Jack Dorsey and Elon Musk expressed concern about Web3 because of increasing suspicion of ownership – Bitcoin News


After Tesla CEO Elon Musk criticized web3, former Twitter CEO Jack Dorsey sparked a debate about web3. Dorsey warned of the risks of centralization, emphasizing that web3 is owned by venture capitalists (VC) and hidden under the premise of decentralization. Dorsey wrote: “When we can all commit to things that have a chance to solve real problems, I am worried about seeing the’industry’ distracted under false excuses.”

Jack Dorsey said that Web3 is owned by VCs and told Elon Musk “It’s between A and Z”

Jack Dorsey and Tesla CEO Elon Musk raised concerns about web3 this week.Dorsey warn Monday: “You don’t have’web3′.” VC and their LP will do this. It will never escape their encouragement. It is ultimately a centralized entity with different labels. Know what you are doing. “

His comment was made after Musk’s tweet a day ago statement web3 “now seems more like a marketing buzzword than reality.” The Tesla boss further tweeted and asked: “Has anyone seen web3? I can’t find it.” Dorsey Replied: “It’s between a and z.”

Although Dorsey did not specify which company he was referring to, many people on Twitter speculated that he was referring to the venture capital firm Andreessen Horowitz (also known as A16z), which has been vigorously promoting web3. “As the largest investor in this field, we understand web3, but we also understand public services,” the A16z website said.

Some people and Dorsey are skeptical of venture capital companies. Cory Klippsten, founder of Swan Bitcoin, commented: “Jack knows exactly the large-scale scam A16z is implementing.” Another Twitter user described: “This tweet quoted Silicon Valley giant venture capital firm A16z (Andreessen Horowitz). Suspicious crypto projects funded. They are creating tokens like solana, then using their endless capital to market them, soaring market value, and then throwing these tokens to unsuspecting people.”

Web3 and Twitter

Balaji Srinivasan, the general partner of A16z and the CTO of the cryptocurrency exchange Coinbase, disagrees with Dorsey’s views and uses Twitter as an example.he wrote: “Twitter was originally an agreement, the free speech wing of the Free Speech Party. Then corporate and political incentives led to de-platformization and censorship. Web3 offers better possibilities, not guarantees.”

Dorsey replied: “It’s all fake. Twitter was originally a company. From day one, it has corporate incentives. It is trying to offset these through Bluesky, and it will do so.” He details Explain:

“Web3” has the same corporate incentives, but hides it under “decentralization.” It is actually a different upper limit table structure.

Former CEO of Twitter, current CEO of Block Inc. (former Square Inc.) clarify On Tuesday, he had nothing to do with web3 and was never interested in it, although some news articles suggested otherwise. He wrote on Twitter: “I have nothing to do with’web3′.” The Wall Street Journal and others need names and photos to generate clicks. “

The fierce debate about Web3 ensued

Many people joined discussions about web3 on Twitter in response to Dorsey’s tweets.Some people agree with Dorsey, including Alex Thorn, head of Firmwide Research at Galaxy Digital, who Tweet:

Jack is right, many web3 projects have ownership issues.

Thorn continued: “This is very obvious in the newer L1 chains, where the supply is much more concentrated than in the ICO era chain (not to mention Bitcoin). It is difficult to see how the supply (and governance) of these tokens changes over time Decentralized as time goes by.”

Alexander Leishman, CEO of River Financial, wrote: “Jack understands. Web3 will continue to make people a lot of money, but don’t deceive yourself.”

However, some people disagree with Dorsey to some extent. The Winklevoss twins, the founders of the cryptocurrency exchange Gemini, also joined the conversation.Taylor Winklevos Point out Dorsey sold his first tweet as a non-fungible token (NFT) for more than $2.9 million. “Brought to you by web3,” he wrote.Cameron Winklevos famous:

If web2 allows you to own your own data and privacy, then web2 allows you to own your own data and privacy. At least there is a chance for Web3.

A16z partner Chris Dixon believes: “In web3, all code, data, and ownership are open source. Read it and decide for yourself. Venture capital (including A16z) has very little.”

“I am very worried to see this industry distracted under false excuses”

Dorsey explain In another tweet: “When we can all work on things that have a chance to solve real problems, I worry about seeing the’industry’ distracted under false excuses.” He emphasized that “venture investment is the problem.” not human”.

Ajit Tripathi, Head of CFA and Institutional Operations at Aave, commented:

Jack pointed out the risks we should admit. This may not be what we want to hear, but the economic centralization risk of major web3 assets is very real.

Dorsey replied, “Exactly.”

According to Dorsey, he was subsequently blocked on Twitter by Marc Andreessen, co-founder of Andreessen Horowitz, who is now a huge investor in web3 startups.Former Twitter boss wrote:

I was officially banned from using web3.

Tags in this story

A16Z, Anderson Horowitz, Elon Musk, Elon Musk web3, Jack Dorsey, Jack Dorsieron Musk, Jack Dorsey web3, Metaverse, Network 3, Web3 centralization, Network 3 Debate, web3 decentralization, web3 ownership

Do you agree with Jack Dorsey and Elon Musk about web3? Please let us know in the comments section below.

Kevin Helms

As a student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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