Jack Dorsey, Twitter’s supremo and arch-Bitcoin bull (BTC), has used his platform to defend his BTC-only stance. He also stoked the ire Ethereum (ETH) supporters by remarking that Twitter accounts could one day be linked with Lightning Network wallets.
Dorsey has been busy engaging with crypto community members on all sides of the BTC-ETH fence in recent hours, and claimed that he was “definitely” not in BTC “for the money” as he intended “to give all mine away.” Instead, he argued, he is “in it to help fix the money.”
But ETH supporters have been bristling since Dorsey shared a post that was not crypto-related and featured a screenshot of a tweet from a Twitter account declaring that ETH is “a scam.”
This led to accusations from ETH community members that Dorsey was trolling them. He later denied the accusation, claiming that he wasn’t trolling or fighting rival “projects”, but rather “agreeing” that ETH “wasn’t a good idea.”
The war of words continued on various fronts, as Dorsey claimed he did not “believe any one company should ‘own’ the [non-fungible token] NFT space” – referring to the fact that most major NFT projects have sought to make use of the Ethereum blockchain.
ETH enthusiasts laughed at Dorsey’s comments. One wrote that “Big Tech is afraid of Ethereum” because it “disrupts Big Tech.”
Dorsey took objection to this, remarking:
“Disrupting Big Tech” is what I want and what we need. It won’t be possible with one technology.
When challenged to explain his “ETH hate,” Dorsey responded:
“Focusing on one thing doesn’t mean you have to hate the other. I have made my concerns about Bitcoin known to others. These are the founding principles, security, and centralization.
Dorsey also wrote that he “agreed” with a comment claiming that “every account on Twitter should have a wallet address for storing NFTs” – a move that “would benefit the ETH ecosystem way more than it benefits Twitter.” But he mused:
“Every Twitter account can link to a Lightning [Network] wallet but …”
He also clarified that he was not focused on the “Lightning Network for NFTs,” but instead “Lightning to enable a currency for the internet.”
On Reddit, Dorsey’s “casual” mention of the possibility of linking social media accounts to the network was met with much approval, with one Redditor urging the CEO to “get it done,” and another claiming that the move could help push the price of BTC to the USD 100,000 mark before the year is done.
Nonetheless, the ETH community was obviously furious at what it saw as a slight. @iamDCinvestor opined, “Dorsey’s doubling down against Ethereum” as “one of the greatest miscalculations web history.” “There is a huge opportunity to embrace Ethereum Web3 and other websites ready to embrace it,” he said. “Not lightning wallets that are linked to your account which nobody cares about, but there is a huge opportunity to social networks and other websites to embrace Ethereum Web3.
To this, Dorsey replied:
“I am focusing on a native currency to use the internet. That’s all.
Some members of the r/Ethereum Subreddit claimed that Bitcoin doesn’t threaten their business or wealth, while others said the opposite about ETH. Another wrote that ETH would mean a decentralized Internet that Mark Zuckerburg and Dorsey cannot control and censor. When internet 3.0 is free and open, no one will use their platforms.”
Others in the crypto world also gave their opinions. Jake Chervinsky, the General Counsel at Compound Finance, stated that he was happy for Dorsey “to focus exclusively” on Bitcoin. Some others suggested that this opinion wasn’t unpopular at all.
Anatoly Yakovenko, CEO of Solana Labs, offered a different response. She wrote that “99%” of the challenge was in onboarding people to cryptography.
Yakovenko suggested that Dorsey could contain 100 million dollars on bitcoin if he “gets 100,000,000 using self custody” the same way that Microsoft’s Bill Gates was able contain the web on Internet Explorer.