ever held significant value on it, gave him $50. He forgot pw, and never recorded phrase. ? https://t.co/kcQkAyU9Rv
However, Schiff isn’t too heartbroken over the loss--in a follow-up Tweet, Schiff wrote that the loss was “not that great a tragedy”; Schiff wrote that his plan was to “HODL and go down with the ship anyway,” but that “the difference is that my ship sank before Bitcoin.”
Since all the Bitcoin in my corrupted wallet were gifted to me, it's not that great a tragedy for me that they're lost. "Easy come, easy go," is especially true for #Bitcoin. My plan was to HODL and go down with the ship anyway. The difference is that my ship sank before Bitcoin.
On Sunday, January 19th noted American libertarian economist, “gold bug,” and renowned Bitcoin skeptic Peter Schiff told the world that he had lost access to his Bitcoins.
“I just lost all the #Bitcoin I have ever owned,” wrote Schiff, who is also the chief executive officer at Euro Pacific Capital and the Chairman of SchiffGold.
“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.”
The tweet was posted on Schiff’s unverified Twitter account along with a screenshot of an error message that reads “error decrypting wallet, please check that your password is correct.”
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
“So much fake news about how I forgot my wallet password.”
Schiff insists that the loss was not any fault of his own, but that the loss was due to a problem with the wallet’s software.
“So much fake news about how I forgot my wallet password,” he wrote roughly ten hours after he first tweeted about the loss.
“Can't #Bitcoin pumpers be honest about anything? I was very clear that I didn't forget my password. My wallet no longer recognizes my correct password. Plus what's up with over 3K people liking that I lost my Bitcoin?”
Indeed, a number of Bitcoin community members seem to be skeptical that the wallet was corrupted, and seem to think that the loss was the result of Schiff’s own human errors.
Anthony Pompliano, co-founder and partner at Morgan Creek Digital, publicly reached out to Schiff, saying that “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.”
However, Schiff responded by saying that Erik Voorhees, chief executive officer and founder of cryptocurrency exchange ShapeShift, “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,” Schiff added.
“Financial sovereignty: it's not for everyone.”
However, Erik Vorhees--who confirmed that he had, indeed, helped Schiff to set up his Bitcoin wallet--wrote that Schiff “forgot pw, and never recorded [his recovery] phrase.” A recovery phrase, or seed phrase, is a pneumonic phrase that is used to recover a Bitcoin wallet's private key in case it gets lost.
“If I gave him an ounce of gold and he dropped it on the sidewalk would he similarly condemn the precious metal as a foolish monetary system?,” Vorhees asked, adding in a separate tweet that: “financial sovereignty: it's not for everyone.”
Here's what happened: after debate in 2018, we went to dinner. Peter had never used bitcoin before (!) I helped him set up wallet on his phone (Edge or BRD?), told him to secure it if he ever held significant value on it, gave him $50. He forgot pw, and never recorded phrase. ? https://t.co/kcQkAyU9Rv
However, Schiff isn’t too heartbroken over the loss--in a follow-up Tweet, Schiff wrote that the loss was “not that great a tragedy”; Schiff wrote that his plan was to “HODL and go down with the ship anyway,” but that “the difference is that my ship sank before Bitcoin.”
Since all the Bitcoin in my corrupted wallet were gifted to me, it's not that great a tragedy for me that they're lost. "Easy come, easy go," is especially true for #Bitcoin. My plan was to HODL and go down with the ship anyway. The difference is that my ship sank before Bitcoin.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Revolut's Former Exec Launches $6.5M Crypto Exchange
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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