CEO of Euro Pacific Capital, Peter Schiff who reportedly lost all his Bitcoins due to the wallet corruption on January 19 is now claiming that he mistook his pin for a password. He quickly notes “My bitcoin mystery is solved”
Schiff Makes Yet Another remark on Bitcoin
Tweeting on Sunday, Schiff bashed at Bitcoin and informed community that he lost all his Bitcoins due to the wallet corruption having remembered his wallet password. However, the case looks quite funny for many after Schiff posted yet another tweet on January 23. He tweeted about his wallet password explaining his bitcoin mystery and said he mistook his pin for his password. The tweet goes as follows;
“My #Bitcoin mystery is solved. I mistook my pin for my password. When Blockchain updated their app I got logged out. I tried logging back in using my pin, which was the only “password” I had ever known or used. I also never had a copy of my seed phrase. An honest but costly mistake!”
According to his anti-bitcoin views shared on Sunday, he had lost all the bitcoin which he had ever owned. It was stated that he had used a correct password but was unable to access his bitcoin, an extremely worst situation to worry about for people entering the crypto world. Right after his tweet, in which he blamed wallet for not accessing bitcoin, he was mocked by crypto geeks. A few developers who did not believe such an argument by Schiff said that a wallet cannot become corrupted.
Peter Schiff further stated that many people are puzzling his pin with his password and mocking him. He made a mistake and it cost him his bitcoin, “But confusing bitcoin for money is a much larger mistake and those who are making it will lose far more than I did!” added Schiff.
On criticism by people Peter Schiff said that his wallet was set up by Eric Voorhees, CEO of ShapeShift, that is the reason that he does not know his private key for wallet restoration.
Moreover, in a reply to Schiff’s tweet, Eric Voorhees said that he had gifted $50 of bitcoin and told Schiff for securing the wallet if he wanted to hold a great amount on it. The irony is that he did not save the private key and forgot the password. However, in his latest post, he argues that;
A lot of people are making fun of me for confusing my pin with my password. I made a mistake and it cost me my #Bitcoin. But confusing Bitcoin for money is a much larger mistake and those who are making it will lose far more than I did!
Noticeably, Schiff shouts at Bitcoin believer who tweeted Bitcoin is not just money, it is a Digital gold and store of value. Schiff went on to say;
That's nonsense. Digital gold is not gold. No more than a digital house is a real house. Bitcoin is not a store of value, as it has no value to store. Just like a digital house does not provide real shelter.
— Peter Schiff (@PeterSchiff) January 23, 2020