The popular p2p crypto marketplace Paxful removes Ethereum, citing several concerns. The company’s CEO, Ray Youssef, has cited several reasons for their move. One of the biggest reasons is Ethereum’s move to the proof of stake consensus, which has caused centralization concerns and also affected the minting ability of Ethereum. This is a major move by Paxful because removing the second-largest crypto by market cap from their platform is no joke.
Paxful CEO tweets about removing Ethereum
— Ray Youssef (@raycivkit) December 21, 2022
Ray Youssef says that removing Ethereum from the platform means ensuring the safety of 11.6 million humans. He also shared a picture where it says, “Revenue is nice, but integrity trumps all.” Ray then goes on to explain all the reasons why Ethereum no longer deserves to be on Paxful.
- Proof of stake: The shift to the proof of stake consensus means now Bitcoin is the only real form of money left, according to Ray. He says PoS has made Ethereum a digital fiat currency. This is also why many Ethereum users were against this merge.
- Centralization: The first cryptocurrency was Bitcoin, which is why the entire base of this technology has been built on the idea of decentralization. However, not all projects out there are decentralized, and Ethereum is one of them. Ray says that ETH is controlled only by a small group of people.
- Utility: Ethereum does have utility in lending, credit and building applications. However, because of these, there are many tokens that have been built on ETH and have scammed people of billions of dollars. Ray says this takes away important momentum from BTC and slows us down on our mission.
Ray wants to protect users
The events in 2022 have majorly affected the crypto industry. First, we had the collapse of Luna and UST, resulting in the bankruptcy of multiple lending platforms. This has affected millions of users who lost their money. And now, the collapse of FTX, which is supposedly the largest scam in the US to date.
This is why Ray believes the crypto industry is under attack. And it is up to them to protect users even more than before. So, he says they will always do the right thing even if it costs them profits.
What are your thoughts as Paxful removes Ethereum from its marketplace? And do you think they will bring it back? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.