Jack Dorsey Clarifies Web3 Criticisms as VC Debate Rages On

The former Twitter CEO has doubled down on his criticism of venture capitalists. Read the full article by Vishal Chawla “Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.”

Just the other day Jack Dorsey saw what happens when you say to tweet something that a certain group of people does not agree with. You basically get canceled by that group even if you are the former CEO of Twitter.

Dorsey even joked about it by posting a picture of Marc Andreessen from Andreessen Horowitz Twitter page having blocked him and saying that he has officially been banned from Web 3. There is probably no bad blood between them but just differing opinions on a hot new topic.

Today he has come out to defend or clarify his criticism of Web 3. Dorsey made it clear that he believes that Web 3 is not the decentralized web that it is claiming to be because most of the funding and control is backed by Venture Capitalists which basically makes it centralized. Dorsey responded to claims that he was “being anti-ETH,” clarifying that he has an “anti-centralized, and anti-VC-owned” view of the future and is not just an ETH hater.

Dorsey is not wrong because the main point of being decentralized is that there is no one central authoritative power that could control decisions. Blockchains working on developing Web 3, like THORchain, which said that “Ethereum is Web3” and not centralized or controlled by any corporations. At the end of the day, blockchains like ETH are still less centralized than a competitor like Amazon Web Service.