MetaMask Says Cryptocurrencies Are Gambling

21/07/2022 | Categories: News | Published by: BTCGOSU | Last updated: 21/07/2022

For years, those heavily involved in the cryptocurrency casino gambling world have said that using cryptocurrencies to gamble is effectively gambling twice. You’re betting on games but also taking a risk that BTC and other cryptocurrencies will remain valuable. They are, after all, highly volatile. However, when casino insiders say it, nothing comes of it. When the co-founder of one of the more popular crypto wallets for Defi, Web3 Dapps, and NFTS says it, everybody acts shocked.

That’s exactly what happened this week when MetaMask co-founder Aaron Davis told Vice that investing in the cryptocurrency market effectively amounts to gambling. The news comes as a shock to crypto investors, some of whom are known to be opponents of online gambling but also users of the crypto wallet.

A Stark Warning from Davis

As if calling cryptocurrencies gambling wasn’t bad enough for some sections of the community, Davis went on to imply that he was unsure if investing in cryptocurrencies was a smart call at this moment in time. Presumably, he’s referring to the recession. Giving a double barrel to investors, he called the crypto industry “unsafe and unregulated”. He also highlighted the TerraUSD crash and the overall market slump that has sent crypto lenders like Voyager and Celsius Network into bankruptcy.

What Exactly Did Davis Say?

According to Vice, Davis claims that “It feels too little too late but putting your money in cryptocurrencies is gambling.” He went one further in his candid interview, adding that he would “never advocate” people moving their life savings into cryptocurrencies.

In a damage limitation move, fellow MetaMask co-founder, David Finlay, commented that while there were bad actors around, there was plenty of good in the industry. His more balanced tone gave hope that better days may be on the horizon.

Are Cryptocurrencies Gambling?

If nothing else, Davis’ comments have opened a debate that hasn’t been had to any serious degree, save for those already in the crypto gambling industry. Are cryptocurrencies a form of gambling? It is a grey zone. Loot boxes in games have been deemed gambling, but cryptocurrencies are as random as those gaming features. We wouldn’t call investing stocks gambling, although we would say it is a gamble. We’d say the same about cryptocurrencies.

Betting with cryptocurrencies is where the real gamble lies, although you do take a risk when you invest in anything as volatile as cryptocurrencies. It is always best to pay attention to what you’re doing and only invest what you can afford to lose.