We’ve been gifted one other episode of “Tech versus Tech: Crypto Version” right now.
The argument among the many tech elite about simply who owns what within the Internet 2.0 and web3 worlds continued this weekend. And as soon as once more the dustup featured former Twitter CEO Jack Dorsey and a16z, the investing agency greatest recognized in recent times for its capital deployments into the blockchain area.
And views he has. The well-known tech exec is a known Bitcoin fan, which you may assume would slot in properly with a16z’s basic crypto bullishness.
Jack, web3 and who owns what
We dug into the early Dorsey-versus-a16z arguments here however will present a abstract for these of you who would like one thing transient.
Dorsey’s concepts surrounding Bitcoin are centered round his perception in decentralization as a very good. Bitcoin is a fairly decentralized system. Its founder is out of the image, it’s owned by no single entity and its group has managed to maintain engaged on the challenge regardless of it missing a conventional chief or exterior funding.
How does that distinction with web3, the blockchain initiatives that additionally trumpet the facility and significance of decentralization? Dorsey thinks that web3 is, actually, centralized on account of possession — management — accruing within the palms of exterior buyers, a16z amongst them. It’s because, not like with Bitcoin, web3 firms are busy hoovering up enterprise capital at a fee that’s frankly staggering, that means that many decentralized initiatives are racking up massive exterior buyers of their central holding firms — centralization squared, I suppose.
Dorsey’s complaints about possession, web3 and the function of exterior capital in funding a lot of the crypto market got here to a head in a collection of tweets posted between December 20 and 22, with the well-known Twitter consumer taking potshots at enterprise capital in crypto extra typically, and a16z specifically.
One instance for taste:
Them’s combating phrases.
So what occurred most just lately? Effectively, a16z denizen and prolific Twitter blocker Chris Dixon took a shot again at Dorsey’s argument yesterday with the next: