MetaMask – The Crypto Space is a “dangerous casino” prone to “ponzimonics”

The cryptocurrency industry seems to be moving towards increasing adoption. But in the coffers of this rather satisfying recognition, realities are shifting that are far less so. With a logic that could almost be caricatured as a separation between the actors old-fashioned and spilling noobs with distinctly different ambitions. And an ecosystem that has turned from a social project into a simple ‘dangerous casino’ whose operating principle is much more like ‘ponzinomics’. An observation made by the two founders of the MetaMask wallet, in a recent very informative interview.

The rule is simple and repeats itself over and over. Innovations are carried by individuals with great ambitions, but usually end up in the hands of mere greedy profiteers. Of course – and fortunately – nuances exist between these two extremes. This is to forge what the industry involved will be once the foundations are finally laid…and regulated. But often they leave the first to arrive at the side of the road and see their dream become a very different reality.

cryptocurrency

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A situation that seems to have been experienced by Aaron Davis and Dan Finlay, at the origin of the development of the emblematic and essential MetaMask wallet. The latter was founded from 2016, to support the adoption of an Ethereum network, still very little focused on DeFi and all its current financial aspects.. With tens of millions of users worldwide. But still no native cryptocurrency as the launch raises a lot of questions for the developers. This so as not to sink into what they consider to be the giant “casino” that the cryptocurrency industry seems to have become.

Cryptocurrencies – A “Dangerous Casino”

Some will see in this article the simple emphasis on the jaded view of boomers in the cryptocurrency sector. However, we should not forget that these people are at the root of most of what currently exists in the field. But with the non-negligible – and very useful – benefit of taking advantage of an experience sorely lacking in an ecosystem whose youth is still wild and uncontrolled. Therefore, their comments are important to understand the current problems and the departure from the original ideology of what was not strictly speaking a digital economy.

Ethereum

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Because, as Aaron Davis explains, at the time of the launch of the MetaMask wallet, nothing seemed destined for Ethereum to become a network “so mainly financial.” After all, it was then more about setting up an environment based on a principle of self-regulation necessary for the decentralization of this digital universe. But it is clear that the direction taken is very different. And the report of the two men was rather softened as far as the future of this financing sandwiched between “casino” and “ponzinomics.”

I am not saying that what we have now is the future of finance and that you should move your savings there. A lot of people advocate this and I think it’s extremely dangerous behavior.. »

Aaron Davis

MetaMask – Necessary “reverse engineering”?

And as a key player in this ecosystem, the MetaMask wallet is at the center of this dynamic. This whether the developers like it or not. With the need to take into account the development of many dubious projects and the relative reliability. But also what Aaron Davis describes as the proliferation of ‘ponzinomics’. That is, financial protocols based on “complex investment schemes” that are clearly doomed to failure… from their investors. But also an “explosion of creativity and experimentation” which, still according to Aaron Davis, remains the main engine of this ecosystem.

Reason why the developers of MetaMask address the legitimate question of the sustainability of their portfolio, in light of these numerous mutationss. And the reminder of their inability to “prevent people from making Ponzis on blockchains. But also the increasing risks associated with the numerous phishing campaigns targeting its users. And this be it the cryptocurrency sector, or more recently NFTs that have become very popular.

We have somehow discovered the sad truth that our computer systems are essentially not very secure. And that the average person, if targeted directly, can be exploited. And we’re kind of starting to reverse engineer a secure computing stack. »

Dan Finlay

And Dan Finley explains that the MetaMask wallet does not allow banning cryptocurrencies or fraudulent projects. Because at the most it can “deprive them of the precious oxygen of exposure” needed to make them known. While, on the part of Aaron Davis, he emphasizes the need to pay close attention to the developments that have been put in place to encourage MetaMask users. For example with a “forecasting market” or the integrated swaps functionality. But while you pay close attention not to fall into this casino urge that encourages people to play more and more.

If we were bad actors, we could encourage people to act. It’s not what we want to be. »

Aaron Davis

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