Crypto Flipsider News — Dorsey — You Don’t Own Web3, Kraken Acquires Staked, Binance Signs Dubai Agreement, Bitcoin Reclaims $49k, LUNA and MATIC Set New All-Time Highs, Gamestop and Ubisoft Turn to NFTs

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Jack Dorsey slams Web 3.0 for being a venture capitalists’ plaything.

Kraken acquires Staked in record deal, Binance signs agreement with Dubai World Trade Centre.

Bitcoin reclaims $49K amidst recovery, Turkish LIRA rallies after new plans.

Altseason: Terra (LUNA) and Polygon (MATIC) set new all-time highs.

Gamestop’s marketplace, Ubisoft integrates NFTs, metaverse adoption grows in China.

Jack Dorsey Slams Web 3.0 for Being a Venture Capitalists’ Plaything

Web 3.0, or the ‘decentralized web,’ has been hailed as the future of the internet. The hype around Web 3.0 revolves around the concept of connecting data in a decentralized way, thus providing a more personalized browsing experience without third parties.

Jack Dorsey, the co-founder and former CEO of Twitter and Square (now Block), does not think Web 3.0 is a great concept. In a series of tweets made on Tuesday, December 21st, Dorsey voiced his criticism over the direction of Web 3.0’s developments, saying that venture capitalists own it, not users. Dorsey tweeted;

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…

— jack

(@jack) December 21, 2021

He further explained that the top priority of VCs is for businesses to comply with relevant regulations, and not decentralization, for growth.

By owning a substantial stake in Web 3.0 firms, Dorsey believes VCs can pressure the sector to comply with centralized regulations. Elon Musk joined in the criticism, asking in his own tweet, “Has anyone seen web3? I can’t find it.”

Flipsider:

- After criticizing Web 3.0 and Ethereum,