JackDorsey was all over the news for the past couple of days for his Twitter attacks on venture capitalists and how they are shaping the web 3 movements. He went on to say that web 3 movement is nothing more than a marketing catchphrase, and venture capitalists have no interest in preserving the true essence of decentralization. However, we need to take a few steps back to understand the enormity of the feud, and where it stems from.
When asked whether cryptocurrencies will survive in the future, Jack Dorsey said that Bitcoin will. While the comment does not seem to be very layered, it indeed hints at the biggest battle in the crypto space: Bitcoin vs cryptocurrencies. In other words, the battle is between Bitcoin and Ethereum, though other cryptocurrencies fall under the Ethereum bracket. Dorsey is a long-time proponent of Bitcoin and believes that it is the only true cryptocurrency that can stand the test of time. Venture Capitalists, on the other hand, are firm believers in diversifying cryptocurrencies. The argument on their side is that more tokens will encourage more participation, giving web 3 the shape it should have.
The problem lies in the way many of these cryptocurrencies are owned and managed by venture capitalists. Unlike Bitcoin, these tokens are centralized at their very core. It is against this centralization tendency that Dorsey spoke out, and others came in his support. To understand the full extent of this controversy, it is essential to understand this feud of Bitcoin vs cryptocurrencies first.