Ray Youssef, CEO of Paxful, announced the cessation of ETH trading on the exchange; he argues that it has become a “digital fiat money”.
Key facts:
The measure comes into effect this Thursday, December 22.
Youssef gave three reasons why he considers Ethereum harmful.
P2P cryptocurrency exchange Paxful announced the removal of trading ETH, the Ethereum cryptocurrency, from its platform. The measure responds to moral reasons, according to Ray Youssef, CEO and co-founder of the exchange site.
Through the social network Twitter, Youssef shared the message sent to his users notifying the measure, which will take effect tomorrow, Thursday, December 22. In said message, the CEO indicates that it is a decision that privileges "integrity over profit."
The executive noted that Ethereum's move from Proof of Work (POW) mining to Proof of Stake (PoS)-based system made ETH "a form of digital fiat money." .
In his message, the founder of the platform argues for three particular reasons: in addition to the "fiat" element of Ethereum, he adds what he considers to be a lack of decentralization and the fact that Ethereum relies on tokenization in its network.
And among the tokens issued on Ethereum, there have been many scams and millions of dollars stolen from users, he completed.
By contrast, Youssef says he advocates a world in which Bitcoin “frees billions of people” from the government-controlled fiat money system. Ethereum embodies the opposite, in his opinion, which is why he decided to take this measure.