People are ridiculous about cryptocurrencies and the SEC's authority to regulate securities (and decide what a security is).
To have an enormously engaged platform with a moderation problem and a cryptocurrency with an SEC problem and to pick the SEC problem is ...
I'm sorry for the workers, their families, and their investors that they're losing their jobs and the work they put into the platform will just be gone because the founders have dreams about money laundering and securities fraud (and delusions about labeling what they are doing as something else).
It's text chat. They're sending strings between web browsers with a server in the middle. Google releases 5-10 new chat services a year. They don't have much to keep them afloat outside of moatless-popularity. Their position was always incredibly fragile.
A few small bumps is all that's needed by to take them out. They didn't recognize that and fell over.
Great point since it was a well functioning large messaging platform. That's not easy, a ton of work went into marketing, engineering, and strategy to get to this point. All that thrown away, yikes.
It seems like their plan for monetizing it had been going on a long time and failed to get them off the runway before it ended so now they're doubling down on the monetization but dropping the platform it was supposed to monetize.
People are ridiculous about cryptocurrencies and the SEC's authority to regulate securities (and decide what a security is).
To have an enormously engaged platform with a moderation problem and a cryptocurrency with an SEC problem and to pick the SEC problem is ...
I'm sorry for the workers, their families, and their investors that they're losing their jobs and the work they put into the platform will just be gone because the founders have dreams about money laundering and securities fraud (and delusions about labeling what they are doing as something else).