The well-known Bitcoin opponent and Gold bug Peter Schiff, posted today on Twitter that he lost access to his bitcoin holdings because his wallet password is not working anymore despite him being sure that the password is correct. He additionally put the blame on bitcoin for his unfunctional password arguing that that bitcoin has no intrinsic value and neither market value after he lost access to his holdings.
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 My wallet got corrupted somehow and my password is no longer valid.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 Peter Schiff (@PeterSchiff) January 19, 2020
His narrative about his wallet password not working is similar to a schoolchild that says to his teacher “The dog ate my homework”.
The question that raises every time this man tweets about bitcoin is: Why Peter Schiff is so desperately against something that makes no difference in his daily life?! Is there any agenda here and we are not able to see it?
The tweet went viral and many crypto proponents commented on the case. CZ suggested him to “stay in fiat”. Others ridiculized him for not knowing the difference between a private key and a password or a wallet seed.
Oh man, this is wrong on so many levels…
I am not sure even a centralized exchange can help him secure his coins.
I can’t believe I am about to say this, but maybe “stay in fiat”? https://t.co/LZqDhlI25n
— CZ Binance (@cz_binance) January 19, 2020
Private keys are something that can not be retrieved if lost and this is the price we pay for the decentralization. In this case, Petter is speaking about a wallet password which he did not disclose which wallet is and in any case, the wallet has nothing to do with bitcoin.
The wallet can get hacked and passwords not work but private keys are a separate thing. Peter seems to not be able to understand that even after 9 years he knows about bitcoin, or he is just another troll in the crypto space.
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