Web 3.0 Wars are Becoming Personal as Jack Dorsey Draws the Decentralization Line

 

Jack Dorsey, Twitter’s ex-boss and current CEO of payments company Block (formerly Square), is again on the offensive, criticizing ethereum (ETH) and other altcoins for being largely centralized and controlled by the interests and incentives of venture capitalists (VCs).

“I’m not anti ETH. I’m anti-centralized, VC-owned, single point of failure, and corporate controlled lies,” Dorsey, a well-known bitcoin (BTC) proponent, said in response to questions about what he sees as the problem with the world’s second largest crypto project and the broader space that has been dubbed ‘Web3’ by proponents.

He added: “If your goal is anti establishment, I promise you it isn’t ethereum. Don’t believe or trust me! Just look at the fundamentals.”

“I care only about decentralized, secure, private foundations without single points of failure. And I’m focused on that,” Dorsey said.

The tweets from Jack Dorsey late last night (US time) followed a feud a day earlier involving himself, venture capital firm Andreessen Horowitz (a16z) partner Chris Dixon, Tesla chief Elon Musk, as well as several leading members of both the Bitcoin and Ethereum communities.

This time, the same group of billionaires are at it again, while a16z co-founder Marc Andreessen observed the attacks on his firm from the sidelines, and instead appeared to respond by blocking Dorsey on Twitter.

“I’m officially banned from web3,” Dorsey commented.

I’m officially banned from web3 pic.twitter.com/RrEIAuqE6f

— jack (@jack) December 22, 2021

Not long after, members of the Bitcoin community offered ‘words of comfort’ to the former Twitter CEO, with the famous bitcoin bull and MicroStrategy CEO Michael Saylor saying that “this makes it all the easier to focus on bitcoin.”

“Same 🙁 Guess it’s back to work on Bitcoin,” commented Jack Mallers, founder and CEO of the popular bitcoin wallet Strike.

The Twitter battle over what is decentralized and what is “VC-owned” is also raising eyebrows outside of the Cryptoverse, with mainstream outlets ranging from the New York Times to Bloomberg all giving coverage.

The Twitter feud exposes “a deep internal rift over the direction of crypto” between bitcoin evangelists and some of the crypto industry’s “deepest-pocketed backers,” the New York Times noted in their coverage.

Meanwhile, some industry leaders from the world of crypto also took the opportunity to remind people that venture capital is not a prerequisite in order to successfully launch a Web3 project.

“If you are a founder starting on your journey to help build Web3, remember this: You don’t need VC money,” Crypto.com founder Kris Marszalek wrote. He added that although it is “a harder route,” it is one that “doesn’t require you to sell your soul.”

More reactions:

Web3 is a repackaging and rebranding of Web2 so VCs can get rich all over again.

Web2: Social Media company with founders and shareholders.

Web3: DINO social media with a premined token that has also been sold to insiders at a fraction of the cost retail can now buy it for

— Daniel Sempere Pico (@BTCGandalf) December 23, 2021

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Bitcoin's proof-of-work + full nodes gave users control and created an escape from the "proof-of-stake" oligarchic and discriminatory fiat currency system.

Web3 is on track to be entirely proof-of-stake with a new set of elites.

Why do people think Bitcoiners would support it? https://t.co/qrGjqfB47X

— Alex Gladstein 🌋 ⚡ (@gladstein) December 23, 2021

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“but we’re saving people! we’re stopping scams!”

you clearly aren’t, the things you try to stop just keep growing. so your strategy isn’t only cringe it also doesn’t work

— Udi | BIP-420 🐱 (@udiWertheimer) December 23, 2021

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Learn more:

– VCs Fight Back as Jack Dorsey, Elon Musk Attack ‘Web3’ Narrative
– Dorsey Justifies His Pro-Bitcoin Stance, Says He Is ‘Not Trolling’ Ethereum

– Ethereum Founder Skeptical of Dorsey, Zuckerberg’s Plans
– Jack Dorsey’s Decision to Quit Twitter Is Not a Vote of Confidence in Future of Social Media

– Twitter’s Bluesky Finds New Lead, Square Building the Bitcoin Wallet Team
– The ₿ Word Panel with Cathie Wood, Jack Dorsey, & Elon Musk