NEW DELHI (CoinChapter.com) — Peer-to-peer crypto exchange Paxful announced removing ETH (Ethereum) trading pairs from its platform.
Paxful founder Ray Youssef took to Twitter to announce the decision, citing several reasons, the chief being Ethereum’s shift to proof-of-stake. Youssef claimed that “Revenue is nice, but integrity trumps all.”
The founder explained that Ethereum’s move to proof-of-stake has made ETH a “digital form of fiat.” On the other hand, Youssef noted that proof-of-work helps make Bitcoin the only “honest” digital currency. Moreover, the Paxful founder claimed that Ethereum is not decentralized.
A Sept report by blockchain analytics firm Nansen reported that a handful of entities hold 64% of staked ETH. Youssef stated that the centralization would result in investors needing permission to use it one day.
Additionally, Youssef stated that Ethereum was indirectly responsible for several scams among the different tokens operating on its network. The Paxful founder, a Bitcoin maximalist, claimed the scams stole momentum away from Bitcoin.
Moreover, scams on Ethereum-based tokens proved detrimental to Paxful’s mission of empowering people through Bitcoin, Youssef claimed.
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Meanwhile, in addition to a question, Youssef said that Paxful would continue to support stablecoins on the platform, but he was not very excited about it.
Paxful Removed ETH To Protect Crypto Industry – Ray Youssef
The Paxful CEO highlighted that economic apartheid was the world’s biggest problem, calling it the “root of all of humanity’s pain.”
Furthermore, Youssef stated that Bitcoin would help free billions of people that the current economic system exploits. He claimed that the decision to kick ETH off the platform was to protect Paxful users from financial harm.
We are not perfect, but we’ll always do the right thing, even if it’s not popular, and even if it costs us money. The pay off for all humanity will be so great that the billions scammers have stolen via tokens will seem like pennies by comparison.
Ray Youssef said in his announcement.
The Paxful CEO’s announcement did not come as a surprise. Replying to a tweet from software engineer Jeremy Garcia on Dec 12, Youssef revealed plans to remove ETH from Paxful’s marketplace. Garcia slammed Ethereum in his tweet, claiming that the project would eventually fail due to its poor design.
Interestingly, when Paxful listed ETH on its platform in Apr 2021, its announcement claimed that ETH would give users a “different chance to claim their stake in the crypto world.“
Safe to say, that statement did not age well for Paxful.
Meanwhile, it seems even Bitcoin is not very secure. Read here to know why.
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