What's Hot

    PancakeSwap users invited to participate in a decisive vote

    June 25, 2022

    the Cardano Foundation joins The Linux Foundation

    June 25, 2022

    The bear market is the best opportunity

    June 25, 2022
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    THECRYPTNEWS
    • Home
    • News
    • Guides
    • NFT
    • Analysis
    THECRYPTNEWS
    Home » VCs Fight Back as Jack Dorsey, Elon Musk Attack ‘Web3’ Narrative
    News

    VCs Fight Back as Jack Dorsey, Elon Musk Attack ‘Web3’ Narrative

    AdminBy AdminDecember 21, 2021No Comments4 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Jack Dorsey. Source: a video screenshot

    A fresh Twitter discussion about whether ‘Web3’ is something worth fighting for, or if it’s simply a term made up by venture capitalists as way to make money, is taking the crypto community by storm today – as everyone from Jack Dorsey to Elon Musk and well-known venture capitalists joined the online battle.

    The discussion followed a number of tweets from Jack Dorsey, the CEO of digital payments company Block and former CEO of Twitter, where he criticized the term Web3, saying he has nothing to do with it.

    The tweet appears to have been triggered by a newspaper item from the Wall Street Journal last weekend where Dorsey was mentioned as one of the most prominent members of a group of tech leaders who are working to shape Web3.

    What the article seemed to misunderstand, however, is that Dorsey does not consider himself an advocate for what some people call Web3, with entrepreneur and bitcoin (BTC) proponent instead hinting that the term has been made up by venture capitalists as a new way of generating money.

    “You don’t own ‘web3’. Tea [venture capitalists – VCs] and [liquidity providers – LPs] do. It will never escape their incentives, ”Dorsey wrote, before adding“ I have nothing to do with ‘web3’. ”

    However, it didn’t take long for venture capitalists to strike back, with Chris Dixon, a general partner at venture giant Andreessen Horowitz (a16z), saying that “all the code, data, and ownership is open source” in Web3.

    “VCs (including a16z) own very little of it.,” Dixon added.

    The discussion between the two did not end there, however, with Dorsey also responding directly to a tweet from Dixon where the latter said he hopes the former Twitter CEO will eventually come around from being only a Bitcoin proponent to also embrace Ethereum (ETH) and other blockchains.

    To this, Dorsey responded:

    “I believe in you and your ability to understand systems. It’s critical we focus our energy on truly secure and resilient technologies owned by the mass of people, not individuals or institutions. Only that foundation will provide for the applications you allude to. ”

    Meanwhile, Jack Dorsey also took another subtle hit at the influence of venture capitalists like a16z in the shaping of a Web3 narrative in a response to You’re here chief Elon Musk.

    “Has anyone seen web3? I can’t find it, ”Musk wrote, to which Dorsey replied “It’s somewhere between a and z.”

    The comment from the former CEO of Twitter – a company that has received substantial amounts in venture capital investments over the years – was quickly picked up by members of the bitcoin and crypto community, with for instance Swan Bitcoin founder Cory Klippsten suggesting that Dorsey understands that Web3 is a “massive scam” by venture capitalists.

    However, not everyone agreed with that take, with many also arguing that dismissing Web3 also means ignoring all of the use cases that exists in the crypto space outside of Bitcoin.

    Others also argued that although “It’s easy to be dismissive of web3,” people should keep an open mind.

    Some also took a more balanced approach, with the head of digital wallet Novi, Stephane Kasriel, saying “there are meaningful web3 projects out there,” although there’s also “a lot of hype” – and that venture capital firms are looking to “maximize returns.”

    A similar sentiment was also shared by Ryan Selkis, CEO of crypto researcher Messari, who wrote that “Web3 is partially VC / LP owned and partially retail owned.”

    Meanwhile, the discussion about whether Web3 is a user-controlled or VC-controlled phenomenon was not the only controversial discussion Jack Dorsey threw himself into yesterday.

    Responding to a tweet from the famous rapper Cardi B about whether her followers believe “crypto is going to replace the dollar,” Dorsey wrote:

    “Yes, Bitcoin will.”

    ____

    Learn more:

    – Jack Dorsey’s Decision to Quit Twitter Is Not a Vote of Confidence in Future of Social Media
    – Ethereum Founder Skeptical of Dorsey, Zuckerberg’s Plans

    – The ₿ Word Panel with Cathie Wood, Jack Dorsey, & Elon Musk
    – Coinbase Controversy Gets Violent Twist As Twitter CEOs Chime In

    – Crypto Investment Trends in 2022: Brace for More Institutions and Meme Manias
    – Messari’s Selkis Names His Top ‘Narratives and investment Theses’ for 2022



    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Admin
    • Website

    Related Posts

    Work on a Multi-CBDC Platform Has Revealed ‘More Questions Than Answers’ – BIS

    March 22, 2022

    Japan’s Crypto Exchanges Set to Speed ​​Up and Simplify Crypto Listing Process

    March 22, 2022

    Crypto Donations To ‘Freedom Convoy’ Evade Government Seizure

    March 22, 2022

    DeFiance Founder’s USD 1.76M Loss is a Lesson For NFT Investors

    March 22, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts

    • PancakeSwap users invited to participate in a decisive vote
    • the Cardano Foundation joins The Linux Foundation
    • The bear market is the best opportunity
    • The new hunting ground for cryptocurrency scammers
    • Crypto Firms Cut Ad Spending by 90% After Bitcoin (BTC) All-Time High

    Recent Comments

    No comments to show.

    Subscribe to Updates

    Get the latest sports news from THECRYPTNEWS.

    Advertisement

    Archives

    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021

    Categories

    • Analysis
    • Guides
    • News
    • NFT

    The leader in news and information on cryptocurrency, digital assets and the future of money, THECRYPTNEWS is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
    We're social. Connect with us:

    Facebook Twitter Instagram Pinterest YouTube WhatsApp Reddit
    Top Insights

    PancakeSwap users invited to participate in a decisive vote

    June 25, 2022

    the Cardano Foundation joins The Linux Foundation

    June 25, 2022

    The bear market is the best opportunity

    June 25, 2022
    Get Informed

    Subscribe to Updates

    Get the latest creative news from THECRYPTNEWS

    Facebook Twitter Instagram Pinterest
    • Home
    Copyright © 2021 Thecryptnews.com

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT

    DMCA - Terms and Conditions - Privacy Policy