For one, crypto enthusiasts noticed striking similarities between a cryptocurrency white paper Sun released and other cryptocurrency projects, including Ethereum, the world’s second-largest cryptocurrency. Later, employees would discover he was more than willing to embrace it.īut right away, Sun struck some BitTorrent employees as a controversial character. One told me their initial reaction was, “Oh, cool, crypto, that’s a neat space that I’ve wanted to get into.” Sun was undeterred by BitTorrent’s associations with piracy. Sun ran a cryptocurrency company in Beijing called Tron, and like BitTorrent, crypto’s whole philosophy was built on decentralization. The man buying the company was a young Chinese uber-millionaire named Justin Sun. Soon it emerged the BitTorrent acquisition rumors were true. It supplied a technology and had no responsibility for the pirated content illegally distributed by it. The philosophy of decentralization shaped BitTorrent’s laissez-faire view of itself. Its genius came from being decentralized - spreading the burden of bandwidth, and liability, across a number of users instead of one company.
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Its technology, a peer-to-peer protocol that allows large files to download quickly, was notorious because those large files tended to be pirated movies and music. And there were rumors someone was actively trying to acquire it, a sign that management’s only means of escaping stagnation was to court a wealthy buyer.īitTorrent had a challenging reputation. One BitTorrent employee told me they enjoyed the slower pace of work: “It wasn’t growing like crazy or anything.” Establishing new revenue streams was difficult, and the company was starting to look like a distressed asset. After all, not all influential things make money. The company was founded in 2004, and though its namesake protocol helped shape the modern internet, by 2018, the company was languishing.
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Employees enjoyed patiently tinkering with creative projects and going home at a reasonable time, free from the tyranny of startup culture. If Silicon Valley operated under the idea that companies should move fast and break things, then BitTorrent had become an exception. When Chinese millionaire Justin Sun acquired BitTorrent, was he trying to skirt the trade war? Or fly right in the face of it, no matter the cost? By Chris Harland-Dunaway Sep 29, 2020, 10:00am EDT Photo by Calvin Sit/Bloomberg via Getty Images Illustrations by Alex Castro/The Verge Hype man of the century
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