The cryptocurrency industry seems poised to move toward ever-increasing adoption. But the rather gratifying acknowledgment of slip into this suitcase is much less so in reality. With an argument that can almost be caricatured as a division between actors old school and its spread noobs with decidedly different ambitions. And an ecosystem that has gone from a social project to a simple “risky casino” whose operating principles are more like “pongenomics”. The two founders of the Metamask wallet made an observation in a recent very informative interview.
The rule is simple and repeats itself over and over again. Innovations are carried out by individuals with great ambitions, but often end up in the hands of mere greedy profiteers. Of course – and fortunately – nuances exist between these two extremes. Creating what the sector will become once its foundation is firmly established… and regulated. But often the first to leave and reach the roadside, their dreams turn into a completely different reality.
A situation that seems to have been experienced by Aaron Davies and Dan Finlay, at the origin of the development of the symbolic and essential Metamask wallet. The latter has been set up since 2016, still barely focused on DeFi and all its current financial aspects to support the adoption of an Ethereum network.. With millions of users worldwide. But there is no native cryptocurrency yet, as its launch raises many questions for developers. This is so that they don’t drown in what they think The giant “casino” that the cryptocurrency industry seems to have become.
Cryptocurrency – a “dangerous casino”
Some may see this article as a simple highlight of boomers’ disturbing views on the cryptocurrency sector. However, it should not be forgotten that these people are at the core of much of what is currently in the field. But not insignificant – and very useful – benefit from an experience that is very lacking in an ecosystem whose youth is still wild and unregulated. This is why their speech is important, to understand the current problems and the deviations starting from the initial ideal which was not yet a digital economy strictly speaking.
Because, as Aaron Davies explains, Nothing seems preordained for Ethereum to become a network “so predominantly financial” when launching the MetaMask wallet. » Indeed, it was then a question of establishing an environment based on the principles of self-regulation necessary for the decentralization of this digital universe. But obviously, the direction taken is quite different. And the report of the two men rather mitigated as for The future of this money is stuck between “casinos” and “pongenomics”. »
” I am not saying that what we have now is the future of money and you should take your savings there. A lot of people are supporting this and I think it’s very dangerous behavior.. »
Metamask – “reverse engineering” required?
And as a key player in this ecosystem, the Metamask wallet is at the center of this dynamic. This is whether its developers want it or not. Many questionable project developments and relative reliability need to be taken into account. But what Aaron Davies describes as the spread of “pangenomics”. That is, financial protocols based on “complex investment schemes” are doomed to failure of their investors. But also An “explosion of creativity and experimentation” Which, according to Aaron Davies, still remains the main driver of this ecosystem.
because why Metamask’s developers address the legitimate question of their portfolio’s sustainability in the face of these numerous mutations.s and a reminder of their inability to “prevent people from building ponzis on the blockchain. But also the growing risk associated with numerous phishing campaigns targeting its users. And be it the cryptocurrency sector or recently NFTs which have become very popular.
” We have somehow discovered the sad truth that our computer systems are fundamentally not very secure. And that the average person, if directly targeted, can be exploited. And we’re starting to reverse engineer a more or less secure computing stack. »
And Dan Finley explains that Metamask wallet does not allow banning of cryptocurrencies or fraudulent schemes. Because it can “deprive them of the precious oxygen of exposure” they need to acquaint them. While emphasizing, for Aaron Davies, Metamask needs to pay close attention to the development made to encourage users. such as a “prediction market” or its integrated swap functionality. But it’s time to take great care not to fall into this casino drift that encourages people to play more and more.
” If we were bad actors, we could encourage people to act. Not what we want to be. »