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Peer-to-Peer Trading Platform Paxful Delisting Ethereum
Global peer-to-peer trading platform Paxful has announced that it will delist Ethereum from its platform. A newsletter sent to the platform’s 11.6 million users reveals that ETH trades will be halted on Thursday. A screenshot of the newsletter was shared in a tweet Paxful CEO Ray Youssef. In the letter, the CEO gives three reasons for his decision to delist Ethereum.
The first is Ethereum’s move from proof-of-work (PoW) to proof-of-stake (PoS). According to Youssef, PoW is what makes Bitcoin “the only honest money” while PoS has turned Ethereum into a “digital form of fiat.” For the second reason, Youssef alleges that Ethereum is not decentralized and is instead run by a group of people. While acknowledging the cryptocurrency’s utility in areas such as credit and lending, the CEO noted that Ethereum now “thrives because of tokenization,” adding that Ethereum-based tokens have been used to scam peopl
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