Recently, the crypto community had a mystery to solve. It concerned the loss of access to a Bitcoin wallet which belongs to Peter Schiff, the well-known critic of the coin. However, he managed to solve it himself.
In a tweet, Peter Schiff finally revealed what happened to his BTC wallet. He explained that he “mistook my pin for my password. When Blockchain updated their app I got logged out. I tried logging back in using my pin, which was the only “password” I had ever known or used. I also never had a copy of my seed phrase. Honest but costly mistake!”
My #Bitcoin mystery is solved. I mistook my pin for my password. When Blockchain updated their app I got logged out. I tired logging back in using my pin, which was the only "password" I had ever known or used. I also never had a copy of my seed phrase. Honest but costly mistake!
— Peter Schiff (@PeterSchiff) January 23, 2020
This tweet effectively proves two things: it was Peter Schiff’s fault. And he did lose his password. To remind, he fervently denied both of these statements. The subsequent tweet further shows that the episode had nothing to do with a software glitch or corrupt wallet and is entirely Schiff’s fault.
To clarify my last tweet I was not able to recover my #Bitcoin. Since I never actually knew my password, just the pin, and never had a copy of my seed phrase, I have no way to recover the Bitcoin. So the problem was not a corrupted wallet, but my confusing a pin for a password.
— Peter Schiff (@PeterSchiff) January 23, 2020
Any lessons learned?
Of course not. After admitting a fiasco, Schiff decided to make sure that the community doesn’t forget the real “culprit.” And that is Bitcoin. His tweet reads, “A lot of people are making fun of me for confusing my pin with my password. I made a mistake and it cost me my #Bitcoin. But confusing Bitcoin for money is a much larger mistake and those who are making it will lose far more than I did!”
A lot of people are making fun of me for confusing my pin with my password. I made a mistake and it cost me my #Bitcoin. But confusing Bitcoin for money is a much larger mistake and those who are making it will lose far more than I did!
— Peter Schiff (@PeterSchiff) January 23, 2020
Predictably, this tweet, just like all of the previous ones, attracted the community’s attention who couldn’t help but make fun even more. For instance, Anthony Pompliano noted that “Bitcoin was the best performing asset over the last decade. Not sure if the data agrees with your analysis, Peter.”
What’s no less curious is that Calvin Ayre, the well-known accomplice of the insatiable Craig Wright, joined in on the discussion. And went on to do what he does best — promote Bitcoin BSV, which is, according to him, about to become ubiquitous.
Overall, the story is another reminder of how important it is to store your password and seed phrases safely. So, don’t hesitate.
