Live by the Byte, Die by It

by Karl Denninger

Peter Schiff has claimed that he has lost all of his Bitcon.

No, he claims he did NOT forget his password — rather, his wallet has been corrupted in some way and while he has the correct password, it doesn’t work and can’t be fixed.

This is one of the big problems with encrypted systems — they’re encrypted you idiot!

Take a GELI encrypted disk. It has a password (and an optional key file.) But on the front of the disk is also a block of data that is necessary for the password to work. If that block is damaged — even by one bit in the wrong place being a “0” where it should be a “1” (or vice-versa) the password is useless.

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