Billionaires and their fuss about web3

0 45

So we have recently seen some banter between ex-Twitter and current Square/Block CEO Jack Dorsey and the technoking of Tesla/SpaceX Elon Musk and they both seem to agree on the fact that Vulture Venture Capital involvement means that users don't really own Web3.

Jack Dorsey says VC involvement means crypto users don't own Web3 — and Elon Musk seems to agree (

I actually agree with their sentiment but I definitely think that there are exceptions to the rule. A lot of the crypto platforms have received a huge amount of funding either from one single individual or one corporation which at the end of the day is expecting profits after a certain time. In that sense, the users don't really own the web3 platform. But I do believe that VC companies like a16z need to pump money into projects like these, take their profits and get out of the way to make the platforms grow organically going forward.

I think the exception to the rule is Hive. To the best of my knowledge, I don't think there was any VC funding for Hive and it is by and large completely user owned.

So while there are a mix of VC funded web3 platforms and solutions and completely organic ones, I do believe the VC funding is needed in these early stages as long as these companies get out at the right time and leave the platform to grow by themselves.

What is your opinion on this? Where do you stand in this debate?

$ 1.69
$ 1.69 from @TheRandomRewarder
Sponsors of potta