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Jack Dorsey and Elon Musk Raise Concerns Over Web3 as Skepticism About Ownership Grows


By Yes Mobile

Jack Dorsey and Elon Musk Raise Concerns Over Web3 as Skepticism About Ownership Grows

Jack Dorsey and Elon Musk Raise Concerns Over Web3 as Skepticism About Ownership Grows

Former Twitter CEO Jack Dorsey has ignited a debate about web3 after Tesla CEO Elon Musk criticized it. Dorsey warned of the dangers from centralization, emphasizing that web3 is owned by enterprise capitalists (VCs), hiding beneath the premise of decentralization. “I’m involved to see ‘the business’ be distracted beneath false pretenses once we may all be engaged on issues which have an opportunity at fixing the actual points,” Dorsey wrote.

Jack Dorsey Says Web3 Is Owned by VCs, Tells Elon Musk ‘It’s Someplace Between A and Z’

Jack Dorsey and Tesla CEO Elon Musk raised issues about web3 this week. Dorsey warned Monday: “You don’t personal ‘web3.’ The VCs and their LPs do. It’s going to by no means escape their incentives. It’s finally a centralized entity with a special label. Know what you’re entering into.”

His remark adopted Musk’s tweet a day prior stating that web3 “appears extra advertising buzzword than actuality proper now.” The Tesla boss additional tweeted, asking: “Has anybody seen web3? I can’t discover it.” Dorsey replied: “It’s someplace between a and z.”

Whereas Dorsey didn’t specify which firm he was referring to, many individuals on Twitter guessed that he was speaking about enterprise capital agency Andreessen Horowitz (also called A16z), which has been closely pushing web3. “As the most important investor in the area, we all know web3—however we additionally perceive public service,” the A16z web site states.

Some individuals shared Dorsey’s skepticism about enterprise capital companies. Cory Klippsten, founding father of Swan Bitcoin, commented: “Jack is aware of precisely the large rip-off A16z is perpetrating.” One other Twitter consumer described: “This tweet is referencing the shady crypto tasks being funded by Silicon Valley juggernaut VC agency A16z (Andreessen Horowitz). They’re creating cash like solana after which utilizing their infinite capital to market them, explode in market caps then dump the cash on unsuspecting individuals.”

Web3 and Twitter

Balaji Srinivasan, a common associate at A16z who was the CTO of crypto trade Coinbase, disagreed with Dorsey and introduced up Twitter for example. He wrote: “Twitter began as a protocol, the free speech wing of the free-speech occasion. Then company & political incentives led to deplatforming & censorship. Web3 affords the likelihood, not assure, of one thing higher.”

Dorsey replied: “All false. Twitter began as an organization. It’s had company incentives from day 1. It’s making an attempt to offset these, and it’ll, by way of Bluesky.” He elaborated:

‘Web3’ has the identical company incentives, however hides it beneath ‘decentralization.’ It’s actually a special cap desk construction.

The previous CEO of Twitter, who continues to be the CEO of Block Inc., previously Sq. Inc., additionally clarified Tuesday that he has nothing to do with web3 and has by no means been in it regardless of some information articles suggesting in any other case. He tweeted: “I’ve nothing to do with ‘web3.’ WSJ and others want names and images to generate clicks.”

Heated Debate Over Web3 Ensues

Many individuals chimed in on the dialogue about web3 on Twitter in response to Dorsey’s tweets. Some agree with Dorsey, together with Alex Thorn, head of Firmwide Analysis at Galaxy Digital, who tweeted:

Jack is true that many web3 tasks have possession points.

Thorn continued: “That is very seen with newer L1 chains, whose provides are way more centralized than these from the ICO period (not to mention bitcoin). Exhausting to see how the provides (& governance) of those cash decentralize over time.”

Alexander Leishman, CEO of River Monetary, wrote: “Jack will get it. Web3 will preserve making individuals loads of $$, however don’t delude your self.”

Nonetheless, some individuals disagree with Dorsey to some extent. The founders of the crypto trade Gemini, the Winklevoss twins, joined the dialog. Tyler Winklevoss identified that Dorsey bought his first-ever tweet as a non-fungible token (NFT) for over $2.9 million. “Dropped at you by web3,” he wrote. His brother, Cameron Winklevoss, famous:

If web2 may offer you possession of your information and privateness, web2 would have given you possession of your information and privateness. Web3 a minimum of has an opportunity.

Chris Dixon, a associate at A16z, argued: “In web3, all of the code, information, and possession is open supply. Learn it and resolve for your self. VCs (together with A16z) personal little or no of it.”

‘I’m Involved to See the Trade Be Distracted Beneath False Pretenses’

Dorsey defined in a special tweet: “I’m involved to see ‘the business’ be distracted beneath false pretenses once we may all be engaged on issues which have an opportunity at fixing the actual points.” He emphasised that “The VCs are the issue,” and “not the individuals.”

Ajit Tripathi, CFA and head of institutional enterprise at Aave, commented:

Jack is mentioning a danger we must always acknowledge. It might not be what we need to hear however the danger of financial centralization of prime web3 properties could be very actual.

Dorsey responded with “Precisely.”

In response to Dorsey, he was subsequently blocked on Twitter by Marc Andreessen, co-founder of Andreessen Horowitz, who’s now an enormous investor in web3 startups. The previous Twitter boss wrote:

I’m formally banned from web3.

Do you agree with Jack Dorsey and Elon Musk about web3? Tell us in the feedback part under.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source programs, community results and the intersection between economics and cryptography.

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