Paxful CEO criticises Ethereum and announces delisting of the asset

Paxful chief executive Ray Youssef told customers in a newsletter that on December 22 at 15:00 (MSK) the platform will delist Ethereum.

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

«The biggest problem in the world is economic apartheid. This is the root of all human suffering. I want to see a world in which Bitcoin frees billions of people held by this evil system, especially the suffering residents of the Global South. That’s why I created Paxful — to fulfil this mission», he wrote.

Youssef also listed specific reasons for Ethereum’s delisting:

• change of algorithm from Proof-of-Work to Proof-of-Stake, which caused the second-largest cryptocurrency by market capitalization to lose its uniqueness and resemble a digital form of fiat;
• decentralisation and control of Ethereum by a small group of people;
• numerous scams worth billions of dollars, despite some successful use cases of the ecosystem.

According to Paxful’s CEO, scams created thanks to tokenization opportunity “stole Bitcoin’s valuable moment” and cost proponents of digital gold “several years of progress.”

«We are not perfect, but we will always do the right thing, even if it is unpopular and costs us money,» he wrote.

In December, Youssef urged Bitcoin holders to store their cryptocurrency themselves rather than using centralized exchanges.

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