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as being a gold bug and he's claimed on Twitter, that he lost access to his Bitcoin wallet and that his password is no longer Valid as shift also added that his Bitcoin is now truly intrinsically worthless and has no market value.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 got ta 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 My wallet got corrupted somehow and my password is no longer valid.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. þó, 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.