Jack Dorsey – Ethereum Cannot Single Handedly Disrupt Big Tech
Jack Dorsey, CEO of Twitter and self-proclaimed Bitcoin (BTC) advocate, is not letting Ether (ETH) supporters a bit. Dorsey dismissed the network’s ability to disrupt the existing norm in Big Tech in his most recent offhand comment about the number one altcoin by market cap.
Dorsey’s remark came after an online debate over the utility of fully integrating nonfungible tokens (NFT) into Twitter, which the social media platform user Seyitaylor claimed would assist Ethereum far more than the interactive platform.
Dorsey acknowledged that such a decision would benefit the Ethereum network greater than his own network, but remarked, “Every user on Twitter being able to connect to a Lightning wallet, nevertheless…” Notwithstanding Twitter’s past forays into the realm of NFTs, as well as Dorsey’s personal usage of the technology to generate funds for charity, Dorsey has long been a key Bitcoin supporter, much to the chagrin of both Ether fanatics and less dogmatic cryptocurrency enthusiasts.
When a Twitter user retweeted Dorsey’s remarks, he was pressed to clarify, “Why the ETH hatred now if there’s space for far more than one asset to the conundrum?” Dorsey said, “Being single-minded on one topic isn’t hatred of the rest. I’ve expressed my worries regarding others in contrast to Bitcoin. The fundamental values, safety, and centralization are critical.” In yet another Twitter thread, Garry Tan investigated the “secret” of Dorsey’s focused obsession with Bitcoin, which Timothy Kim suggested was the seasoned cryptocurrency’s promise to act as “sound money,” which he said was “important,” “particularly for the internationally disadvantaged.”
Dorsey entered the conversation to concur, saying he’s in Bitcoin “to try and solve the money” and that he’s “not mocking.”
In yet another discussion on the same topic, Dorsey refuted accusations that he was deliberately disparaging Ethereum and emphasized that “decentralization isn’t an ultimate objective […] it’s simply one way of mending the money” for him.
Dorsey further stated on Twitter that, although he shares with the concept of NFTs, his support for Lightning in this scenario has little to do with them, but instead with “establishing a currency for the web.” At least for the past three years, Dorsey had been stressing that Bitcoin would be the only money of the internet.
Unlike some other Bitcoin supporters who acknowledge that the fate of the two major currencies may one day “flip,” he has stayed, as far as is publicly revealed, hesitant to purchase altcoin until now.
Disrupting “Big Tech” is exactly what’s needed and what I want.
No one technology alone will do that though.
— jack⚡️ (@jack) August 12, 2021