{"id":513228,"date":"2022-12-21T08:33:36","date_gmt":"2022-12-21T13:33:36","guid":{"rendered":"https:\/\/wncen.com\/?p=513228"},"modified":"2024-06-11T14:33:40","modified_gmt":"2024-06-11T14:33:40","slug":"paxful-removes-ethereum-due-integrity","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/paxful-removes-ethereum-due-integrity\/","title":{"rendered":"Breaking: One Of The Largest P2P Crypto Exchanges Removes Ethereum Due To &#8216;Integrity&#8217;"},"content":{"rendered":"<p>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 <a href=\"https:\/\/twitter.com\/raypaxful\/status\/54527488\" target=\"_blank\" rel=\"noopener nofollow\">wrote<\/a> on Twitter today:<\/p>\n<blockquote><p><strong>We finally kicked Ethereum off our marketplace. 11.6m humans safer. Integrity over revenue. Who is next?<\/strong><\/p><\/blockquote>\n<p>The Paxful CEO further explained, &#8220;We need maximum momentum behind one clearing layer to win and Bitcoin is the only game in town. This isn&#8217;t an investment strategy, this is humanity rising up to liberate itself. ALL IN!&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We finally kicked <a href=\"https:\/\/twitter.com\/hashtag\/ethereum?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#ethereum<\/a> off our marketplace. 11.6m humans safer. Integrity over revenue \ud83e\udd1d\ud83c\udffd Who is next ? <a href=\"https:\/\/t.co\/JTJXa5RYJ8\" rel=\"nofollow\">pic.twitter.com\/JTJXa5RYJ8<\/a><\/p>\n<p>&mdash; Ray Youssef (@raycivkit) <a href=\"https:\/\/twitter.com\/raycivkit\/status\/54527488?ref_src=twsrc%5Etfw\" rel=\"nofollow\">December 21, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>The Reasons Behind The Anti-Ethereum Decision<\/h2>\n<p>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 &#8220;Revenue is nice, but integrity trumps all,&#8221; Youssef describes economic apartheid as the &#8220;biggest problem in the world.&#8221;<\/p>\n<p>It is, according to the Paxful CEO, &#8220;the root of all humanity&#8217;s suffering.&#8221; That&#8217;s why, as CEO of Paxful, he strives for a world &#8220;where Bitcoin frees billions of people held back by this evil system, especially those unnecessarily harmed living in the Global South&#8221;.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-overtake-bitcoin-temporarily\/\" target=\"_blank\" rel=\"noopener \">Ethereum (ETH) Will Overtake Bitcoin, At Least Temporarily: Analysts Predict<\/a><\/div>\n<p>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&#8217;s shift from proof of work to proof of stake.<\/p>\n<p>&#8220;Proof 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,&#8221; the CEO of Paxful claims.<\/p>\n<p>Referring to the Tornado Cash <a href=\"https:\/\/wncen.com\/news\/ethereum\/regulatory-scrutiny-threatens-ethereum-rise-will-it-succumb-under-pressure\/\" target=\"_blank\" rel=\"noopener \">censorship<\/a> and the Ethereum Foundation, Youssef goes on to state that ETH is controlled by a small group of people, while &#8220;one day you will need permission to use it.&#8221;<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-price-bearish-1220\/\" target=\"_blank\" rel=\"noopener \">Ethereum Price Bearish Signal: ETH Below 100 SMA Could Trigger Downside<\/a><\/div>\n<p>The third argument is the scams that have emerged with Ethereum&#8217;s capabilities. While Youssef concedes ETH has &#8220;some utility for real-world use cases,&#8221; he says the <a href=\"https:\/\/wncen.com\/news\/ethereum\/defi-giant-compound-comp-dives-9\/\" target=\"_blank\" rel=\"noopener \">tokens<\/a> Ethereum has spawned are scams that have &#8220;robbed people of billions.&#8221;<\/p>\n<p>Ultimately, the developments of the past years have set the Bitcoin industry back years. &#8220;They have stolen valuable momentum away from Bitcoin and cost us years on our mission,&#8221; <span style=\"font-weight: 400\">Youssef explained<\/span>.<\/p>\n<h2>Ethereum Price Near Key Resistance<\/h2>\n<p>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<p>Meanwhile, numerous experts, including Bloomberg Intelligence&#8217;s Mike McGlone, <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-overtake-bitcoin-temporarily\/\" target=\"_blank\" rel=\"noopener \">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<p>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<figure id=\"attachment_513241\" aria-describedby=\"caption-attachment-513241\" style=\"width: 3618px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-513241 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-21_14-13-32.png?resize=3618%2C1615\" alt=\"Ethereum ETH USD 2022-12-21\" width=\"3618\" height=\"1615\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-21_14-13-32.png?w=3618 3618w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-21_14-13-32.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-21_14-13-32.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-21_14-13-32.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-21_14-13-32.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-21_14-13-32.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-21_14-13-32.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-21_14-13-32.png?w=1140 1140w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-21_14-13-32.png?w=3000 3000w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-513241\" class=\"wp-caption-text\">ETH price, 4-hour chart<\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from Kanchanara \/ Unsplash, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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 on Twitter today: We finally kicked Ethereum off our marketplace. 11.6m humans safer. Integrity over revenue. Who is next? The Paxful CEO further explained, &#8220;We need maximum momentum behind one clearing layer to win and Bitcoin is the only game in town. This isn&#8217;t an investment strategy, this is humanity rising up to liberate itself. ALL IN!&#8221; We finally kicked #ethereum off our marketplace. 11.6m humans safer. Integrity over revenue \ud83e\udd1d\ud83c\udffd Who is next ? pic.twitter.com\/JTJXa5RYJ8 &mdash; Ray Youssef (@raycivkit) December 21, 2022 The Reasons Behind The Anti-Ethereum Decision 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 &#8220;Revenue is nice, but integrity trumps all,&#8221; Youssef describes economic apartheid as the &#8220;biggest problem in the world.&#8221; It is, according to the Paxful CEO, &#8220;the root of all humanity&#8217;s suffering.&#8221; That&#8217;s why, as CEO of Paxful, he strives for a world &#8220;where Bitcoin frees billions of people held back by this evil system, especially those unnecessarily harmed living in the Global South&#8221;. Related Reading: Ethereum (ETH) Will Overtake Bitcoin, At Least Temporarily: Analysts Predict 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&#8217;s shift from proof of work to proof of stake. &#8220;Proof 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,&#8221; the CEO of Paxful claims. Referring to the Tornado Cash censorship and the Ethereum Foundation, Youssef goes on to state that ETH is controlled by a small group of people, while &#8220;one day you will need permission to use it.&#8221; Related Reading: Ethereum Price Bearish Signal: ETH Below 100 SMA Could Trigger Downside The third argument is the scams that have emerged with Ethereum&#8217;s capabilities. While Youssef concedes ETH has &#8220;some utility for real-world use cases,&#8221; he says the tokens Ethereum has spawned are scams that have &#8220;robbed people of billions.&#8221; Ultimately, the developments of the past years have set the Bitcoin industry back years. &#8220;They have stolen valuable momentum away from Bitcoin and cost us years on our mission,&#8221; Youssef explained. Ethereum Price Near Key Resistance 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. Meanwhile, numerous experts, including Bloomberg Intelligence&#8217;s Mike McGlone, predict that ETH could outperform and even flip the largest cryptocurrency by market cap in the next bull market, at least temporarily. At press time, ETH was trading at $1,215. Thus, the price is sitting just below key resistance at the $1,220 mark. Featured image from Kanchanara \/ Unsplash, Chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":513237,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86683,3,13625],"tags":[8323,1946,9245],"class_list":["post-513228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news-ticker","category-news","category-ethereum","tag-eth","tag-ethereum","tag-paxful"],"acf":[],"yoast_head":"\n<title>Breaking: One Of The Largest P2P Crypto Exchanges Removes Ethereum Due To &#039;Integrity&#039;<\/title>\n<meta name=\"description\" content=\"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.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. 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His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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