Losing the private key to your Bitcoin wallet is not the same thing as forgetting where you buried your gold. When gold is lost the world loses something — the potential use of that gold as a metal. When Bitcoin is lost the world loses nothing. #Gold is wealth. #Bitcoin is not.
– Peter Schiff (@PeterSchiff) January 25, 2021
According to Peter Schiff, forgetting where the gold is buried is not the same as losing the private key to a bitcoin wallet:
“If some of the gold is lost, the world will lose the ability to use this metal. With the loss of bitcoin, the world does not lose anything. Gold is wealth. Bitcoin is not, ”concluded Schiff.
The post caught the attention of bitcoin supporters. The founder of the venture capital firm Social Capital, Chamat Palihapitiya asked Schiff if 1849 year whether he arrived.
And the host of the popular Bitcoin podcast, Peter McCormack, paraphrased the conclusions of the precious metal supporter:
Forgetting where you buried your gold is not the same as losing the private key to your Bitcoin wallet. When #Bitcoin is lost the world loses something — the potential use of that #bitcoin as money. When #Gold is lost the world loses nothing. #Bitcoin is wealth. #Gold is not.
— Peter McCormack (@PeterMcCormack) January 25, 2021
“Forgetting where you buried your gold is not the same as losing your private key to your bitcoin wallet. With the loss of bitcoin, the world loses its ability to use it as money. When gold is lost, the world loses nothing. Bitcoin is wealth. Gold is not. ”
The well-known analyst Willie Wu put an end to the dispute, stating that it is gold that is used in the production of chips for ASIC miners.
This is true, gold is really useful.
Gold’s highest utility is in internal connections of chipsets, used to secure Bitcoin’s network, which routes digital value across the Internet.
I mean it’ll just be Bitcoin that keeps gold useful in the future 😉
– Willy Woo (@woonomic) January 25, 2021
“The main useful property of gold is its use in the internal connections of microcircuits used to protect the bitcoin network and transfer digital value over the Internet. And it is bitcoin that retains the further usefulness of gold, ”he wrote.
Overall, Twitter users reacted ironically to Schiff’s post:
— Thinking Crypto — YouTube Channel & Podcast (@ThinkingCrypto1) January 26, 2021
As a reminder, in January 2020, Peter Schiff lost access to his bitcoin wallet with $ 50 on his balance. The cryptocurrency was presented to him in 2018 by the CEO of the ShapeShift cryptocurrency platform Eric Voorhees.
Initially, Schiff was convinced that his wallet had been compromised, but later admitted that he had confused the PIN code from the Blockchain wallet with the password from it.
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