Paxful, a peer-to-peer crypto company, has announced through its CEO, Ray Youssef, that it is removing Ethereum (ETH) from its marketplace, due to several concerns revolving around the world’s second largest cryptocurrency. Among the main concerns for the CEO is Ethereum’s switch from a proof-of-work (PoW) consensus to a proof-of-stake (PoS) one, moving from a competitive validation method for transactions to one using randomly selected validators. According to Youssef, this development now “makes Bitcoin the only honest money there is,” and has turned Ethereum into essentially a “digital form of fiat.”
In addition, Youssef also criticized Ethereum’s lack of real decentralization, that according to him has led to an increased amount of fraudulent and scam activity across the crypto ecosystem: “The tokens that ETH has spawned have been scams that have robbed people of billions.” This move comes as no surprise given the fact that Youssef has been a vocal advocate of Bitcoin for years, and has most recently advocated for self-custody following the FTX debacle. In a recent tweet, Paxful’s CEO distanced himself from others in the industry, reiterating that he never touched any investor’s money (unlike Bankman-Fried), and strongly suggested that investors move their bitcoin from exchanges into self-custody.
