Jack Dorsey wants to create a legal defense fund for Bitcoin developers

[Shawn Knight]

In brief: Block CEO Jack Dorsey has proposed the creation of a legal defense fund that would help Bitcoin developers deal with mounting litigation. The fund’s services would be free for developers to take advantage of if they choose to do so. Initially, volunteers and part-time lawyers would assist with cases, and the fund’s board would be responsible for determining which cases and defendants to help.

Dorsey outlined the basics of the proposal in an e-mail to the Bitcoin-dev mailing list. In it, he said litigation and continued threats to the community are having their intended effect as some individual defendants have chosen to surrender in the absence of legal support.

The Bitcoin Legal Defense Fund would be a non-profit entity tasked with helping developers minimize legal headaches. Specifically, the fund would assist with finding and retaining defense counsel, developing legal strategies and paying legal fees.

Dorsey, in addition to Alex Morcos and Martin White, would serve as the first board members.

Dorsey no doubt has a vested interest in Bitcoin. In late 2020, he used $50 million of Square’s money to purchase 4,709 Bitcoins. In hindsight, the move was viewed by some as the starting point for crypto's latest rally. At Bitcoin’s current value of $43,860.26, that investment is now worth more than $206 million.

The following summer, Square (now Block) said it was building a hardware wallet for the cryptocurrency. A few months later, Dorsey stepped down as Twitter CEO, no doubt freeing up a bit more time in his busy schedule.

Image credit: Tingey Injury Law Firm

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https://www.techspot.com/news/92963-jack-dorsey-wants-create-legal-defense-fund-bitcoin.html

 

[QuantumPhysics]

If Bitcoin (and other cryptos) were such good hedges against inflation and such great "stores of value", they wouldn't need so much legal defense.

But we already know the truth...

 

[Dimitriid]

Doesn't gets much more evil than "We know what you're doing is damaging and predatory to the point that people will try to defend against you, so we want to band together to present a united legal front and defend our right to basically bankrupt the world and destroy the planet"

What Dorsey deserves for stuff like this I cannot adequately put into words without getting in trouble with both community guidelines on the site and possibly actionable threats so I'll refrain from that part.

 

[QuantumPhysics]

Doesn't gets much more evil than "We know what you're doing is damaging and predatory to the point that people will try to defend against you, so we want to band together to present a united legal front and defend our right to basically bankrupt the world and destroy the planet"

What Dorsey deserves for stuff like this I cannot adequately put into words without getting in trouble with both community guidelines on the site and possibly actionable threats so I'll refrain from that part.

When I was last in Dubai I took a photo of a cigarette stand.

One sign read: "Cigarette Smoking will Kill you".

The sign beneath said: "Cigarettes sold here".

 

[m4a4]

Intention isn't very clear. What legal headaches are they talking about?

All I see is this feeding into the ignorance, which crypto haters will jump on (and assume the worst like they always do).

 

[BadThad]

Cyrpto is so awesome it needs a billionaire's defense fund to protect it! I guess people don't like losing their money. LOL

 

[punctualturn]

Cyrpto is so awesome it needs a billionaire's defense fund to protect it! I guess people don't like losing their money. LOL

Well, given what cryptocurrency can do and something similar happened in the past, nothing wrong in being prepared I guess.

https://millenium-state.com/blog/2019/05/03/the-dinar-gold-the-real-reason-for-gaddafis-murder/

 

[emmzo]

"The Bitcoin Legal Defense Fund would be a non-profit entity tasked with helping rich people minimize legal headaches." There you go, I fixed it.

 

[Bl00dyMinded]

When I was last in Dubai I took a photo of a cigarette stand.

One sign read: "Cigarette Smoking will Kill you".

The sign beneath said: "Cigarettes sold here".

Some countries by law have to place those warnings. Go to EU and every pack you buy will tell you this kills you.

 

[sorten]

Jack Dorsey wants to make more money. Because being a billionaire isn't enough.

What motivates people to work for so long after becoming uber wealthy? I don't understand. But maybe it's because I never found a career that I love. I just found one that pays me enough to put up with it.

 

[MyIOnU]

Ahahah the last thing you want to do is to trust Dorsey !!!

 

[pcnthuziast]

Hell exists for people like Jack.

 

[kiwigraeme]

Jack Dorsey wants to make more money. Because being a billionaire isn't enough.

What motivates people to work for so long after becoming uber wealthy? I don't understand. But maybe it's because I never found a career that I love. I just found one that pays me enough to put up with it.

It's not the money - it's feeling powerful , it's being jealous that Bezos, Musk are higher up the totem pole.
Why are whales , whales in mobile apps - they want to brag they are number one- so easy fleece, nerf gold tier , introduce new gold tier only $1000 to buy all each month.
Most people realise it's about your self - play a mobile game - invest most bang for bucks - free or $2/month - use those resources to improve your position - don't care about anyone else.
Same in life "Comparison is the thief of joy"- just do your own thing , be happy with what you have - someone else will always have greener grass - and they will be moving so much they can't enjoy it anyway . I would hate to own a yacht the size of a ship - 10 meters up from water, noisy , full of employees - as boring as a hotel or shopping mall

 

[BuckarooBonzaii]

The Bitcoin Baron or his intention to be one.