Web 3.0: Jack Dorsey Is Right About VCs
There is a lot going on with the discussion about Web 3.0. We are in the process of seeing a transformation in the Internet. It is not going to happen overnight.
Some claim to know when Web 2.0 started but that is all speculation. Plus, it is always easier to see things in hindsight. Was it the start of Facebook? What about MySpace? In the end, it really doesn't matter since it is all an intellectual exercise.
The bottom line is people started to use social media as soon as it appeared. We did get the capability for two way communication. Over time, things expanded rapidly to the point they are today.
Semantics might be something that help clarify things for history class yet has no bearing on what we do each day.
The same is true for Web 3.0.
Source
Venture Capitalists
One thing that appears to be consistent with each "version" of the Internet is how certain characteristics are applied. Of course, over time things evolve. That means, what we refer to as Web 3.0 today is most likely a gross underestimation of what will be available in a decade.
That said, one aspect that garners a lot of focus is the involvement of Venture Capitalists. Is it really Web 3.0 if VC money is flowing all over the place?
This is a=the point that Jack Dorsey is making. Naturally, it is rather hypocritical for him to be the one to point it out since he is building applications using the same technology monies. Perhaps we can sum it up that he is using money that came as a result of VC money.
Either way, this brings up Elon Musk's point about not being able to find Web 3.0. Maybe it does not exist if we are dealing with a world still infected with VC capital. After all, we can try to call it Web 3.0 all we want but if it is being run by the same VC firms who funded most everything over the past 15 years, then it is still Web 2.0.
The idea of Web 3.0 is to create a system that eliminates (obliterates) the Venture Capitalists by establishing new means of funding. This is where the ability to create our own money enters the picture. As we see this concept expand, communities will not want the VCs involved for the simple reason that eventually the latter wants to suck the money out of the application.
Communities are going to concern themselves with the experience in addition to the financial implications.
We Are Building Web 3.0
In addition to the technicality of VC funding not being a part of Web 3.0, why can't Elon find it? The answer is simple: the ones building it are different from those who are immersed in Web 2.0.
If we are looking to the same companies to roll out Web 3.0, we are going to be disappointed. They exist in the present digital realm, one where control and profits are theirs. This is not Web 3.0.
To find the new version, Musk is going to have to look in other places. This is not what people are doing at the moment. All the talk about the Metaverse is a bunch of hype put out by the same multi-billion dollar corporations. What they are presenting is not the future of the Internet.
Think back to the early days of the Internet and how Web 2.0 came about. The first version was static, populated by the information purveyors. Were they the ones who evolved to bring us Web 2.0? Did we see the early successes in this realm become the dominant figures in Web 2.0? What happened to all those companies that were in the lead in the early days?
Why does anyone think this is any different? Disruption in any industry rarely comes from those who are succeeding in that. Musk ought to know this well since he is the one disrupting the automobile industry, not the legacy companies.
Web 3.0 will not come from the same companies that built Web 2.0. That is a total impossibility.
To find Web 3.0, Musk or anyone else is going to have to look in a different area.
Grass Roots Movement
We are returning to the original path of the Internet. The early days were populated with a bunch of individual, highly skilled geeks. They were from different backgrounds but all came together, in their own way, to lay the foundation for this thing we call the Internet.
There was no overriding corporation behind it all. It was not a centralized development plan. Things were just done in an experimental form that ended up organically growing things.
Of course, the next phase was dominated by companies. Here is where we see the mega-corporations utilize the network effect to maximum profitability (and control). It is what the Internet became the last 15 years.
Phase 3 is returning to the roots. There is one thing different: the level of technical expertise is much greater than 30-35 years ago. Whereas there were only a few programmers at high-end institutions involved then, we now have people from all over the world helping to develop this.
Anyone with the skills and a laptop can create the next billion user application. With the ability to tokenize while also building around communities, we see a completely different path forming. The centralized companies are going to want to control this yet it is impossible. How do you control a community when your goal is to suck the finances dry?
The thirst for power is not sated by going after these communities. After a short period of time, they want no part of what the centralized, hierarchical structure is offering.
At present, ideas are being funded by Venture Capitalists since that is the shortcut. Everyone is drawn to the fast track and large amounts of capital can hasten the ability to get something released. The question is will it hold?
Tossing out an application might be successful in the short-term. What happens, however, when people start to realize they are not financially benefitting from that application nor do they have any say or control? At some point, alternatives will appear which they will be made aware of. Will the majority of those people allow themselves to be exploited for the benefit of some faceless corporation that is intent on going public so the VCs can cash out?
For the moment, that is the case. Yet, as more is developed by the Web 3.0 community, alternatives will appear. Then it becomes a question of scaling. We are going to see a point where a lot of users are going to switch. They will see the opportunities offered and want to be a part of it.
Venture Capital money is a mixed blessing. It is climbing into bed with a rattlesnake. Yes there is a lot of money available to develop and complete a project. That is the benefit. The downside is the VCs are in control. Hence, when they say "time to monetize", it is done regardless of how that affects the users.
In the end, Dorsey and Musk were both right. What we are seeing now is "Web VC", the same thing that built Web 2.0. Hence, we can make the case nothing changed. And this is the point that Musk was hitting upon, most likely without realizing it.
Nevertheless, for Elon, there will come a time where he will not have to look far to find Web 3.0. It will be everywhere. What he questions is being built with each line of code put forth by some developer no associated with the Web 2.0 behemoths.
It is a process and we are making sure it unfolds.
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Yes, everyone will turn to Web 3.0, it is a genius solution to many of the problems of Web 2.0 that we have had for years
the concept of web 3.0 should be discussed together with the concept of the metaverse
because the two are not separate ways from each other
there are companies like facebook that believe that the future of the internet is in their own hands
Web 3 and Metaverse are vastly different in my opinion. The Metaverse is like Web 5.0. It is far down the road.
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There is indeed a lot of misunderstanding in crypto right now, especially around the metaverse. Regarding WEB3, I can only agree with everything you pointed out, it's impossible for this revolution to be ignited by the ones who've build WEB2. Hence I don't believe Jack will do much in that regard. I see people like @khaleelkazi @theycallmedan and @blocktrades doing much more for the development of WEB3 than Jack has or will ever do.
A technology that created a Paradigm Change in the financial world has brought this issue to the agenda again.
that was blockchain technology
Unfortunately, there are people who think that the concept of metaverse consists only of nft and games.
The terms Metaverse is so vastly overused and misunderstood that it is totally warped. We are not going to see this anytime soon.
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Ask Facebook. Facebook has billions of users, and it is milking them. The users are not getting any money from Facebook, yet they are still using Facebook, and many people are Facebook addict. If someone would successfully turn off Facebook even for a few days, then the world would go crazy.
that's why he took care of all of that, including the concept of the metaverse
That is because there is no option at this point. Wait until people get paid for certain applications, they are going to ask what they are doing on Facebook.
It is a process.
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That was the idea initially, though things change along the way where we see web being centralized. the future is web 3.0 where everything will be open to everyone to have access to and everyone can benefit from. The future is digital
I always like looking at the example of the guy who made flappy bird when I am thinking about how individuals and "nobodys" can disrupt the status quo. That guy wrote a simple app, but with 1 billion people downloading it at $1 a pop, he was a billionaire easy. Great example of the network effect too (I am guessing).
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That is what it takes.
Imagine the network effect on Hive if there were 5 Splinterlands with one or two of the apps posting directly to the chain (non custom JSON).
It would be incredible the wealth generated.
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He had a mental breakdown as a result of his lack of anonymity after the fact though, didn't he?
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I honestly don't know. That could be the case.
If VCs started dumping money into Hive I wonder how much influence they'd even be able to get. Likely quite a bit, but I'm still curious.
They could gain a lot of influence I would imagine since there is the governance token up for grabs. Being inflationary does help and the fact there are a lot of diamond hands (Hive Powered up) is also helpful.
At some point, if it got too bad, we could just fork.
Nevertheless, the more likely scenario would be if VC money floated into apps that took over Hive, not so much the base layer. But it is all an interesting thought experiment. Plus it does show how we need to keep expanding and growing the wealth. Make it harder to take over.
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Personally I think if we saw VCs buying, a lot of the whales around here would actually flip all their selling habits back into buy and holding. Make them pay for it. FOMO plus fear of takeover is a helluva combination.
At the same time all the VCs are also going to know that we straight up forked out Justin already, which means aggressive buying might be fully off the table.
I was looking at the price action of the LEO token yesterday and it's only on a couple thousand portfolios on Coingecko and is doing so well that it's astonishing that VCs haven't latched onto it yet. Maybe the fact that they haven't latched onto LEO is a positive sign that they don't want to mess around too much with genuine web 3.0 communities that are emmerging because they know they have no place here?
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The funny thing about LEO is that LEO has DEEP DEEP liquidity.
A VC throwing like $10M at LEO would jack up the price like x10 but they'd also get a huge percentage of the tokens.
The think VCs stay away from things like Hive and LEO because they no that no matter how much money they put in they can't control the project like they want to.
If we all become crypto billionaires the need for VC funding becomes moot…Many are simply blinded by the old legacy rules. All people want abundance…as they say careful what you wish for. :)
Of have billions to invest in different projects to fund development. Imagine the Hive DAO if the token gets to $10.
We will see a great deal more activity in every manner.
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I suggest they should all cone together and make the project a reality n successful (web3), different speculation will not make d project achieved its aim n goals in 2022
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Web 3.0 has a few advantages that Web 2.0 didn't have regarding VCs investment strategies. Permanence is one of those advantages. Many of today's web 2.0 companies bought and closed down or minimized their competition. Vast swaths of Web 2.0 tools that were only good for small groups of people died in those early days. Of course this did have the result of the best of the best (supposedly) surviving.
In web 3.0 though not impossible I do believe it will be extremely difficult to buy out a web 3.0 project and dismantle it or change it so that it degrades on its own. That nifty cyber bot that scours the entire cyber verse for keywords (instead of only the 50% that google allows) and only used by 100 people can stay alive in web 3.0.
Also instead of bigger companies hiring away the developers as they did at times in Web 2.0. A web 3.0 community (rather DAO based or something else) can retain the code and either learn the needed skills or fairly easily find someone who has the skills and likes the project.
Of course there is what I have noticed here in Hive and feel will continue expand outward. Community projects are in nested communities. What this means is even if a project pauses the remnants will still be there for someone in the greater community to find and maybe take interest. This can help when a project is a good idea but the timing is off due to any number of reasons. Including the possibility that it was a bad idea originally but other things happen in the greater world causing that bad idea to actually have been a good one.
I for one am greatly excited to see VCs money enter web 3.0. This will allow us to see what communities are strong enough to reach greater heights. Along the way we can hope to catch a few project ideas falling down and when the time is right dust them off for revitalization. Of course the vast majority of those caught (85%+) will be worthless.
You are right, it is a test. There is going to be a lot of disappointment, I believe, in some of the top projects.
But we will see how it all unfolds.
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Money definitely talks and when you start having money as factor, things get complicated fast. Crowd funding has proved to work so we need something more similar to that without the huge baggage. It's why a lot of the gaming community doesn't like NFTs because large corporations pushing profits have control of it.
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We have to be equal in our resiliency to push back. That is where the proverbial rubber meets the road. Keep expanding every layer/phase/application.
In other words, do a lot more.
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The government and corporations will continue to push the boundaries until we push back. So we definitely need to do that.
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This is the 3rd post today I'm reading about web3. And yes web3 is different to web2 and web3 has great contribution to many investor who become financially independent. There are many positive feedback I can see about web3.
Thanks for sharing more about web3.
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STOPCheck out the last post from @hivebuzz:
The only excuses i'd make for like jack dorsey and elon is that we atleast understood they went into their funding mechanisms and it was disclosed to all of us that's how it was going to work. The problem in crypto is if you're going to have entities and syndicates that just seem to form either way controlling and influencing the chain. I don't really see a reason you'd need a blockchain for that.
Leofinance has worked in many ways but it's also had people like @onealfa at times providing most of the liquidity. This is how he moves in projects. I don't like that.
So idk what we'd have to do about that. Some projects i've seen limit the stake you can buy. I think that's optionable. Some would say they will work around it. However i compare it to Trump building a wall. Sure people can get around it.. However that doesn't mean you don't put up the keep out fence.
So i guess my overall point since i get accused of ranting. I thought people like to read on this site. Apparently it's burdensome for them haha.. However the point being through proxy @edicted and @onealfa.. @marky mark are the vc's of these systems.
We need to stop them if we going to have any type of chain. There also needs to be apps where influence doesn't give anyone an edge... I believe attention value...should be fairly tokenized and created as it were. I don't think the influence game is a good idea anymore. I think early on it provided a good enough gimmick to raise funds. I just don't see the necessity of it anymore.
Bitcoin MYK for reference point. It won't allow you to create extra tokens based on controlled stake. I think that's the first step in the right direction. Then restriction on the amount of stake that can be purchased or mined in the early stages. These guys are smart.. i think once upon a time an eos fork pulled that off. Wasn't successful the reason being is because you see we are hypocrits.
We say we want freedom and to not be controlled by these masters as it were. However what good does it do me to trade one slavemaster for another.. Namely just another one on a blockchain, lol. It's still playing out similar to if we were shareholders in a company and Elon and Jack were the biggest stil doing whatever they wanna do. I still fail to see what the differences are between that and this sorta thing
So unless the community is not just offering up lip service. However really wanna change that paradigmn. I'll say next as well. If the blockchain community has to sit up here and convince any of these people on chain.. like onealfa who's purpose around here is to play king of the hill. He thinks that kool, lol.
If we gotta go around convincing those people the issues of centralization of wealth, develolpment, mining, exchanges and geography. if we gotta do that and they don't find any of those parameters things to fix and focus on. I'd just as soon as just not consider them members of any blockchain community.
I just don't feel they understand the purpose of the blockchain. I get people wanna develop their own type of systems. The thing is though there are certain boundaries when you just simply must ask. What is the purpose of this beling on the chain.
Whales serve like no purpose on the chain. Blockchain tech is often times mostly created to be democratized and decentralized. How do whales factor into that? Don't you all understand crypto in it's essence would have to be anti whale. So that right there shows me a majority of the people coming in. I don't think they value many of those things. LIsten we got already a nondemocratic world where it's hard to be heard. We already have a poorly distributed economy. If you trying to be a whale on the blockchain you're a person with a low iq in my opinion for the most part but i digress. In any event democratized funding solutions take power from central authorities.Unless they work like that freaking hive dao, yet another issue. That's the idea.
i don't have to say it. We konw the projects that are really about something and solutions and the differences between the bullshit projects that promote ideas counter to what we'd even want to have a blockchain for to begin with, lol.
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Less is more.
How many people do you think are going to read this?
I wonder who people are going to listen to...
A delusional compulsive gambler that sends all his money to @hiveslotgames-d,
or valued community members that have been here for years supporting the community.
How can you write so much and still have so little support?
Go do something constructive.
Does anyone need to read it but the author who wrote it?
why would a small time compulsive gambler bother you, haha.. didn't you say last time you were done responding..for a person with no support you sure worry alot about said person.. i smell fear, lol. and btw i love hiveslotgames good business i get more of it than reading worthless blogs with a value of zero for the most part, lol.
Easily it called bribery, lol. Sure it's a small band of you all at the top of the food chain. however i wouldn't confuse bribery with true support. You'll find quickly how fast that vanishes. I'm not sure what you all mean by little support? do you mean selling our crypto. Selling our crypto generally means you don't value it much. It's hodling that means you support a crypto. some people prefer to hold btcmyk because it's deflationary so it doesn't do alot of trading which i'm actually fine with.
However the blockchain exists and we've been on it for many transactions. it's not hard to see who buys the token and who doesn't. if you believe that people buying our token is not support i wouldn't then know what nonsupport looked like . . it must look real bad.
also i don't think its as many people using this network as you think. I see pretty much the same guys writing the same articles. .
i still fail to understand why people confuse a currency that operates more like a nonprofit organization an unregistered security, lol. I wouldn't go to the red cross and say it lacks support because it's not able to sell enough volume of blood to rival walmart selling frozen chinese food.
Go do something constructive.
HIllarious.. now you're saying creating a ubi project that has to be one of the best ideas in mankind period. If you can find someone who disagrees that is important okay i'll wait. They'll probably lose that argument but go ahead. However you seem to think sitting at the top of a pyramid ponzi scheme is something constructive. there is delusion here but it's not on my end..trust me the little gambling i do over on hiveslotgames.. is nothing compared to the gambling you all do day in and out in this crypto space. i think the other week hive has lost more than 50% of it's value, oh yea the delusion is real.
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umm...took your advice. you know the bit on doing something constructive and not being a gambling addict lol. btw some people are good gamblers they called professionals lol.
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nice work
Weird that they are called Backed Dollars though.
Gives the impression of a stable coin.
Ah shoot what a shame that the gap in liquidity is over 300% and it has the volume of one person trading it.
Did you really just site this as something to brag about?
You're ridiculous.
it's redeemable for btcmyk tokens but always has a stable network value explained in this video
free cryptocurrencies won't have alot of demand until the network has enough attention so liquidity will be bad in the beginning. should correct in the future under metcalfe's law and exponential growth. currencies aren't looking for price appreciation as much as stability and economic prosperity.
I think it's awesome a man can obtain a crypto like bbd coin free no hassle and go buy himself a meal. which doesn't require kissing up. having a set of skills they don't have..or praying lol
happy new year and enjoy your bbd coin man, haha
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hmm.. well i don't really see a problem with buy back burns. Which is mostly what we do. I'm more concerned about inflating the price. Whereas, i don't see a problem up until we surpass the intrinsic value of the token. So i think all that is really irrelevant. if the value actually goes into the token and it can support it. we know these are low liquid markets.
hive is really just upvote me and i'll upvote you system vote for vote. So i'm only interested in the free transactions on the system. getting our system to work and be easy for new users. i don't really care much about if joe bloke going to upvote us or buy the token. we're a currency we're not an unregistered security.
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I 100% agree with you. When I first heard about Metaverse was when Facebook announced they were changing their name to Meta. So when I heard everyone talking about HIVEFEST being on the Metaverse I chose not to look into it because I thought it was Facebook's Metaverse. I want nothing to do with Facebook. I didn't find out they were different, not until it was to late.
Is only the metaverse,I like in all this things but not Facebook metaverse.
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I remember the early days of the internet. It was populated mainly by college Bulletin Board Systems, and newsfeed services, and then Compuserve, followed closely by America Online.
In school, we were taught the library system and know libraries are obsolete as a couple of minutes with a Google search can answer many questions.
The system of information changes quicker than our educational system.
True, the cartoon by Elon and the post by Jack Dorsey gave me pause to think about it some more.
Then I studied Solana, 48% of the tokens went to VC who will inevitably dump those tokens and take the money out of the community and many retail traders will be ruined.
I think we will have to evolve like the Bitcoin Communities in El Salvador, pay ourselves with our money which stays in our community incentivizing people in our community to build more and create more.
Your right, we must make our own money, and support our projects with it, so we don't sell half the project to VC or other large investors.
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