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The community responds in kind: “Bitcoin doesn’t work”

On Monday, December 11, Wikipedia co-founder Jimmy Wales used X (formerly Twitter) to attack Bitcoin (Bitcoin) claimed that although many users have lost their Bitcoins due to the loss of their wallet passwords, he would never lose the money in his bank account.
Wales’ comments did not go down well with the broader Bitcoin and crypto community, which lashed out at the Wikipedia co-founder for his reliance on donations to run day-to-day operations.
In his post named “No, actually it didn’t happen because the banks were working and Bitcoin wasn’t.”

The Bitcoin community blasted the Wikipedia co-founder for unnecessarily targeting the asset. Users reminded Wales that banks, while functional, do not serve everyone, and many people around the world do not have access to financial services.
Alex Gladstein, chief strategy officer at the Human Rights Foundation, told Wales that banks function properly in countries where the rule of law exists and currencies are strong. He added that only one billion people out of a world population of eight billion have access to banking services.

Lyn Alden, founder of Lyn Alden Investment Strategy, reminded that even those with bank accounts are not always safe, citing the example of a Lebanese doctor who lost 95 percent of his savings due to hyperinflation.

Bitcoin supporters like Samson Mow went on the offensive, reminding the Wikipedia co-founder: your company’s statusIts survival depends on donations. Mow argued: Wikipedia “If he had bought Bitcoin a few years ago as I suggested, he wouldn’t have had to constantly beg for donations every year.”
Other users pointed out the centralization of the banking system and reiterated that it was not available to everyone.

Danny Scott, CEO of Coin Corner exchange, told Wales he was comparing two different things. In fact, he noted that the scenario is closer to the one where a user who forgets the password to his account at an exchange, like at a bank, can reset his password. Added: “A better example would be physically storing cash, but if you lose it there’s nothing you can do about it, just like Bitcoin.”

Translation by Walter Rizzo

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