Jack Dorsey says Elon Musk became ‘reckless’ and ‘impatient’ and rushed out new Twitter features that ‘weren’t thought out’

In one of the first interviews Twitter cofounder Jack Dorsey has given since he stepped down from Twitter’s board last year, he reflected on Elon Musk’s run as Twitter CEO, calling some of the moves the billionaire made “fairly reckless.”

The former Twitter CEO, who has backed the invite-only, Twitter-alternative Bluesky, spoke with hosts Krystal Ball and Saagar Enjeti on their “Breaking Points” YouTube channel in an interview posted Monday. In the interview, Dorsey discussed an array of topics, including endorsing presidential candidate Robert F. Kennedy Jr., his concerns about artificial intelligence, and Musk’s time running Twitter.

Dorsey said he asked Musk to join Twitter’s board many times before Musk joined in April of last year, during which Musk also agreed to buy Twitter.

“Elon is our number one user. He’s our number one customer,” Dorsey said in the interview. “He understood the platform deeply, and he’s a technologist and he builds technology.”

Jack Dorsey says Elon Musk became ‘reckless’ and ‘impatient’ and rushed out new Twitter features that ‘weren’t thought out’

But when Musk tried to back out of buying the company, prompting a lawsuit from Twitter, Dorsey said that was “when things went south.”

I was really happy to hear that Elon Musk would be on the B-Word, and not only that but with Jack Dorsey and Cathie Wood too. In my opinion, the intention of this meeting was all about making sure Elon heard the arguments that the Bitcoin community had been vocal about.

And these arguments are presented in a calm professional manner, by other respected members of the Bitcoin community. Along with Elon expressing the issues he had with Bitcoin and being heard. The hope is that Elonassigns his crypto badge of approval to Bitcoin.

As some of you know, Bitcoin is my only other holding. I am firm believer that all othercryptos are fugazis. The altcoins, are doing a great job in marketing themselves, to identifyhow they differentiate from bitcoin, or how they serve a unique application in a nichein a way unique from Bitcoin.

They even have their own PR departments to spin everythingin their favor. The fact Tesla and Bitcoin happen to coincide at the same time in similar disruptive stagesin their industries is just that much more exciting. To see energy and transport disruptedand decentralized by Tesla, whilst Bitcoin doing the same to finance, in the long run,are bound to raise the overall standard of living significantly, through decentralization.

I love it! This could perhaps be likened to the modern day Magna Carta. Meaning those in charge haveto obey the same rules as everyone else. As in, if people have to budget and spend theirmoney wisely, then so should the government, rather than continually printing more of it.

Whenever they print more, then they are ironically taking wealth from the poor. Quantitative Easing will likely result in increased inflation, which reduces the purchasingpower of a dollar. It is generally the poor who live in cash societies.

The converse is true for the rich, when money is printed their assets increase in value,and their debt decreases with inflation. Thus resulting in further inequality. Anyway, is Bitcoin the answer? Well lets see how the event unfolded.

I think Cathie did really well, she seemed prepared for the meeting, and orchestratedthings well. Elon goes into first principles of what money is. He has decided to call it an informationsystem for labor allocation . But exists in many heterogeneous databases, and moves veryslowly.

Elon thinks the best way is to have data on a network, with the most through put, andthe least error. Error being fraud. But also government interference being a source oferror too. Which means I think we can infer that Elonis not a fan of fiat based currencies that governments control.

He goes on to talk about how it is completely decentralized, saying having no throat to choke. Elon goes on to talk about how he personally owns Bitcoin, and we also discover Space Xhas a Bitcoin holding too. Elon also has some personal holdings in Etherium and Doge, butit sounds like they are insignificant, relative to his bitcoin holdings.

Jack Dorsey explains how the internet needs a native currency, and Bitcoin is ideal andproven, with a solid community behind it. Jack also goes into detail about some advantagesof having a digital currency in other parts of the world, where it is not currently possible,but could be made possible with Bitcoin.

And how that will facilitate commerce for thesenations. Cathie Wood talks about the various aspects of money, such as store of value. Some ofthe typical benefits of Bitcoin we have heard numerous times. She explains the macroeconomicsside of scarcity, purchasing power and inflation.

Elon talks about how Bitcoin can t be scaled to be the monetary system for the world . Thatis the phrase he used, as in this is the real subject, can Bitcoin literally be the #1 globalcurrency and monetary system. However, Elon is just saying that bitcoincannot scale at its base layer.

But is possible with secondary layers, and he does specificallymention the Lightning Network. Which allows transactions to be done off the blockchain,thus significantly increasing processing times and reducing transaction costs.

Elon also discloses that he doesn t pump and dump, something some people suspected he wasdoing. It would appear, that he was just literallyhaving fun with Doge, possibly just due to a saying that he likes, that evolved fromOccam’s Razor, as in the simplest answer is the most likely, but then Elon says a friendof his came up with the most ironic outcome is the most likely and then Elon s varianton that is the most entertaining is the most likely.

Thus justifying Doge coin as it was started as a joke and is thus the most entertainingand ironic outcome. Which Jack says bitcoin is likely resilient enough to overcome saidtheories. So to all of you that thought that Dogecoinwas legit , I hope you are starting to come to some realization.

They move on to energy and Bitcoin. Elon basically says that Bitcoin is not on brand for Tesla,due to Bitcoin having to use so much coal for energy, despite what Bitcoin has donefor renewable energy. Elon does then say that Tesla will resume using Bitcoin for transactions if the energyis above 50% renewable, with a trend to continue in that direction.

Which is a positive for Bitcoin. Elon also mentions nuclear. Which I can t recall him talking about previously. I have also said I believe we will have to turn to nuclear to remove ourselves from fossil fuels. I just don t see how you can power the likes of China with just solar and wind.

Jack says Bitcoin is also a great way of discovering any extra unused energy, and converting itinto a secure, sound money system for the planet. Cathie Wood explains how its of benefit to society in that citizens can transfer theirmoney at minimal cost, compared to up to 30% to transfer money to their families.

Or howother citizens are at the mercy of authoritarian governments, or others who live within doubleand triple digit inflation, losing their purchasing power. Bitcoin may be volatile, but it s stillmore stable some other currencies. Where Bitcoin is already a better solution for them

Elon talks about private keys for crypto. Any crypto or exchange that does not giveyou your private keys, then it is not decentralized. If you have your crypto on an exchange, itis not secure. For it to be secure you should have your own hardware wallet with keys.

Which is what you can do with Bitcoin currently. You can also have multiple keys if you sochoose. But they didn t go into much detail about what is available today, in regardsto hardware wallets and keys. Jack talks about how much he loves Bitcoin, how great it is, how much he learned fromit, and how he wants to push the community out.

Elon then somewhat calls him up on thisstatement. Elon asks Jack why doesn t he let Twitteradvertisers pay in crypto. Almost like why don t you put your money where your mouthis? Jack misdirects and evolves the question intosomething bigger, that if the internet had a native currency, such as bitcoin, then Twitter wouldn’t have had to be so dependent on advertising anyway.

But this conversation ends up focusing on that there needs to be more off-ramps intoreal products and services using Bitcoin, will will in turn give more support to Bitcoin. Then Elon puts Jack on the spot and asks himif he is going to do it, accept crypto for foradvertising.

I am inferring it almost as if Elon wants to see Jack put more skin in thegame, before Elon follows suit. Elon says that we should generally do things that benefit the people as a whole and increasethe probability the future is good. Implying Bitcoin is the antithesis of centralized fiatcurrencies.

In other words, the world is a better place if we take monetary policy awayfrom the government. Elon does then refer to governments as corporations, which is a similar perspective on how I alsoview them. Except its a corporation you are forced to use their products at gun point,and if you don t they put you in a cage

And these corporations are run incredibly inefficient. Cathie talks about a lot of the other popular benefits of Bitcoin that we have mostly heardbefore, she comes off confident, and prepared. Elon then talks about how the interest rates are negative in Europe, and that you haveto pay them to hold your money.

Whereas Bitcoin simply wouldn t charge you to hold. Jack then summarizes how Bitcoin is still not intuitive enough, and more work needsto be done on wallets, but it is improving. They are then each asked what hope they have for Bitcoin.

Elon says he basically wants money without government intervention or fraud. Giving morepower to the individual. Cathie says she likes the rules based monetarypolicy side, ESG, which is how Bitcoin is better environmentally, socially and for governance.

And Jack hopes it can create world peace. Partly removing all these monopolies on violence.SummaryWhat can we interpret from all this? Was Elon seriously just having fun with Dogecoin, whilstpeople were literally gambling with their savings based on memes.

Was Elon possiblyattempting to use his influence and see how far he could push it, as far as a currencywas concerned. Is Elon serious about the energy used to mineBitcoin? I mean if Bitcoin did become the #1 monetary system, then the energy used wouldstill be pale in comparison to what the global financial systems currently consume.

I meana large percentage of Tesla electric cars also run on energy created by coal. So thisis somewhat hypercritical. And does contradict Elon s narrative. Implying possibly an ulteriormotive. On the other hand, if we follow the money, then Elon benefits significantly morefrom Bitcoin.

So perhaps this was just Elon wanting to be heard. The main takeaway is that Elon Musk is onboard with Bitcoin, and will likely add it as anaccepted form of payment for Tesla, which will give more faith and confidence in thecurrency.

Also it sounds like Elon is not serious about Doge, or at least, hopefully,the joke is over. Bitcoin was literally under $30,000 beforethis interview, and has recovered almost 10% since. In my opinion this is still a goodprice, and I would have expected it to rise more.

But on the other hand if a nation, likeEl Salvador, can accept it as legal tender, doesn t bump the price much either, then perhapsElon Musk s stamp of approval might not do too much at this current stage. I think Bitcoinmight be a slow grind back to recovery for now.

One of the biggest catalysts for Bitcoin, would be for it to have its own ETF. Thismight compared to Tesla perfecting their 4680 line. Both events would be needle movers.

Similar to Tesla s stock price too, I can t see either of these moving particularlymuch for the rest of the year. Which is good for us, as it gives us more time to save up to invest more.

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Information Source:-businessinsider

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