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Jack Dorsey has criticized Web3 again in a series of tweets, claiming that it is owned by venture capitalists. Dorsey made a subtle reference to Andreessen Horowitz, a So Dorsey’s knock on VCs’ role in Web 3 would seem to back him into a corner: It’s unclear that there are alternative routes to funding and building the Web 3 vision. Jack Dorsey has criticised the current state of Web 3, calling it a scheme to scam users. Dorsey’s comments have not been liked by venture capitalists. Now Marc Fresh off relinquishing the chief executive reins of Twitter Inc, Bitcoin enthusiast Jack Dorsey has taken to the service he co-founded to voice his displeasure with As per Jack, Web3 will still be owned by Venture Capitalists (VCs) and their investors or Limited Partners (LPs), just like the Internet that we see today. In sharing his Elon Musk did not miss a beat to ask if anyone had seen Web3, to which Dorsey responded it's somewhere between a and z, pointing at the On Decem, Jack Dorsey tweeted: 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. Two of the biggest names in crypto and Silicon ValleyTesla CEO Elon Musk and Square CEO Jack Dorseytook to Twitter on Monday night to fire shots at Web3 Dorsey, the creator of Twitter, quickly became the target of hundreds of web3 advocates after tweeting to his six million-odd followers that they “don’t own web3. The VCs

Web3 Owned by VCs? Jack Dorsey's Critique Sparks Fierce Debate

Jack Dorsey has ignited a firestorm of controversy by once again criticizing Web3, claiming its ownership lies primarily with venture capitalists (VCs) and their limited partners (LPs). In a series of tweets, Dorsey asserted that Web3 is not decentralized as many believe, but rather a centralized entity disguised with a new label. His comments, which subtly referenced Andreessen Horowitz (a16z), a prominent Web3 investor, have drawn sharp reactions from the Web3 community and sparked a wider debate about the true ownership and future of this evolving technology.

Dorsey's Critique: A Recap

Jack Dorsey's central argument revolves around the significant influence VCs exert on Web3 projects. He believes their incentives will ultimately shape the direction of Web3, limiting its potential for true decentralization and user empowerment. As per Jack, Web3 will still be owned by Venture Capitalists (VCs) and their investors or Limited Partners (LPs), just like the Internet that we see today.

The VC and LP Perspective: Firing Back

Dorsey's comments have not been well-received by venture capitalists deeply invested in the Web3 ecosystem. While some acknowledge the challenges of funding decentralized projects, they argue that VC investment is essential for driving innovation and scaling promising Web3 initiatives. They contend that VCs provide crucial resources and expertise that help Web3 projects mature and reach a wider audience. It's unclear that there are alternative routes to funding and building the Web 3 vision, as So Dorsey’s knock on VCs’ role in Web 3 would seem to back him into a corner.

Elon Musk Joins the Conversation

Adding fuel to the fire, Elon Musk also weighed in on the debate, further amplifying the discussion about Web3's authenticity and potential. Elon Musk did not miss a beat to ask if anyone had seen Web3, to which Dorsey responded it's somewhere between a and z, pointing at the level of adoption and maturity.

Is Web3 a Scam?

Some critics, like Dorsey, go so far as to label Web3 a scheme to scam users. This assertion stems from concerns about the concentration of power and wealth within a relatively small group of investors and developers. As Dorsey tweeted: 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.

The Future of Web3: Ownership and Control

The debate surrounding Web3 ownership highlights the critical need for transparency and accountability within the ecosystem. As Web3 continues to evolve, it's crucial to address concerns about centralized control and ensure that the technology truly empowers users and fosters a more equitable digital landscape. While two of the biggest names in crypto and Silicon ValleyTesla CEO Elon Musk and Square CEO Jack Dorseytook to Twitter on Monday night to fire shots at Web3, the future of Web3 and its governance remains uncertain. Dorsey, the creator of Twitter, quickly became the target of hundreds of web3 advocates after tweeting to his six million-odd followers that they “don’t own web3. The VCs'

This controversy involving Jack Dorsey's criticism of Web3 and the response from VCs and LPs is a crucial discussion point for anyone interested in the future of the internet and decentralized technologies. Keep following this ongoing debate to understand the potential impacts on the Web3 landscape.

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