The Twitterverse is attacking Jack dorsey on all sides for daring to suggest that web3’s promise to give back control of the Internet to the people is a mere illusion. And he made some really good points.
Dorsey, the creator of Twitter, quickly became the target of hundreds of web3 advocates after tweeting to his six-odd million followers who “don’t own web3. VCs and LPs do it. ”
The thesis of web3 is that, with the advent of the blockchain and the subsequent rise of decentralized finance, it will allow the masses to finally regain control of the internet. This new third form of the internet promises to give people ownership of their data and thus much greater power over how it is used and the value it creates.
Such a revolution would inevitably threaten the dominance of today’s internet giants like Facebook and Twitter, and even if it doesn’t kill them, it will likely reduce their power significantly.
But Dorsey claimed he is not concerned, arguing that venture capitalists like Marc Andreessen’s a16z will never relinquish control, and was blocked by Andreessen on Twitter as a result. The suggestion is that anyone who believes in this democratized utopian political-economic vision of web3 is deluded.
You are not the owner of “web3”.
VCs and their LPs do. You will never escape your incentives. Ultimately it is a centralized entity with a different label.
Know what you’re getting into …
– jack⚡️ (@jack) December 21, 2021
Point out an instant reaction from hundreds of web3 advocates who were nibbling a bit to show just how wrong Dorsey is. The most vocal among them was the Bitcoin on-chain analyst. Willy woo, who was quick to point out that web3 doesn’t just promise to regain control from the venture capitalists who provide all the money and own all the liquidity. Rather, it has already done just that.
If they are truly open protocols, if the incentives become too perverse, the community tears apart the web of the founding / VC coalition. It is the community that drives these networks.
For example, CryptNote from 2014 for the Monero relaunch or the recent community battle against Brock Pierce on EOS.
– Willy Woo (@woonomic) December 21, 2021
It’s hard to argue with Woo, as the EOS community has only recently demonstrated the full power of web3 in all its glory, ripping off its biggest developer and project leader, blockchain development company Block.one, amid fears that will no longer act in the best interests of the network.
The EOS situation was a prime example of how big money was not delivering on its promises, forcing the community to come together and effectively fires Block.One and its lead developer Brock Pierce. As a result, Block.One has been completely cut out of millions of dollars in EOS tokens that it was supposed to receive for leading the project for the next several years, and there are absolutely no resources available for it. The community, united through the EOS Network Foundation and its leader Yves La Rose, won hands down. That’s the power of web3 right there. If all else fails, the community can walk away, and that’s essentially what it did.
Woo wasn’t the only one to criticize Dorsey’s misconceptions about web3, with others pointing out that the Twitter boss simply doesn’t understand what web3 is, implying that his comments should be ignored.
Dorsey later attempted to moderate his comments, replying to By Mike DAOdas suggestion that he is “totally wrong” in saying that he was actually just making a constructive criticism of the idea.
We have bigger problems if a tweet stifles hopes and dreams. Currently not bad. Criticism can help fix or divert energy to something more important.
– jack⚡️ (@jack) December 21, 2021
Dorsey’s comments may have come as a surprise to his respondents because he has never been opposed to blockchain technology before. Quite the opposite – actually, he’s one of the highest-profile Bitcoin advocates on the internet. His current Twitter bio reads: “#bitcoin” and in particular he changed the name of his payments company Square to “Block.”
That being said, Dorsey has rarely commented on alternative cryptos like Ethereum and EOS. Perhaps now we know why. Your misguided comments on web3 suggest that you still have a lot to learn about how the world of cryptocurrencies really works.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.