Apple thought cryptocurrencies were a ponzi scheme, ex-app store executive reveals

Apple thought cryptocurrencies were a ponzi scheme, ex-app store executive reveals

The relationship between Apple and the cryptocurrency industry has been rocky in recent months. However, former App Store executive Phillip Shoemaker revealed that the problem is older than anyone thought.

In a conversation with Decrypt published on Thursday (2), Shoemaker stated that the “Apple has had a problem with cryptocurrencies since day one”showing the giant’s lack of confidence in the sector.

However, Apple’s problems seem to extend beyond cryptocurrencies. According to the director, while working at the App Store, he received several death threats, likely from developers angry at the giant’s policy of accepting new applications.

The Apple Policy That Angered Cryptocurrency Companies

While getting approval for an application to be included in Apple’s App Store is a big challenge, the task becomes even more complicated when it comes to cryptocurrencies.

For example, Apple has started charging a 30% fee for all NFT transactions on apps found in the store. That is, this made many companies unfeasible, which charged much lower costs from their users.

Many users were concerned about the decision. After all, Apple could apply such a policy to other applications, such as wallets, and charge a 30% fee for each transaction made by them.

Months later, the giant also blocked the Coinbase app, the largest US cryptocurrency brokerage, reigniting discussion on the subject.

This is not a new problem, says former App Store executive

Director of the App Store between 2009 and 2016, Phillip Shoemaker made strong statements this week, stating that Apple viewed cryptocurrencies as a pyramid scheme.

“Apple has had problems with cryptocurrencies since day one. They thought it was a Ponzi scheme.”

That is, this could have been a major barrier to cryptocurrency projects trying to please customers with iOS devices.

Even claim that the store “went through a big change” since his departure, developers are still unhappy with Apple’s new policies, as shown above, mainly due to the high established fees.

Finally, Shoemaker also said his job was somewhat thankless. “I received hundreds of death threats”he reported, saying he was even hounded by angry developers.

Source: Live Coins