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Jack Dorsey Gets Slammed by Twitter’s Crypto Crowd For Web3 Critique

Twitter boss Jack Dorsey kicked off a major storm this week, attacking an idea that cryptocurrency enthusiasts widely believe will lead to a new dawn for decentralized finance and the internet – the coming of web3.

Proponents of web3 hail it as a major revolution of the internet, bringing back control and ownership of information and assets exchanged over the web to the people. With that promise, it will also kill off the role of many of the giants that dominate the Internet today – namely the likes of Facebook, YouTube and Twitter.

But Dorsey suggested in a tweet – which has been retweeted almost 7,000 times – that at the moment, web3 is more of a marketing ploy than anything else:

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

What Dorsey is saying is that not even web3 has what’s required to escape the influence of the venture capitalists and liquidity providers that run the worldwide web today.

The tweet was quickly met with an angry backlash from the thousands of developers who’re working night and day to create a web3 entity that is precisely what Dorsey says it won’t be – an entity free from the influence of VCs. Quickly there emerged a chorus of voices calling out Dorsey for crushing the hopes and dreams of multiple brave people, with others claiming that in his naivete he simply doesn’t understand what is going on with web3 and therefore his comments should just be ignored.

Tesla founder Elon Musk, ever eager to play a part in all debates crypto, chirped in with a snarky comment that underscores how the very definition of web3 is still up for debate:

Has anyone seen web3? I can’t find it. — Elon Musk (@elonmusk) December 21, 2021

 

A more informed reply came from Willy Woo, an on-chain analyst with a big following in the crypto comm...

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