With the Twitter hack yesterday, Peter Schiff took the opportunity to spread some FUD surrounding Bitcoin
In usual Peter Schiff form, he didn't miss the opportunity of a news worthy event to subtly bash bitcoin.
Though, this time it wasn't so subtle...
If you haven't heard by now, there was a massive Twitter hack yesterday where numerous high profile Twitter accounts were compromised, accounts like Kim Kardashian, Kanye West, Joe Biden, Barack Obama, as well as some major crypto exchange accounts.
Hackers took control over these high profile accounts and what did they do?
They demanded bitcoin of course!
I mean if you are going to take over the accounts of some of the highest profile people in the world, what better thing to do than try to skim some BTC out of it?!
(I'm being sarcastic as there seems to be other things they could have done that would have netted them a larger windfall, things that perhaps could move stock markets etc)
Anyways, here was Schiff's response to the hacks...
(Source:
)https://twitter.com/PeterSchiff/status/1283530732984504322
- PeterSchiff
Bitcoin must be a scam and/or is next in line to be hacked!
Instead of realizing that bitcoin was simply the middleman in this ordeal and literally had nothing to do with the hack itself, Peter chose to spread some FUD about it...
Which is very typical of Mr. Schiff if you have followed him for any length of time.
He took this opportunity to throw out the idea that Twitter being hacked could somehow be a precurser to bitcoin being hacked now.
Yep, that was his line of thinking.
He Peter, hacking Twitter and hacking Bitcoin are two completely different things.
However, since you fail to realize that, let me explain a little why that is...
Bitcoin is a decentralized protocol, with thousands of nodes being operated by thousands of people located all over the world.
Everything on the network is open, transparent, and auditable.
Since bitcoin launched in 2009, there has never been a single coin stolen on the network via a hack.
Those features make the network very difficult to hack and exponentially harder to hack than something like Twitter.
Something for Peter to think about...
Remember Peter, just because diamonds are stolen, that doesn't make diamonds themselves a scam or bad.
Bitcoin was just the middleman that happened to be used in a scam, the same way cash has been for centuries, and gold before that.
Bitcoin is not going to be hacked any time soon, and it's no more a scam that diamonds, cash, or gold are.
Though in all reality, Peter probably already knows this...
He just never misses an opportunity to bash bitcoin and shill gold.
Stay informed my friends.
-Doc