{"id":384199,"date":"2021-12-21T22:43:36","date_gmt":"2021-12-21T19:43:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/elon-musk-and-jack-dorsey-are-right-to-raise-concerns-about-web3\/"},"modified":"2021-12-21T22:43:36","modified_gmt":"2021-12-21T19:43:36","slug":"elon-musk-and-jack-dorsey-are-right-to-raise-concerns-about-web3","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/elon-musk-and-jack-dorsey-are-right-to-raise-concerns-about-web3\/","title":{"rendered":"#Elon Musk and Jack Dorsey are right to raise concerns about Web3"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3df92605e0b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3df92605e0b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/elon-musk-and-jack-dorsey-are-right-to-raise-concerns-about-web3\/#A_bridge_to_sell_you\" >A bridge to sell you?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/elon-musk-and-jack-dorsey-are-right-to-raise-concerns-about-web3\/#Who_owns_Web3\" >Who owns Web3?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/elon-musk-and-jack-dorsey-are-right-to-raise-concerns-about-web3\/#Decentralizing_the_web\" >Decentralizing the web<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Elon Musk and Jack Dorsey are right to raise concerns about Web3<\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/img-cdn.tnwcdn.com\/image?fit=796%2C417&amp;url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2021%2F12%2FUntitled-design-9.jpg&amp;signature=e77095ca7238eb6e01d5bdc7b76aef34\" \/><\/p>\n<div>The next internet revolution is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/gizmodo.com\/what-is-web-3-and-why-should-you-care-1848204799\">reportedly upon us<\/a>, but two of tech\u2019s leading luminaries won\u2019t be in the vanguard.<\/p>\n<p>Tesla tycoon Elon Musk and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> founder Jack Dorsey have both put the brakes on the momentum around Web3, the somewhat vague vision of a decentralized internet.<\/p>\n<p>Their cynicism derives from different concerns. Dorsey says that Web3 is ultimately a centralized entity, while Musk has implied that it\u2019s driven by hype over substance.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_bridge_to_sell_you\"><\/span>A bridge to sell you?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Web3 is a nebulous concept with varied definitions \u2014 which is one factor spurring the cynicism.<\/p>\n<p>Some advocates envision a democratized internet that harks back to the halcyon days of cyberspace. With blockchain as its backbone, Web3 will give people \u2014 rather than corporations \u2014 control of data, digital assets, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>s, and platforms.<\/p>\n<p>That\u2019s the idea, anyway. Yet critics \u2014 including Musk \u2014 dispute Web3\u2019s very existence.<\/p>\n<p>In response to a video comparing the early internet with a future iteration, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/elonmusk\/status\/1472745072277995526\">Musk tweeted<\/a> that Web3 \u201c<span>seems more marketing buzzword than reality right now.\u201d<\/span><\/p>\n<p>He soon aimed another broadside at the concept: \u201cHas anyone seen Web3? I can\u2019t find it.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Has anyone seen web3? I can\u2019t find it.<\/p>\n<p>\u2014 Elon Musk (@elonmusk) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/elonmusk\/status\/1473165434518224896?ref_src=twsrc%5Etfw\">December 21, 2021<\/a><\/p>\n<\/blockquote>\n<p>Musk\u2019s cynicism has sturdy foundations. Engineers have questioned whether blockchain can provide the spine for a global internet. They <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/nerd-for-tech\/is-web-3-bs-3356ce30284d\">point to<\/a> enormous hurdles around scalability, control, and adoption that must be overcome.<\/p>\n<p><span>Among the most prominent cynics is S<\/span>tephen Diehl, a developer and blogger. Like Musk, Diehl distrusts the hype around Web3. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.stephendiehl.com\/blog\/web3-bullshit.html\">He argues<\/a> that the only problem it needs to solve is how to rationalize its existence:<\/p>\n<blockquote>\n<p>At its core Web3 is a vapid marketing campaign that attempts to reframe the public\u2019s negative associations of crypto assets into a false narrative about disruption of legacy tech company hegemony. It is a distraction in the pursuit of selling more coins and continuing the gravy train of evading securities regulation.<\/p>\n<\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Who_owns_Web3\"><\/span>Who owns Web3?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While Musk questioned the very existence of Web3, Dorsey\u2019s concerns focused on who controls it.<\/p>\n<p>\u201cYou don\u2019t own \u2018Web3.\u2019 The VCs [venture capitalists] and their LPs [limited partners] do,\u201d he tweeted. \u201cIt will never escape their incentives. It\u2019s ultimately a centralized entity with a different label.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">You don\u2019t own \u201cweb3.\u201d<\/p>\n<p>The VCs and their LPs do. It will never escape their incentives. It\u2019s ultimately a centralized entity with a different label. <\/p>\n<p>Know what you\u2019re getting into\u2026<\/p>\n<p>\u2014 jack\u26a1\ufe0f (@jack) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jack\/status\/1473139010197508098?ref_src=twsrc%5Etfw\">December 21, 2021<\/a><\/p>\n<\/blockquote>\n<p>\u00a0<\/p>\n<p>His comments were criticized as stifling the push for a decentralized internet \u2014 but the former Twitter CEO wasn\u2019t done yet.<\/p>\n<p>When Musk asked about the whereabouts of Web3, Dorsey provided a withering reply: \u201cIt\u2019s somewhere between a and z.\u201d<\/p>\n<p>His response was a reference to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/a16z.com\/\">a16z<\/a>, a venture capital firm that\u2019s heavily backed Web3. In response, <span>Chris Dixon, a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> partner at <\/span><span>a16z, said VCs \u201cactually own very little of it,\u201d but that didn\u2019t allay Dorsey\u2019s concerns about ownership of a future internet.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I believe in you and your ability to understand systems. It\u2019s critical we focus our energy on truly secure and resilient technologies owned by the mass of people, not individuals or institutions. Only that foundation will provide for the applications you allude to.<\/p>\n<p>\u2014 jack\u26a1\ufe0f (@jack) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jack\/status\/1473161753106210823?ref_src=twsrc%5Etfw\">December 21, 2021<\/a><\/p>\n<\/blockquote>\n<p>Dorsey\u2019s not the only person who\u2019s flagged the influence of investors. Diehl has warned that Web3\u2019s being \u201cpushed <span>by the world\u2019s largest investors who have\u00a0<\/span>deep bags of tokens to dump<span>.\u201d<\/span><\/p>\n<p>These remarks reflect wider concerns around the control of cryptocurrencies. A recent study found that <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/bitcoins-one-percent-controls-lions-share-of-the-cryptocurrencys-wealth-11639996204?mod=e2tw\">just 0.01%<\/a> of Bitcoin holders control 27% of the currency in circulation, which has escalated doubts about crypto\u2019s democratizing potential.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Decentralizing_the_web\"><\/span>Decentralizing the web<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Dorsey has been <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/jack-dorsey-and-the-unlikely-revolutionaries-who-want-to-reboot-the-internet-11639803654\">described<\/a> as part of a tech elite creating the next iteration of the internet, but says he has \u201cnothing to do with \u2018Web3\u2019.\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jack\/status\/1473160312182423555\">He argues<\/a> that <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> outlets merely use his name to generate clicks (obviously, we at TNW would never dream of doing such a thing).<\/p>\n<p>Yet his criticism of Web3 doesn\u2019t mean he\u2019s shunning decentralized online services.<\/p>\n<p>On the contrary, Dorsey is an avid supporter of crypto, runs a digital payments company called Block, and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/xtwitter.com\/jack\/status\/1204766078468911106?lang=en-GB\">backed a project<\/a> to \u201cdevelop an open and decentralized standard for social media\u201d.<\/p>\n<p>Musk also has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinmarketcap.com\/alexandria\/article\/elon-musks-history-in-crypto-the-good-the-bad-and-the-doge\">a long \u2014 and controversial<\/a> \u2014 history of championing decentralized finance.<\/p>\n<p>Critics may argue that their comments about Web3 are ill-informed or self-motivated, but there are valid reasons to interrogate the hype.<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more like this article, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/technology\/\" target=\"_blank\" rel=\"noopener\">Technology category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thenextweb.com\/news\/why-elon-musk-and-jack-dorsey-criticize-web3\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Elon Musk and Jack Dorsey are right to raise concerns about Web3&#8221; The next internet revolution is reportedly upon us, but two of tech\u2019s leading luminaries won\u2019t be in the vanguard. Tesla tycoon Elon Musk and Twitter founder Jack Dorsey have both put the brakes on the momentum around Web3, the somewhat vague vision of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":384200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/img-cdn.tnwcdn.com\/image\/hardfork?filter_last=1&fit=1280,640&url=https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/12\/Untitled-design-9.jpg&signature=86db562388b33af56a54babbedf4f5d0","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-384199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/384199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=384199"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/384199\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/384200"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=384199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=384199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=384199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}