Jack Dorsey's tweet sparks uproar: “You don't own ‘web3.’ The VCs and their LPs do. It will never escape their incentives. It's ultimately a centralized entity”

Fresh off relinquishing the chief executive reins of Twitter Inc., Bitcoin enthusiast Jack Dorsey … Source: @jack .

Bloomberg 2021-12-22 Vlad Savov

Discussion

@jack Jack⚡️ on x
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...
@elonmusk Elon Musk on x
Has anyone seen web3? I can't find it.
@jack Jack⚡️ on x
@elonmusk It's somewhere between a and z
@joemccann J◎e McCann on x
If you own any tokens in any network you are a VC. Congratulations on your promotion.
@balajis Balaji Srinivasan on x
Everyone is becoming an investor. And so investors are declining in power. You have countless options to raise money today, from full crypto to traditional VC to https://republic.co/ to HNWs. The point of tech is to self disrupt, and Sand Hill has less power than ever. https://tw…
@balajis Balaji Srinivasan on x
@jack I respect you & everything you've built. I also disagree here. Twitter started as a protocol, the free speech wing of the free speech party. Then corporate & political incentives led to deplatforming & censorship. Web3 offers the possibility, not guarantee, of something bet…
@jack Jack⚡️ on x
@cdixon I believe in you and your ability to understand systems. It's critical we focus our energy on truly secure and resilient technologies owned by the mass of people, not individuals or institutions. Only that foundation will provide for the applications you allude to.
@jack Jack⚡️ on x
@antoniogm I'm giving it all back.
@antoniogm Antonio García Martínez on x
‘Bitching about Web3 while a Web2 tycoon’ is the new 'I got rich off FB/GOOG/AMZN but I'm going to tell you how it's evil without giving any of it back'.
@thestalwart Joe Weisenthal on x
@jack Folks like @mdudas, @balajis, @cdixon @antoniogm seem riven by perceived slights. Who is against them. Who is in disagreement with them. Who isn't sufficiently respecting their work. Who hasn't joined them or invested yet.
@pierce David Pierce on x
Right now, web3 is ... whatever you want it to be! Which is why it's so compelling to so many people, I think. (Also: ALL THE MONEY.) But at some point we're going to have to decide what the future is, and then build it for everybody https://www.protocol.com/...
@thestalwart Joe Weisenthal on x
So much Web3 tweeting is just posturing, and trying to sound like a rebel, and attacking people you don't like. This framework is obviously nonsense, since apparently @jack is an institutionalist, but A16z, Pepsi, Will Willkson, and the Planet Money host are all redpilled. https:…
@antoniogm Antonio García Martínez on x
The institutionalist vs. redpilled divide. https://twitter.com/...
@lopp Jameson Lopp on x
Crypto doesn't disempower money printers - it empowers anyone to be a money printer. Be wary of protocols for which a significant portion of tokens / governance / control is held by financial elites. They may become the next class of cantillionaires. https://twitter.com/...
@cdixon Cdixon Eth on x
In web3, all the code, data, and ownership is open source. Read it and decide for yourself. VCs (including a16z) own very little of it. https://twitter.com/...
@mdudas Mike Daodas on x
@jack Dead wrong. And also dangerous because you pre-emptively stifle the hopes and dreams of the many brave people shaping a truly independent web3.
@cdixon Cdixon Eth on x
first they ignore you then they laugh at you then they fight you 👈 we are here then you win
@jack Jack⚡️ on x
@JacobPPhillips I have nothing to do with “web3”. WSJ and others need names and photos to generate clicks.
@kelseyhightower Kelsey Hightower on x
Ask yourself, would you really want to live in a society we could define via a collection of code snippets? https://twitter.com/...
@balajis Balaji Srinivasan on x
@jack We agree that Bitcoin has decentralized control of the reserve currency away from the Fed. We agree cryptography and incentives were key to making that happen. Web3's bet is that we can do this for all centralized services. From the slippery slope to the crypto cliff. https…
@trungtphan @trungtphan on x
live footage of @jack replying to Web3-related tweets https://twitter.com/...
@arthurb @arthurb on x
Some of it is, some of it isn't. Know the difference. https://twitter.com/...
@kelseyhightower Kelsey Hightower on x
Human societies are far too complex to be abstracted away behind a set of smart contracts.
@olivierjanss Olivier Janssens on x
Good to know Jack sees Web3 as a threat, and is trying to falsely reframe it into the exact opposite. Of course he is absolutely wrong. Web3 is inevitable, and coming fast. It will not only put you in control again, it will also liberate you from centralized big tech censorship. …
@kelseyhightower Kelsey Hightower on x
I'm not the only Web3 skeptic in town. https://twitter.com/...
@silvermanjacob @silvermanjacob on x
This is actually kinda funny for people fixated on this shit https://twitter.com/...
@grady_booch Grady Booch on x
When even @Jack calls out the Web3 ecosystem for its madness, you know it's off the rails. I'm with Jack on this one. https://twitter.com/...
@bigblackjacobin Edward Ongweso Jr on x
when he's right he's right https://twitter.com/...
@anildash Anil Dash on x
Yep! This is the danger about the “web3” meme having so much momentum with enthusiasts — it's enough of their identity that they don't let it go even when this realization becomes obvious. https://twitter.com/...
@terenceleejx Terence Lee on x
Crypto is doing to VCs what social media did to the media industry. https://twitter.com/...
@joemccann J◎e McCann on x
What is the opposite of based and why is it Jack's latest tweet? https://twitter.com/...
@iamdcinvestor DCinvΞstor on x
jack's comments lead me to believe that part of the reason he left Twitter may be due to disagreement with investors who want to pursue web3 more aggressively against his objections i do think he has some valid points, but also that his rejection is reflexive due to his priors
@vladsavov Vlad Savov on x
Jack Dorsey quit running twitter so he could tweet more. https://www.bloomberg.com/...
@cdixon Cdixon Eth on x
I am a huge fan of @jack and hope we can eventually bring him around to ETH and other blockchains. BTC is great as digital gold but there are other important applications that require other chains.
@thestalwart Joe Weisenthal on x
https://twitter.com/...
@ashleevance Ashlee Vance on x
We're back to Napster and Second Life only the bandwidth is better https://twitter.com/...
@asvanevik Alex Svanevik on x
web2 founder doesn't like web3 shocked. https://twitter.com/...
@liamspradlin @liamspradlin on x
keep an eye on reactionary replies like, “dead wrong.” I think that's the sort of response that allows folks to be too distracted to notice capitalist interests and their proximity to something. https://twitter.com/...
@thestalwart Joe Weisenthal on x
I get the impulse here — people always hate the new thing — but actually I'm curious when was the last major tech/consumer innovation or technology that garnered so much suspicion and hate from the peanut gallery? https://twitter.com/...
@levie Aaron Levie on x
@jack 🙏 interoperability + more protocols + open source is the path forward, not underlying toll booths everywhere on the web
@shonaghosh Shona Ghosh on x
I think this from @jack articulates my distaste for “Web3”, which smells like a marketing label and doesn't really feel like Web anything.
@jacklipstone @jacklipstone on x
Strong words coming from a CEO who renamed @Square to Block this month Block as in a reference to blockchain and the inevitable metaverse Guess we're still early https://twitter.com/...
@taha_zafar12 @taha_zafar12 on x
Web3 won't be built on Bitcoin, because get it and let's not argue over the basics, it's not possible. Therefore, Jack will always be opposed to it and try to frame it on morality reasons. Like he never had equity growing up. The Twitter board also recognized that very fact. http…
@mdudas Mike Daodas on x
haven't seen people hate something as much as web3 since the last gazillion major technology and consumer behavior step function improvements
@balajis Balaji Srinivasan on x
@jack Of course, I don't believe Twitter set out to bait & switch devs. Or to promise free speech, get people to invest years in their profiles, then censor them. But that is where the incentives landed up. Web3's smart contracts *may* prove more durable than web2's social contra…
@punk6529 @punk6529 on x
fascinating, both @jack and @elonmusk in the same day. so this is true and not true, as follows: a) lots of “web3” label-washing on stuff that is fundamentally centralized b) but can NFT projects be web3 for real. I think so c) also, both run 100% centralized companies https://tw…
@olivierjanss Olivier Janssens on x
There's plenty of wealthy crypto libertarians who're not doing things for money anymore. They're doing it to bring freedom (including free speech) back to the world. Centralized big tech will never be trusted anymore, they failed at being neutral and protecting basic rights.
@jakeudell @jakeudell on x
Jack, with all due respect... Web2 pillaged our data, bottlenecked our reach and sold our trust. Web3 INCLUDES the community. Aligned stakeholdership exists between projects and communities via tokens. What web2 company “gave” shares to the customers who helped them build it? htt…
@packym Packy McCormick on x
Square YTD BTC Revenue: $8B Square YTD BTC Gross Profit: $172M Everyone has incentives. https://twitter.com/... https://twitter.com/...
@jack Jack⚡️ on x
The VCs are the problem *not the people
@jack Jack⚡️ on x
@cdixon You're a fund determined to be a media empire that can't be ignored...not Gandhi.
@tyler Tyler Winklevoss on x
Brought to you by web3 https://twitter.com/...
@pt Parker on x
Web3 is a very dark view of the future web. The web is an abundant, free & open information network nobody owns. Its self-anointed successor is a pay-to-play network controlled by token shareholders enforcing artificial scarcity. So I'm long the web of abundance. Early days.
@matthuang Matt Huang on x
Raise your hand if you like both Web2 and Web3
@samkazemian Sam Kazemian on x
Irony of @jack's web3=VC comment is projects feel coerced to sell to VCs out of SEC fear of releasing tokens publicly before decentralization. Then maxi messiah Saylor shouts for more regulation on all non-BTC tokens everyday while Jack piles the web3=VC hate from the back. Sad!
@0xdoug Doug Colkitt on x
1/ Been thinking a lot about the relationship between web2 and web3. Feels a lot like the first vs. second industrial revolutions. The second industrial revolution wasn't successful because it rejected the first. It was a force multiplier on stacked *on top* of the first https://…
@erikvoorhees Erik Voorhees on x
Saying you don't own web3 because VCs own some of it is like saying you don't control your Bitcoin because VCs also control some. https://twitter.com/...
@adamscochran Adam Cochran on x
1/10 Right, so VCs ignored all of the crypto space for ages. With Bitcoin a tiny fraction of early miners and buyers make up the core pool early, then later mining corps and wealthy buyers. https://twitter.com/...
@slightlylate Alex Russell on x
The best part of this are the VCs in the comments who can't keep their tweets in their pants. Absolutely dying of laughter rn. https://twitter.com/...
@bigblackjacobin Edward Ongweso Jr on x
The capitalists are the problem (but especially the venture capitalists) https://twitter.com/...
@sam_l_shead Sam Shead on x
Fun to watch @jack unfollowing people promoting Web3 and any crypto that isn't bitcoin https://twitter.com/...
@pitdesi Sheel Mohnot on x
Jack Dorsey and Elon Musk are snake oil salesmen. -Anon NFT maximalist ape I have a really hard time taking most anon accounts seriously. https://twitter.com/...
@getongab @getongab on x
Sitting in some repo being unused by real people. https://twitter.com/...
@nikitabier Nikita on x
Jack and Elon, the two most prolific entrepreneurs of our time, are questioning the merits of web3. Probably nothing.
@mutedialog @mutedialog on x
It wasn't a VC play thing until the SEC helped out by scaring people into raising via private rounds rather than public ICOs. https://twitter.com/...
@ourielohayon Ouriel Ohayon on x
@mdudas @Square you don't “own” bitcoin square and their VCs own it for you.
@mdudas Mike Daodas on x
this is genuinely embarrassing at this point imagine being a @square employee rn https://twitter.com/...
@cdharrison Chris Harrison on x
South Park on NFTs. https://www.youtube.com/...
@backlon Dieter Bohn on x
My contribution to the web3 discourse is that this incredibly mild joke earned me a block somehow lol https://twitter.com/...
@nadertheory Nader Al-Naji on x
73 million people are about to get access to the DeSo blockchain for the first time: https://deso.org/. DeSo will scale crypto beyond finance to a new trillion-dollar category: Social Media Seeing is believing. Try https://diamondapp.com/ or browse https://bithunt.com/explore htt…
@howardlindzon CloudNibbler on x
Needs a hug https://twitter.com/...
@samecwilliams Sam Williams on x
The focus on DAOs in web3 is starting to confuse people. @jack is right that a DAO building a web service will inevitably act like to a company. This is not the opportunity. The opportunity is to build web apps that run like protocols — governed by permanent rules and code. https…
@gaberivera Gabe Rivera on x
A fun detail about the web3 investors noting (via endless tweets!) the centralized nature of Twitter is that many of them actually invested in BitClout, which aims to decentralize aspects of Twitter, but as far as I can tell, none have bothered to post there in many months.
@kevinsekniqi @kevinsekniqi on x
Wait till Jack finds out how many VCs and funds own Bitcoin. https://twitter.com/...
@jason @jason on x
Web3 replaced the middleman with @a16z
@karlbode Karl Bode on x
billionaire bobbleheads bickering over whose marketing gibberish gets to become canon https://twitter.com/...

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Jack Dorsey's tweet sparks uproar: “You don't own ‘web3.’ The VCs and their LPs do. It will never escape their incentives. It's ultimately a centralized entity”

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