Jack Dorsey, the CEO of Square (formerly known as Square) and Tesla CEO Elon Musk took to Twitter on Tuesday to discuss venture capital firms that are investing in web3.
On the other side of the conversation, Twitter user Balaji Srinivasan replied to Dorsey’s tweet, saying that he disagreed and cited Twitter as an example of a web innovation that ultimately gave in to “corporate and political incentives”.
“VCs often say what you’re doing is not ‘real’. This discourages startups from working on things that actually matter,” wrote Srinivasan.
“You don’t have ‘web3’ on your hands,” Dorsey tweeted. “VCs and their LPs do.”
Dorsey had previously stated that cryptocurrencies would eventually be recognized as legal tender and added, “I’m looking for a CFO to help me navigate this space.” When one user argued that he didn’t agree because “Twitter is an example of a web innovation that ultimately gave in to “corporate and political incentives,”” Balaji Srinivasan explained.
Musk then responded to Srinivasan’s tweet, writing: “I agree. Web3 need to be controlled by the people, not VCs.”
Srinivasan continued his argument with Musk and Dorsey, saying that he doesn’t want web3 controlled by governments either.
Musk responded, tweeting: “I am for consumers controlling access to data to whatever degree they see fit.”
“Me too,” Dorsey replied.
Musk later said “web3 is coming” and urged people to read up on how it will affect them.
Srinivasan responded by saying that Musk should “read Tim Berners-Lee on why web3 is different than apps. Web3 is decentralized protocols.”
“But not everyone agrees, so it will probably be thousands of years before this is mainstream, if ever,” Srinivasan added.
Musk said that he was “looking forward to web3” and reflected on the long development process for Tesla itself.
Dorsey responded by tweeting that he “grew up” on the World Wide Web, which was funded by itself.
Srinivasan asked Dorsey what he meant by the World Wide Web being funded by itself.
Dorsey replied, writing “just that it was an open platform for anyone to build with no real locks.”Musk concluded the conversation by saying that web3 will “lead to better humanity in general.”