• Paxful CEO Ray Youssef announced that Ethereum is being delisted from the P2P cryptocurrency trading platform due to its move to proof-of-stake, lack of decentralization, and the proliferation of scams in its ecosystem.
• The delisting will take effect at 12:00 UTC on December 22nd. Stablecoins are the only crypto asset that will remain listed.
• Youssef believes that PoW is the innovation that allows Bitcoin to be “the only honest money there is” and that ETH has “stolen valuable momentum away from Bitcoin.”
Paxful, a peer-to-peer (P2P) cryptocurrency trading platform, announced on Wednesday that it is delisting Ethereum. This news came after Paxful CEO Ray Youssef hinted at the possibility ten days prior. In a tweet, Youssef confirmed the move, and posted a screenshot of his statement to clients.
Youssef outlined the three overarching reasons behind the delisting of Ethereum. The first was the move to proof-of-stake, which Youssef believes has “rendered ETH essentially a digital form of fiat”. Additionally, Youssef condemned the lack of decentralization in Ethereum, noting that a small group of insiders have been able to exert immense influence over the project. Lastly, Youssef argued that, while Ethereum does have some utility in terms of credit and lending, it has “thrived” due to the proliferation of scams which have “robbed people of billions” and “cost us years on our mission”.
The delisting of Ethereum will go into effect at 12:00 UTC on December 22nd. Paxful will, however, maintain stablecoins up for trades, as Youssef believes they have “real use cases”. Youssef also encouraged fellow exchange runners to follow suit and kick Ethereum off their platforms.
Ultimately, Youssef believes that proof-of-work is the innovation that allows Bitcoin to be “the only honest money there is” and that Ethereum has “stolen valuable momentum away from Bitcoin”. In conclusion, Youssef argued that the responsibility to protect users is greater than ever as “our industry is under attack right now”.