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

Jack Dorsey. Source: video screenshot, TED / YouTube

 

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.

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.”

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