The co-founders of the well-known cryptocurrency wallet Metamask, Aaron Davis and Dan Finlay, claimed that investing your life savings in cryptocurrencies is “very dangerous behavior” and that doing so is similar to gambling.
“Putting money in crypto is gambling”
In an interview with Vice, Metamask’s founders voiced explicit criticisms against the current unsafe and unregulated state of crypto that has led to consumers losing hundreds of millions of dollars in holdings, companies going bankrupt, and a decreased trust in the industry’s future. This comes as a rare admission from someone who has founded or led a major crypto company.
“It feels too little too late, but putting your money in cryptocurrencies is gambling. I’m not saying what we have right now is the future of finance and [you should] move your life savings over. A lot of people are advocating that and I think that is extremely dangerous behavior,” Aaron Davis told the publication.
“Can’t stop people from making Ponzis”
Regarding the overwhelming number of Ponzi-like projects registering their own tokens through Metamask, Finlay admitted that his firm couldn’t impose a ban on such projects as there is only so much MetaMask can do about it since they are developing “an increasingly pluralistic digital space.”
“We can’t stop people from making Ponzis on blockchains. It’s by definition impossible for us to wrap the whole thing into one unified bow and enforce it in a direction,” Metamask co-founder Dan Finlay said.
Hope for a brighter future
Despite the ongoing storm raging in the crypto market and its many failures, Finlay, however, hopes that the industry may have a bright future.
“We will know that maybe we or somebody else did something right, when we have addressed climate change or there’s better social equality. Those are my two longest term hopes for the ecosystem,” he added.
A sympathetic cause and humble beginnings
In the meantime, Finlay and Davis discussed MetaMask’s origins, which were motivated by a desire “to help people raise funds, send micropayments, and more,” as Finlay stated in an interview for ConsenSys’s blog post published on July 14 as part of celebrating the cryptocurrency wallet’s sixth anniversary.
They both emphasized in the ConsenSys interview that they both agreed that in a society where “the majority of people neither know how to trust machines, nor each other,” new trust foundations need be built.
Because of this, Finlay emphasized his goal of making people feel “like they can trust more things again, but for the right reasons,” and he gave developers the advice to “find a way to help the rest of mankind.” Consider the issues that people are facing, pay attention to what people are saying, discover how things operate, and then consider whether you can help a few people.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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