I have thought about it enough. Jack and friends dislike #web3 because it doesn’t have copyright protections (yet) and it threatens to break the decade old model of natural monopolies forming on the web once a firm has sufficient mass in an area.
It is true that VCs get great deals in #crypto atm & it is also true some try to flip quickly. But it is also undeniably true that people who participate in #web3 own a far larger share of it than in the case of web2.0. Airdrops alone are often 4figs+ & you control your data.
Look at what happened across #crypto: mainstays like bittrex, poloniex, bitmex and even uniswap to a degree already are rapidly replaced when a better product comes along, sometimes by people forking their code. Of course, if you are in web 2.0 you are scared as fck.
Not sure if you noticed, but even google is useless to navigate #web3, the algo can’t deal with so much new development in so little time and such decentralized information flows (telegram, discord, twitter). No incumbent is safe. That’s why we got the discussion.
VCs own a share of every industry. It’s because they give risk capital and when their projects succeed they get paid. But that’s not why #web3 gets hate from tech incumbents. It is because it threatens their market.
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