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Jack Dorsey on failed meta project: Diem was 'a waste of time'


 

Dorsey said Facebook probably launched Diem for the "right reasons". But the company should have used an open protocol like bitcoin instead of trying to create its own currency


Twitter founder Jack Dorsey said Meta's failed cryptocurrency project Diem was "wasted effort and time". The company should have focused on "making bitcoin more accessible for everyone."


MicroStrategy CEO Michael Saylor interviewed Dorsey Tuesday at his company's Bitcoin for Corporations 2022 conference and spoke with him about how companies can integrate and use Bitcoin ( BTC ).


Dorsey said while Facebook probably started Diem for the "right reasons," they should have used an open protocol like bitcoin rather than trying to create their own currency.


"This whole thing with Libra and then Diem, I think there's a lot to learn from that," Dorsey told Saylor. "Hopefully they learned a lot but I think it was a lot of wasted time and effort.


His criticism of Twitter's more popular and successful social media competitor comes as no surprise. Since Dorsey stepped down as Twitter CEO last November , he has made it clear that he wants Bitcoin to be the focus of his new venture, Block (formerly Square). Block allows users to buy bitcoin through mobile payment service Cash App .


“Those two or three years, or however long it took, could have been spent making Bitcoin more accessible to more people around the world.”

Dorsey added that easier access to BTC would also benefit many of Meta's products, most notably Facebook Messenger, Instagram and WhatsApp.


"We've got this open network right now. And it's usable. It's not accessible to everyone, but it's usable. The easier we make it, the faster we make it, the more accessible we make it, the better everything is going to be. That This also applies to what Facebook was planning to do with Libra."

In 2019, Facebook (now Meta Platforms) released the white paper for Libra, its highly anticipated crypto-based financial infrastructure project . But after a series of regulatory issues and bad publicity, the project was forced to rename itself Diem in December 2020 . Finally, however, the project was recently terminated.


Related : Stablecoin plans falter as Zuckerberg's Diem considers sale


Meta officially announced Monday that Diem's intellectual property and other assets have been sold to Silvergate Capital Corporation for a total of $182 million. The project was officially handed over on Tuesday .



On January 12th, the Bitcoin Lightning Network was integrated with a Cash App upgrade . Faster and cheaper BTC transfers are possible with the Layer Two payment protocol.

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