Peter Schiff claims that bitcoin has no value because of his crypto wallet failure. He may have predicted a global recession, but he's still a boomer. And it shows.
Peter Schiff has “lost” all of his bitcoin. Or at least he thinks he has.
A Sunday morning tweet revealed that he could no longer access his crypto wallet due to a decryption error:
Apparently, the 56-year old gold-punter keeps all of his crypto on this faulty wallet, and the tragic loss is ironclad proof that bitcoin is “worthless.”
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!
There are only two possibilities here, Mr. Schiff.
Either you lost your password, or you’re using a scammy wallet that helped itself to your funds. Most respondents seem to think it was the former, but Schiff isn’t having any of it:
A quick check confirms that Schiff just manages to fit into the boomer category. And it shows.
It’s no surprise that tweets like this are showing up:
As the humorously-aliased Flanders Coin points out, it’s not rocket science. It’s just a matter of “recovering” the funds from your seed phrase. You did remember to back it up, right?
That’s called practicing basic bitcoin hygiene, employing security practices that – quite frankly – people should be using whether or not they own crypto. You know, like when accessing their email or transferring some fiat cash.
If it’s merely a password issue, then Schiff hasn’t lost his funds. It’s still sitting on the blockchain. But if it isn’t, and he fell for something more sinister, well then I’ve got a bridge I’d like to sell to him.
Somebody close to Schiff should probably tell him that if you lose your gold, it doesn’t make the entire world’s supply worthless.
And why is he so upset anyway? Gold has surged over the last year. Some even say that a modern-day gold rush has arrived.
As a libertarian, you’d think he’d be all for crypto and its ability to transact without the government’s permission.
One thing’s for sure, though. Being a bitcoin hater really brings him a lot of attention. I have a theory that his absurd bitcoin-bashing is just a ploy to pull in the numbers. And once he reaches critical mass, he’ll have the market to shill his newly-formed SchiffCrypto™ brand.
Welcome to the digital age, Peter – even boomers are welcome.
Disclaimer: This article represents the author’s opinion and should not be considered investment or trading advice from CCN.com.
This article was edited by Josiah Wilmoth.
Last modified: January 22, 2020 11:38 PM UTC