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.
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