By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
CoinLucidCoinLucid
  • All News
  • Bitcoin
  • Ethereum
  • Altcoins
  • Blockchain
  • DeFi
  • Mining
  • NFT
  • Learning
Reading: Crypto platform Paxful removes ETH from its marketplace
Share
Notification Show More
Latest News
What is Fair Value Gap – Smart Money Concepts
Learning
What are Equal Highs and Equal Lows – Smart Money Concepts
Learning
Ankr Network rising by 50% in the past 24h following its partnership with Microsoft
All News
110M $ALBT Hacked and trading suspended from KuCoin
All News Altcoins
What are Moving Averages (MAs)?
Learning
Aa
Aa
CoinLucidCoinLucid
  • All News
  • Bitcoin
  • Ethereum
  • Altcoins
  • Blockchain
  • DeFi
  • NFT
  • Mining
  • Learning
  • All News
  • Bitcoin
  • Ethereum
  • Altcoins
  • Blockchain
  • DeFi
  • Mining
  • NFT
  • Learning
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 Marketoken All Rights Reserved.
CoinLucid > Blog > All News > Bitcoin > Crypto platform Paxful removes ETH from its marketplace
All NewsBitcoinDeFiEthereum

Crypto platform Paxful removes ETH from its marketplace

Ed Miles
Last updated: 2022/12/27 at 11:21 AM
By Ed Miles 5 Min Read
Share
SHARE

In a statement today, Ray Youssef, CEO of PaxFul, announced that Paxful has kicked off Ethereum from his marketplace for a purpose of integrity over revenue and made 11.6 Millions humans safer.

Contents
More about PaxFulMore about Ray Youssef, CEO of Paxful

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
Ray youssef

The three reasons to remove ETH from its marketplace are the following:

  • Ethereum recently switched from proof-of-work to proof-of-stake, sparking debates on whether it is still a true cryptocurrency. This change promises to bring scalability, security, and efficiency to the cryptocurrency world.
  • ETH is not as decentralized as it appears, as it is controlled by a small group of people who have majority control over its use. This may be a problem in the future as it goes against the idea of decentralization and users may need permission from this group to use ETH.
  • Ethereum blockchain has experienced some real-world use cases and seen growth due to tokenization of assets; however, many of these tokens have turned out to be scams costing investors billions, which has taken away from Bitcoin’s momentum and hindered the progress of making cryptocurrencies mainstream.

Clearer version of the statement made by Ray Youssef below:

Let me explain. The biggest problem in the world is economic apartheid. It is the root of all of humanitys 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 for me.
So, here are the reasons why I am removing ETH from Paxful:

• ETH switched from proof-of-work to proof-of-stake. Proof-of-work is the innovation that makes Bitcoin the only honest money there is, whereas proof-of-stake has rendered ETH essentially a digital form of fiat.
• ETH is not decentralized. It is controlled by a small group of people and one day you will need permission to use it.
• ETH had some utility on real use cases, such as credit and lending, but it thrives because of tokenization. The tokens that ETH has spawned have been scams that have robbed people of billions. They have stolen valuable momentum away from Bitcoin and cost us years on our mission.

In short, our industry is under attack right now—which means our responsibility to protect our users is greater than ever before. 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 – CEO of PaxFul

More about PaxFul

Paxful is a crypto platform that enables users to buy, sell and store a wide range of cryptocurrencies. It’s a secure and user-friendly platform that allows users to interact with each other directly and securely, without the need for a third-party intermediary. It also features a marketplace that allows users to find a variety of different payment methods, including bank transfers, debit cards, and more. Paxful also provides users with a secure wallet that is easy to use and provides users with the ability to securely store their cryptocurrencies. With Paxful, users have access to a wide range of cryptocurrencies, allowing them to diversify their portfolios and gain exposure to a variety of digital assets.

More about Ray Youssef, CEO of Paxful

Ray Youssef is the CEO and co-founder of Paxful, a leading peer-to-peer bitcoin marketplace. He is an experienced entrepreneur and a passionate advocate for financial inclusion, having witnessed the effects of financial exclusion firsthand while growing up in Cairo, Egypt. Ray has a master’s degree in finance and international business from the University of California, Los Angeles, and a master’s degree in international relations from the University of London. He has spearheaded the growth of Paxful as a global brand, expanding its presence to over 200 countries. Ray’s commitment to economic justice and financial inclusion is reflected in Paxful’s mission to create economic freedom for everyone.

You Might Also Like

Ankr Network rising by 50% in the past 24h following its partnership with Microsoft

110M $ALBT Hacked and trading suspended from KuCoin

Crypto Bullish sentiment is at Risk before the FOMC today

$NFTS Seedify January Updates

DOGE Dogecoin Trading Signals + Buy & Sell Alerts

TAGGED: bitcoin, ethereum, paxful, ray youssef
Share this Article
Facebook Twitter Email Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article QuadrigaCX $1.7 M in Bitcoin transfer was not initiated by EY
Next Article Shaktikanta Das – Indian Central Bank Governor says Crypto should be banned to avoid the next financial crisis
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Telegram Follow

Top 24h Crypto Gainers

NamePriceChanges 24H

Top 24h Crypto Losers

NamePriceChanges 24H

Latest News

What is Fair Value Gap – Smart Money Concepts
Learning
What are Equal Highs and Equal Lows – Smart Money Concepts
Learning
Ankr Network rising by 50% in the past 24h following its partnership with Microsoft
All News
110M $ALBT Hacked and trading suspended from KuCoin
All News Altcoins
//

We provide News and information to understand better the world of Crypto Tokens

Quick Link

  • Privacy Policy
  • Website Terms of Use

Support

  • OUR SITE MAP
  • Write For Us
  • Crypto Heat Map

Register to Our Newsletter

Get the Crypto updates straight to your inbox!

© 2022 Marketoken. All Rights Reserved.

  • bitcoinBitcoin(BTC)
    $27,209.00-2.39% 24H
    BITCOIN
    24H : -2.39%
    Volume : $18.75B
    Marketcap : $525.25B
  • ethereumEthereum(ETH)
    $1,714.77-2.91% 24H
    ETHEREUM
    24H : -2.91%
    Volume : $9.75B
    Marketcap : $206.24B
  • tetherTether(USDT)
    $1.00-0.16% 24H
    TETHER
    24H : -0.16%
    Volume : $29.53B
    Marketcap : $79.31B
  • binancecoinBNB(BNB)
    $308.54-5.99% 24H
    BNB
    24H : -5.99%
    Volume : $1.03B
    Marketcap : $48.61B
  • usd-coinUSD Coin(USDC)
    $1.000.050% 24H
    USD COIN
    24H : 0.050%
    Volume : $4.55B
    Marketcap : $33.49B
  • rippleXRP(XRP)
    $0.4817.15% 24H
    XRP
    24H : 7.15%
    Volume : $3.28B
    Marketcap : $24.84B
  • cardanoCardano(ADA)
    $0.345-2.91% 24H
    CARDANO
    24H : -2.91%
    Volume : $338.57M
    Marketcap : $12.07B
  • dogecoinDogecoin(DOGE)
    $0.073-1.41% 24H
    DOGECOIN
    24H : -1.41%
    Volume : $557.53M
    Marketcap : $10.15B
  • staked-etherLido Staked Ether(STETH)
    $1,710.21-2.88% 24H
    LIDO STAKED ETHER
    24H : -2.88%
    Volume : $22.42M
    Marketcap : $10.04B
  • matic-networkPolygon(MATIC)
    $1.05-4.77% 24H
    POLYGON
    24H : -4.77%
    Volume : $480.35M
    Marketcap : $9.51B
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Register Lost your password?