The CEO of Minds.com, Bill Ottman, talked about Bitcoin (BTC) and its decentralized nature during the Joe Rogan Experience program. He has also talked about Jack Dorsey, the CEO of Twitter and its decision to support Bitcoin on the popular social network.
Ottman has also talked with CNN about the philosophical conflict of adopting cryptocurrencies without building open systems. He was specifically mentioning Twitter and Facebook. Jack Dorsey has been embracing Bitcoin during the last few months and has even participated in the so-called Lightning Torch.
Meanwhile, Facebook seems to be trying to build a new digital currency specifically designed for the remittance market in India. The digital asset is going to be used on the WhatsApp messaging application and could eventually be used in other platforms such as Messenger, Instagram or even on Facebook.
About this philosophical conflict, Ottman explained:
“I think that there’s a disconnect between how Dorsey is supporing Bitcoin but at the same time Twitter is a closed platform. The philosophy of Twitter is in conflict with the philosophy of Bitcoin. I do think it’s good that more high profile are using Bitcoin. It’s good that they’re doing that. But the Cash App, as well, is a closed system. Twitter is a closed system.”
He went on saying that the core philosophy of Twitter and Facebook, is very similar. They are using the most popular digital virtual currency to make headlines. However, they are not trying to implement decentralization and privacy policies such as the ones promoted by cryptocurrencies.
Ottman explained that he supports large companies supporting virtual currencies. However, people should not believe that Facebook and Twitter really care about the values of crypto if they are not open source and decentralized.
He has also talked about YouTube and how the platform is demonetizing videos that make specific comments. This is harming different content creators just because of sharing their views on specific topics.
There are some networks such as Minds and Steem that do no use advertising as a primary means of funding. Minds allow the user to become an advertiser. Users earn tokens for participating on the platform.