The Facebook DIEM project was a waste of time and effort, says Jack Dorsey
The Facebook DIEM project was a waste of time and effort, says Jack Dorsey
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- Jack Dorsey made recordings on Facebook for his DIEM project, which in his opinion was a waste of time and effort.
- The former Twitter boss says that Mark Zuckerberg should have concentrated his efforts on Bitcoin, a technology that is already working and how to make it available to everyone.
Facebook's unfortunate DIEM project was a waste of time and effort, the former Twitter boss Jack Dorsey explained. In an interview with Michael Saylor, CEO of Microstrategy, Dorsey said that Facebook should have concentrated on Bitcoin and how to make it accessible to the mass instead of creating your own cryptocurrency.
Since he left Twitter a few months ago, Jack focuses on block, another company that he co -founded and acts as CEO. The payment company, which was previously known as Square, leads the efforts to make Bitcoin more accessible via its cash app, something that Jack has always had a passion for. Now he claims that his mit-social media pioneer Mark Zuckerberg should have done the same.
jack accompanied Saylor for a one -hour interview about his " Bitcoin for companies 2022 " the Wall Street is integrated.
In terms of diem, Jack did not struggle and said that Zuckerberg could have done much more for humanity if he had concentrated on Bitcoin. He says that Facebook probably founded Diem, formerly Libra, and he believes that they have lost the action on the way.
This whole thing with Libra and then diem, I think there are a lot of lessons. Hopefully they learned a lot, but I think there was a lot of effort and time.
Facebook recently admitted a defeat with his DIEM project after it was frustrated by the regulatory authorities in the United States for years. The social media giant reports Silvergate Bank for less than 200 million US dollars in the hope of receiving part of the money that their partners have invested in the project.
The company had worked with Silvergate on a partnership in which the California bank would have spent on, since it was a regulated financial company, but even this was shot down by the Federal Reserve.
Facebook should have concentrated on Bitcoin
Jack has always made it clear that he was a Bitcoin maximist, and in his interview he claimed that Zuckerberg should have been one too. Instead of reinventing the wheel with a new crypto, Facebook should have put all his efforts in Bitcoin, said Jack.
these two or three years or as long as it may have been, could have been spent to make Bitcoin more accessible to more people around the world.
Bitcoin already works and has proven that it can bring a fairer future in which everyone gets the opportunity to improve, said Jack. As such, Facebook should have used its status and network effect to make it available to the 2.8 billion people who use its social media platform.
We have this open network right now. And it is useful. It is not accessible to everyone, but it is usable. The easier we do it, the faster we do it, the more accessible we make it, everything will do better. Including everything that Facebook intended to do with Libra.
also read: Jack Dorsey believes that BTC will replace the USD, but some analysts argue that it is a better value memory
Source: Crypto-news-flash.com
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