The idea of cryptocurrency is that this is your cash. Nobody else’s. The government can’t turn around and take it for whatever convoluted reason they have come up with. They can’t track it or see what you are sitting with.
It’s totally anonymous to the outside world; it’s the most secure way of having money, they claim. Well, one person who might disagree with that analysis of Bitcoin and cryptocurrency is Peter Schliff.
Schliff is a major cryptocurrency skeptic and recently posted on social media that he has lost all of his Bitcoin. He says that his digital wallet stopped taking the password that he set for it, and this means that he can’t get into any of his Bitcoin holdings.
Posting on his Twitter account, he said: “I just lost all the Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid.”
Despite saying that he wasn’t that fussed because the BC were “gifted” to him, he still went on a tirade about the safety of cryptocurrency.
“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,” he said, "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.”
While others pointed out to him that they still exist, he just cannot get access, others agreed with him. He isn’t the first person to go through a negative Bitcoin experience anyway.
I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid.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! pic.twitter.com/6SJvDJOZU6— Peter Schiff (@PeterSchiff) January 19, 2020
It was suggested that around $145m worth of crypto holdings were lost at Quadriga CX last year when their digital wallets were lost following the untimely death of their CEO.
Schliff is not a fan of Bitcoin and is instead someone who is heavily into the gold market.
From claiming that cannabis is more useful than Bitcoin because “you can smoke pot and get high”, he’s certainly one of the more vocal critics of the cryptocurrency industry.
However, given the fact that it’s raised more than 9,000,000% since 2010, we’d say that Bitcoin probably does have some value.
Still, losing your access due to some technological failing isn’t exactly a good look for the industry.