Ethereum Is Too Fragile And Can Fail – Jack Dorsey Warns

Ethereum Is Too Fragile And Can Fail – Jack Dorsey Warns

Twitter’s former CEO, Jack Dorsey, has again shown his fierce loyalty to Bitcoin by seemingly dissing Ethereum. Over the weekend, Twitter co-founder and Block CEO Jack Dorsey tweeted harsh criticism of Ethereum, claiming that the blockchain has many single points of failure and that projects built on the Ethereum platform are uninteresting to him.

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And now let’s move back to Jack’s post. It started with a tweet from Ethereum co-creator Vitalik Buterin. Buterin referred to Tesla CEO Elon Musk’s recent purchase of a 9.2% stake in Twitter, which several people, including Dogecoin co-creator Jackson Palmer, believe could lead to a takeover. Buterin wrote that while he is not opposed in principle to taking over Twitter, he fears the move would set a dangerous precedent for less liberal individuals and organizations.

Dorsey replied the “same” and in another tweet added,

“I don’t believe any individual or institution should own social media, or more generally, media companies. It should be an open and verifiable protocol. Everything is a step toward that.”

At this point, DeSo, the crypto-powered social network formerly known as BitClout jumped on the thread to do some self-promotion. Jack Dorsey responded that if DeSo is an Ethereum protocol, he is not interested; fortunately for Deso, it is not.

Jack Dorsey has admittedly never been a fan of Ethereum and has been quite open about his stance on the cryptocurrency. Dorsey has always been a bitcoin maximalist through and through, showing support for the pioneering cryptocurrency at every turn. He even went as far as stepping down as Twitter’s CEO to focus more on Block adventure, which focuses solely on building with Bitcoin.

It isn’t exactly news that Dorsey loves some Bitcoin. He has said that he is working to make Bitcoin the native currency for the internet. He has also gone on record saying that he won’t even invest in Ethereum. Never mind that Twitter minted a collection of Ethereum-backed non-fungible tokens last year. The Ethereum he gained from selling his first tweet as an NFP was immediately converted to Bitcoin and donated to charity.

Dorsey seems to be expressing more contempt for Ethereum. Despite being vocal about not being a supporter of Ethereum, Dorsey does get asked a fair bit about what he thinks about the asset and the blockchain as a whole. It’s one of these instances that led Dorsey to once again show that he does not support the digital asset. With Dorsey focusing all of his energy on building with Bitcoin, others have brought up the possibility of the Block CEO integrating other blockchains into his work.

A twitter user @cdixon last year posed the possibility of the CEO working with Ethereum and other blockchains, stating that there were other applications of cryptocurrencies that would require other chains.

Dorsey responded to the tweet with a clear and concise tweet. The tweet once again leaned greatly towards support for Bitcoin as the CEO explained that only secure and resilient technology should be used, alluding to the centralized nature of the Ethereum blockchain.

‘I believe in your ability to understand systems. It’s critical we focus our energy on truly secure and resilient technologies owned by the mass of people, not individuals or institutions. Only that foundation will provide for the applications you allude to.’

Dorsey isn’t known for his Twitter timidity. He dragged the Robinhood trading app and its CEO, Vladimir Tenev, last week. Last Christmas, he jumped on a crypto thread by musician Cardi B, the Lambast Web, and 3 venture capital firms. Dorsey is a proud Bitcoin maximalist and says all other cryptocurrencies don’t factor in at all. Last summer, he said no when someone tweeted that it was only a matter of time before the Block CEO invested in Ethereum. A month and a half later, he not coincidentally shared an anti-ethereum tweet. But still Dorse’s criticisms of the world’s second-largest cryptocurrency remained obscure until last weekend.

Before leaving Twitter last November, Dorsey wanted to design a decentralized standard for social media platforms to conform to. In 2019, he funded an initiative called Bluesky led by Twitter’s then-CTO Parag Agrawal to work towards this goal. In August 2021, Dorsey tapped Jay Graber, creator of events social network happenings, who took over from Agrawal as project lead, Agrawal, then became Twitter CEO after Dorse’s departure.

[This article is a transcription of a video made by Savvy Finance]

Original video: https://youtu.be/HEPhMZ6f8uQ ]