The term “Web3” is causing chaos in the crypto community

A new discussion on Twitter about whether “Web3” is something to fight for or just a term coined by venture capitalists to make money is getting the community to cash.

The discussion was attended by everyone from Jack Dorsey to Elon Musk and the famous venture capitalists who joined the online battle.

This is followed by several tweets from Jack Dorsey, CEO of digital payments company Block and former CEO of Twitter, in which he criticized the term Web3 and said it had nothing to do with it.

Jack Dorsey said not related to Web3

The tweet was apparently triggered by an article in the Wall Street Journal last weekend in which Dorsey was mentioned as one of the most prominent members of the group of technology leaders working on the design of Web3.

What the article seems to misunderstand, however, is that Dorsey does not consider himself an advocate of what some refer to as Web3.

“You don’t own ‘web3’. Venture Capitalists – VCs and Liquidity Providers – LPs do this. It will never escape their encouragement. ” Dorsey wrote before adding, “I have nothing to do with ‘web3’. ”

Investor reaction to Dorsey’s statement on web3

It wasn’t long before venture capitalists hit back, and Chris Dixon, a general partner of venture giant Andreessen Horowitz (a16z), said that “all code, data and property rights in Web3 are open source”.

The comment from the former CEO of Twitter – a company that has raised significant sums of money for venture capital investments over the years – was quickly taken up by members of the bitcoin and crypto community, such as Swan Bitcoin founder Cory Klippsten, suggesting that Dorsey understands that Web3 is a “big scam” by venture capitalists.

However, not everyone agrees with this view, and many also argue that eliminating Web3 also means ignoring all use cases that exist in the crypto space outside of Bitcoin.

Others also argued that while “web3 is easy to miss,” everyone should be open-minded.

Some also take a more balanced approach. Novi digital wallet manager Stephane Kasriel says that “there are Web3 projects out there that make sense,” although there is also “a lot of hype” – and venture capital companies seek to “maximize return”.

A similar view is shared by Ryan Selkis, CEO of crypto researcher Messari, who wrote that “Web3 is part VC / LP and part retail”.

Meanwhile, the discussion of whether Web3 is a user-controlled or VC-controlled phenomenon wasn’t the only controversial discussion Jack Dorsey had yesterday.

In response to a tweet by popular rapper Cardi B as to whether her followers believe “cryptocurrency will replace the dollar,” Dorsey wrote:

“Yes, Bitcoin will.”

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