One of the biggest peer-2-peer crypto exchange, Paxful, announced that it has kicked out Ethereum form its platform on Wednesday (21/12/2022). Co-founder and CEO, Ray Youssef twittered that the platform no longer supports Ethereum on its marketplace and provided several reasons why.

Ray Youssef provided a detail explanation on why the decision was made via a newsletter with a headline reason stating "INTEGRITY TRUMPS ALL". He then continues to elaborate on these reasons which are threefold:

• The first is that Ethereum has changed its consensus mechanism from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Paxful always has been a Bitcoin enthusiast and huge fan of the PoW, this was no surprise. The newsletter praised Bitcoin by stating "Bitcoin the only honest money there is" and criticized Ethereum saying "ETH essentially a digital form of fiat".
• The second reason is that Ethereum has become centralized which leaves users at the mercy of the few. This point has been raise by different people after 'The Merge' which also concerns me.
• The third reason is that Ray Youssef has serious doubts regarding the utility aspect of ETH. He argues that although ETH provides some value, its real world uses are limited. He further added that ETH is responsible of scams that "robbed people of billions".  

Final Thoughts

Ray Youssef is a huge supporter of Bitcoin which may be the reason why he has a strong opinions against Ethereum. There are many other platforms that still love and support Ethereum and I don't think this will have any long term effect on the price of ETH or its users. Even though I don't agree with some of the things Youssef pointed out, I do respect his decision in standing for what he believes in, knowing that it will have a negative impact on his profits. Or maybe...... Or maybe, he has an ulterior motives that we are not seeing right now ;) 

So what are your thoughts on Paxful's decision?...... Let me know in the comment section.

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Disclaimer

I am not a financial advisor. The information found here are for educational purposes and cite my personal opinion.