The Paxful peer-to-peer cryptocurrency marketplace will no longer feature Ethereum’s native token ETH. Paxful CEO says it is digital fiat.
CEO Ray Youssef, of the Paxful peer-to-peer cryptocurrency marketplace, tweeted that his company had decided to remove ETH, saying that there were a number of concerns surrounding the PoW cryptocurrency.
We finally kicked #ethereum off our marketplace. 11.6m humans safer. Integrity over revenue. Who is next ? pic.twitter.com/JTJXa5RYJ8
— Ray Youssef (@raypaxful) December 21, 2022
Youssef explained that even though there may be a lot of revenue from ETH, it lacked “integrity”. He said in his personally written tweet:
“The biggest problem in the world is economic apartheid. It is the root of all of humanity’s pain. I want to see a world where Bitcoin frees billions of people held back by this evil system, especially those unnecessarily harmed living in the Global South. This is why I built Paxful – to achieve this MISSION. It is what truly drives me, it’s from the heart, and this is personal to me.”
The Paxful CEO cited 3 major concerns he had with Ethereum, and the first was that the network had switched to Proof-of-Stake from Proof-of-Work. He said that PoW kept Bitcoin honest, but PoS had made ETH just a digital form of fiat.
He said that ETH was no longer decentralised, was controlled by a small group of people, and that one day permission would be needed in order to use it.
Finally, he gave his view that ETH had allowed “scams that have robbed billions of people”, and that it had taken momentum away from Bitcoin.
He finished by saying that the crypto industry was under attack and that his company had the responsibility to protect its users. He said that they weren’t perfect but would always try to do the right thing. His hope was that in the end, all the money lost through scammers would appear as pennies against all the benefits of Bitcoin for humanity in the long run.
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