Musk supports Dogecoin, but he isn't a big fan of the other digital currency.
Billy Markus, the co-founder of Dogecoin, wrote on Thursday that his goal was to build stuff and make money. I am used to the corporate establishment and don't see any break away from it.
Musk replied that he was pro doge.
There is a big debate going on online about whether or not the potential driver of Web3 is actually being governed from the shadows by a small group of individuals and corporations.
Jack Dorsey joined Musk in arguing that you don't own web3. The VCs and their partners do. It will never be able to escape their incentives. It is a centralized entity with a different label.
Musk had his own things.
He wrote a reply that said, "Has anyone seen web3?" I can't find it.
The backlash from the comments made by Dorsey was immediate, with a number of high profile investors unfollowing him on the platform.
But Musk and others may have a point. According to a recent study by the National Bureau of Economic Research, the top 10,000 holders of the token hold 5 million of it, worth a staggering $232 billion.
That's a small amount of users holding 27 percent of the supply.
The comments were met with fierce backlash from the community after he implied the token wasn't truly secure and resilient.
Two days later, the former CEO said he was not anti ETH. I am anti-centralized, VC-owned, single point of failure and corporate controlled lies.
He said that if your goal is anti establishment, it isn't ether. Don't believe or trust me! Look at the basics.
Dogecoin is a token that started as a joke. That part is appealing to Musk.
Musk's electric car company,Tesla, invested some $1.5 billion in the currency earlier this year. His flip-flops on his opinion of the token sent the price of the token soaring and eventually imploding this year.
He has had a huge influence on the price of Dogecoin.
Musk is the establishment when it comes to Doge coin.
The billionaire CEO has warned that it is not a serious way of investing money.
The point was that Dogecoin was invented as a joke, and that's why... I think there's an argument that the most entertaining outcome is the most ironic.
The debate over whether or not cryptocurrencies represent decentralization and anti-establishment will likely rage on for a while longer, with the likes of Musk or Dorsey's comments leading the narrative, while also determining the shortterm fate of markets.
It's not certain what effect their tweets will have on the future of Web3.
In Anti-Blockchain Twist, Musk Slams Web3 as a Marketing Buzzword.
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