“Pop!” Jack Dorsey is at it again. The former Twitter (TWTR) head and current CEO of Block, Inc. (SQ) has been vehemently outspoken about the eventual fate of Web3, and has picked public fights with some of the world’s most influential venture capitalists.
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On Saturday, January 15, Dorsey took to his social media platform to accuse venture capitalists of centralizing the nascent internet iteration. He posted a link to a Substack article written by “Fais” criticizing Andreessen Horowitz, also called a16z, which spelled out a lengthy and in-depth analysis on the conflict of interest that a16z may have when dealing in altcoins. Fais starts off by calling Andreessen “thin skinned” for blocking Dorsey and others, and goes on to hypothesize that the coins backed by VCs far underperformed benchmarks like Bitcoin (BTC) and Ethereum (ETH).
The article and Dorsey’s post featured a caricature of a spewing pipe titled “Web3,” with the vast majority of its contents going into the mouth of a portly man labelled “Silicon valley VCs.” The trickling drops from the pipe were left to a skinny figure labeled “retail.”
It appears that Dorsey is not alone in his concern and criticism that the essence of Web3, which is by definition meant to be decentralized and to return power back to the content creator economy, is being gobbled up by cash-laden VCs.
This instance is yet another page in an ongoing saga of the feud between Dorsey and Andreessen. The VC manager had previously blocked Dorsey on Twitter, in an almost child-like attempt at silencing his critics.
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