Twitter co-founder and CEO of Block Jack Dorsey believes the internet is a concept Web 3.0 blockchain-based will not be decentralized due to the strong influence of venture capital.
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
“You don’t own Web 3. This is done by venture capital firms and their capital providers. It is ultimately a centralized venture under a different label. Know what you are getting yourself into, ”he wrote.
The post received over 42,000 likes and 7,017 retweets. In the ensuing discussion, many disagreed with Dorsey. He was also reminded that his projects attracted “a lot of venture money.”
And this is why I know exactly what I mean.
– jack⚡️ (@jack) December 21, 2021
“That’s why I know exactly what I mean,” Dorsey replied.
Its supporters pointed to data from Messari showing that venture capital firms own significant amounts of tokens in many large blockchain projects.
Dorsey’s supporters included Elon Musk, who asked “has anyone seen Web 3” at all. The former Twitter head hinted at Silicon Valley venture capital giant Andreessen Horowitz (a16z) in response:
“It’s somewhere between a and z.”
It’s somewhere between a and z
– jack⚡️ (@jack) December 21, 2021
The firm has a strong focus on technology projects, and Web 3.0 proponent general partner Chris Dixon joined the discussion. He recalled the famous saying of Mahatma Gandhi about the stages of victory:
“First they ignore you, then they laugh, then they fight, and then you win.”
You’re a fund determined to be a media empire that can’t be ignored … not Gandhi.
– jack⚡️ (@jack) December 21, 2021
“You are a foundation determined to be a media empire that cannot be ignored … not Gandhi,” Dorsey said.
He then retweeted a cartoon depicting the boom in Web 3.0 technologies pouring capital into venture capital firms and taking drops for retail investors.
– jack⚡️ (@jack) December 21, 2021
Andreessen horowitz blocked Dorsey on Twitter, and he turned to direct criticism of the firm, suggesting that its slogan – “We invest in software that conquers the world” – replaces the last word on the Web.
“We invest in software eating the world”
* web
– jack⚡️ (@jack) December 22, 2021
“This mission statement has always felt kind of grim,” Dorsey added.
As a reminder, in December the payment company Square, which he founded and heads, changed its name to Block to emphasize its commitment to blockchain.
The company previously invested $ 50 million in bitcoin and $ 170 million in equity.
