Ethereum “dishonest” and not decentralized enough? Paxful removes ETH from its platform

Bye bye, Ether! – Ethereum wipe a lot of reviews for a few months, mainly concerning its (non)decentralization and the censorship. Whether we agree with these arguments or not, we must recognize that it takes courage to part with the number two cryptocurrency. Paxful decided to take the leap, wanting to put integrity before profit.

Ethereum comes out with a loss and a crash

With a marketcap of nearly $150 billionEthereum is the number two cryptocurrency, and is essential…

… but not for Paxful!

In effect, Ray Youssefco-founder of the platform, has announcement on Twitter that Ethereum was now delisted. The reasons ? Its lack of decentralization and his consensus which, according to Youssef, make it a simple fiat currency.

Harsh words, but assumed by Paxful which justifies itself on social networks, explaining that the fact of having removed Ethereum from the platform allows 11.6 million humans (current users) to now be saferbecause Ethereum is not integrated.

“Here is the reason why I am removing ETH from Paxful:

– ETH has moved from proof-of-work to proof-of-stake. Proof of Work is the innovation that made Bitcoin the only honest currency in existence, while Proof of Stake has made ETH an essentially 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-world use cases, such as credit and lending, but it thrives on tokenization. The tokens that ETH spawned were scams that robbed billions of people. They stole precious momentum from Bitcoin and cost us years in our mission. »

Ray Youssef

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For Paxful, Ethereum is no longer decentralized

Paxful is not the only entity to criticize Ethereum since its transition to Proof of Stake and the massive hosting of its nodes on Amazon servers. However, the fact that many tokens and projects have been scams (scams) is not not unique to this blockchain. Solana, the BNB Chain or even Polygon unfortunately had their share of the project which left with the fund.

Ray Youssef's Twitter post announcing Ethereum withdrawal

For the co-founder of the platform, this poor management of Ethereum is a brake on the progress of Bitcoin.

“I want to see a world where Bitcoin frees billions of people held back by this evil system, especially the poor who live in the south. »

Ray Youssef

Whether or not we agree with this vision of things in relation to Ethereumit will be necessary now do without for the users of the platform, who certainly do not all share this opinion.

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