The cryptocurrency industry seems to be moving in the direction of ever-increasing adoption. But in the suitcases of this rather joyous recognition slip realities that are much smaller. With a logic that could almost be caricatured as a division between the actors old-fashioned and the discharge of noobs with completely different ambitions. And an ecosystem that has gone from a social project to a simple “dangerous casino” whose operating principle is much more than “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 again. Innovations are carried by individuals with great ambitions, but mostly end up in the hands of pure greedy profiteers. Of course – and fortunately – there are nuances between these two extremes. This is to create what the sector in question will be when its foundations are finally laid … and regulated. But often leave the first ones who arrive next to the road and see their dream become a completely different reality.
A situation that seems to have been experienced by Aaron Davis and Dan Finlay, who were the reason for the development of the emblematic and essential MetaMask wallet. The latter was created from 2016 to support the adoption of an Ethereum network that is still very little focused on DeFi and all of its current financial aspects.. With tens of thousands of users worldwide. But still no native cryptocurrency, because its launch raises many questions for its developers. This so as not to sink into what they consider to be the giant “casino” that the cryptocurrency industry seems to have come into being.
Cryptocurrencies – A “Dangerous Casino”
Some will in this article see the simple highlighting of the worn meaning from boomers in the cryptocurrency sector. However, it should not be forgotten that these people are the originators of most of what currently exists in the field. But with the not insignificant – and very useful – advantage of taking advantage of an experience that is sorely lacking in an ecosystem whose youth is still wild and uncontrolled. This is why their remarks are important for understanding the current problems and the departure that was initiated from the original ideology of what was strictly speaking not a digital economy yet.
For, as Aaron Davis explains, at the time of the launch of the MetaMask wallet, nothing seemed to predetermine Ethereum to become a network “so primarily economical.” In fact, at the time, it was more a matter of establishing an environment based on a principle of self-regulation that was necessary for the decentralization of this digital universe. But of course the direction is quite different. And the account of the two men rather softened with regard to the future of this funding squeezed between “casino” and “ponzinomics.”
” I’m not saying that what we have right now is the future of economics, and you should move your savings there. Many people are in favor of this and I think it is extremely dangerous behavior.. »
MetaMask – Required “reverse engineering”?
And as a key player in this ecosystem, the MetaMask wallet is at the heart of this dynamic. This whether the developers want 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 prevalence of “ponzinomics”. That is, financial protocols based on “complex investment schemes” very clearly doomed to fail … for their investors. But also an “explosion of creativity and experimentation” which still, according to Aaron Davis, remains the main driver of this ecosystem.
Reason why MetaMask developers address the legitimate question of the sustainability of their portfolio in the light of these numerous mutationsAnd the reminder of their inability to “prevent people from creating Ponzis on blockchains. But also the ever-increasing risks associated with the many phishing campaigns targeting its users. And this whether it is the cryptocurrency sector or recently NFTs that have become very popular.
” We have somehow discovered the sad truth that our computer systems are basically not very secure. And that the average person, if directly targeted, can be exploited. And we have more or less started reverse engineering of a secure computer stack. »
And that explains Dan Finley The MetaMask wallet does not allow banning cryptocurrencies or fraudulent projects. Because it can at most “deprive them of the precious exposure oxygen” needed to make them known. While emphasizing, on Aaron Davis’ side, the need to pay close attention to the developments that are in place to encourage MetaMask users. Such as with a “prediction market” or its integrated swaps functionality. But at the same time being very careful not to fall into this casino operation that encourages people to play more and more.
” If we were to be bad actors, we could encourage people to act. That is not what we want to be. »