Vitalik Buterin agrees with Peter Schiff that crypto wallet need better security
An update from economist Peter Schiff has caused anxiety among the crypto community. The chief executive officer of Euro Pacific Capital, Inc. said he has lost access to all of his Bitcoin.
In a tweet on Jan. 19, Peter Schiff, who claimed gold is a better store of value than Bitcoin, says there was zero chance he forgot his password when he got locked out of his Bitcoin wallet.
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 My wallet got corrupted somehow and my password is no longer valid.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 seems that Schiff had his Bitcoin stored on a digital wallet on his phone. He said he had used the same phone he’s always used. However, he also added that all the Bitcoin in his corrupted wallet were gifted, so it was not that great a loss for him.
There is no way Schiff forgot his own password
Erik Voorhees, ShapeShift’s CEO and who originally helped Schiff get set up with a Bitcoin wallet in 2018, posted a tweet that he blames Schiff for not only noting his own passwords but also condemning Bitcoin. Then, Schiff replies that the lost Bitcoin a software error, not a pilot error.
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?
— Peter Schiff (@PeterSchiff) January 20, 2020
While there are Crypto developers who are providing solutions to prevent forgotten crypto passwords incidents, such as Vault 21, Schiff claims the problem is the system of protecting Bitcoin passwords.
He stressed that there was zero chance he forgot his own password because he used a very “simply numeric password” that he has used many times before.
Ethereum’s founder support Peter Schiff’s opinion
Vitalik Buterin, the Ethereum’s founder, stood against Bitcoiners who reprimanded Schiff’s supposed carelessness and gave a case to making better wallet tech that could make security a lot simpler with social recuperation as one of the potential solutions.
He expressed his disappointment at people excuses like “crypto is what it is, it’s your job to be super-careful and write down backup seeds in three places“, while they should create a better wallet tech.
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.
— vitalik.eth (@VitalikButerin) January 20, 2020
Willy Woo, a blockchain analyst and partner at Adaptive Capital, also sides with Peter Schiff that wallets did make mistakes and got corrupted when they got upgraded. He used to recreate from seed on his old BreadWallet when it was upgraded to BRD.