Posted in: Cryptocurrency News
Published:
January 23, 2020 2:05 PM UTC

Peter Schiff’s Wallet Fiasco Is a Sinister Smear Campaign Against Bitcoin

Peter Schiff admits that he mistook his PIN for his password. Claims he never knew his password. He's running a smear campaign against BTC.

  • Peter Schiff admits that he mistook his PIN for his password.
  • It’s very unlikely that the gold bug never knew his password and PIN.
  • Schiff is getting thousands of engagements while running a smear campaign against bitcoin at no cost.

On Sunday, outspoken bitcoin-hater Peter Schiff took to Twitter to share an outrageous claim. According to the gold bug, he lost all of his bitcoin because his Blockchain wallet forgot his password. Of course, Crypto Twitter (CT) had a field day. As of this writing, the infamous tweet has over 4,700 comments, 1,400 retweets, and 5,400 likes. Many of the comments highlighted Schiff’s inability to keep up with new technology.

One crypto enthusiast making fun of Peter Schiff for being a boomer. | Source: Twitter

A few days later, the mystery of the missing bitcoin was solved. Even though it’s anticlimactic, Schiff remains adamant that it is not his fault.

Peter Schiff: ‘I Mistook My Pin for My Password’

A Wednesday evening tweet once again caught the attention of CT. This time, Peter Schiff admitted he made a costly mistake of confusing his PIN for his password. He also said that he never had a copy of his seed phrase.

It doesn’t sound like Schiff is owning up to his mistake. | Source: Twitter

While I laud Peter for clearing the air, I find it difficult to believe he never had a copy of his seed phrase. More importantly, he says he never knew his password. That’s also hard to believe. When you create a Blockchain wallet account (the wallet that Peter Schiff used), you’ll be asked to provide your email address and your password. You also have to reenter your password for confirmation.

Your claims are quite difficult to believe, Peter. | Source: Twitter

In other words, there were two instances where Schiff could have entered his password. This makes me believe he may have a sinister agenda against the top cryptocurrency.

ShapeShift CEO Told Schiff to Secure His Wallet

In summer 2018, ShapeShift chief executive Erik Vorhees had dinner with Schiff. He took the occasion as a chance to introduce the gold bug to bitcoin so he helped Schiff set up a wallet. Vorhees specifically told the bitcoin critic to secure his wallet.

Erik Voorhees explaining how Schiff initially got his bitcoin. | Source: Twitter

It was Schiff’s responsibility to write down the seed phrase. Vorhees couldn’t have written it down for him because the keys are for his eyes only. The Blockchain.com wallet lets you write down your keys anytime whenever you’re logged in through its “Backup Now” feature. The crypto-hater could’ve easily noted down his seed phrase any time.

The fact is Peter Schiff always had access to his recovery phrase. He may have purposefully not written it so he can claim that bitcoin wallets are difficult to use.

Schiff Exploiting the Situation to Tear Down Bitcoin

From an objective standpoint, it appears that Schiff is a master of outrage marketing just like Donald Trump. His tweets are getting thousands of engagements both from his haters and supporters. He’s also sending the message that bitcoin is not ready for mass adoption and is hard to use.

Someone falling for Schiff’s tactics. | Source: Twitter

Since his tactics are working, I expect Schiff to find a new angle to lambaste bitcoin soon. I bet the next one will be bolder because his previous attempts were getting absurd. So if you’re a crypto supporter, don’t engage. That’s the best thing you can do.

This article was edited by Sam Bourgi.

Kiril Nikolaev @kirilnikk123

Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has a bachelor's degree with a specialty in finance and lives in Canada. Kiril’s current focus is on cryptocurrencies. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. He owns Bitcoin, Ethereum, and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading. Follow the author on Twitter @kirilnikk kirilnikk123@gmail.com

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