Peer-to-peer (P2P) digital currency trading platform Paxful removes Ethereum.
Paxful CEO Ray Youssef took to Twitter on Wednesday to announce the news, confirming the move given notice in the previous ten days.
“We finally kicked #ethereum from our market. 11.6m people are safer. Integrity over revenue,” Youssef said in a tweetcalling the exchange runners to follow.
An image of Youssef’s statement to the client accompanied the tweet. The text provides more details on why the CEO chose to remove ETH from P2P exchanges. Youssef cites three main reasons for abandoning Ethereum: the move to proof-of-stake (PoS), lack of decentralization, and the ever-growing spread of fraud in the ecosystem.
Ethereum will officially leave the platform at 12:00 UTC, December 22. Paxful will keep stablecoins up for trading, however, as Youssef said they have “real use cases.”
Youssef said that PoW is an innovation in Bitcoin and what could be “the only there is honest money.” The consensus mechanism often touted as an alternative to PoW, PoS, “has made ETH a digital form of fiat,” the executive added.
Next, Paxful’s CEO delved into Ethereum’s decentralization aspect, blaming a small group of insiders who have been able to exert enormous influence on the cryptocurrency project so far.
Finally, Youssef explained that “ETH has some utility in terms of real-world use cases, such as credit and loans,” but “is thriving because of tokenization.” That fact, he continued, led to “a fraud that has robbed people of billions.”
“They have stolen precious momentum from Bitcoin and cost us years in our mission.”
“In short, our industry is now under attack — which means our responsibility to protect our users is greater than ever,” Youssef said in the statement. “We are not perfect, but we will always do the right thing, even if it is not popular, and even if it costs us money. The death payment for all humanity will be so great that the billion scammers have stolen through tokens will appear. like money in comparison.”