In an interview, the two founders of Metamask, one of the most famous blockchain wallets in the crypto world, stated that today’s crypto market is filled with many projects based on Ponzi schemes.
They claim that crypto has departed from its original purpose, thus opening up space for new projects that are not useful but only for profit.
Metamask Founder Gives Opinion on Crypto
In an interview with VICE, the two founders of Metamask stated that today many crypto projects are endangering and undermining the original innovation of crypto technology.
They stated that today there is a lot of gambling and fraud only done for profit by investors or project founders.
In addition, Dan Finlay, co-founder of Metamask, stated that currently, there is not much that can be done regarding investor protection from fraud or hacking that occurs in projects only concerned with profit.
Aaron Davis, the co-founder of Metamask, also stated that he did not expect crypto, especially Ethereum, to grow big just for financial applications.
Previously he thought in the early days of Ethereum that the blockchain and crypto market would grow not just for profit but to solve real-world problems, especially in the real sector. He also added that previously crypto was formed to bring alternatives and solutions to complicated government systems by providing a new system that is more transparent and decentralized.
But all seems not to be happening because many crypto project founders are only focused on personal gain and encourage investors only to seek profit, not focus on technological innovation.
Unlike market players and essential figures in the crypto world, the two Metamask founders have a realistic view of the current crypto market.
They believe that, at the moment, crypto is not moving as it was initially hoped for, especially when Bitcoin was created.
“There is a lot of devastation right now that is happening on an ongoing basis,” said Aaron Davis.
Aaron Davis and Dan Finlay also gave statements regarding the current state of crypto, which is full of bankruptcy.
They stated that currently, many projects are starting to show their authenticity, which is just a system that invites gambling.
The gambling in question is in managing corporate finances, which has led to the bankruptcy of many crypto applications and projects.
In addition, they also refer to the many projects that invite investors to gamble with high leverage and bring many losses and drastic drops in crypto prices.
“Many crypto project owners are moving without good ethos and ethics regarding education and transparency.” The two said in an interview with VICE.
To date, no project owner or creator of a crypto company shares the same view. It is most likely due to the large number of individuals who want to protect their business by giving a positive view of the crypto market.
Davis and Finlay’s views are followed only by a few analysts and social media figures who always give honest market views.
Unfortunately, this condition reflects that the crypto market is currently moving with many market players who are not good.
Metamask Has Problems Too
Too Metamask is one of the most-used wallets in the crypto world due to its simplicity and ties to most Defi and NFT.
Unfortunately, Metamask is also one of the biggest victims of many hacks in the crypto world. Given the use of Metamask to store crypto, its role is crucial.
Hacking cases currently rife in the bear market remind us that Metamask is also one of the projects with vulnerabilities.
This vulnerability was only warned in April 2022 when there was a hack tied to data storage on iCloud, where Apple product usage data is stored.
Finlay himself stated that this is a big problem he has been unable to solve. He also added that this vulnerable condition opened people’s eyes to the reality that computer systems are systems that are still vulnerable in terms of security.
“We are opening up to the harsh reality that our computer systems are inherently insecure and the general public, if targeted, can be exploited. Now we are trying to find a safer alternative.” Finlay said
Regarding the statement regarding the number of Ponzi projects in crypto, Davis and Finlay stated that they could not prohibit the project’s tokens and coins from moving on Metamask.
But they try to reduce the success of these projects by reducing exposure or publication of the project on Metamask.
Even though they seem hypocritical because they are blasphemous but still accommodate transactions, the two Metamask founders ensure that they do not support these projects.
“If we were a bad market participant, we would encourage investors to gamble with the token or coin. We don’t want to be like that.” Davis said.
For now, Metamask seems to be still focused on improving its security, especially in bear markets where there are lots of hacks.
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