Paxful will officially delist ETH on December 22nd.
Paxful, a Tallinn-based peer-to-peer marketplace for buying and selling cryptocurrencies established in 2014, is planning to remove Ether (ETH) from its marketplace.
According to the tweet shared by Paxful Chief Executive Officer (CEO) Ray Youssef, after removing ETH from its marketplace, Paxful will make “11.6m humans safer.”
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ETH will be officially removed from the Paxful marketplace on December 22nd (UTC 12:00).
In the announcement included in the tweet, Youssef identified three reasons which caused the decision to delist ETH.
The first reason was Ethereum’s switch to Proof-of-Stake. Paxful CEO claims that the move made Ether “essentially a digital form of fiat," while Bitcoin (BTC) remained “the only honest money there is” because it is utilized on the Proof-of-Work consensus mechanism.
The second reason for this decision is that, according to Youssef, ETH is not decentralized. Youssef noted that Ether “is controlled by a small group of people,” and at some point, users will need permission to use it.
The last reason named by Paxful’s CEO was that it “had utility on real use cases, such as credit and lending, but it thrives because of tokenization.” The man claimed that “the tokens that ETH has spawned have been scams,” which apparently “robbed people of billions.”
After concluding all of his points, Ray Youssef ended his message by stating:
In short, our industry is under attack right now - which means our responsibility to protect our users is greater than ever before. We are not perfect, but we’ll always do the right thing, even if it’s not popular, and even if it costs us money.
However, the Twitter crypto community was not happy about this move. Some users claim that they haven't heard about the marketplace but will continue not using it. Others stated that Youssef’s reasons are ridiculous and misleading.
