Wall Street predators lose coins, crypto world "lost shares"

Text | Edited by Zheng Yi | Produced by Bi Tongtong | PANews

I wanted to look at holding coins and watch Bitcoin crash a little, but I didn't expect to get off the boat first. On January 19, Wall Street mogul Peter Schiff claimed that he had lost all his bitcoins and could not access his wallet. Unlike other Bitcoin opponents, Peter Schiff owns Bitcoin and accepts it as a gift. Although Peter Schiff insisted that he remembered the password of the wallet, practitioners said that it was not a private key, and that if he wanted to control the sovereignty of the asset, he had a responsibility to keep it intact. The high threshold and security of Bitcoin storage are prohibitive for new players and large funding agencies.

Successfully predicted the 2008 economic crisis

Send 153 twitter diss bitcoin

In 1963, Peter Schiff was born in a Jewish middle-aged family in New Haven, U.S.A., perhaps inheriting the natural keenness of the Jews to money. Since joining the Hillson Lehman Company in 1990 to start his career, he has steadily developed. It took only two short years from an ordinary stockbroker to becoming president of Europac Capital.

In an interview in August 2006, Peter Schiff said in an interview: "The US economic crisis is coming. It may sink at any time like the Titanic. I shouted on the lifeboat to try to let people leave." Later on a TV show Speaking of: "House prices have peaked at the end of 2005 and will collapse in 17 years." Peter Schiff's remarks successfully predicted the arrival of the 2008 economic crisis, and also made him famous.

While slamming the U.S. economic system, Peter Schiff also turned into a staunch supporter of gold. He suggested on multiple occasions that investors should allocate gold as part of their assets, and warned all traders to stay safe. The potential crisis and the realization of asset preservation can only depend on "real money like gold", not the continuously overspending, inflation, and devaluation of the US dollar.

As an Austrian economist, Peter Schiff is opposed to the invisible hand of government regulation in Keynesian economics, but he is also not cold about decentralized and advocating for free Bitcoin, which was claimed by other economists in Bitcoin When working on "digital gold", Peter Schiff believed that this was just a tulip-style bubble, and even predicted that Bitcoin would fall to $ 1,000.

PANews combed and found that Peter Schiff has frequently published Bitcoin-related views on Twitter since May 3, 2019. As of December 31, 2019, a total of 153 messages were published, most of which are called Bitcoin. It is "useless", "speculative".

"Bitcoin is not really scarce, because people can make countless kinds of cryptocurrencies with the same or even superior properties, such as those forked coins."

"The gold market is currently in the early stages of a bull market. Bitcoin is already a bursting bubble. This is a group of idiot concentration camps."

"Industrial commodities and central bank reserves have given actual demand for gold, so regardless of its price, there will always be buyers who buy gold at any price, but those who buy bitcoin are just speculators."

"Can Bitcoin conduct electricity? Can it be made into jewelry? Can it be used in aerospace? Dental? Electronics? Pharmaceutical? Bitcoin cannot surpass gold in any field."

From some of Peter Schiff's tweets, it can be seen that the Wall Street financial expert undoubtedly valued the fact that gold has actual demand, and Bitcoin has no use other than hype. He even gave investors the opinion that if you want to get a higher profit, buy silver directly, Peter Schiff bluntly said that in 2020, silver has a higher chance of doubling than Bitcoin.

Peter Schiff lost coin

Said he wanted to watch Bitcoin crash

On January 20th, Peter Schiff posted a picture of a corrupted crypto wallet that could not be used to log in to his account on Twitter. He claimed that the password was invalid due to this corruption for no reason, and added that "I always know Bitcoin Not a good idea, but never thought it was so bad. "

After the loss of assets, Peter Schiff added: "These lost bitcoins are donated by others, so this is not a disaster for me, it is easy to come and easy to go. This is especially true for bitcoin. Originally my The plan is HODL, and watching Bitcoin collapse a little bit, but obviously my ship sank earlier. "

From the perspective of many crypto industry practitioners, Peter Schiff's loss of coins is an "own problem", and his responsibility should not be shifted to Bitcoin. A grand opening of word of mouth.

Morgan Creek founder Pomp shouted to Peter Schiff: "If you forgot your password for your own reasons, even your email address will be inaccessible."

Digibyte founder jaredctate replied: "If you back up your mnemonics and private keys, your coins will never be lost and you can use a better wallet to manage your assets."

Crypto industry educator and consultant ChrisBlec compared gold to Bitcoin and asked: "If you lock your gold in an impenetrable safe, but you forget your password, will you blame gold? You blame it Is the safe? No, you can only blame yourself. Bitcoin is no different from this. Your case just sets off that Bitcoin can guarantee the complete autonomy of personal property, and it is your responsibility to protect the assets. "

Sun Yuchen, the founder of Tron, asked: "Whether the private key is kept, you must always remember your private key. Freedom is never without cost. Remembering the private key is a responsibility."

In addition to word of mouth, someone also quoted Satoshi Nakamoto's statement that "all lost bitcoins will make other coins more valuable. These lost coins are regarded as donations to everyone", letting Peter Schiff relax. , Also affectionately called it "Peter Cong".

Faced with people's doubts, Peter Schiff repeatedly emphasized that he did not forget the password, but the wallet forgot his password.

Remembering the private key is a responsibility and a kind of "irony"

Although for industry insiders, the essential reason for Peter Schiff's loss is that he has not kept a private key to access assets. But on the other hand, it also reflects the high barriers of crypto assets and the difficulty of reaching the general public.

Wall Street asset predators and senior financiers like Peter Schiff can't fully understand how Bitcoin and cryptocurrencies work, and it is even more difficult for ordinary people to accept and apply Bitcoin.

Ethereum founder Vitalik also commented on the incident, but unlike other criticisms and accusations, Vitalik looked a little disappointed. He said he was saddened to see these statements that emphasized that "cryptocurrencies are like this, and you have a responsibility to remember the mnemonic and back up a few more copies." "We should make the wallet better and easier to use, rather than let users Keep it safe yourself. "

Zhao Changpeng, the founder of Binance Exchange, also gave the same opinion. He said that many hard-core users kept emphasizing that they kept their private keys, but in fact, a large number of ordinary users did not even keep their own passwords. He believed that For many people, a trusted centralized exchange is very necessary, and at the same time, Zhao Changpeng said that he will start to pay attention to the wallet track.

As an entry-level product for digital assets, practitioners' exploration of the wallet field has never stopped. Former Bitcoin China CEO Li Qiyuan expressed his disappointment with the wallet track in an interview with PANews, so he created Ballet's "default private key" lightweight hardware wallet.

In order to solve the pain points for users to save mnemonics, cobo and Bitpie have launched metal mnemonic versions. There are also starteos wallets that allow users to store private keys in a special hardware box via Bluetooth, and implement one-click import through this hardware.

However, the actual situation is that no matter how the wallet entrepreneur “improves” its own products, its service target is always the holder of a certain cognitive ability, and the education cost of off-site users and new users is very high.

In all HODLER's cognition, Bitcoin is unsovereign, free, and a tower of Babel to the sky, but people outside the siege are bound by "private keys" and "mnemonic words" It is difficult to breathe, and people are constantly reminded of their extra responsibility. The entrance to the encrypted world needs to be added with a lower threshold security door.