MetaMask Co-founders Say Cryptos Are Currently an Unsafe Casino Prone to Ponzi-Like Operations
- The MetaMask co-founders shared their opinions on the state of the crypto market in a recent joint interview with tech media outlet VICE (Motherboard).
MetaMask has been more crucial in the current crypto winter than other pieces of crypto-related software. Tens of millions of MetaMask users are using the digital wallet system as the access point to Ethereum. However, the sharp crash in the crypto market has caused the MetaMask co-founders to warn about the crypto ecosystem.
MetaMask on Crypto Status
Despite helping to build the crypto ecosystem, the two founders (Aaron Davis and dan Finlay) say the crypto space is an unsafe casino where Ponzi-like operations and exploitation can take place without punitive measures. The MetaMask co-founders shared their opinions on the state of the crypto market in a recent joint interview with tech media outlet VICE (Motherboard).
Aaron Davis ( alias, Kumavis) said, “even though he is saying it a little late, putting money in cryptos is similar to gambling.”
He explained that the current state of crypto space couldn’t be the future of finance. Hence, it is dangerous behavior for anyone to push the narrative that everyone should move their life savings into crypto right now.
You’d recall that the sudden crash in the crypto space has affected several projects and investors. Notably, Consensys developed and launched MetaMask in 2016. Consensys is a famous blockchain tech firm that provides developer tools and enterprise solutions. Such enterprise solutions include the development of applications and services for the Ethereum blockchain.
Davis said he isn’t shocked that many crypto investment schemes are crashing. He added that many of them share similar concepts with Ponzi schemes. The netmask co-founder further said play-to-earn games have similar Ponzi concepts as they are just like experiments with creativity.
In his remarks, Finlay said it is clear that several issues are affecting the crypto space, especially for those who pay close attention to it. Finlay added that many NFT creators display a lack of creativity because they were using similar smart contracts to create multiple NFT profile pictures.
However, he admitted that last year’s NFT boom showcased the evolution of creativity in art. The boom in the DeFi and NFT space has positively affected MetaMask wallets. The company’s active users grew from one million in 2020 to 30 million in 2022.
Making Crypto Space Safe
The MetaMask founders told VICE (Motherboard) that they are trying to create a safer crypto space for the next round of experimentation. Meanwhile, Finlay blamed the crash of high-profile crypto firms on bad players who opted not to follow the transparency ethos of the crypto space.
He cited the bankruptcy of crypto lender (Celsius network) and crypto brokerage firm (Voyager Digital) as examples of the high-profile crash of crypto firms. However, Finlay and Davis admitted that they can’t force people to have a mindset about crypto “Ponzi-nomics.”
Also, they can’t stop the bad players from creating Ponzi-like crypto schemes. They said the only thing they can do is to keep building “consensual online crypto relationships.” Hence, it would be almost impossible for any disreputable project to gain credibility. In conclusion, Finlay said he hopes the crypto market participants can cooperate to self-regulate the industry since the authorities have failed massively.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
