{"id":14489,"date":"2022-12-21T14:16:57","date_gmt":"2022-12-21T18:16:57","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=14489"},"modified":"2022-12-21T14:16:57","modified_gmt":"2022-12-21T18:16:57","slug":"breaking-one-of-the-largest-p2p-crypto-exchanges-removes-ethereum-due-to-integrity","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/21\/breaking-one-of-the-largest-p2p-crypto-exchanges-removes-ethereum-due-to-integrity\/","title":{"rendered":"Breaking: One Of The Largest P2P Crypto Exchanges Removes Ethereum Due To \u2018Integrity\u2019"},"content":{"rendered":"

Ray Youssef, CEO and co-founder of Paxful, has put his plan to remove Ethereum (ETH) from the exchange, which he revealed a week ago, into action today. The exchange is one of the largest peer-to-peer crypto trading platforms in the world, and Youssef says he has a big responsibility to his 11.6 million customers. Youssef wrote<\/a> on Twitter today:<\/p>\n

We finally kicked Ethereum off our marketplace. 11.6m humans safer. Integrity over revenue. Who is next?<\/strong><\/p>\n

The Paxful CEO further explained, \u201cWe need maximum momentum behind one clearing layer to win and Bitcoin is the only game in town. This isn\u2019t an investment strategy, this is humanity rising up to liberate itself. ALL IN!\u201d<\/p>\n

We finally kicked #ethereum<\/a> off our marketplace. 11.6m humans safer. Integrity over revenue Who is next ? pic.twitter.com\/JTJXa5RYJ8<\/a><\/p>\n

\u2014 Ray Youssef (@raypaxful) December 21, 2022<\/a><\/p>\n\n

The Reasons Behind The Anti-Ethereum Decision<\/h2>\n

In a newsletter, the Paxful CEO explained the backstory behind his decision to remove Ethereum from the exchange as early as 12:00 UTC on Thursday, Dec. 22. Under the tagline \u201cRevenue is nice, but integrity trumps all,\u201d Youssef describes economic apartheid as the \u201cbiggest problem in the world.\u201d<\/p>\n

It is, according to the Paxful CEO, \u201cthe root of all humanity\u2019s suffering.\u201d That\u2019s why, as CEO of Paxful, he strives for a world \u201cwhere Bitcoin frees billions of people held back by this evil system, especially those unnecessarily harmed living in the Global South\u201d.<\/p>\n

According to Youssef, there are ultimately three key arguments for why ETH does not support this mission (anymore) and is bad for the Bitcoin industry. The first reason Youssef cites is Ethereum\u2019s shift from proof of work to proof of stake.<\/p>\n

\u201cProof 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,\u201d the CEO of Paxful claims.<\/p>\n

Referring to the Tornado Cash censorship<\/a> and the Ethereum Foundation, Youssef goes on to state that ETH is controlled by a small group of people, while \u201cone day you will need permission to use it.\u201d<\/p>\n

The third argument is the scams that have emerged with Ethereum\u2019s capabilities. While Youssef concedes ETH has \u201csome utility for real-world use cases,\u201d he says the tokens<\/a> Ethereum has spawned are scams that have \u201crobbed people of billions.\u201d<\/p>\n

Ultimately, the developments of the past years have set the Bitcoin industry back years. \u201cThey have stolen valuable momentum away from Bitcoin and cost us years on our mission,\u201d Youssef explained.<\/p>\n

Ethereum Price Near Key Resistance<\/h2>\n

The decision of Paxful is likely to arrive rather controversially in the crypto community, while it will find applause in the ranks of Bitcoin maxis.<\/p>\n

Meanwhile, numerous experts, including Bloomberg Intelligence\u2019s Mike McGlone, predict<\/a> that ETH could outperform and even flip the largest cryptocurrency by market cap in the next bull market, at least temporarily.<\/p>\n

At press time, ETH was trading at $1,215. Thus, the price is sitting just below key resistance at the $1,220 mark.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ray Youssef, CEO and co-founder of Paxful, has put his plan to remove Ethereum (ETH) from the exchange, which he revealed a week ago, into action today. The exchange is one of the largest peer-to-peer crypto trading platforms in the world, and Youssef says he has a big responsibility to his 11.6 million customers. Youssef wrote<\/a> on Twitter today:<\/p>\n

We finally kicked Ethereum off our marketplace. 11.6m humans safer. Integrity over revenue. Who is next?<\/strong><\/p>\n

The Paxful CEO further explained, \u201cWe need maximum momentum behind one clearing layer to win and Bitcoin is the only game in town. This isn\u2019t an investment strategy, this is humanity rising up to liberate itself. ALL IN!\u201d<\/p>\n

We finally kicked #ethereum<\/a> off our marketplace. 11.6m humans safer. Integrity over revenue Who is next ? pic.twitter.com\/JTJXa5RYJ8<\/a><\/p>\n

\u2014 Ray Youssef (@raypaxful) December 21, 2022<\/a><\/p>\n

The Reasons Behind The Anti-Ethereum Decision<\/h2>\n

In a newsletter, the Paxful CEO explained the backstory behind his decision to remove Ethereum from the exchange as early as 12:00 UTC on Thursday, Dec. 22. Under the tagline \u201cRevenue is nice, but integrity trumps all,\u201d Youssef describes economic apartheid as the \u201cbiggest problem in the world.\u201d<\/p>\n

It is, according to the Paxful CEO, \u201cthe root of all humanity\u2019s suffering.\u201d That\u2019s why, as CEO of Paxful, he strives for a world \u201cwhere Bitcoin frees billions of people held back by this evil system, especially those unnecessarily harmed living in the Global South\u201d.<\/p>\n

According to Youssef, there are ultimately three key arguments for why ETH does not support this mission (anymore) and is bad for the Bitcoin industry. The first reason Youssef cites is Ethereum\u2019s shift from proof of work to proof of stake.<\/p>\n

\u201cProof 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,\u201d the CEO of Paxful claims.<\/p>\n

Referring to the Tornado Cash censorship<\/a> and the Ethereum Foundation, Youssef goes on to state that ETH is controlled by a small group of people, while \u201cone day you will need permission to use it.\u201d<\/p>\n

The third argument is the scams that have emerged with Ethereum\u2019s capabilities. While Youssef concedes ETH has \u201csome utility for real-world use cases,\u201d he says the tokens<\/a> Ethereum has spawned are scams that have \u201crobbed people of billions.\u201d<\/p>\n

Ultimately, the developments of the past years have set the Bitcoin industry back years. \u201cThey have stolen valuable momentum away from Bitcoin and cost us years on our mission,\u201d Youssef explained.<\/p>\n

Ethereum Price Near Key Resistance<\/h2>\n

The decision of Paxful is likely to arrive rather controversially in the crypto community, while it will find applause in the ranks of Bitcoin maxis.<\/p>\n

Meanwhile, numerous experts, including Bloomberg Intelligence\u2019s Mike McGlone, predict<\/a> that ETH could outperform and even flip the largest cryptocurrency by market cap in the next bull market, at least temporarily.<\/p>\n

At press time, ETH was trading at $1,215. Thus, the price is sitting just below key resistance at the $1,220 mark.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-14489","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=14489"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14489\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14489"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}