The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Got Bitcoin? Gold Bug Peter Schiff Loses All of His BTC, Says There’s ‘Zero Chance’ He Forgot His Password

by Daily Hodl Staff
January 19, 2020
in Bitcoin

Crypto enthusiasts and onlookers are deliberating how easy it is to lose all of one’s Bitcoin holdings in light of an update from economist Peter Schiff. The chief executive officer of broker-dealer Euro Pacific Capital, Inc. says he’s lost access to all of his Bitcoin.

In a tweet on Sunday, Schiff, a crypto skeptic who endorses gold as the best store of value, says his password was not forgotten when he got locked out of his Bitcoin wallet.

“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!

It appears that Schiff had his Bitcoin stored on a wallet on his phone. He says he’s using the same phone he’s always used.

“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.”

The economist’s Bitcoin woes prompted a slew of responses from crypto companies, influencers and innovators reaching out to assist, suggesting that all is not, in fact, lost.

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.

— Blockchain.com (@blockchain) January 19, 2020

hey @PeterSchiff we partnered with Udemy so you can learn how to use a computer AND earn bitcoin (13.5% sats back!) at the same time pic.twitter.com/P5ivxRgDab

— Lolli ? (@trylolli) January 19, 2020

Erik Voorhees, CEO of crypto exchange platform ShapeShift, says he originally helped Schiff get set up with a Bitcoin wallet in 2018.

“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.

He emailed me a day ago about it. I wasn’t going to embarrass him on the interwebs but then he posts this. 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?”

But Schiff is calling the lost Bitcoin a software error – not a pilot error.

“So much fake news about how I forgot my wallet password. 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?”

While there are developers who are launching solutions to combat forgotten crypto passwords, such as Vault 21, Schiff claims the problem is inherit to the system of protecting Bitcoin passwords.

When questioned about his wallet not recognizing his password, Schiff replied,

“You may be laughing, but that’s the truth.”

He adds,

“There is zero chance I forgot my password. I used a very simply numeric password that I have used many times in the past.”

Says Willy Woo, a blockchain analyst and partner at Adaptive Capital,

“Wallets do make mistakes and get corrupted as they get upgraded. I remember having to recreate from seed on my old BreadWallet when they upgraded to BRD. (I hadn’t used it in a year) We are still in crypto’s bleeding edge tech days IMO.”

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Kichigin

Submit a Press Release

Industry Announcements

  • KyberSwap Announces First-Ever ARB Token Liquidity Pools, Liquidity Mining and Trading Campaigns on Arbitrum
    March 22, 2023
  • Metacade Presale Hits Final Stage Before Listings, Raising Over $500,000 in Under 24 Hours
    March 22, 2023
  • Yesports Launches the Largest Esports Marketplace for Gaming Expansion Into Web3 Alongside 40+ Partners
    March 21, 2023
  • Metatime Raises $11M in Private Funding To Enhance Web 3.0 Ecosystem
    March 21, 2023
  • Coinfest Asia Is Back in 2023 Carrying the Theme of Web 2.5
    March 20, 2023
  • Poolz Security Incident Prompts Rapid Response and Platform Restructuring
    March 16, 2023
  • Sovryn Introduces Decentralized Bitcoin-Backed Sovryn Dollar To Combat Centralized Stablecoins
    March 16, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,415.35
$27,415.35
2.96%
Ethereum
$1,746.04
$1,746.04
3.24%
Cardano
$0.359038
$0.359038
3.34%
XRP
$0.421472
$0.421472
7.81%
Dogecoin
$0.073991
$0.073991
3.01%

Spotlight

  • Cardano Creator Charles Hoskinson Slams Politicians for Blaming US Banking Crisis on Crypto
    March 20, 2023
  • Top Analyst Predicts Ethereum Explosion, Updates Outlook on Binance Coin and Two Low-Cap Altcoins
    March 20, 2023
  • Here’s a Realistic Scenario for Bitcoin Before Next Bull Market, According to Analyst Benjamin Cowen
    March 20, 2023
  • FBI Says Crypto Scams Skyrocketed 183% in 2022, Causing $2,570,000,000 in Losses
    March 20, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl