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Peer-to-peer cryptocurrency marketplace Paxful has removed Ether (ethereum), Ethereums native token from the market and the second largest cryptocurrency in the world by market capitalization, cites many concerns about it.
Paxful CEO Ray Youssef announced the move in a message to the platform’s nearly 11.6 million users, which he later shared on Twitter.
finally kicked #Ethereum from our market. 11.6m safer humans. Honesty over profit Who’s next? pic.twitter.com/JTJXa5RYJ8
Ray Youssef (@raypaxful) December 21, 2022
Youssef highlighted three key concerns about the Ethereum ecosystem, which led to the market dropping ETH: Paxful’s intention to maintain its integrity and the global “money” driven by the fiat currency system. He cited efforts to combat “economic apartheid.”
I would love to see a world where Bitcoin liberates the billions of people oppressed by this evil system, especially those needlessly harmed in the Southern Hemisphere.
Switching Ethereum from Proof of Work (PoW) to Proof of Stake (PoS) consensus was the initial reason for this move. Youssef said PoW is the innovation that makes Bitcoin (Bitcoin) is the only honest money in existence and Ethereums move to PoS turned ETH into a digital form of fiat currency.
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Youssef also criticized Ethereum for not being decentralized, citing the protocol’s ability to allow for the tokenization of assets as facilitating fraud and scams across the cryptocurrency ecosystem.
The token that ETH created was a scam that robbed billions of people. They took precious momentum from Bitcoin and spent years on our mission.
Paxful’s CEO spokesperson for voice Bitcoin and cryptocurrency self-custody following the collapse of FTX in November 2022. Youssef urged cryptocurrency users to migrate his BTC holdings to self-custody storage, and Paxful users were encouraged to follow suit.
