Jack Dorsey and Elon Musk criticize Web3, here is their opinion

Between Sunday and Monday, two of the biggest fervent defenders of Bitcoin and decentralized finance spoke on Twitter. Objective: to criticize the headless momentum of the “Web3” trend, the name given to the iteration of a new, fully decentralized Internet based on Blockchain. Elon Musk, CEO of Tesla and SpaceX, and Jack Dorsey, ex-CEO of Twitter and founder of Block (ex-Square) have drawn a lot of criticism in return.

It all started with a first tweet from Elon Musk. “Has anyone seen Web3? I don’t see it, ”wrote the richest man in the world. In response, Jack Dorsey was already adding fuel to the fire: “It is somewhere between a and z,” he wrote. A very clear reference to the American venture capital fund A 16 z, alias Andreessen Horowitz. Located in Menlo Park in Silicon Valley, the fund is now turning to massive investments in web projects3.

“I know exactly what I mean ”

If Elon Musk is more critical of the hype of the word Web3 – he was quick to share a similar kind of memes about NFTs last week – Jack Dorsey wants to go further by attacking those responsible for spoiling the very foundations of Web3. On Twitter Monday, he wrote: “You don’t own Web3. VCs and their LPs have it. He will never escape their motives. It is ultimately a centralized entity with a different label. ”

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

According to him, massive investments in venture capital are in the process of distorting and transforming the original idea of ​​the future version of the Internet. A 16 z, for example, announced in October that it was releasing a new envelope of $ 3.1 billion in the direction of investments in startups crypto and Web3. A trend that will again generate entities dominating the whole, as is already the case with Web 2.0 (Google, Facebook, Amazon, Microsoft).

“I would like be able to agree more with that, but you took a lot of money from the venture capital funds, so I do not understand what you mean ”, retorted a net surfer to Jack Dorsey, who answered in the minute : “And that’s why I know exactly what I mean”. To answer this problem of devastating investment for an entire sector, the entrepreneur proposed: “Take their huge profits and finance real free software from which they have benefited so much so far.”

And this is why I know exactly what I mean.

– jack⚡️ (@jack) December 21, 2021

For the occasion, Jack Dorsey replied to other questions from his community of 6 million followers. He took the opportunity to recall that he thought that Bitcoin (and only Bitcoin) could replace the dollar. Elon Musk, although he does not answer this question directly, seems more favorable to a more efficient alternative. He was showing this by stopping offering bitcoin payments at Tesla and announcing his interest in adding Dogecoin and his passion (mocking ?) for the Shiba Inu.

In their own distinct way, the two men will have to take action if they want criticism to be taken seriously. Jack Dorsey is counting on it. Full time for DeFi, he continues to develop Block and a decentralized version of a new social network . Open source?