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Wikipedia co-founder Jimmy Wales trashes cryptocurrency, calls it a “Bubble”

Simran Alphonso

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Wikipedia co-founder Jimmy Wales trashes cryptocurrency, calls it a "Bubble"
Source: Pixabay

Earlier today, Wikipedia Co-founder Jimmy Wales attended BlockShow Europe 2018 conference. This event is held to build a bridge between Europe and the Global markets.

The second day of the BlockShow Europe 2018 meeting commenced with a keynote discourse by Wikipedia fellow benefactor Jimmy Wales. Wales told that digital money and blockchain are in an air pocket, which he called a “Bubble”.

Jimmy Wales is an American Internet entrepreneur and is mostly known by his online name “Jimbo”. He is the founder of Wikipedia, the free online encyclopedia, and the owner of web-hosting company Wikia.

Jimmy Wales stated:

“…Right now, we are in a bubble, the cryptoworld is absolutely, definitely in a bubble. I don’t think there’s many people who would deny that.”

The  Wikipedia founder added:

“I’m not here to tell you that it’ll pop tomorrow; things might get even more intense first.”

Wales at BlockShow says:

“ We have to move away from old models, we have to understand that open distributive models are stronger and that is a statement that will resonate quite well in this room”

He described how he thinks “bidding” is antithetical. People believe in some sort of bidding payment mechanisms, which according to him, will not get them to the truth. Wales also thinks that cryptocurrency is a space where there’s a serious need for journalism.

Along with the sour opinions on cryptocurrency, Wales also spoke about his rollercoaster ride in business and his journey of failure to success.



In his previous interview with CNBC, Wikipedia Founder Jimmy Wales called initial coin offerings [ICOs] an “absolute scam”. The co-founder neglects the growth of the cryptocurrency market and believes that it is a scam. 

Jimbo does not really support cryptocurrency, even though Wikipedia does.





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Simran Alphonso is a Journalist at Ambcrypto. She has a background in Financial Markets and holds expertise in Digital Marketing.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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