Wikipedia co-founder Jimmy Wales took to X (formerly Twitter) on December 11 to attack Bitcoin, boasting that while many users have lost their Bitcoin because they forgot their BTC wallet passwords, he has never lost money due to losing your bank password.
Wales' comments did not resonate well with the broader Bitcoin and cryptocurrency community, who snapped back at the Wikipedia co-founder about his reliance on donations to run daily operations.
In his post on "
I forgot my banking password and lost my entire net worth. No, that didn't actually happen, because banks work and bitcoin doesn't.
- Jimmy Wales (@jimmy_wales) December 10, 2023
The Bitcoin community criticized the Wikipedia co-founder for attacking BTC without provocation and reminded Wales that while banks can work, they are not for everyone, and there are many people around the world who do not have access to banking services.
Alex Gladstein, strategy director at the Human Rights Foundation group, reminded Wales that banks function decently in countries with rule of law and strong currencies. He added that only about one billion people out of the world's population of 8 billion have access to banking services.
Banks work decently as long as you live in a country with the rule of law and a strong currency. So maybe it's okay for ~1 billion people out of 8 billion people. And they tend not to work very well if you criticize the government or express provocative opinions.
—Alex Gladstein ⚡ (@gladstein) December 10, 2023
Lyn Alden, founder of Lyn Alden Investment Strategy, said even those with bank accounts are not safe at all times, citing the example of a Lebanese doctor who lost 95% of the value of his savings as a result of hyperinflation.
One of the most heartbreaking emails I received was from a Lebanese doctor who lost 95% of his net worth due to hyperinflation, because he kept it in banks/currency.
They were too busy being doctors instead of practical investors, assuming the money is safe.
- Lyn Alden (@LynAldenContact) December 10, 2023
Bitcoin advocates like Samson Mow went on the offensive and he despised us the co-founder of Wikipedia about the difficult situation of his company, which depends on donations for its survival. Mow said that if Wikipedia simply "bought Bitcoin a few years ago like I suggested, you wouldn't have to ask for donations every year in perpetuity."
Related: 'Get some rest and go': Bitcoin price copies 2020 bull run fractal
Some others pointed out the centralization expected of the banking system and reiterated that it does not work for everyone.
Banks work very well, it is about asset ownership and with that comes greater responsibility. pic.twitter.com/voe65OExcZ
—Lauren Sieckmann (@LaurenSieckmann) December 11, 2023
Danny Scott, CEO of Bitcoin exchange Coin Corner, told Wales that he is comparing two different things. He noted that the scenario is more like a user forgetting their password to a Bitcoin exchange, in which case they could reset it, like a bank. He added, “Physically storing cash would be a better example, but you lose it and it's gone, just like Bitcoin.”
You are comparing 2 different things.
That scenario is more like forgetting your password for a Bitcoin exchange, in which case you could reset it, like at a bank.
Physically storing the cash yourself would be a better example, but you lose it and it's gone, just like Bitcoin.
- Danny Scott ⚡ (@CoinCornerDanny) December 10, 2023
Magazine: Expect 'records broken' by Bitcoin ETF: Brett Harrison (ex-FTX US), X Hall of Flame
Post navigation
