Wikipedia Co-Founder Says Bitcoin Doesn’t Work, BTC Community Claps Back
Wikipedia founder Jimmy Wales took to X (formerly Twitter) to take a postshot on Bitcoin on December 11, shouting that while many users have lost Bitcoin because they forgot their BTC wallet passwords, he has never lost any money due to his mistake. Bank password.
Wells' comments didn't sit well with the broader Bitcoin and crypto community, firing back at the Wikipedia co-founder for his reliance on donations to run day-to-day operations.
On X-Post, Wells said he forgot his bank account password and lost all of his money, later mocking the BTC community, saying, “Actually, that's because banks work and Bitcoin doesn't.” “
I forgot my bank password and lost my net worth. No, actually, that didn't happen, because banks work and Bitcoin doesn't.
— Jimmy Wales (@jimmy_wales) December 10, 2023
The Bitcoin community has blasted the Wikipedia co-founder for an uncensored post on BTC, reminding Wells that while banks may work, they're not for everyone, and there are many unbanked people around the world.
Alex Gladstein, chief strategy officer at the Human Rights Foundation Group, reminded Welles that banks operate more politely in countries with the rule of law and strong currencies. Out of the world's 8 billion people, about one billion people have access to banking services, he added.
As long as you are in a country with the rule of law and a strong currency, the banks will work decently. So maybe ~1 billion out of 8 billion people will be safe. And if you criticize the government or make inflammatory comments, you don't do very well.
— Alex Gladstein ⚡ (@gladstein) December 10, 2023
Lynn Alden, founder of Lynn Alden's Investment Strategy, cited a Lebanese doctor as an example, saying that even having a bank account is not always safe.
One of the most heartbreaking emails I received was from a Lebanese doctor who lost 95% of his net worth due to high inflation, because he held a bank/currency account.
Thinking that the money is safe, instead of being a side investor, they are busy being doctors.
— Lyn Alden (@LynAldenContact) December 10, 2023
Bitcoin proponents like Samson Mou have attacked the offensive, citing the Wikipedia co-founder's problem with the organization's reliance on donations for its existence. According to Mau, if Wikipedia bought Bitcoin as I suggested a few years ago, you wouldn't have to ask for donations every year forever.
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A few others pointed out the centralization expected from the banking system and reiterated that it does not work for everyone.
Banks do well on asset ownership and with that comes great responsibility pic.twitter.com/voe65OExcZ
— Lauren Sieckmann (@LaurenSieckmann) December 11, 2023
Danny Scott, CEO of Bitcoin exchange Coin Corner, told Wells that they are comparing two different things. He explained that the situation is similar to when a user forgets his password to a Bitcoin exchange, in which case he can reset it as a bank. He added, “A better example would be to store the cash yourself, but you lose that, and it's gone, just like Bitcoin.”
You are comparing 2 different things.
That situation is similar to forgetting your password to a Bitcoin exchange, in which case you can reset it as a bank.
A better example would be storing the cash yourself, but lose that and it's gone, just like Bitcoin.
— Danny Scott ⚡ (@CoinCornerDanny) December 10, 2023
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