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I made a submission [1] about this today too, but it didn't generate any comments. I was hoping to have a discussion regarding how Bitcoin / crypto / web3 is often grouped into one category. Jack Dorsey is making a distinction here that they are not the same thing. This specific tweet [2] sticks out for me:

> You don’t own “web3.”

> The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.

> Know what you’re getting into…

I know there are concerns with Bitcoin's energy consumption, but I still think it's one of the most innovative things to come in the last decade, and I don't think it should be grouped with things like NFTs, etc.

I like some other altcoins, like Ethereum and some other smart contract platforms, so I'm not just a Bitcoin maximalist. However, personally I think NFTs are a lot of hype. I don't think Bitcoin is the same as that. There were no early VC investors in Bitcoin (with the exception of Tim Draper, but he wasn't invested from the start of the network).

Now the VCs are looking for the next big altcoin and investing in that. I.e. some altcoins that I even think have potential, like Solana, are also heavily VC backed. In that regard people should also know what they are getting into.

[1] https://news.ycombinator.com/item?id=29642794

[2] https://twitter.com/jack/status/1473139010197508098

discuss

cam0|4 years ago

Just because there weren't early VCs into bitcoin doesn't mean that most BTC is distributed fairly amongst a large portion of people. Most BTC seems to be owned and controlled by a fairly small concentration of wealthy people at this point. It will do no good for average people, so it shouldn't be hyped as "a form of "freedom" or "revolution" or anything of that sort - it's just another asset for wealthy people to buy up.

hndamien|4 years ago

Isn't this always going to be the case with money, especially hard money. Partially due to the definition of "wealthy"? The money appears to be unfairly distributed amongst the wealthy people. Yes! Thats how money works! If you have a lot of it, guess what, you are now a wealthy person.