Renowned gold bug Peter Schiff, who is arguably bitcoin’s most vociferous critic, created a stir on Twitter on Sunday when he complained that he had lost access to a wallet containing an undisclosed amount of the top crypto because his password was no longer valid.
“I just lost all the #Bitcoin I have ever owned,” Schiff lamented. “My wallet got corrupted somehow and my password is no longer valid.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!”
After Schiff tweeted about his loss, some members of the crypto community, putting their differences with the notoriously cranky gold aficionado aside, came to the rescue. Among them was Anthony “Pomp” Pompliano, co-founder and partner at Morgan Creek Digital, who asked if he had forgotten his password. Schiff explained: “My wallet forgot my password.”
“Pomp” responded, “The software just executes the commands that humans give it. It can’t ‘forget’ anything. Email me and I’ll try to help you recover the lost bitcoin.”
Unfortunately for Schiff, though, it looks like his bitcoin could be lost forever.
Schiff said,“Eric Voorhees set up the wallet for me and even he thinks there is nothing I can do. But you’re welcome to try if you have any ideas.”
Other members of the crypto Twitter community were less kind.
Chris Blec tweeted: “If you locked your gold in an impenetrable safe and forgot the combination, would you blame the gold? Would you blame the safe? No. You’d blame yourself. This is no different. You are a shining example of Bitcoin’s greatest strength. A reliance on personal responsibility.”
The Peter Schiff parody account Relevant Peter Schiff advised, “Maybe take a picture of your laptop with your phone and send that to bitcoin’s tech support team.”
Moon Overlord was equally helpful: “You should try losing the password to your Twitter account while you’re at it.”
It may come as a surprise to many people that Schiff owned any bitcoin to begin with, as he has repeatedly declared over the years that the leading crypto would inevitably fail spectacularly.
Shortly before the New Year, he noted that unlike every other asset class, bitcoin was not rising toward the end of the year.
In late November, he asserted in a Twitter debate that the price of bitcoin would plunge to $1,000 to “complete the pattern.”
However, bitcoin has recently enjoyed a price surge, soaring past $9,000 for the first time in months.
The gold bug, who has been warning investors about the dangers of buying bitcoin since it was worth just a tiny fraction of its current price, said he was unconcerned by the accidental loss, tweeting, “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.”