Ethereum Delisted from Crypto Marketplace Paxful, CEO Says ETH Is Another Form of Fiat Money – The Daily Hodl


Peer-to-peer crypto market platform Paxful says it’s delisting Ethereum (ETH), saying that it’s just another form of fiat currency.

Ray Youssef, co-founder of the New York-based crypto exchange, says the company is delisting Ethereum due to what he thinks is a lack of decentralization stemming from the leading smart contract platform’s switch to proof-of-stake.

According to Youssef, investors are safer without the second-largest crypto asset by market cap.

“We finally kicked Ethereum off our marketplace. 11.6 million humans [are] safer. Integrity over revenue. Who is next?”

In a recent company announcement, Youssef fleshes out the reasons why he’s kicking ETH off of Paxful. He says that Ethereum and the thousands of projects that have launched on top of it are holding back Bitcoin (BTC) from fulfilling its potential.

“Here are the reason 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.”

Ethereum is changing hands for $1,210 at time of writing while the king crypto is moving for $16,813.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/world01


Source link

Related posts

Leave a Comment