Wikipedia co-founder Jimmy Wales took to I did. He lost his bank password.
Wales’ comments did not resonate well with the Bitcoin and cryptocurrency community at large, who criticized the Wikipedia co-founder for relying on donations for day-to-day operations.
Wales sarcastically said in his mocked. tea.”
I forgot my bank 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 accused the Wikipedia co-founder of attacking BTC without cause. This reminded Wales that while banks may work, they are not for everyone and many people around the world do not have access to banking services.
Alex Gladstein, group chief strategy officer at the Human Rights Foundation, reminded Wales that banks work well in countries with a strong rule of law and a strong currency. He added that only about 1 billion of the world’s 8 billion people have access to banking services.
As long as you live in a country with the rule of law and a strong currency, your banks will function just fine. So, out of 8 billion people, I think about 1 billion people would be okay. And if you criticize the government or make provocative remarks, it tends not to go down well.
— Alex Gladstein ⚡ (@gladstein) December 10, 2023
Even those with bank accounts are not always safe, said Lyn Alden, founder of Lyn Alden Investment Strategy, citing the example of a Lebanese doctor who lost 95% of his savings due to hyperinflation.
One of the most heartbreaking emails I received was from a Lebanese doctor who lost 95% of his net worth due to hyperinflation. This is because you have your net worth deposited in a bank/currency.
They assumed their money was safe and were too busy being doctors rather than investors themselves.
— Lynn Alden (@LynAldenContact) December 10, 2023
Bitcoin supporters like Samson Mow went on the offensive and reminded the Wikipedia co-founder of the plight of a company that relies on donations to survive. “If you bought Bitcoin a few years ago like I suggested, you wouldn’t have to beg for donations every year forever,” Mow said, citing Wikipedia.
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Several others have repeatedly pointed out that centralization of the banking system does not apply to everyone.
The bank does a great job. It’s 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 he was comparing two different things. He pointed out that this scenario is similar to when a user forgets their password to a Bitcoin exchange, in which case they can reset the password like they would a bank. He added, “A better example would be to physically store your cash, but like Bitcoin, if you lose it, it’s gone.”
You are comparing two different things.
This scenario is similar to forgetting your password for a Bitcoin exchange, in which case you can reset your password like you would your bank.
A better example would be to physically store your cash, but like Bitcoin, if you lose it, it’s gone.
— Danny Scott ⚡ (@CoinCornerDanny) December 10, 2023
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