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hey everybody Maddy here with alt coins buzz happy Monday today we are discussing Peter Schiff who is in the news he's a famous Bitcoin critic and skeptic of cryptocurrency in general he's known as being a gold bug and he's claimed on Twitter that he lost access to his Bitcoin wallet and that his password is no longer valid as shift also added that his Bitcoin is now truly intrinsically worthless and has no market value we'll get you up to speed on Peters situation and will also summarize some of the reactions out there that we're seeing on the internet especially on Twitter he's being mocked pretty savagely I gotta say but you have some others that are in his camp that are somewhat defending him like the talent you tear and who's saying that crypto wallets need better security will also provide you all with some best practices and tips on how you can avoid a similar fate and remind you about our crypto tag Zeus starter kit the next of which we will be giving away once again on the 25th of January stay tuned to the end of this video for details on how you can enter the competition but let's first start with a roundup of the market on coin market Capcom we're pretty much flat with yesterday two hundred thirty seven billion dollars right now Bitcoin down 3.14 percent on the day however I think that's just cuz it was kind of up and down yesterday we're more or less at the same price we quoted in yesterday's video eight thousand six hundred sixty two dollars right now with the dominance of 66 point four percent so here's what Peter Schiff posted on January 19th just yesterday and look we're not making fun of it my heart actually goes out to Peter because this is not a pleasant situation to be in I just lost all the Bitcoin I have ever owned my wallet got corrupted somehow and my password is no longer valid so now not only is my Bitcoin intrinsically worthless it has no market value either I know owning Bitcoin was a bad idea I just never realized it was this bad and as you can see his display screen here where a password is required says the following you have logged out or there was an error decrypting your wallet file enter your password below to login error error decrypting wallet police check that your password is correct so this is not an enviable situation to be in some of us no doubt have been there before in the past and as a show of support you have individuals like Justin son that reached out to Peter saying the following do you still have your private key let me know if I can help on this always remember your private key crypto is like freedom and freedom is never free with freedom comes responsibility the responsibility to remember private keys very well said in my opinion here is the rundown on geeky mint.com bitcoin sceptic loses his Bitcoin wallet password says crypto investment is a bad idea and as you can imagine the crypto internet was quick to pounce on Peter Schiff because to begin with you as an unpopular reputation in the cryptocurrency community and is back at it again in his latest sceptical comment on Bitcoin via a Twitter post the gold bug claimed that he has lost access to his Bitcoin wallet and that his password does not seem to work either well as you can probably imagine several well-known figures in the cryptocurrency community were quick to pounce on Schiff in regards to his comments about how he lost his assets one such cryptocurrency enthusiast was Anthony pompano co-founder and partner at Morgan Creek Digital Pompeii no commented on shifts tweet asking the Gold Bug whether he just forgot his wallets password and shifts reply was quote my wallet forgot my password however showing genuine concern pomp Lyanna then requested shift to discuss the issue on personal mail Schiff did not look like he was happy for the voluntary assistance of Pompeii no as he replied quote the wallet was created by Erik Voorhees on behalf of me and even he said that is a lost cause now but if you feel you can get it done you are more than welcome to take a shot at it I'll give you guys a taste of the back and forth here on Twitter Pompeii no translation you forgot your password same thing happens to your email if you're irresponsible and forget your password Peter - which shift responded I did not forget my password read my tweet my wallet forgot my password vortex here responding to both the software did not quote forget your password software does not forget aging boomers forgot to which chef responds there is zero chance I forgot my password I use a very simple numeric password that I have used many times in the past and of course that didn't quite sit so well with a lot of people because obviously that's not how this works that's not how any of this works Peter Schiff then taking too a second time I suppose to defend himself against some of the misconceptions out there he stated so much fake news about how I forgot my wallet password can't Bitcoin pumpers be honest about anything I was very clear that I didn't forget my password my wallet no longer recognizes my correct password plus what's up with over 3k people liking that I lost my Bitcoin now to be honest there are some borderline hurtful attacks on Peters such as this one which I'm not going to read through but you can see for yourselves the contents of it look I don't know what happened with mr.
shifts password I wasn't there I can't exactly verify it he's telling us that the system no longer recognizes a valid password it's not exactly a daily problem that you hear about all the time it's in fact the first that I've heard about it myself is he being forthright is he being totally honest or is he trying to save face and telling us that know the software forgot it I don't know I I can't exactly put myself in his shoes and again verify a hundred percent so I think some of the commentary is a little bit mean a little bit mean-spirited at least I think is fair to say and it's not for me to judge the guy if he's having a glitch of some sort or there is for whatever reason a corruption issue that's always possible I suppose I don't know what do you guys think the comments like these are a little bit of a you know they they provide a chuckle no doubt about it but they're also a little bit mean in my opinion let us know your thoughts in the comments below we do have individuals like fatality butyrin that have somewhat cited with Peter Schiff or at least his sentiments Vitalik here on you dot today sides with Peter Schiff claiming that crypto wallis need better security metallic Pete Aaron who is of course the founder of aetherium slammed bitcoiners who criticized shifts alleged negligence and made a case for creating better wallet tech that could make security much easier with social recovery as one of the possible solutions quote disappointed at people replying to this with crypto is what it is it's your job to be super careful and write down backup seeds in three places we can and should create better wallet tech to make security easier and if you're not at all familiar with the best practices when it comes to security for your hardware wallets check out this piece on the crypto calm some basic information is provided just your basic best practices for one things such as never store your recovery seeds online in fact never store your passwords and anything that's connected to the Internet or anything really that has a hard drive that is susceptible to failure just because one day when you're high and dry and if you've not written them down elsewhere you're stuck and you won't have any other recourse at that point technology often does fail unfortunately in the long run so check out this article if you're interested in learning about how to protect yourself against these kinds of problems in the future and I'm referring to the problems that of course Peter Schiff is now facing here on bit pays support page you can also get some help on what to do when you've written down a wallet C backup phrase word incorrectly and as a reminder we at all point bizarre big proponents of security and as such we work alongside a crypto tag very enthusiastically they wrote the following in a quite timely manner on the 16th of January actually right before all of this Peter Schiff stuff started making the news as big as the palm of your hand but indispensable in your hot lers kit by setting your recovery seed in titanium you reduce the risk of losing your backup words if you have any questions about your crypto security we are happy to help you as a reminder guys we give away a crypto tag zu starter kit every Saturday every week what you have to do to enter is make sure you like all videos between Saturday's between the giveaways make sure you are subscribed to all coin buys on YouTube and comment really on without spamming us as many videos as possible because we select first a video at random and then a comment at random finally for today a great piece on coin sutra calm how many bitcoins are there in circulation lost bitcoins and more now this goes back to last year but it's still very much applicable and if we scroll down here we can see that there are only so many Bitcoin that are actively in circulation right now you have about 30 to 50 percent that are out of circulation and that amounts to at least 2.56 million Bitcoin there are also other bitcoins that for various reasons are lost forever and although just over 18 million or so have been mined right now in 2020 it's estimated that about 4 million bitcoins are unfortunately lost forever and our irretrievable however that does not have to be the fate of your Bitcoin and if you're in the market to look at ways to prevent the future loss of Bitcoin whether it's yours whether it's a friend's or just in general you can check out these links here about Bitcoin hardware wallets and different protection and security measures that about rounds it out for today everybody do be sure you're following us on all the regular social media channels and keep checking back in to altcoin buzz dot IO for all the latest if you enjoyed this video go ahead like subscribe share hit the belt receive notifications best of luck if you choose to invest on this monday but have a great start to your weekend as always members of the altcoin buzz army we do hope to see you again soon in our next video take care
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