Peter Schiff despises Bitcoin (BTC) almost as much as BTC supporters dispise Schiff. The well-known gold advocate attacks the leading cryptocurrency at every opportunity. This time, the eccentric entrepreneur found a new reason to criticize BTC. The man forgot his wallet password, claiming that, in this case, it is Bitcoin's fault.
Schiff: I did not forget my password. It is my wallet that forgot my password
The well-known gold advocate and fierce cryptocurrency opponent, Peter Schiff, recently twitted on his Twitter account that he had lost access to his Bitcoin (BTC) wallet and that his password is no longer valid. Schiff claimed that he had lost all Bitcoins that he has ever had.
"... 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!"
When the accusations of the situation not being Bitcoin's fault appeared, explaining that the man simply forgot his wallet password, Schiff said that:
"There is zero chance I forgot my password. I used a very simple numeric password that I have used many times in the past … I remember it. The wallet doesn’t."
Anthony Pompliano, Morgan Creek Digital's co-founder, added that the software executes human commands exclusively and that there is no option that it can forget something.
Not your password, not your coins
While people where in the middle of a fierce discussion, pointing out to either the stupidity of using a simple password, or to the inability of the software to "forget" the password, Schiff, commonly known for criticizing openly, said that:
"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 HODL My plan was to HODL and go down with the ship anyway. The difference is that my ship sank before Bitcoin."
Bitcoin.com reports that, granted that Schiff has really forgotten his wallet password, he can recover funds if he has kept the private key. A great number of wallets, like the one in which Schiff kept his Bitcoins (Blockchain.com), provide an optional user-generated password in order to make the login process simpler. The export of wallet keys to wallet software, like, for example, Electrum, should restore access to BTC.