Bankless Founder: Jack Dorsey has no idea about Web3.

If you've been following encrypted Twitter over the weekend, you've probably seen how 2021 ends with perfect encryption.

This time it's about the legitimacy of Web3, not Alt L1 vs Ethereum L2. Moreover, this is not a battle between two parties in the crypto industry, but a battle between Jack Dorsey and venture capital (VC).

cause

The reason for the incident was that Jack Dorsey posted a meme about how Web3 brought all its benefits to Silicon Valley venture capital firms and left investors with only a few drops of water.

It's not just Jack's problem, as I've seen this point of view elsewhere. For some, “Web3” is a time consuming process and venture capitalists use it for short term investments. They invest in the hype, not the products, and then use those ads to sell to entrepreneurs who can't afford their Web3 resources.

It makes sense. (Because) the hype around Web3 is important.

A16z also supported elections to measure human perception of the "Web3" period.

Here's the result: people like it.

So are venture capital firms benefiting from this by including investors in their start-up capital? Will this guarantee the future of Web3?

Or did something completely different happen?

Let's identify it below.

Modify the parameters of the "Overtone Window"

Uniswap

On September 16, 2020, UNIswap announced UNI tokens and dropped 60% of shipments to the community (through a combination of air scavenging and community funding). For use, the retroactive airdrop includes over 250,000 special locations on Ethereum.

Uniswap began work to recover the airdrops, and since then hundreds of airdrops have redistributed millions of dollars in cash to hundreds of thousands of freelancers involved in special capacity crypto applications.

Uniswap's $ 11 million seed funding round is also joining other venture capital firms, led by 16z, in this financial environment.

Ask yourself: will Uniswap airdrops increase or decrease the value of the venture capitalists' first investment in Uniswap? I believe Uniswap's increased distribution and stakeholders add up to the big decision for venture capitalists.

The cost is due to similar incentives, and Uniswap's model shows how venture capitalists can engage in businesses and distribute capital to investors. The Uniswap Airdrop provided 250,000 independent Ethereum-based locations as a free investment, with significant benefits for early-stage commercial ventures.

However, not all Web3 investments are as profitable as Uniswap. But there are advantages.

For us

The Ethereum domain name service has dropped 50% of all ENS offerings to users, with the remaining 50% being distributed to the foreground and around 500 ecosystem participants.

(I know) ENS has never raised a dime in venture capital. In order to receive ENS payments, they must be purchased by ENS users.

coinbase

Web3 shifts Overton's budget allocation windows so well that it impacts the market for traditional products.

Note: Windows Overton was the subject of a variety of legal policies that were political to most people at the time. Overton's window is named after its discoverer Joseph Overton. Overton's initial thought is that the political significance of politics largely depends on whether it is within the purview of this and not the political elite. Overton believes that there are many rules in this window that politicians cannot follow through and take public opinion into account.

Coinbase jettisoned 100 shares each for 1,700 employees while issuing coins directly to the public market. By depositing a COIN at a cost of $ 250 per share, this is a "reward" of $ 25,000 for every Coinbase employee.

When was the last time a business invested in people? This is the culture in which cryptocurrencies are exported to other parts of the world.

Web3: work in education

The above examples are probably the best that Web3 can provide. There are many examples that are not very good, and many examples are not very good for entrepreneurs. Of course, there are many other investors that even the trader does not think about.

But you have to remember that the standard before Web3 came with it.

There is absolutely no opportunity for an entrepreneur. And Crypto has always done its best to ensure that everyone has an equal chance of all. One of the driving forces behind the 2017 craze is that traders can “walk in” before every job. This was true for Bitcoin in 2010 and Ethereum in 2015. Many Web3 platforms developed today are still very true.

Before crypto, traders had to wait for companies like Twitter to be listed on NASDAQ or the New York Stock Exchange. An individual trader can use a brokerage company to buy products from these companies of series A, B, C, D, E ...

Crypto is much better than its predecessors, and the fact that Jack complains that retailers are not involved in the Web3 platform completely ignores where we came from and where we are going.

Follow the wake-up mechanism.

Jack's follow-up tweets explain how venture capital incentive mechanisms could undermine Web3.

"You don't have 'web3'. You can market and their LP. It's never out of their reach."

All of the biggest drops ever to have been rewarded for upper deck users. I think Jack does not understand the connection between the capital and the investors of Web3.

Once the members are in the hands of the community, the Web3 platform will be complete. The Web3 platform relies on community members. Without community membership and involvement, it is not Web3 at all.

If you believe the above, it is important that venture capitalists include more venture capitalists through airdrops or other means. Web3 platforms that allow members to be more successful than platforms that are not. Therefore, venture capital firms should consider including the investor in their portfolio.

The problem is not the investment layer, Jack is in the Web2 paradigm.

Financial support and community income is a new concept and Crypto has yet to see best practices. Uniswap posted it, but he'll always see "how" that changes.

I also need to convert his ps meme to two more accurate versions.

Follow chapter 2 of the intervention

What is Jack's goal? Why is he yelling out loud about Web3?

It's a secret. The only cryptocurrency that Jack takes advantage of is Bitcoin. There are a lot of cases of slanderous cryptocurrencies other than Bitcoin, but I think it's Web3's turn right now.

I think Jack has an idea for Web3. Because, like a lot of people like Bitcoin, it is believed that where the real distribution is Bitcoin and the rest is all decentralized. He tried to represent the inaccuracies and changes in Web3 by expanding on its shortcomings and ignoring its strengths.

He tried to make this decadent version of Web3 a reality so you could dance on the grave.

I have seen Jack deny not only the reality of Web3, but the desire of the Web2 project for the entire industry. Unfortunately, there is an easy cryptocurrency counterattack at all times in the world, and leaders like Jack can inflict enough torment to spark criticism.

Impact of US trade laws

When Jack Dorsey criticized Web3, he didn't mention the risky business proof rules, which explained the problem pretty well.

That doesn't mean Web3 startups need money from venture capitalists. This was forced because the United States Securities and Exchange Commission did not allow unauthorized investors to invest in the private sector. That's why it's hard to find a way to include marketers even though the Web3 platform needs it.

Web3 is owned and operated by the user. It is the US Securities and Exchange Commission (SEC), not the venture capitalist, that protects the outcome of the event. Jack didn't mention it anywhere.

I think this is proof that Jack was unfair to Web3. Jack is spreading false and misleading information to create descriptions that answer the mystery of becoming the greatest Bitcoiner of all time.

David

Remember the start of P.S. Web3 is moving.