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Cryptogambling / Wikipedia co-founder criticizes Bitcoin over user security

Wikipedia co-founder criticizes Bitcoin over user security

Publish Date: 14/12/2023
wikipedia Jimmy Wales, tags: co-founder - upload.wikimedia.org

wikipedia Jimmy Wales – upload.wikimedia.org

Wikipedia co-founder Jimmy Wales has criticized Bitcoin (BTC) in a social media post, highlighting the common issue of users losing access to their Bitcoin due to forgotten wallet passwords. He contrasted this with his experience of never losing money due to forgetting his bank password.

“I forgot my bank password and lost my entire net worth. No, actually, that didn’t happen, because banks work and bitcoin doesn’t,” said Wales.

Replying to Wales, the Bitcoin community criticized the Wikipedia co-founder for attacking BTC without reason. They reminded Wales that although banks function well, they are not accessible to everyone, as many people worldwide lack access to banking services.

Alex Gladstein, the chief strategy officer at the Human Rights Foundation, informed Wales that banks function well in countries with established laws and stable currencies. He emphasized that only around one billion out of the world’s eight billion population have access to banking services.

“Banks 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,” said Gladstein.

Lyn Alden, founder of Lyn Alden Investment Strategy, said that even people with bank accounts aren’t always secure. She highlighted the case of a Lebanese doctor who lost 95 percent of their savings due to hyperinflation.

“One 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. They were too busy being a doctor rather than a hands-on investor on the side as well, assuming the money is safe,” said Alden.

Bitcoin supporters, such as Samson Mow, Blockstream’s CSO and Pixelmatic’s CEO, took a strong stance and pointed out to the Wikipedia co-founder the challenges the site faces, relying on donations for survival. Mow said if Wikipedia had followed his advice and invested in Bitcoin years ago, they might not have to continually seek donations.

Some others highlighted the centralized nature of the banking system, emphasizing that it doesn’t cater to everyone’s needs.

Danny Scott, CEO of Bitcoin exchange Coin Corner, said Wales was comparing two different situations.

“Physically storing the cash yourself would be a better example, but you lose that and its gone, the same as Bitcoin,” said Scott.

Top crypto figures response to Wales’ critic

Wales’ criticism has led to backlash from pro-XRP lawyer John E. Deaton and Dogecoin founder Billy Markus. Deaton, known for his involvement in the Ripple vs. SEC lawsuit, shared a troublesome experience.

He revealed attempting to withdraw $19,000 in cash from a traditional bank, but his transaction was greatly delayed, with the bank manager unavailable at the time.

During that period, Bitcoin continued its usual uninterrupted process and added 144 more blocks to its chain. The lawyer reflected on his experience with the bank and highlighted that Bitcoin would have been more efficient and convenient in a similar situation.

On the other hand, Markus discussed Wikipedia’s request for donations on its platform, echoing a viewpoint shared by Erik Voorhees, the founder and former CEO of Coinapult.

“Wikipedia no longer needs to beg for donations whenever users arrive at the site. No, actually, they still do, because Wikipedia didn’t buy any Bitcoin ten years ago when we told you about it,” Voorhees said in a social media post.

Tether (USDT) CEO Paolo Ardoino firmly reacted to Wales, saying that Wikipedia would soon be replaced by a decentralized alternative.

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