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Wikipedia Cofounder Lambasts Bitcoin

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Mon, 11/12/2023 - 16:05
Wikipedia Cofounder Lambasts Bitcoin
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Wikipedia's cofounder Jimmy Wales is not mincing words when it comes to Bitcoin. In a recent post on X social media, he took a sharp jab at the cryptocurrency, contrasting it with the traditional banking system's reliability. 

Wales quipped about forgetting his bank password and losing his net worth. He quickly added a twist, "No, actually, that didn't happen, because banks work and bitcoin doesn't." 

The comment riled up many prominent members of the cryptocurrency community, with Tether CEO Paolo Ardoino predicting that Wikipedia will eventually be replaced by a decentralized alternative. 

From curiosity to skepticism 

Back in 2014, Wales dipped his toes into the Bitcoin pool by buying a fractional amount and sharing his Coinbase experience with a hint of excitement. 

That was the same year Wikipedia decided to ride the crypto wave, accepting Bitcoin donations. 

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Fast forward to the dizzying heights of the 2017 Bitcoin bull run, and Wales' tone shifted dramatically. From a poker analogy warning investors about being the "sucker" to a critical 2018 tweet doubting Bitcoin's mainstream utility, and a 2021 caution about cryptocurrency's bubble and the dangers of Tether, it is clear: Wales went from intrigued to skeptical.

Closing crypto chapter

As reported by U.Today, the Wikimedia Foundation, Wikipedia's parent, pulled the plug on cryptocurrency donations this May. 

The decision was community-driven and was prompted by a deepening concern over the environmental toll of major cryptocurrencies like Bitcoin and Ethereum. 

Yet, Wikimedia has not shut the door completely on crypto; it is a pause, not a full stop.

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