He admitted confusing the pin with a password, which prevented him from accessing his funds. He attacked Bitcoin believers again, stating that they will lose much more than he did.

Last January 22nd, Bitcoin critic Peter Schiff finally admitted forgetting his wallet password. After facing the Bitcoin community, he proved them right by revealing that his wallet was not corrupted and that his confusion led him to lose his funds forever. Three days before, he had announced that he had lost all his savings in BTC, expressing his belief that the wallet was corrupted and that his password was no longer valid.

Schiff wrote on his Twitter account that the mystery was solved, saying that he had confused his pin with his password. He said that, when Blockchain (the wallet) updated his application, he disconnected because he was tired of trying to enter with his pin, which was the only password that he knew. He also admitted not having a copy of the initial sentence, which cost him all his bitcoins.

The new post of the CEO of Euro Pacific Capital caused reactions in the cryptocurrency community. Whilst some members created memes and others made jokes, user @anibalcripto took advantage of the occasion to reflect. He said that this honest confession was a sign of courage and decency. The tweeter believes that the critic gave a valuable example of the importance of being educated in technology and the daily use of Bitcoin.

Bitcoiner and investor Caitlin Long, who had initially criticized Schiff’s poor preparation to handle Bitcoin funds, joined the comments considering what happened as a valuable lesson. He took the opportunity to invite the nocoiner to discover how Bitcoin works. He emphasized that it is an incredible system for the direct ownership of assets that he might eventually like if he learned it.

After that, Schiff posted another tweet in which he noted that many people were teasing him because of his confusion. He stated that he had made a mistake but that confusing Bitcoin with money was a bigger mistake since they would lose much more than he did.

Last January 19th, the story of Schiff’s lost bitcoins began when he posted a tweet saying that he had lost all the Bitcoin that he had because his wallet was corrupted and his password was no longer valid. At that time, many users questioned the reasons why Schiff could not access his funds

Easy Come, Easy Go

Peter Schiff himself acknowledged in his recent tweets that the amount in Bitcoin that he lost does not mean much to him. The funds resulted from donations sent to his wallet after he posted his address on Twitter, in response to Bitcoin defender Anthony Pompliano’s invitation to do so.

After accumulating donations for about USD 2,000 in Bitcoin last year, the gold defender said on January 22nd that he was committed to becoming a “HODLer”. He added that his idea, despite his criticism, was to save on Bitcoin anyway. Then, he took another opportunity to criticize the cryptocurrency industry again by saying: “The difference is that my ship sank before Bitcoin did.”

By Alexander Salazar


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