Twitter’s Jack Dorsey Doesn’t ‘Hate’ Ethereum; He Isn’t in Bitcoin for the Money, But to “Fix the Money”
As the Twitter and Square co-founder shared that he is using “Lightning to enable a currency for the internet” by allowing every account on Twitter to link to a Bitcoin Lightning Wallet, the Ethereum community took it as a direct attack against them.
Twitter co-founder and CEO Jack Dorsey’s focus is on Bitcoin as he works on making it the currency of the Internet.
Taking another step towards this mission, Twitter will enable every account on the platform to link to a Lightning wallet. The idea, Dorsey said, is using “Lightning to enable a currency for the internet.”
This isn’t something new though, Dorsey has been hinting towards this for some time now. A couple of months back, he had said that it was “only a matter of time” that LN would be built into BlueSky or Twitter.
Lightning Network is a second-layer scaling solution that speeds up Bitcoin transactions and reduces costs by routing transactions through channels without needing the first layer Bitcoin blockchain to verify each transaction.
Dorsey launched BlueSky in December 2019, a project to build a decentralized standard for social media. The project has “taken a long time,” as the team decided to research before hiring a lead whose announcement Dorsey said will be made next week.
This time, Dorsey shared this tidbit about BTC on Twitter when the discussion was started around Twitter and NFTs by Brandon Jacoby, former design lead at Dorsey’s Cash App, noting, “Every account on Twitter should have a wallet address for storing NFTs. Users could select any NFT in their wallet to use as their avatar. Would serve as one of the biggest verified layers for showcase/distribution.”
But this, Dorsey agreed, benefits the Ethereum ecosystem more than Twitter itself, not to mention, he is working on bringing BTC to the masses through the social media giant.
This didn't go down well with the Ethereum community as they took Dorseys’ interest in Bitcoin as an attack against Ether. But as Dorsey said, “Focus on one thing isn’t hate of the others.” Much like many, ETH enthusiast DCinvestor then took to Twitter to share his displeasure with Dorsey’s decision, saying,
“Jack “maximally” doubling down against Ethereum will become one of the biggest miscalculations in web history; there is a huge opp for social networks and other websites ready to embrace Ethereum Web3, not lightning wallets linked to your account which no one cares about.”
In response, Dorsey clarified that he’s just “focused on a native currency for the internet. That is all.”
As for why not Ethereum, Dorsey is clear that he is looking for Bitcoin with key concerns with other blockchains centered around “founding principles, security, and centralization.” In a separate tweet, he said that “No one technology alone” will disrupt ‘Big Tech’ which needs to be done.
The CEO of Square and Twitter isn’t in it for the money either, as he said he intends “to give all mine away.” What he wants to do is “to help fix the money.”