Web3 is VC backed scam - Jack Dorsey & Elon Musk
Twitter founder Jack Dorsey trash talked about Web 3, gets blocked by his VC friends on Twitter.
He virtually called Web 3 a scam to hoodwink users and said that it was fuelled by greedy companies and venture capitalists.
While this discussion was going on and Elon Musk tweeted “Has anyone seen web3? I can’t find it.”
To this this Jack replied “It’s somewhere between a and z.”
And this resulted in him getting blocked by Andreessen Horowitz.
Does real-world use cases are limited and a lot of Web 3 stuff are just for fooling or scamming users? What you guys think?
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Jack is right that Web3 is a scam, but there's something problematic about how he's simultaneously all-in on blockchain and crypto whilst also raging against Web3 - I'm not really sure how he reconciles that. One of the best people to follow on this topic is Stephen Diehl if you're looking for well-reasoned commentary and fairly brutal takedowns of the Web3/Crypto grift.
Stephen Diehl is my favorite crypto hater :D
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I don’t find Diehl’s commentary well-reasoned at all. Given just how much he’s written about it, he’s remarkably ignorant about it. Mostly he just seems to be sarcastic and looking for anything to justify more hate.
Re: @jack, this is common. He’s a bit of a bitcoin maximalist. There are many, many others and some are much more extreme. They tend to see all other competing solutions (dollars, stocks, Ethereum, other crypto, etc…) as a scam that must be attacked.
My middle-of-the-road position would be: Whatever the merits, Jack is a bad ambassador for this.
He took VC money & ultimately got rich off it. His critics can rightfully say: it's how you made billions, isn't it? How bad can it be, if the reason we know your name is because of venture capitalists?
Jack pursued VC's and fought a very political (read: centralized) intra-company fight to gain control of Twitter. Maybe he's right that there's a better future without venture capitalists. The problem is that he's fatally compromised in making this argument.
Yeah, it's irony that Jack is talking about venture capitalist because his main work was not being CEO of Twitter but being president of Square Inc which is mostly involved in venture capitalism.
Value is derived through utility. Useful things can be hard to make. It often makes them rare. Scarcity, therefore, is usually correlated with utility, and with value -- but without a direct causal connection to either.
Web3 wants to create value out of scarcity.
YES, it is doable -- at the cost of removing things that made internet so useful (eg. free flow of information, ability to copy+paste).
Web3 will greatly benefit the few, and take away utility away from the many.
No surprise there. After all: rent-seeking behavior usually results in creating arbitrage opportunities, while overall system settles into a suboptimal state (ie. inefficient distribution of resources).
Web2 enables monetization, while limiting arbitrage opportunities by having free-to-use alternatives always available. Web3's premise is "DRM everything". This may sound like a promised land for creators. However, everything being paid -- will ultimately cause disposable incomes of consumers to stop growing (because we took away free tools, duh). As the internet becomes a giant paywall, creators will end up making pennies, instead of millions.
Web3 proponents should be careful what they wish for.
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Jack is himself a greedy vc and well known for funding and killing his competitors in shady ways.
Makes sense. He maybe be feeling insecure because Jack owns a centralized platform like Twitter.
I’d ignore the twitter drama and focus on the tech.
The web was flooded with scams almost from the beginning, but not all of it was a scam and the ones who stayed curious and figured out how it worked were the ones who created lasting value!
This comment was deleted 3 years ago.