This man knows cryptocurrency better than Zuckerberg.

Original author: Matthew De Silvia

Translator: Odaily Planet Daily Moni

Source: Planet Daily

If you are familiar with Facebook's history, you know that the original idea of ​​this social networking giant actually came from Mark Zuckerberg's Harvard University alumnus Cameron Wenkleworth and Taylor Wenkleworth. But since then, Mark Zuckerberg did not seem to make much introspection, but still go its own way: copying other people's things, and then taking possession of themselves.

When Mark Zuckerberg was sitting at the US House Financial Services Committee hearing, he still didn't seem to realize the potential harm that Facebook's cryptocurrency project Libra might bring to global finance. Legislators in the US Congress are opposed to Libra because the cryptocurrency is likely to facilitate money laundering and terrorist financing. Not only that, but because Libra may expand unrestricted in the future, financial regulators are also worried that it will pose a threat to the dollar.

Creating a “private currency” is not the answer, as another social network CEO has realized this – he is Jack Dorsey, founder and CEO of Twitter and Square. Jack Dorsey has been pursuing the future of cryptocurrency, but unlike Zuckerberg's Facebook, he has not re-invented his own digital currency and tried to profit from it, and has earned the respect of the open source software community.

Square did not introduce any new digital currency, nor did they want to play the "savior" of the traditional financial system, but chose to accept an existing digital currency: Bitcoin. In the past year, Square has formed a professional team to handle various bitcoin businesses for its Square Crypto products. Although members of the Square Crypto team are technically employed by Square, these engineers have been researching Bitcoin as a public service. Not only that, but Square Crypto doesn't “make a big news” like Facebook, but instead focuses on other key issues (such as code review) to ensure that the cryptocurrency community is not contributing to performance when it comes to Github. And the impact of security breaches.

On the other hand, Jack Dorsey's focus is on how to make the open financial system (which is also the core of Bitcoin) for everyone, not just the elite, as he said in an interview in June this year, "money" It should flow freely like the Internet:

Internet companies can release some products and make them available worldwide. But when we talk about paying for it, you have to pay attention to each of the different markets and pay attention to the attitude of the regulator. Not only that, but you also need to work with local banks, as long as you want to enter a new market, the process will be very slow. Now that we have an Internet native currency (bitcoin), it can make Square more like an Internet company.

It’s no surprise that Facebook didn’t realize this, because Mark Zuckerberg is more keen on making money (now he is the fifth richest man in the world), every click and every time a user clicks on his social media site. Every share will make the company's shareholders more and more wealthy. Even so, Mark Zuckerberg does not seem to be content with being in the position of “the fifth richest man”. He may not want to stay there, but hopes to continue to climb.

Although it’s a billionaire, Jack Dorsey is obviously different. He doesn’t have the “control desire” like Mark Zuckerberg, which allows him to “bet” Bitcoin with a more open mind, because there is no People can "control" bitcoin.

Jack Dorsey foresees the coexistence of Square and Bitcoin, and can even create a more prosperous future. He has put forward this view:

“Bitcoin is very pure and focuses on the public interest, unlike any other 'currency'. Bitcoin is deflated, designed to encourage savings rather than spending, a model for the world. And people's perceptions of consumption are very positive. Because Bitcoin is a scarce resource, its value will always increase, which means that people need to think more about how to use Bitcoin correctly."

In fact, if Mark Zuckerberg and members of the Libra Association really want to make a difference in the field of cryptocurrencies, they should learn Square, and Jack Dorsey can point them in the right direction and make them better.

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