Jack Dorsey Continues The Attack Against Web3: Ethereum Fills Silicon Valley VCs' Bellies While Retail People Starve
Twitter Inc. (NYSE: TWTR) co-founder Jack Dorsey continued his tirade against Web 3.0, which has been touted by its supporters as a decentralized future version of the internet that would run on blockchain networks.
What Happened: Dorsey, a big supporter of Bitcoin (CRYPTO: BTC), shared his thoughts in a series of tweets on Tuesday, criticizing the centralized nature of Web3.
Blockchain enthusiasts and users do not actually own Web3. Instead, these new web systems are controlled by venture capital firms and limited partnerships, he said.
You don’t own “web3.”
The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.
Know what you’re getting into…
— jack (@jack) December 21, 2021
Dorsey also agreed with a tweet that depicted a cartoon showing Web3 filling the bellies of Silicon Valley venture capitalists even as retail people starved.
— jack (@jack) December 21, 2021
Needless to say, Dorsey’s criticism upset supporters of Web3.
Chris Dixon, a partner at venture capital firm Andreessen Horowitz that has invested heavily in companies developing Web3 technologies, said in a tweet that they will ultimately win despite being ignored first.
first they ignore you
then they laugh at you
then they fight you we are here
then you win
— cdixon.eth (@cdixon) December 21, 2021
Another Twitter user noted that Dorsey has himself taken a lot of money from venture capital firms, to which Dorsey replied that was the reason he knew exactly what he meant.
And this is why I know exactly what I mean.
— jack (@jack) December 21, 2021
Words.
— jack� (@jack) December 22, 2021
Why it Matters: Dorsey had joined Tesla Inc. (NASDAQ: TSLA) CEO and Dogecoin (CRYPTO: DOGE) proponent Elon Musk earlier in criticizing Web3.
Replying to a tweet by Musk, Dorsey said that Web3 can be seen “somewhere between a and z.”
Dorsey’s tweet referred to Andreessen Horowitz, which is also known as a16z and is a big investor in non fungible token (NFT) marketplace OpenSea.
Web3 is supposed to be a decentralized version of the internet that would challenge the dominance of tech giants such as Microsoft Corp. (NASDAQ: MSFT), Alphabet Inc.’s Google (NASDAQ: GOOG), (NASDAQ: GOOGL) and Amazon.com Inc. (NASDAQ: AMZN). The term was coined in 2014 by Ethereum (CRYPTO: ETH) co-founder Gavin Wood.
Price Action: Bitcoin is up 1.1% during the past 24 hours, trading at $49,120.18 at press time. Dogecoin is up 1.8% during the period to $0.1734.
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