How did the crypto industry end up dependent on Wall Street capital, can that be changed—and, more importantly, should it? Ray Youssef, founder of the P2P platform NoOnes, shared his view in an interview for the monthly digest FLMonthly.
ForkLog: We already had a long conversation last year. Briefly for readers: who is Ray Youssef, and what is your main mission in crypto?
Ray: I am a long-time entrepreneur, a humanist by nature and, above all, someone who believes people outrank institutions of power. I grew up in New York in a family of Egyptian immigrants and saw first-hand how hard‑working people are systematically denied opportunity simply because of where they come from or a lack of money.
I founded Paxful to help ordinary people buy and sell bitcoin peer-to-peer (P2P), and I am now building NoOnes—the next step in a mission to create a global financial network free from banks and truly controlled by people.
My mission in crypto is simple but sweeping: to build fair, egalitarian economic systems that empower billions of unbanked and underbanked people—in Africa, Latin America, South-East Asia and now in Russia.
To me, crypto is not Wall Street, not hype coins and not games with venture capital. It is about giving a farmer in Kenya, a shopkeeper in Venezuela or a student in Nigeria the same financial tools as a New York banker, without needing anyone’s permission.
In my view, bitcoin is a humanitarian tool first, rather than a financial one. And I believe P2P finance is the greatest force for freedom and human rights in the modern world. While the crypto world drifts toward institutionalisation, NoOnes is restoring real agency to people.
ForkLog: Where did the idea and philosophy of NoOnes come from?
Ray: NoOnes was born of righteous hatred for what crypto has become. Look around: the industry has been captured by Wall Street through pseudo‑decentralised platforms that are, in truth, just disguised fintech companies.
NoOnes is the antidote. The platform is user‑first and designed to give P2P back to ordinary people. It is not merely about trading bitcoin, but about building a real economy where you do not need a bank, a government or some intermediary from Silicon Valley to secure economic freedom.
Technologically, we aim for simplicity, because complexity is a weapon against users. Philosophically, we reject the sham of “decentralisation” when venture capitalists own half the tokens. NoOnes puts ownership in people’s hands and keeps it there.
Our north star is freedom, not overregulation by old systems. Not the production of “institutional partnerships”, but building something original, real and unstoppable.
ForkLog: How do you balance decentralisation with usability? Does the push for simplicity sometimes clash with the ideals of Web3?
Ray: It is certainly a tension. Full decentralisation can feel brutal to a newcomer—intimidating interfaces, no support and few safety nets. But if you simplify too far, you end up with a bank in different wrapping.
Every day NoOnes walks a tightrope: how can we offer real rights protection, real privacy, real peer interaction—without losing the everyday user who needs an accessible path to economic survival?
Simplicity must serve the user, not betray the goal. If we ever find we have compromised core principles—privacy, sovereignty, equality—just for a “convenient UX”, that is defeat.
NoOnes is not built for Silicon Valley investors, but for a merchant in Cameroon, a kid in the Philippines, a refugee sending money home. That is real Web3, not yet another app store for billionaires.
ForkLog: What is the main obstacle facing NoOnes—and you personally?
Ray: Trust remains the biggest hurdle. We have to earn it back, one person at a time, in a world crowded with scammers and sellouts.
But it is not only that now. We also fight the “noise”—the endless casino-circus of memes, pump‑and‑dump scams and NFT hustles. Each week brings another “project”, another “new paradigm”, something else to distract from what truly matters: building real financial tools that deliver freedom.
Personally, I try to keep my head down and my conscience clean. It is easy to get trapped by hype, headlines and price charts. But I did not get into this for a “Lambo”. I am here because a mother in Lagos deserves the same financial respect as a banker in London. Every second spent chasing the latest meme token is time stolen from that mission.
ForkLog: You have hinted at the benefits of digital assets. What about crypto’s vulnerabilities?
Ray: The biggest weakness is not the tech; it is forgetting who we are. The industry is being eaten alive by the very forces it was built to defeat. Wall Street money, centralised exchanges acting like banks, politicians whispering sweet rules in our ears—it is happening right under our noses.
Crypto was meant to break the old, corrupt system, not offer it a shinier throne.
The more we chase ETFs, bailouts and officials’ favour, the more we betray the dream. If we do not hold to privacy, decentralisation and sovereignty, we are just building gilded shackles for our own wrists. That is the real danger.
ForkLog: In your view, has the crypto market benefited from Donald Trump’s ascent—or drifted even further from Satoshi’s first ideals?
Ray: Trump’s involvement is like pouring fuel on the fire. Sure, it draws attention and generates headlines. But true freedom does not come from politicians. It comes from code, from peer communities, from independent individuals. Crypto tied to political figures turns into a sideshow, a clown act.
Satoshi Nakamoto did not create bitcoin so we could argue about presidents. He built it in opposition to the entire system—the “red” team, the “blue” team, Wall Street, the Federal Reserve. Every time we tie bitcoin’s fate to a politician’s popularity, society drifts further from the pure ideals that sparked the crypto movement.
ForkLog: What is the team at NoOnes focused on now? What updates should users expect soon?
Ray: Right now, security is paramount. P2P is always a battleground—wherever there is freedom, scammers appear. We are constantly upgrading our defences, building smarter, faster tools to stop bad actors before they can harm honest users.
A peer network must be a safe space; we strive to make it cleaner and more reliable by the day.
Education is another pillar. You cannot just hand someone bitcoin and expect them to know how to become independent. Real freedom takes skills: guarding keys, spotting scammers and generating a livelihood. We are building the best educational content and communities in the sector, because knowledge is protection.
And empowerment. NoOnes users are not just “customers”: they are builders, sellers, entrepreneurs. We equip people to run businesses and send money worldwide without permission, securing financial independence for themselves and their families. Empowerment is not a slogan; it is the whole point.
NoOnes has several big updates on the way. First, an expansion of the gift-card marketplace. Very soon, users will be able to buy practically any Gift Card, including products from major brands such as Apple, Amazon and Netflix. All of it for roubles, via bank account or credit card, at a discount. This kind of offer has no analogue in Russia and genuinely sets us apart.
The platform is also broadening support for privacy coins. We already offer Monero, we are adding Zano and several other privacy‑focused assets that are simply unavailable on most exchanges.
In addition, our OTC desk is becoming a powerful tool for large traders. We offer some of the most competitive rates on the market not only for big blocks, but also for swaps and auxiliary services.
ForkLog: Given that bitcoin is used less for payments and its issuance is being soaked up by institutions, are there coins left that still embody the original cryptographic vision—offering more than speculation?
Ray: As I said, bitcoin is being bought up and hoarded like digital gold. That is a tragedy for ordinary people who need it to survive, not speculate. The Lightning Network is doing everything it can to restore bitcoin’s use as a payment rail, and there is real work under way on that front.
But let us be honest—the true spirit of freedom, the untamed peer-to-peer fire that birthed bitcoin, right now lives on in privacy coins such as Monero, despite constant attacks.
The coins that still matter are not the ones mined fastest, but the ones people actually use to live, survive and resist censorship. Convenience, privacy, fungibility—this is the real checklist. If a project is not fighting for that, it is just another casino chip for gamblers. Monero keeps fighting. It is not merely a speculative toy; it is a daily tool for those who most need real financial freedom.
NoOnes is proud to be one of the few platforms that still supports Monero. We have not bent to “compliance pressure” like the big exchanges. We believe in real P2P, and true freedom demands true privacy.
ForkLog: Set out the core principles every crypto-maximalist should uphold.
Ray: At bottom, remember: cryptocurrency is people, not coins. It is not about your bags. It is not about your ego. It is about building systems that give people real power over their lives. If you ever forget that, you have lost.
The core principles are simple but weighty:
- freedom over convenience;
- privacy over notoriety;
- equality above permissions;
- community ahead of corporate influence;
- courage stronger than bureaucracy.
NoOnes lives by these because it must. We are not building yet another exchange. We are building an alternative economy—one person at a time. Being a maximalist is not about shouting the loudest on social media. It is about doing the mission every single day with humility, patience and fire in your heart.
Cryptography is not a game, but a path to salvation. And today the lifeline is extended to Russia, where the struggle for genuine financial freedom is more urgent and real than ever.