This morning Block (formerly Square) CEO Jack Dorsey tweeted that venture capital firms and their investors control most blockchains. Dorsey has always endorsed the Bitcoin blockchain only and has never supported Ethereum and other blockchains.
“You don’t own ‘web3’,” his Tweet read. He continued, “The VCs and their LPs (limited partners) do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into….”
Elon Musk followed up with, “Has anyone seen web3? I can’t find it.” To which Dorsey responded, “It’s somewhere between a and z,” alluding to venture capital firm Andreesen Horowitz known as a16z.
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