JAKARTA The peer-to-peer cryptocurrency market, Paxful, has removed Ether (ETH), an original Ethereum token from its market, due to a number of concerns surrounding the world's second-largest cryptocurrency by market cap.
Paxful CEO Ray Youssef announced the move in a message to about 11.6 million users of the platform, which he later shared on Twitter.
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
Youssef highlighted three major concerns surrounding the Ethereum ecosystem that caused Paxful's market to remove ETH, citing Paxful's intention to maintain its integrity and efforts to combat 'economic apartheid' around the world driven by fiat monetary systems.
"I want to see a world where Bitcoin frees billions of people who are restrained by this evil system, especially those who don't need to be harmed living in the south world," Youssef said, as quoted by Cointelegraph.
Ethereum's transition from proof-of-work (PoW) consensus to proof-of-stake (PoS) is the first reason given for such a move. Youssef explained that PoW is an 'innovation that makes Bitcoin the only torture' that exists and Ethereum's transition to PoS has turned ETH into a form of digital fiat.
Youssef also criticized Ethereum for being undecentralized and cited the protocol's ability to allow asset tokenization as a driver of fraud and fraud across the cryptocurrency ecosystem.
The tokens ETH generates are scams that rob billions of people. They have stolen valuable momentum from Bitcoin and spent years on our mission," added Youssef.
Paxful's CEO has also been a vocal advocate for Bitcoin following FTX's collapse in November 2022. Youssef has pleaded with cryptocurrency users to switch BTC holdings to their own custody, where Paxful users were also encouraged to follow suit.
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