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The other day, former Twitter CEO and now Block founder Jack Dorsey discussed the failure of the tech giant Meta with Michael Saylor, the head of the well-known American business intelligence company MicroStrategy.
In the conversation, Dorsey noted that a successful, promising company like Meta, as part of its activities, should have prioritized the main digital asset, and not developed its own Diem cryptocurrency. According to Dorsey, this is the main reason why the startup failed.
“It was wrong to work on creating our virtual currency instead of using a ready-made, open bitcoin protocol. I hope they understand their mistake and will continue to be more attentive and reasonable. Of course, it is a pity for the wasted effort, money and time,” Dorsey emphasized.
The software architect also believes that it is not necessary to own something to start making a profit, the main thing is to properly distribute tasks among the team and not waste funds from the available budget. He also suggested that Meta's unsuccessful experience in creating its cryptocurrency could be an example for other companies with similar plans.
“This is not the end for Meta. The company boasts a host of successful products such as Instagram, Facebook, and Messenger. And by the way, it’s never too late to implement the open protocol of military-technical cooperation in these projects, Meta still has the opportunity to leave its mark on the history of cryptography,” the developer added.
It should be noted that Zuckerberg’s company has been developing its coin since 2019. This idea still did not cause acceptance by users. Even an attempt to rename the digital asset did not change the situation. As a result, the company sold Diem startup to one of the investment banks for $200 million.
By the way, Jack Dorsey, who prefers bitcoin among other digital assets, voiced his skepticism about the new Meta project in the same 2019, and as it turned out, thus predicting its failure.