Crypto critic and economist, Peter Schiff, has reportedly lost all access to his Bitcoin earnings. In a tweet posted on 19 January, the crypto skeptic states that he no longer has access to his Bitcoin wallet and his password is now invalid. In addition to this, he stated that his Bitcoin earnings are now worthless with no market and intrinsic value.
Crypto Wallet Holders Offer Help
Peter Schiff’s cry of loss was heard by crypto enthusiasts with Anthony Pompliano, co-founder and partner at Morgan Creek Digital, asking him if he lost the access because he forgot his password. Schiff responded to the question by stating that his wallet forgot the password. Anthony Pompliano later asked Schiff to email him directly regarding his concerns and he would help him recover the lost Bitcoin. Explaining the situation further Pompliano stated that the Bitcoin software runs entirely on man-made commands, that is, it follows the commands given to it by humans. Therefore, it isn’t programmed to forget anything.
The chances of recovering the lost Bitcoin wallet seem pretty grim as Schiff stated that he took the help of Eric Voorhees to set the wallet up and even he has thrown his hands in the air.
Peter Schiff has been an avid critic of digital currency stating at numerous times his skepticism and disbelief over the currency’s intrinsic value.
Lost Passwords and Bitcoin
Cryptocurrency’s long-standing debate with security has been a matter of concern for many. Security has been a key issue for decentralized networks as well. It isn’t as easy as forgetting the password of your email or social media accounts and simply typing in a new one. Losing your password simply means losing your bitcoins. There aren’t any provisions for recovering the lost bitcoins, which certainly is a matter of grave concern.