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Wikipedia co-founder says Bitcoin doesn’t work, BTC community snaps back

BTC proponents argued to Jimmy Wales that banks might work, but they’re not available to everyone and that storing BTC personally and storing fiat via banks are two different things.

Wikipedia co-founder Jimmy Wales took to X (formerly Twitter) on Dec. 11 to take a shot at Bitcoin (BTC), bragging that while many users have lost their Bitcoin because they forgot their wallet passwords, he’s never lost any money due to losing his bank password.

Wales’ comments didn’t resonate well with the wider Bitcoin and crypto community, who snapped back at the Wikipedia co-founder about its dependence on donations to run day-to-day operations.

In his X post, Wales sarcastically claimed that he forgot the password to his bank account and lost all his cash, only to then mock the BTC community by adding, “No, actually, that didn’t happen because banks work and Bitcoin doesn’t.”

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ChatGPT tops Wikipedia’s most-viewed articles of 2023 list

ChatGPT reached 49.5 million views, surpassing and outperforming notable topics like “Deaths in 2023” and sports content.

ChatGPT from OpenAI became the most-viewed English article on Wikipedia in 2023, amassing an impressive 49.5 million page views and showcasing the increasing impact of artificial intelligence (AI) technology on the public’s interest.

The Wikimedia Foundation disclosed that, in 2023, English Wikipedia pages received more than 84 billion page views.

Launched in November 2022, ChatGPT rapidly grew its user base to exceed 100 million in its first year.

In September 2023, OpenAI reintroduced a live web browsing feature to ChatGPT, which increased its usefulness for individual users and enterprises.

The browsing functionality takes ChatGPT from a static data analyzer to a real-time information generator.

Related: ChatGPT’s first year marked by existential fear, lawsuits and boardroom drama

ChatGPT also allows subscribers to craft customized GPT models, streamlining the experience for advanced users and businesses.

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Crypto Analyst Issues Ethereum Alert, Says ETH Primed To Plunge Lower Against Bitcoin – Here Are His Targets

Decentralized file sharing, explained

Decentralized file sharing is a peer-to-peer network system where files are distributed across multiple nodes, eliminating the need for a central server.

The importance of decentralization in file sharing

Decentralized file sharing revolutionizes data access by eliminating dependence on centralized servers and utilizing P2P technology to distribute files across a network of nodes.

Distributing and accessing data without depending on a centralized server is possible with decentralized file sharing. Rather, files are kept on a network of linked nodes, frequently through the use of peer-to-peer (P2P) technology

To enable file sharing, each network user can provide bandwidth and storage space. BitTorrent and InterPlanetary File System (IPFS) are two well-known instances of decentralized file-sharing protocols.

The decentralization of file sharing has completely transformed the way users access and store digital content. In contrast to conventional centralized file-sharing systems, which store files on a single server, decentralized file-sharing uses a P2P mechanism. Dispersing files among a network of linked nodes promotes a more robust and secure system.

Key components of decentralized file sharing

Decentralized file sharing depends on a number of essential elements to allow for a dispersed and safe data exchange. 

Firstly, P2P networks, which enable direct user contact in the absence of a centralized server, are the backbone of a decentralized file-sharing system. By doing this, a robust system where participants directly share files is fostered.

Blockchain technology is essential to maintaining integrity and trust in decentralized file-sharing networks. It improves the general security of transactions and file transfers by enabling transparent and impenetrable record-keeping. Smart contracts are self-executing contracts with pre-established rules that automate tasks like access control and file verification.

Furthermore, files are distributed throughout a network of nodes using decentralized storage systems, which often use protocols like BitTorrent or IPFS. This approach eliminates the need for a central server and enhances the availability and reliability of data due to its redundant nature.

Cryptographic methods also protect the integrity and privacy of data. User confidence in decentralized file-sharing systems is increased by end-to-end encryption, which guarantees that only authorized parties may view the content. Together, these elements essentially provide a safe and dispersed setting for easy file sharing via the decentralized web.

How does decentralized file sharing work?

Decentralized file sharing operates on P2P networks by leveraging a distributed architecture rather than relying on a central server.

Peer discovery

Participants in the network (peers) need a way to discover one another, which is accomplished by using distributed hash tables (DHTs) or decentralized protocols. Peers build a network without a central authority by keeping track of other peers with whom they are linked.

DHTs are decentralized systems that enable distributed storage and retrieval of key-value pairs across a network, while decentralized protocols enforce communication rules that enable peer-to-peer interactions without relying on a central authority or server.

File distribution

A file is split up into smaller parts where every component is dispersed among several network peers. This approach enhances file availability, as it is not stored in a single location, ensuring better accessibility and reliability.

Dispersed storage

By distributing file portions over several nodes, decentralized storage systems lessen reliance on a single server. For instance, IPFS employs a content-addressed approach, in which files are recognized by their content as opposed to their physical location.

Peer interaction

Peers request and share file portions directly with one another. The coordination of file transfers no longer requires a central server, thanks to this direct connection. Every peer participates in the file distribution process by serving as both a client and a server.

Blockchain and smart contracts

Blockchain technology is incorporated into several decentralized file-sharing systems to increase security and transparency. Smart contracts are self-executing contracts with pre-established rules that can automate tasks such as access restriction and file verification and reward participants with tokens.

Often, decentralized file-sharing systems use cryptographic techniques like end-to-end encryption to provide privacy and security for the shared files. This ensures that the content can only be accessed and deciphered by authorized users.

Working of a decentralized storage system

Advantages of decentralized file sharing

The benefits of decentralized file sharing include enhanced resilience, improved privacy, scalability and censorship resistance.

By removing a single point of failure, it improves reliability and resilience. In a peer-to-peer network, where files are dispersed among several nodes and peers, the system continues to function even in the event that some nodes go down.

Also, decentralized file sharing, by its very nature, offers enhanced security and privacy. By ensuring that only authorized users can access and decode shared content, cryptographic solutions like end-to-end encryption help lower the danger of unauthorized spying or data breaches.

Better scalability can also be attained as the network expands. In decentralized networks, more users add to the network’s capacity, allowing it to accommodate more demand and traffic without requiring modifications to the centralized infrastructure.

Additionally, decentralized file sharing encourages resistance against censorship. It is harder for any organization to censor or limit access to particular files or information because there isn’t a single entity in charge of the network.

Furthermore, decentralized file sharing frequently incorporates incentive mechanisms through token economies or other reward systems to encourage users to contribute resources like bandwidth and storage, thereby creating a cooperative and self-sufficient environment. 

Challenges and limitations of decentralized file sharing

Challenges associated with decentralized file sharing involve scalability issues, consistency concerns, user adoption complexities, security risks and regulatory uncertainties.

Firstly, as the network grows, scalability issues become more pressing. A poor user experience may result from increased involvement if it causes slower file retrieval times and greater bandwidth requirements.

Moreover, in decentralized systems, problems with consistency and coordination could surface. It may be difficult to maintain consistency in file versions throughout the network in the absence of a central authority, which could result in conflicts and inconsistent data.

Complicated interfaces and user acceptance present another difficulty. When compared to centralized options, decentralized file-sharing platforms frequently have a higher learning curve, which may put off consumers who are not familiar with P2P networks or blockchain technology.

Furthermore, security vulnerabilities still exist, especially in the early phases of decentralized file-sharing deployments. As these systems grow more widely used, they are targeted by different types of attacks, which makes the continuous development of strong security measures necessary.

Regulatory uncertainty is another difficulty. The adoption and long-term viability of decentralized file-sharing platforms may be impacted by the changing legal environment surrounding cryptocurrency and decentralized technology.

The future landscape of decentralized file sharing

The future of decentralized file sharing involves blockchain technology, P2P networks and tokenization for secure, efficient and collaborative data exchange, which challenge traditional models.

Decentralized file sharing is expected to bring about a more inclusive, secure and productive environment. Distributed ledger and blockchain technology will be essential in guaranteeing tamper-proof and transparent transactions and facilitating file sharing among users without depending on centralized intermediaries. 

Decentralized protocols powering peer-to-peer networks will enable direct data transmission between users, cutting down on latency and reliance on centralized servers. Strong encryption techniques will allay privacy concerns and provide consumers with more control over their data. 

Furthermore, tokenization could encourage resource sharing among users, resulting in the development of a collaborative ecosystem. Innovative file-sharing services will probably proliferate as decentralization gains pace, upending established paradigms and promoting a more robust and democratic digital environment.

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Wikipedia Editors List FTX’s Questionable Blunder as the Top Trading Loss of All-Time

Wikipedia Editors List FTX’s Questionable Blunder as the Top Trading Loss of All-TimeFollowing the collapse of FTX at the beginning of November, two top executives from FTX and Alameda Research — Sam Bankman-Fried and Caroline Ellison — have been listed among traders with the top trading losses worldwide on Wikipedia. According to the Wiki page, Bankman-Fried’s and Ellison’s so-called ‘trading loss’ of 51 billion nominal U.S. dollars […]

Crypto Analyst Issues Ethereum Alert, Says ETH Primed To Plunge Lower Against Bitcoin – Here Are His Targets

Harvard University and Filecoin Foundation for the Decentralized Web Plan to Preserve Digital Information

Harvard University and Filecoin Foundation for the Decentralized Web Plan to Preserve Digital InformationOn July 27, the Filecoin Foundation for the Decentralized Web (FFDW) announced it will be supporting an initiative with Harvard University’s Library Innovation Lab (LIL) called the “Democratizing Open Knowledge” program. With FFDW’s support, LIL plans to explore decentralized technologies that can preserve digital information. Democratizing Open Knowledge While there’s a lot of information to […]

Crypto Analyst Issues Ethereum Alert, Says ETH Primed To Plunge Lower Against Bitcoin – Here Are His Targets

Wikipedia Shuts Down Crypto Donation Function Following Community Pressure

Wikipedia Shuts Down Crypto Donation Function Following Community Pressure

The parent company of the world’s largest open-source online encyclopedia is closing the book on accepting crypto assets as donations. In a lengthy page documenting the process of debate and voting among its community, Wikipedia announces that it is requesting the Wikimedia Foundation to stop accepting donations in the form of cryptocurrencies. Wikipedia says nearly […]

The post Wikipedia Shuts Down Crypto Donation Function Following Community Pressure appeared first on The Daily Hodl.

Crypto Analyst Issues Ethereum Alert, Says ETH Primed To Plunge Lower Against Bitcoin – Here Are His Targets

Wikipedia Stops Accepting Cryptocurrency Donations Citing Community’s Environmental Concerns

Wikipedia Stops Accepting Cryptocurrency Donations Citing Community’s Environmental ConcernsWikipedia has decided to stop accepting cryptocurrency donations after eight years of doing so. The decision is based on the request by the Wikimedia community citing “issues of environmental sustainability” as a key reason. Wikipedia Discontinues Accepting Bitcoin, Crypto Donations Wikimedia Foundation has announced its decision to “discontinue direct acceptance of cryptocurrency as a means […]

Crypto Analyst Issues Ethereum Alert, Says ETH Primed To Plunge Lower Against Bitcoin – Here Are His Targets

Wikimedia community supports proposal to stop foundation from accepting crypto donations

The arguments in favor included environmental concerns surrounding Bitcoin transactions and “the risk to the movement’s reputation for accepting cryptocurrencies."

Requests for comments on a proposal urging the Wikimedia Foundation to stop accepting donations in cryptocurrency have closed, with the majority of users voting in favor.

According to a Tuesday update on the proposal, roughly 71%, or 232 out of 326, Wikimedia contributors who responded requested that the Wikimedia Foundation — the nonprofit that hosts Wikipedia — stop accepting cryptocurrency donations. The arguments in favor of the proposition included environmental concerns surrounding Bitcoin (BTC) transactions and “the risk to the movement’s reputation for accepting cryptocurrencies.”

The community first opened the proposal to comment on Jan. 10, expanding the discussion to include topics like El Salvador adopting BTC as legal tender, crypto as a tool for illicit financial activities, and digital assets’ role in financial inclusion. However, the majority of the topics seemed to focus on the energy usage and potential environmental impact of cryptocurrencies.

“Cryptocurrencies may not align with the Wikimedia Foundation's commitment to environmental sustainability,” said the original proposal. “Bitcoin and Ethereum are the two most highly-used cryptocurrencies, and are both proof-of-work, using an enormous amount of energy [...] the current models continue to be extremely damaging to the environment. While there are eco-friendlier cryptocurrencies, they are less widely-used.”

Among those arguments in opposition of the proposal included proof-of-stake cryptocurrencies that are “way less energy-intensive” and using tokens to provide “safer ways to donate and engage in finance for people in oppressive countries.” One user cited the Ukrainian government accepting crypto donations as an argument against the technology carrying a bad reputation.

“Crypto should remain an option for Wikimedia to accept donation,” said user C933103 on March 14. “Wikimedia is accepting donations in crypto not giving crypto out. If a country's law banned donation to [the Wikimedia Foundation, or WMF] through banks then it is the country in the wrong not WMF. Accepting donations instead of giving them out also mean it won't be used to facilitate any new economic activities that could be target of sanction or be funding other illegal activities, as all the received currency will immediately be converted to fiat currency in WMF's account.”

However, Wikimedia contributor TrueAnonyman supported the proposition, adding:

“The financial effect of no longer accepting crypto donations would be minimal, and far outweighed by the reputational harm to the Wikimedia project of being seen to endorse a technology so strongly tied to various environmental and social harms.”

Related: Wiki continues to accept crypto donations despite pressure to stop

The foundation reported in January it received roughly $130,000 worth of crypto donations in the last financial year, roughly 0.08% of its revenue. Bitcoin was the most used cryptocurrency among the 347 individuals who donated, but the nonprofit also accepts Ether (ETH) and Bitcoin Cash (BCH).

Crypto Analyst Issues Ethereum Alert, Says ETH Primed To Plunge Lower Against Bitcoin – Here Are His Targets

Wikimedia Foundation Debates Acceptance of Cryptocurrency Donations Over Environmental Concerns

Wikimedia Foundation Debates Acceptance of Cryptocurrency Donations Over Environmental ConcernsFollowing Mozilla’s decision to pause crypto donations due to environmental concerns, a number of Wikimedia Foundation community members have submitted a proposal that asks the foundation to stop accepting digital currency donations. The proposal explains that crypto donations “signals [an] endorsement of the cryptocurrency space,” and also says that “Cryptocurrencies may not align with the […]

Crypto Analyst Issues Ethereum Alert, Says ETH Primed To Plunge Lower Against Bitcoin – Here Are His Targets