Peter Schiff, CEO of Euro Pacific Capital who often appeared on social media, criticizing Bitcoin, tweeted on Sunday 19 January 2020, that he has lost all his Bitcoins due to wallet corruption. However, he claims that he still remembers his wallet password.
As always it is, Peter’s tweet gained enormous traction shortly, in fact, many crypto geeks commented mockingly. The nib of the matter is that everyone knows Peter Schiff is the supporter of Gold and anti-Bitcoin which is pretty much enough for the crypto community to share Befitting suggestions. Interestingly, despite his anti-views, he had Bitcoin which the community had gifted him and reportedly, he was going to HODL Bitcoin for a long-term period.
Schiff expressed his anger while tweeting, and made a wallet liable for corruption after losing access to it. In the tweet, he stated that:
“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 My wallet got corrupted somehow and my password is no longer valid.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 to owning Bitcoin was a bad idea, I just never realized it was this bad!”
Furthermore, in reply to every tweet about the password, he stated: “I did not forget my password. My wallet forgot my password.” which looks funny to many of those who believe in Bitcoin.
One of those crypto pioneers who commented on the tweet was Anthony Pompliano, famously known as Pomp, the Co-Founder and Partner of Morgan Creek Digital; he offered him help and said:
“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.”
In reply to Pomp’s tweet, Schiff said that Eric Voorhees, the founder of the startup ShapeShift, set up his wallet and he thinks that there is nothing he can do. But he welcomed Pomp to try if he had any ideas.
Essentially, Peter Schiff had to save the private key for the restoration of the wallet. Besides, a few people blamed Eric Voorhees for this tragedy happening, as he didn’t save the private key while creating a wallet for Schiff.
Additionally, CEO of Binance Changpeng Zhao (CZ) also shared his views over this case; He said that many active geeks are endorsing for storing a key, but the reality is that today most people are unable to secure a key. Besides, Justin Sun, founder of a cryptocurrency TRON and CEO of BitTorrent shared his suggestion and offered help. He stated:
“Always become responsible to remember your private key, let me know if I can help on this.”
Last but not least, the wallet service provider, a well-known name in crypto, Blockchain replied to the tweet of Schiff:
“Hi Peter, we’re sorry to hear about the issues you’re currently experiencing with your Blockchain Wallet. Please rest assured, your funds are secure. We will PM you shortly.”
Image source – Pixabay