Former CEO of Twitter Jack Dorsey has been a Bitcoin bull for a while, and an occasional user on his social network. After leaving his position, Dorsey has gone into an all-out argument with the defenders of Web 3.0, Venture Capitalists, and centralized entities, one of which includes Ethereum, according to his judgment.
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Web 3.0. is the suite of technologies, tools, decentralized protocols, powered by blockchain networks, that could drive an evolution for the internet. Its defenders claimed it’ll give users more powers, but its detractors, including Dorsey and Tesla CEO Elon Musk, even doubt its existence.
While many have turned hostile against the Twitter co-founder and his defense of Bitcoin as the ultimate tool that could even dethrone the U.S. dollar as a global currency, others have tried to persuade him about the benefits of these technologies. Ethereum backer Farokh told Dorsey:
Yo Jack I promise if you look outside of your bubble of rich dudes you’ll see that there are creators actually building web3 and a whole revolution in the form of digital renaissance. Come say hi or listen in on our conversations, the NFT space is filled with geniuses.
Other personalities from in and outside the crypto industry joined the argument. Head of Consumer Product Marketing for Twitter Justin Taylor agreed with his former boss.
Taylor argued, with a similar point than Dorsey’s, that a user relies on big companies and centralized entities to access Web 3.0. In that sense, he added:
You buy ETH on coinbase, transfer it to MetaMask, and buy an adidas bored ape nft on opensea. The decentralized “web3” is centralizing into being run by corporations at a startling rate. I think he has some fair points.
This further contributes to Dorsey’s argument that Venture capitalists are moving in to take control of Ethereum, and other blockchains, while the small guy gets a tiny fraction of the benefits, as depicted in the Tweet below. In this regard, the former Twitter CEO is not alone as many claimed the same about Solana, and the apparent heavy investment VCs are pumping into its ecosystem.
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— jack (@jack) December 21, 2021
Bitcoin And The Future Of The Internet
Previously, Dorsey warned users about the interest and alleged incentives aligned for big money to bet on the suite of technologies labeled as Web 3.0. After he founded Twitter with support from these investors, Dorsey claims he has “learned a few things” about how they operate:
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…
In its argument with Web 3.0 defenders and due to the high number of comments talking about Jack’s motives for the change in the way he interacts via social media, the former Twitter CEO said to be focused on “decentralized, secure, private foundations without single points of failure”, i.e., Bitcoin.
I’m not anti ETH. I’m anti-centralized, VC-owned, single point of failure, and corporate controlled lies. If your goal is anti establishment, I promise you it isn’t ethereum. Don’t believe or trust me! Just look at the fundamentals.
— jack (@jack) December 23, 2021
Of course, Tesla CEO Elon Musk didn’t miss the opportunity to express his take on the matter. In reply to the tweet above, Musk said “that’s why I’m I’m pro Doge”.
The argument was inconclusive, and participants were unable to reach a consensus on Web 3.0., one thing seems certain Jack Dorsey will be more public about his reasons to back Bitcoin from now on.
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As of press time, Bitcoin (BTC) trades at $48,964 with sideways movement in the past day.
