Wikipedia Founder’s Bitcoin Jab Sparks Heated Debate on Crypto Twitter

A provocative tweet from Wikipedia co-founder Jimmy Wales dismissing bitcoin as dysfunctional has stirred impassioned responses from major figures across the crypto landscape.

Keypoints

Jimmy Wales, Wikipedia founder, stated “banks work and bitcoin doesn’t” on Twitter, sparking backlash from crypto community
In response, crypto advocates pointed out potential benefits Wikipedia missed by not investing in bitcoin earlier
Samson Mow and Erik Voorhees suggested if Wikipedia had bought bitcoin years ago, constant fundraising might not be needed
John Deaton shared personal anecdote of bank withdrawal delays contrasted with bitcoin’s efficiency in blocks generated
Wendy O and Lyn Alden defended bitcoin’s ethos of financial accountability and cautioned against blind trust in traditional banking

Wales posted “I forgot my bank password and lost my entire net worth. No, actually, that didn’t happen, because banks work and bitcoin doesn’t.” His flippant jab immediately ignited debate within the crypto community.

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

— Jimmy Wales (@jimmy_wales) December 10, 2023

Prominent bitcoin advocate Samson Mow referenced the potential gains Wales left on the table, tweeting “If Wikipedia just bought #Bitcoin a few years ago like I suggested, you wouldn’t have to beg for donations every year in perpetuity.”

Likewise, crypto exchange CEO Erik Voorhees lamented Wikipedia’s failure to invest in the nascent bitcoin ecosystem earlier on, posting “Wikipedia didn’t buy any Bitcoin ten years ago when we told you about it.” He suggested such a move could have reduced or eliminated Wikipedia’s recurring pleas for reader donations.

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.

— Erik Voorhees (@ErikVoorhees) December 11, 2023

Others countered Wales’ critique with personal experiences that cast doubt on the reliability of traditional banking. Attorney and crypto supporter John Deaton described trying to withdraw $19,000 cash from his bank, only to face delays and excuses from bank staff about manager unavailability. Meanwhile, 144 additional bitcoin blocks generated during that period.

Crypto influencer Wendy O asserted that banks perpetrate “daily theft” while bitcoin enables people to self-custody their money and take control of their own finances – a stark contrast in accountability. Market analyst Lyn Alden also warned against overtrusting banks, sharing an anecdote about a Lebanese doctor losing 95% of their life savings due to hyperinflation in the traditional finance system.

The heated responses indicate just how deeply the crypto community resents critiques of bitcoin coming from representatives of legacy finance and technology sectors.

As consumer trust in banks and tech giants wavers while interest in bitcoin’s financial liberation narrative swells, these vocal counterattacks reflect the emboldened ethos of a movement no longer willing to turn the other cheek. The impassioned debate mirrors the disruptive clash between the old and new unfolding across the global financial landscape.