The founder of Twitter continuously tweeted criticizing Web3 and encryption venture capital, leading to dissatisfaction with KOLs in the encryption industry

Today, Twitter founder Jack Dorsey continued to criticize Web3 and crypto venture capital. At the same time, a16z partner Chris Dixon, The Block founder Mike Dudas, Delphi Digital co-founder Tom Shaughnessy and many other crypto industry professionals also joined the discussion.

The incident originated in a tweet this morning by the well-known American rapper Cardi B, that is, “Do you think cryptocurrency will replace the U.S. dollar?” Jack Dorsey responded that Bitcoin would. As a long-term hard-core supporter of Bitcoin, Jack Dorsey’s response was unexpected, but for most cryptographic people, this response means that he is ignorant of most cryptocurrencies other than Bitcoin.

Three hours later, Jack Dorsey tweeted again that Web3 is not owned by users, but “owned” by venture capital institutions (VC) and their LP (limited partners). He said: “Web3 will never escape their incentives. It is ultimately a centralized entity with different labels.”

The founder of Twitter continuously tweeted criticizing Web3 and encryption venture capital, leading to dissatisfaction with KOLs in the encryption industry

So far, Jack Dorsey’s remarks have caused a lot of dissatisfaction and rebuttals from people in the crypto industry. For example, Mike Dudas, the founder of The Block, responded, “It’s a big mistake, and it’s also very dangerous, because you preemptively killed many brave people to create a The hopes and dreams of a truly independent web3.”

Tom Shaughnessy, co-founder of Delphi Digital, said that funding and control are two completely different things. VCs can help allocate funds to projects that are ultimately owned by the community because they gradually decentralize the projects that Web3 users will own and control. And Web2 users will always be external.

Santiago Roel Santos, a partner at ParaFi Capital, responded that anyone can fork the code, so web3 is more generous to users, users control everything in Web3, and their wallets can move across applications, but if you only start building Twitter today , You have no chance, unless you give users and contributors more rights than venture capital.

A16z partner Chris Dixon responded that in web3, all code, data and ownership are open source. Users can read it and decide for themselves. Venture capital (including a16z) has very little.

Since then, Chris Dixon tweeted separately, “I am a big fan of Jack and hope that we can eventually bring him to ETH and other blockchains. BTC is great as a digital gold, but there are other important applications that require Other chains.”

But Jack Dorsey quickly responded, “I believe in you and your ability to understand the system. It is vital that we focus our energy on truly safe and resilient technology owned by the public, not individuals or institutions. Only this Only the basics can provide the applications you mentioned.”

In response to a Twitter user asking “What role does venture capital play in a truly decentralized world,” Jack Dorsey said, “Take their huge profits as an example. It should be for the real freedom and freedom they benefit from. Open source software provides funding.”

In another tweet, Jack Dorsey also stated that Twitter is advancing an agreement Bluesky that is not owned by him or the venture capital firm. It is understood that BlueSky was launched in 19 to create an open Twitter protocol that allows users to contribute data and access data from it, rather than a centralized service where social media platforms host content on their websites.

The founder of Twitter continuously tweeted criticizing Web3 and encryption venture capital, leading to dissatisfaction with KOLs in the encryption industry

Musk also joined the discussion and tweeted “Have anyone watched web3? I can’t find it.” Jack Dorsey replied under the tweet that “it is between a and z”, alluding to a16z. Earlier, Musk also said that the current web3 is more like a marketing buzzword than reality.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-founder-of-twitter-continuously-tweeted-criticizing-web3-and-encryption-venture-capital-leading-to-dissatisfaction-with-kols-in-the-encryption-industry/
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