Missing Bitcoins Of Peter Schiff

Dominik Olech
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One of the most haunting feelings is to regret our own decisions. Peter Schiff appeared to know it very well.

Bitcoin is identified with many traits, both positive and negative. Yet even the most ardent supporters of Satoshi’s coin are aware that trading with digital assets involves some risk. No matter if you are a hodler type, who believes in incoming bitcoins adoption, or just an investor willing to make a profit on the technological trend – when you are dealing with cryptocurrencies, you need to remember about some basic rules. After all, no one wants to end like the infamous Mt. Gox exchange. Probably the most important one is to keep your keys and passwords safe. And apparently, Peter Schiff has missed that lesson. 

Gold (big) fish

The story of a disappointed investor quickly spread among crypto followers, yet it is worth to bring closer his character. Peter Schiff is a known person in the world of financial investments. As a stockbroker and economist (CEO and CSO in broker-dealer Euro Pacific Capital), he frequently comments on the market situation. Schiff is also considered a so-called gold bug – a person actively committed to the bullish trading with gold assets.

As for the Bitcoin, he appeared to be its opponent since the very beginning. In 2013, he compared decentralized assets to the tulip mania – the first-ever noted investment bubble in history. Schiff denied back then that Bitcoin could ever become a commerce measure of payment, stating that people who invest in it are doing this only because of the potential enrichment. 

His criticism toward the Bitcoin doesn’t end here, and Schiff is frequently commenting on the situation on the cryptocurrency market (like at the end of the last year, when he was predicting dropping bitcoin’s price to $1,000). It gives us a picture of the “common enemy” of the cryptocurrency industry – a representative of an old monetary system, doubting in the possibilities of decentralized technology. And yet, he recently revealed that he tried his forces in bitcoin investment – but it didn’t end well for him.

Sorrow and sadness

At the end of the last week, Peter Schiff shared his sad story via Twitter. He believed that his wallet was somehow corrupted since he couldn’t access it. Along with the complaint against the cryptocurrency and regret for having a one, the post also contained a screenshot of the error from Schiff’s wallet. It clearly showed that Schiff didn’t lose his bitcoin because of the software malfunction, but due simply forgetting the password.

Of course, the reaction of crypto enthusiasts was quick and harsh. Folks on Twitter and Reddit pointed out the lack of essential preparation from Schiff’s side. Aside from anonymous cryptocurrency fans, the Tweet was also commented by many significant entrepreneurs. For instance, TRON’s founder Justin Sun offered his help to the broker – yet, his response seems to be more an ironic criticism than actual concern for Schiff’s situation.

The lesson of security…

Although Sun is rather a controversial person in the cryptocurrency industry, it’s hard to disagree with him and many other commentators who criticize the one who had criticized them first. But the story of Schiff’s lost bitcoins doesn’t end here. Apparently, he noticed his mistake and decided to admit it.

His words seem to be textbook examples of beginner’s mistakes which are needed to be avoided during the cryptocurrency trading. Other services have accustomed us to a comfortable button named “remind/recover password,” which ensures that whatever services we’re using, we will always have access to it. It is a feature of the centralized system: we can recover a lost password because we are not the only owner of it. 

In the case of decentralized cryptocurrency, we need to care for our data on our own. It might be a significant inconvenience for people who are used to a centralized system, yet it ensures us that we have exclusive access to our data. 

… and the lesson of tolerance

However, the criticism of people like Schiff won’t make them more willing to use decentralized technologies. It only leads to creating an unwanted picture of the cryptocurrency industry being an elite circle of mutual admiration. In such a case, people outside this world are more likely to be discouraged from it. 

The whole case may also be seen through the prism of the generation gap. Many Tweets which are commenting it comes from young crypto enthusiasts, who call Schiff a boomer who can’t understand new technologies, what lead him simply to hate it. Such an approach is also wrong since the blockchain technology may be used by everyone – no matter how old he is. 

Nevertheless, the latest Tweet from Schiff clearly shows that the advice and feedback which he received didn’t make him change his mind about the Bitcoin. After all, maybe some people just can’t be convinced?

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