Diem, Block Inc’s Jack Dorsey has come lashing out at the company. ThJack Dorsey Slams Meta’s Diem, Says Mark Zuckerberg Should Have Focused on Bitcoin – The Crypto Basic

Former Twitter CEO Jack Dorsey has slammed Facebook’s failed cryptocurrency project, Diem, stating that the company, recently renamed Meta Inc., would have fared better if it had focussed its resources on improving the Bitcoin network. Speaking at the MicroStrategy World conference today, Dorsey disclosed that Meta was not too committed to Diem, initially named Libra, […]

Jack Dorsey Slams Meta’s Diem, Says Mark Zuckerberg Should Have Focused on Bitcoin – The Crypto Basic

Former Twitter CEO Jack Dorsey has slammed Facebook’s failed cryptocurrency project, Diem, stating that the company, recently renamed Meta Inc., would have fared better if it had focussed its resources on improving the Bitcoin network.


Meta is not the first exchange to launch its cryptocurrency.

In the meantime, Dorsey is pushing for open protocols and open standards in the industry. Some companies seem to be paying attention. This week, Meta became a Block’s Crypto Open Patent Alliance member. Meta has pledged not to enforce its “core crypto patents” against other companies, but Meta sold its Diem IP for $200 million.

Dorsey on Bitcoin

It is not surprising for those who follow Dorsey.
He is a “Bitcoin maximalist,” meaning that he prefers BTC over any other cryptocurrency.

Founded by Dorsey, Block (formerly Square) focuses primarily on Bitcoin and Bitcoin infrastructure. Block’s CashApp, which enables BTC transfers for free, is now enhanced with Lightning Network support.

Michael Saylor that Facebook should have focused on bitcoin instead of wasting time on diem

Twitter founder and Block CEO Jack Dorsey spoke with crypto enthusiast and MicroStrategy CEO Saylor about bitcoin and Facebook’s diem project.


Jack Dorsey told MicroStrategy’s Michael Saylor that Facebook should have focused on bitcoin instead of wasting time on diem

Twitter founder and Block CEO Jack Dorsey spoke with crypto enthusiast and MicroStrategy CEO Saylor about bitcoin and Facebook’s diem project.

Dorsey Says Zuckerberg Should Have Focused on Bitcoin, Not DiemDorsey Says Zuckerberg Should Have Focused on Bitcoin, Not DiemJack Dorsey Criticizes Meta’s Diem Project, Says Zuckerberg Should Have Opted for Bitcoin

Days after Facebook’s parent company Meta called its quits for its stablecoin project Diem, Block Inc’s Jack Dorsey has come lashing out at the company.

Dorsey zuckerberg should focused bitcoin diemen


Jack Dorsey Says Meta Should Have Focussed Diem Towards Bitcoin

Block CEO and former Twitter CEO Jack Dorsey criticised Meta Platforms failed cryptocurrency project, Diem, saying the company’s time would have been better spent focused on advancing the Bitcoin…

Jack Dorsey Says Meta Should Have Focussed Diem Towards Bitcoin

Block CEO and former Twitter CEO Jack Dorsey criticised Meta Platforms failed cryptocurrency project, Diem, saying the company’s time would have been better spent focused on advancing the Bitcoin…

Dorsey Says Zuckerberg Should Have Focused on Bitcoin, Not Diem

(Bloomberg) — Block Inc. Chief Executive Officer Jack Dorsey criticized Meta Platforms Inc.’s failed cryptocurrency project, Diem, saying the company’s time would have been better spent focused on advancing Bitcoin. Continue Reading.

Meta (formerly Facebook) started the development of its own stablecoin Libra in 2019. Facing public backlash, it tried rebranding it to Libra. Now, Zuckerberg’s company finally gave up, selling Diem’s intellectual property to an investment bank.

The former Twitter CEO, Jack Dorsey, shared his views on the failed project with Michael Saylor, the man in charge of MicroStrategy.

Meta’s mistake was working on a currency it owned – instead of using an open protocol like Bitcoin, the CEO of Block noted.

“Hopefully, they learned a lot, but I think there was a lot of wasted effort and time,” Dorsey said.

He added that they could have spent those two or three years of development making BTC more accessible.

“This would also benefit their Messenger product, Instagram, and WhatsApp, he added.


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Key Takeaways:

Facebook’s ‘Diem’ project finally comes to an abrupt end. Jack Dorsey criticises this step of Meta Platforms Inc. Meta talks with investment bankers to find new opportunities for Diem members.

The crypto industry has recently been facing unforeseeable failures and sudden lows.

One remarkable failure is Meta platforms Inc.’s abrupt cryptocurrency project ‘Diem’. Block Inc. Chief Executive Officer Jack Dorsey has expressed his criticisms on this matter.

Facebook initiated a’ Diem’ project in mid-2019, initially named Libra, to launch its cryptocurrency. It aimed to compete with Bitcoin and other fiat currencies and therefore started the venture in association with several tech and finance companies.

Zuckerberg wanted to create this for instant transactions between users and even across borders.

Facebook-owned Meta launched its own Stablecoin in 2019 and faced public backlash, so it tried rebranding it as Libra. Now Mark Zuckerberg’s company finally abandoned Diem, selling the company’s intellectual property to an investment bank.

Is Diem a cryptocurrency?

A permissioned blockchain-based stable coin payment system, Diem is also linked to a private currency implemented as a cryptocurrency. It was designed by the American social media company Meta Platforms.

Diem was meant to be a Stablecoin which, as its name implies, represents a cryptocurrency designed to be less volatile than other cryptocurrencies using national currencies or commodities as collateral.

MicroStrategy’s Michael Saylor, the man in charge of the project, discussed Jack Dorsey, former Twitter CEO’s views on the failed project.

Bloomberg has reported that “The Diem Association, a cryptocurrency initiative once known as Libra backed by Meta Platforms Inc. , is weighing a sale of its assets as a way to return capital to its investor members, according to people familiar with the matter. Diem is in discussions with investment bankers about how best to sell its intellectual property and find a new home for the engineers who developed the technology, cashing out whatever value remains in its once-ambitious Diem coin venture, said the people, asking not to be identified because the discussions aren’t public.”

Therefore Dorsey said, “Hopefully they learned a lot, but I think there was a lot of wasted effort and time.

signing up for a piece of the action. Things turned sour as lawmakers and regulators voiced their concerns.

In most cases, the dominant concerns revolve around Facebook leveraging its already considerable influence on global financial markets. This was a step too far for authorities, based on the company’s track record with data privacy.

After a hearing on the matter, senators banded together in a rare show of cross-party unity to urge Zuckerberg to pull the plug.

Dorsey says open ledgers, like Bitcoins, make all the difference.

According to Dorsey, Diem was always doomed because it focused on growing a closed-off ecosystem.

They tried to create a currency owned by Facebook, probably for the right reasons, but there were also some reasons that would indicate that they were trying to get more people onto the Facebook ecosystem.

According to Jack Dorsey, the CEO of Block Inc, formerly Square Inc, tells Mark Zuckerberg he should focus on his efforts onBitcoin instead.

Dorsey was referring to Zuckerberg’s failed Diem project, which finally threw the towel in after U.S regulators refused to approve.

Diem’s assets were sold to Silvergate Bank earlier this week, marking the end of the project. Silvergate plans to launch its own stable coin later this year, and it plans to use the technology and workforce to launch its stable coin offering later this year.

According to Dorsey, Diem was a waste of time and effort, speaking at the MicroStrategy World Conference.

However, soon Diem’s fate became unpredictable as it moved out of Meta’s control, but it was still in its shadow. Eventually, administrative lash outs made it impossible for the Diem association to launch its currency.

Referring to this incident, Jack Dorsey has said Meta didn’t use an open protocol or a standard like Bitcoin, which led to this unfortunate event. At the MicroStrategy World Conference, Dorsey also hinted towards Facebook’s biased motive to gain more users.

He said, “They tried to create a currency that was owned by Facebook — probably for the right reasons, probably for noble reasons — but there were also some reasons that would indicate trying to get more and more people onto the Facebook ecosystem”.

This is a significant failure for Meta.

We have these open network right now, and it’s usable.”‘You Don’t Have to Own The Thing’

Bitcoin adoption benefits everyone, Dorsey continued. However, it challenges some conventional thinking in Silicone Valley.

“I think it changes a lot, but we just have to be open to not having to own the thing. You don’t have to own it to get value from it,” Dorsey said about Bitcoin.

Meta would not be the first platform to create its own cryptocurrency.
All major digital asset exchanges, from Binance, to CryptoCom, have their native assets.

However, Dorsey is leading a push towards open protocols and open standards in the industry.

“All of our products, going forward, TBD, the Bitcoin miner, the Bitcoin wallet, they’re all open-source,” he said.

It looks that at least some companies are listening. This week, Meta joined Block’s Crypto Open Patent Alliance.

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