Ethereum is being removed from the peer-to-peer (P2P) cryptocurrency trading platform Paxful.
The announcement was made on Twitter on Wednesday by Paxful CEO Ray Youssef, who had hinted at the move ten days earlier.
“Eventually, we removed #ethereum from our marketplace. 11.6 million people are safer. Integrity before money, “Youssef urged other exchange runners to do the same in a tweet.
The tweet was accompanied by a screenshot of Youssef’s statement to clients. More information about the CEO’s decision to remove ETH from his P2P exchange was given in the text. Youssef listed three main justifications for removing Ethereum: the switch to proof-of-stake (PoS), the absence of decentralization, and the spread of scams within its ecosystem.
At 12 o’clock UTC on December 22, Ethereum will be formally removed from the platform. However, Paxful will continue to offer stablecoins for trades because, according to Youssef, they have “real use cases.”
Youssef argued that the innovation behind Bitcoin’s PoW is what makes it possible for it to be “the only genuine currency available.
The consensus algorithm PoS, which is frequently promoted as an alternative to PoW, “has effectively turned ETH into a digital form of fiat, “added the executive.
The CEO of Paxful then discussed Ethereum’s decentralization feature, criticizing the select group of insiders who continue to have a significant impact on the cryptocurrency project.
Youssef concluded his explanation by saying that while ETH “had some utility on real use cases, such as credit and lending,” it “thrives because of tokenization.” This reality, he continued, has given rise to “scams that have stolen billions from people.”
“They have cost us years on our mission and stolen Bitcoin’s valuable momentum.”
Youssef stated in the statement, “In short, our industry is currently under attack, which means our responsibility to protect our users is greater than ever before. “We are not perfect, but we always do what is right, even if it is unpopular or expensive for us. The benefits for all of humanity will be so great that the billions of dollars that scammers have fraudulently obtained through tokens will seem like pennies in comparison.
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