cryptoknowmics.com
Aaron Davis and Dan Finlay, the co-founders of Metamask, a popular cryptocurrency wallet, said investing life savings in crypto is an "extremely dangerous behavior" and that investing in them is akin 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.