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.
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 PaxFulMore 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.
