Analysis

Jack Dorsey Disses Ethereum, Web3 In Twitter Rampage

Twitter ex-CEO Jack Dorsey has admittedly by no means been a fan of Ethereum and has been fairly open about his stance on the cryptocurrency. Dorsey has all the time been a Bitcoin maximalist via and thru, displaying assist for the pioneer cryptocurrency at each flip. Even going so far as stepping down as Twitter CEO to focus extra on Block, a enterprise which focuses solely on constructing with bitcoin.

Despite being vocal about not being a supporter of ethereum, Dorsey does get requested a good bit what he thinks concerning the asset and the blockchain as an entire. It’s one among these situations that led Dorsey to as soon as once more present that he doesn’t assist the digital asset.

Related Reading | Bitcoin Leads As Markets Sees Record Outflows. Bear Market Incoming?

Dorsey Does Not Support Ethereum

With Dorsey focusing all of his power on constructing with bitcoin, others have introduced up the potential of the Block CEO integrating different blockchains into his work. A Twitter consumer by the identify of cdixon as soon as once more posed the potential of the CEO to work with ethereum and different blockchains, stating that there have been different purposes of cryptocurrencies that will require different chains.

Dorsey had responded to the tweet with a transparent and concise tweet. The tweet, as soon as once more, leaned tremendously in direction of assist for bitcoin because the CEO defined that solely safe and resilient applied sciences needs to be used, alluding to the centralized nature of the ethereum blockchain.

“I believe in you and your ability to understand systems. It’s critical we focus our energy on truly secure and resilient technologies owned by the mass of people, not individuals or institutions. Only that foundation will provide for the applications you allude to.”

Ethereum price chart from TradingView.com

ETH price falls beneath $4,000 | Source: ETHUSD on TradingView.com

Coming For Web3

Dorsey’s tirade in opposition to centralized methods didn’t finish with the ethereum blockchain. Web3, the brand new child of the modern know-how area, additionally drew criticism from the CEO. He tweeted saying that customers didn’t truly personal web3. Instead, that it belonged to the VCs and the LPs who’re at present investing closely within the area. Alluding to the truth that the incentives of those VCs and LPs will all the time influence it.

https://twitter.com/jack/status/1473139010197508098?s=20

Related Reading | Ethereum Exchange Withdrawals Reaches One-Year Low. Why This Matters

The tweet itself had drawn criticism from these concerned within the web3 area who poured out to counter the views of the CEO.

Dorsey went on to additional mock the know-how alongside SpaceX CEO Elon Musk. Joining the dialogue, Musk had tweeted saying, “Has anyone seen web3? I can’t find it.” To which Dorsey had mockingly replied that “It’s somewhere between a and z.”

Featured picture from Ripples Nigeria, chart from TradingView.com

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