One of the news of the week in the crypto ecosystem and in the world of technology was Meta’s abandonment of the Diem project, the stablecoin he had been working on for two years. During the “Bitcoin for Corporations” conference, Block CEO, Jack Dorseyspoke about it and assured that Mark Zuckerberg and company should have focused their efforts on the leading cryptocurrency.
Zuckerberg sold Diem’s intellectual property last week, leaving behind his intention to create a new private currency. Dorsey, BTC reference and recognized hodler, noted that the project was a real “waste of time”.
Meta’s mistake was working on a proprietary currency, instead of using an open protocol like Bitcoin.
“Hopefully, they learned a lot, but I think a lot of effort and time was wasted”Dorsey slipped. Likewise, the founder of Twitter pointed out that the Bitcoin network could have grown much more in terms of accessibility if Facebook focused its resources on it. “This would also benefit its Messenger, Instagram and WhatsApp product. We have this network open right now, and it is usable”, he added.
The big difference between a private project and working on an open network is, of course, ownership. At that point, Dorsey pointed out that it is necessary “be open to not having to own the thing”, but simply work on it to create successful projects.
You don’t have to own it to get value from it.
Dorsey participated in the conference headed by Michael Saylor, CEO of MicroStretegy, who sought to share his company’s financial strategy and the philosophy he defends regarding the crypto market. In difficult days for digital assets, both entrepreneurs seek to encourage investors to trust in the long term and expand crypto adoption globally.
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