MetaMask founders liken cryptocurrencies to an unsafe casino

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The co-founders of MetaMask have said that the mission behind creating the company is to boost security in the cryptocurrency sector. The founders criticized the crypto space for being entirely financial and for failing to solve the issues faced in the real world.

MetaMask co-founders say crypto is a casino

Aaron Davis, one of the founders of MetaMask, said that when he was launching the decentralized wallet, he did not expect to see the Ethereum network transform to being “so primarily financial.”

Davis expected that the layer one network would be used to solve issues in the real world, including problems faced by national governments. Dan Finlay, another MetaMask co-founder, supported Davis’ sentiments, who added that the company could only go so far in protecting its users.

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The two also expressed their not being surprised by the recent downtrend in the market. The duo said that the massive losses suffered over the past few months were because crypto was like “an unsafe casino.” People in the space tended to gamble despite a lack of knowledge about the risks present in the space. The pair further said that some of the losses were caused by bad actors that failed to abide by the transparent nature of cryptocurrencies.

Finlay added that there was a limit to what the firm could do to protect the interests of its clients. Finlay said that the cryptocurrency space exposed how unsafe modern-day technology space was. He added that computer systems could be exploited, and the company was doing what was needed to boost the security of its systems.

Finlay noted an overwhelming number of Ponzi-like projects in the crypto market, and these projects were registering their tokens on MetaMask. Finlay added that the company could not ban such projects, and the only course of action was to limit their exposure.

MetaMask affected by the market downturn

The ongoing correction in the crypto space has affected many companies, and MetaMask has not been spared. The company has recorded a notable slump in activity, and its overall performance is linked to the bear market.

The company could launch a “prediction markets” feature to incentivize those using its services. This feature could boost activity, but the co-founder noted that it could also promote user behavior and entice people into gambling. He said that the company did not want to encourage people to gamble.

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