Jack Dorsey, the former Twitter CEO, has single-handedly riled up the global crypto community through his tweets targeting centralization, the web3 initiative, and numerous VCs.
Many essential and notable personnel spoke for and against the criticism.
Jack’s tweet where he took a jab at web 3.0 protocols and notable venture capitalists and venture capital firms started a storm on social media that has been raging for over two days now.
Jack believes that most investing venture capital firms investing in web3 protocols globally all have ulterior motives, fueling the innovation’s monopoly.
His tweets come hours after Elon Musk’s subtle dig at decentralized web 3.0 protocol, saying that it is not as decentralized as it claims and is more centralized than people realize.
Jack’s tweet conveyed that most of the advantages that come with the web 3 innovation will be enjoyed by mainly investing VCs and not the using public as it was supposed to be.
VCs Lash Back, Elon Musk Voices Agreement
Notable Venture Capitalists (VCs) like Balaji Srinivasan and Chris Dixon, partner at a16z VC, lashed back at Jack and strongly criticized Jack’s tweets.
Srinivasan tweeted that Twitter social media had become a slave for corporate directives and underhanded machinations, leading to censorship and continual truth omission.
Later, the argument was relegated to general banter when Jack floored a16z. He said that it was a fund looking to become a global hegemon and wasn’t Gandhi implying that the VC should focus on its nefarious schemes rather than finding stinging retorts to his tweet.
On the other hand, Elon Musk visibly supported Jack’s claims on Twitter when he tweeted that he couldn’t see web3, and Jack replied to the tweet in a humorous manner that jabbed at a16z VC tweeting that it is somewhere between a and z. The world billionaire and Dogecoin enthusiast has previously criticized web 3.0 protocols.
Jack later tweeted to counter-argue Srinivasan’s earlier statement, tweeting that the web 3 platform had been birthed as a corporation against everything decentralized finance stands for.
He further explained various centralized activities such as significant corporate incentives were being masqueraded as decentralized frameworks for web 3.0 network protocols.
Jack The Decentralization Maximalist
Different speculation as to why Jack resigned from his CEO position is abounding. However, he is undoubtedly unhappy with how things are developing in the firm’s tech space, with censorship being a significant issue about its framework in 2021.
The former Twitter CEO has shown his support for Bitcoin and decentralized innovations through his actions on social media and in real life. He is known as a Bitcoin Maximalist by most in the crypto community globally, but he has since then explained that he is more of a decentralized systems proponent than he is for mainstream crypto features.