Wikipedia Co-founder: Bitcoin Does Not Work
13 Dec, 2023 ● Crypto people
Jimmy Wales, co-founder of Wikipedia, attacked Bitcoin (BTC) on X (formerly Twitter) on December 11. He boasted that, unlike many other users, he has never lost any money as a result of forgetting his bank password.
Wales' remarks were met with criticism from the larger Bitcoin and cryptocurrency community, which retaliated harshly against the Wikipedia co-founder by pointing out that the website depends on donations to fund its daily operations.
Wales mocked the Bitcoin community by mockingly claiming in his X post that he lost all of his money because he forgot his bank account password.
However, Wales later added, "No, actually, that didn't happen because banks work and Bitcoin doesn't."
The co-founder of Wikipedia came under fire from the Bitcoin community for criticizing Bitcoin without cause.
Wales was reminded that although banks may be useful, they are not suitable for everyone and that many people lack access to banking services globally.
Human Rights Foundation group chief strategy officer Alex Gladstein told Wales that banks function fairly in nations with robust legal systems and stable currencies.
Out of the eight billion people on the planet, he continued, only about a billion have access to banking services.
Founder of Lyn Alden Investment Strategy Lyn Alden said that even people with bank accounts don't always have their money safe, giving the example of a doctor in Lebanon who lost 95% of their savings as a result of hyperinflation.
Supporters of Bitcoin, such as Samson Mow, reminded the co-founder of Wikipedia of the precarious state of his company, which depends on donations to stay in business.
According to Mow, Wikipedia "wouldn't have to beg for donations every year in perpetuity if you had just bought Bitcoin a few years ago as I suggested."
The CEO of Bitcoin exchange Coin Corner, Danny Scott, told Wales that the two things he is comparing are not the same.
He pointed out that the situation is more similar to someone forgetting their Bitcoin exchange password, in which case the exchange could reset it, just like a bank could.
"Physically storing the cash yourself would be a better example, but you lose that, and it’s gone, the same as Bitcoin.”