Jack Dorsey said meta-native cryptography is a waste of time. Social media giants should have focused on Bitcoin instead.
Meta (formerly Facebook) started developing its own stablecoinLibra in 2019. Faced with public opposition, it tried to rename it to Libra. Now, Zuckerberg’s company has finally given up Diem’s intellectual property and sold it to an investment bank.
Former Twitter CEO Jack Dorsey shared his views on the failed project with Michael Saylor, Head of MicroStrategy. The
Meta’s mistake worked in its own currency rather than using an open protocol like Bitcoin, Block CEO said.
“I hope they learned a lot, but I think a lot of effort and time wasted,” Dorsey said. He added that he could have spent a couple of years developing to make BTC more accessible.
“This will also benefit their messenger products Instagram and WhatsApp,” he added. Currently, this open network is available and available.
You don’t have to own things
The adoption of Bitcoin benefits everyone, Dorsey continued. But it challenges some traditional thinking in Silicon Valley.
“I think it’s changed a lot, but we have to be open about not having to own things, and then we don’t have to own it to get value,” Dorsey Bit. I said about coins.
Meta is not the first platform to create your own cryptocurrency. Every major digital asset exchange, from Binance to CryptoCom, has its own assets. However,
Dorsey is the industry leader in open protocols and open standards.
“All our products, in the future, undecided, Bitcoin miners, Bitcoin wallets, they are all open source,” he said.
At least some companies seem to be listening. This week, Meta joined Block’s Crypto Open Patent Alliance. They promised not to enforce “crypto core patents” on other companies. But this happened after Meta sold Diem IP for $ 200 million.
For those who follow Dorsey, this attitude is natural. He is a well-known “Bitcoin maximalist”, which means he prefers BTC over all other cryptocurrencies.
Dorsey’s company Block (formerly Square) has focused primarily on Bitcoin and BTC infrastructure. Recently, Block’s Cash App has integrated Bitcoin’s Lightning Network to allow users to send BTC for free. Prior to
, Dorsey enjoyed Meta’s failed Stablecoin project. He tweeted “Carpediem” which means “grab the day” in Latin.