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Wikipedia co-founder Jimmy Wales took to X (formerly Twitter) on Dec. 11 to take a shot at Bitcoin (BTC), bragging that while many users have lost their Bitcoin because they forgot their wallet passwords, he\u2019s never lost any money due to losing his bank password. <\/p>\n
Wales\u2019 comments didn\u2019t resonate well with the wider Bitcoin and crypto community, who snapped back at the Wikipedia co-founder about its dependence on donations to run day-to-day operations.<\/p>\n
In his X post, Wales sarcastically claimed that he forgot the password to his bank account and lost all his cash, only to then mock the BTC community by adding, \u201cNo, actually, that didn\u2019t happen because banks work and Bitcoin doesn\u2019t.\u201d<\/p>\n
\nI forgot my bank password and lost my entire net worth. No, actually, that didn’t happen, because banks work and bitcoin doesn’t.<\/p>\n
\u2014 Jimmy Wales (@jimmy_wales) December 10, 2023<\/a><\/p><\/blockquote>\n
The Bitcoin community blasted the Wikipedia co-founder for taking an unprovoked shot at BTC. It reminded Wales that while banks might work, they\u2019re not for everyone, and many people worldwide don\u2019t have access to banking services.<\/p>\n
Alex Gladstein, chief strategy officer at the Human Rights Foundation group, told Wales that banks work decently in countries with the rule of law and strong currencies. He added that only about a billion people out of the world\u2019s population of eight billion have access to banking services.<\/p>\n
\nBanks work decently so long as you live in a country with rule of law and a strong currency. So maybe ok for ~1 billion people out of 8 billion people. And they tend to not work very well if you criticize the government or voice provocative opinions<\/p>\n
\u2014 Alex Gladstein \u26a1 (@gladstein) December 10, 2023<\/a><\/p><\/blockquote>\n
Lyn Alden, the founder of Lyn Alden Investment Strategy, said even those with bank accounts aren\u2019t secure at all times, citing the example of a Lebanese doctor who lost 95% of their savings due to hyperinflation.<\/p>\n
\nOne of the most heartbreaking emails I got was from a Lebanese doctor who lost 95% of their net worth due to hyperinflation, because they held it in banks\/currency.<\/p>\n
They were too busy being a doctor rather than a hands-on investor on the side as well, assuming the money is safe.<\/p>\n
\u2014 Lyn Alden (@LynAldenContact) December 10, 2023<\/a><\/p><\/blockquote>\n
Bitcoin proponents like Samson Mow went on the offensive and reminded\u00a0the Wikipedia co-founder about the plight of his firm, which depends on donations for its survival. Mow said if Wikipedia just \u201cbought Bitcoin a few years ago as I suggested, you wouldn\u2019t have to beg for donations every year in perpetuity.\u201d<\/p>\n
Related: \u2018Take some rest and GO\u2019 \u2014 Bitcoin price copies 2020 bull run fractal<\/em><\/strong><\/p>\n
A few others pointed out the centralization of the banking system, reiterating that it doesn\u2019t work for everyone.<\/p>\n
\nBanks work just great it\u2019s about asset ownership and with that comes greater responsibility pic.twitter.com\/voe65OExcZ<\/a><\/p>\n
\u2014 Lauren Sieckmann (@LaurenSieckmann) December 11, 2023<\/a><\/p><\/blockquote>\n
Danny Scott, CEO of Bitcoin exchange Coin Corner, told Wales he is comparing two different things. He noted that the scenario is more akin to a user forgetting his password to a Bitcoin exchange, in which case they could reset it, like a bank. He added,\u00a0\u201c<\/strong>Physically storing the cash yourself would be a better example, but you lose that, and it\u2019s gone, the same as Bitcoin.\u201d<\/p>\n
\nYou’re comparing 2 different things<\/p>\n
That scenario is more akin to forgetting your password to a Bitcoin exchange, in which case you could reset it, like a bank.<\/p>\n
Physically storing the cash yourself would be a better example, but you lose that and its gone, the same as Bitcoin.<\/p>\n
\u2014 Danny Scott \u26a1 (@CoinCornerDanny) December 10, 2023<\/a><\/p><\/blockquote>\n
Magazine: <\/em><\/strong>Expect \u2018records broken\u2019 by Bitcoin ETF: Brett Harrison (ex-FTX US), X Hall of Flame<\/em><\/strong><\/p>\n
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