You don't own 'web3.' The VCs and their partners do.
ARCO BELLO/AFP/Picture Alliance
Jack doesn't think that Web3 willdemocratize everything. Musk doesn't seem to think it exists.
Web3 is seen as a way to give people more ownership of their online activity. They argue that it won't be controlled by Web2's tech giants, because it's built on the block chain.
In a post to the social network, Dorsey pointed out how venture capitalists and their limited partners are building influence in the space.
You don't own 'web3.' The VCs and their partners do.
It will never get away from their incentives. It is a centralized entity with a different label. Know what you're getting into.
Jack is on the social media site, via the Twitter account.
People said things like "Highly disagree" and "dead wrong" in his reply.
One user hit back at the former CEO of the micro-blogging site, saying he has taken a lot of money himself.
This is why I know what I mean.
While he is no longer at the helm of the micro-messaging service, he is still the CEO of Block. The digital financial services provider, which was formerly known as Square, is now focusing on cryptocurrencies and the internet of things.
Musk asked if anyone had seen Web3. I can't find it.
"It's somewhere between a and Z", perhaps an allusion to Silicon Valley VC firm a16z.
elonmusk has a verified account.
Musk has previously said that Web3 sounds like BS. He said at the weekend that he doesn't see it as a baked technology yet.
Web3's promise to put people in control of their online destinies is applauded by some. Others think it's "vaporware," a tech that's yet to be built out.
Web3 will allow the trading of high-value digital assets like NFTs, and will underpin the metaverse, which is attracting Wall Street interest.
Web3 is one of the investments that is going to be embraced by the new $2.2 billion fund from the same company.
The firm, which has been investing in digital assets since 2013, has said that cryptocurrencies are poised to transform all aspects of our lives.
In the last 10 years, the amount of money invested by VC firms in projects related to cryptocurrencies has gone down.
Chris Dixon, a16z general partner, said that he's a huge fan of Dorsey and that he hopes to eventually bring him to the platform.
"It's critical we focus our energy on truly secure and resilient technologies owned by the mass of people, not individuals or institutions," he said. Only that foundation can provide for the applications you are talking about.
Wall Street titans are lying to everyone about China.
Business Insider has an original article.
