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One of the strongest critics of Bitcoin on the internet expressed a disagreement with Web3 this week. On Monday, Square Block CEO Jack Dorsey went on Twitter to warn blockchain lovers how Web3 was already selected by investors. “You are not the owner of ‘web3,'” he said in a text message viewed by Bloomberg. “The VCs and their LPs do it. They will not run away from their promotions. It is a middle class with other characters. Know what you are doing.”
Web3 is a term used by many in the crypto community to describe the subsequent repetition of the internet. With the help of technologies like blockchain, he argues that the internet will become a stable, free-to-play platform that has been dominated by players since the early days of the platform. Investment companies like Andreessen Horowitz have been some of the company’s voice advocates instead. In early October, the company had resigned investing in crypto and Web3 basics. “It’s somewhere between a and z,” said Dorsey, referring to “a16z,” named after Tesla CEO Elon Musk he joined the discussion asking if “has anyone seen web3?”
It is unknown at this time what he will do after leaving the post. Besides, this is the man who wanted the world to know he had Bitcoin watch in his kitchen as he testified before Congress. It should also be noted that Dorsey runs a company that is heavily influenced by blockchain technologies.
What is clear is that his tweet caused a stir. At the time of writing, the post has attracted more than 5,000 retweets, 2,000 tweets and 31,000 likes. Naturally, a Bored Ape contingent he reportedly told Dorsey he was “dead,” but as many people came to offer help, calling him “vessels” on his tweet.
Of all the things Dorsey published, there is some truth to that. On Monday, , citing a new study from the National Bureau of Economic Research, confirmed that 0.01 percent of people with Bitcoin control 27 percent of digital currencies. Some recent research from found that only 10 per cent of NFT depositors completed 85 per cent of all transactions related to the transaction. Decentralization indeed.
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