Skip to main content

Twitter’s Jack Dorsey takes aim at Coinbase's apolitical stance

Twitter CEO Jack Dorsey has called out Coinbase for seeking to suppress political activism and suggesting employees who think differently should leave.

Twitter CEO Jack Dorsey has taken major U.S. crypto exchange Coinbase to task over its open letter to employees published on Sep 28. 

The letter, written by Coinbase CEO Brian Armstrong, explained why the firm intends to avoid political and social distractions, and instead focus on its core mission of building an open financial system for the world.

The new direction has met with strong support in some quarters and pushback from others.

In a Twitter post to his 4.7 million followers, Dorsey argues that “Bitcoin (aka crypto) is direct activism against an unverifiable and exclusionary financial system.” He goes on to add that the exchange cannot simply ignore social issues as this will leave its customers behind:

Dorsey has long taken an active involvement in the cryptocurrency space, and Twitter itself has been criticized for favoring progressive over conservative political views in its moderation process. But Dorsey's opinion urging greater political engagement was not well received by the crypto community with the overwhelming number of replies agreeing with Armstrong’s approach.

The vice president of venture capital firm Founders Fund, Mike Solana, did not agree with Dorsey opposing “a corporate trend away from polarizing political statements and dramatic displays of culture war pageantry”. Solana contrasted this apolitical approach with Twitter’s business model and suggested Dorsey was “a man who makes hundreds of millions of dollars fueling political polarization.”

Adam Draper, the son of famed crypto investor Tim Draper, praised the Coinbase approach, comparing Armstrong to Michael Jordanfor his single-minded focus on advancing the virtual currency sector:

“This is thought leadership. We get things done when we are all focused on a unified mission. Brian is Jordan in his prime right now. If anyone is selling shares of Coinbase, I’ll buy.”

Dorsey wasn’t entirely without support however:

Coinbase has offered any employee who fundamentally disagrees with Armstrong’s position a severance package of up to six months. The email added: “it’s always sad when we see teammates go, but it can also be what is best for them and the company.”



from https://ift.tt/2G4Ypbr
https://ift.tt/2Gouvi8
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

DeFi isn’t dead, it just needs to fix these 3 critical problems

It’s been a rough year for DeFi, and it may not get any better until projects focus more on security, regulation and usability. The persistent challenges  decentralized finance  face have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by greed. UST/LUNA is just the latest in a string of bad developments: — Peter Yang (@petergyang) May 11, 2022 Let's take a look at what experts say DeFi needs to do in order to have another revival.  Improved usability To date, the promise of open and uncensored access to a global decentralized financial system has been largely hampered by the complicated interface, confusing multi-step staking processes and lack of clarity surrounding the yields on various tokens. What do you thi...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

Institutional demand for crypto isn’t subsiding, but impact will be gradual

As another $2-trillion stimulus package looms in the U.S., institutions will continue to look at BTC as a hedge against inflation. For example, just last week, when the currency was hovering around the $30,000 threshold, a whole host of pundits was warning investors to brace for impact, suggesting that the premier crypto asset was on the verge of a correction and could once again dip to around the $20,000 region. However, in just one day, Bitcoin was once again playing with the bulls, retesting the $38,500 limit, only to witness a selloff and eventually settle around the $33,500 region. While for most crypto veterans that might have been another day at the office, others branded the upsurge as “Elon’s Candle,” which relates to Elon Musk, the CEO of Tesla, who included “Bitcoin” in his Twitter bio as well as sent out the following cryptic message “in retrospect, it was inevitable” to his 40 million-odd followers online. Regardless of the cause, has the recent price volatility sca...
Post a Comment
Read more