Ray Youssef, CEO and co-founder of Paxful, has put his plan to take away Ethereum (ETH) from the alternate, which he revealed every week in the past, into motion right this moment. The alternate is likely one of the largest peer-to-peer crypto buying and selling platforms on the planet, and Youssef says he has an enormous accountability to his 11.6 million clients. Youssef wrote on Twitter right this moment:
We lastly kicked Ethereum off our market. 11.6m people safer. Integrity over income. Who is subsequent?
The Paxful CEO additional defined, “We need maximum momentum behind one clearing layer to win and Bitcoin is the only game in town. This isn’t an investment strategy, this is humanity rising up to liberate itself. ALL IN!”
We lastly kicked #ethereum off our market. 11.6m people safer. Integrity over income ?? Who is subsequent ? pic.twitter.com/JTJXa5RYJ8
— Ray Youssef (@raypaxful) December 21, 2022
The Reasons Behind The Anti-Ethereum Decision
In a e-newsletter, the Paxful CEO defined the backstory behind his determination to take away Ethereum from the alternate as early as 12:00 UTC on Thursday, Dec. 22. Under the tagline “Revenue is nice, but integrity trumps all,” Youssef describes financial apartheid because the “biggest problem in the world.”
It is, in accordance with the Paxful CEO, “the root of all humanity’s suffering.” That’s why, as CEO of Paxful, he strives for a world “where Bitcoin frees billions of people held back by this evil system, especially those unnecessarily harmed living in the Global South”.
According to Youssef, there are in the end three key arguments for why ETH doesn’t help this mission (anymore) and is dangerous for the Bitcoin trade. The first purpose Youssef cites is Ethereum’s shift from proof of labor to proof of stake.
“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,” the CEO of Paxful claims.
Referring to the Tornado Cash censorship and the Ethereum Foundation, Youssef goes on to state that ETH is managed by a small group of individuals, whereas “one day you will need permission to use it.”
The third argument is the scams which have emerged with Ethereum’s capabilities. While Youssef concedes ETH has “some utility for real-world use cases,” he says the tokens Ethereum has spawned are scams which have “robbed people of billions.”
Ultimately, the developments of the previous years have set the Bitcoin trade again years. “They have stolen valuable momentum away from Bitcoin and cost us years on our mission,” Youssef defined.
Ethereum Price Near Key Resistance
The determination of Paxful is prone to arrive fairly controversially within the crypto neighborhood, whereas it can discover applause within the ranks of Bitcoin maxis.
Meanwhile, quite a few specialists, together with Bloomberg Intelligence’s Mike McGlone, predict that ETH may outperform and even flip the biggest cryptocurrency by market cap within the subsequent bull market, not less than briefly.
At press time, ETH was buying and selling at $1,215. Thus, the worth is sitting slightly below key resistance on the $1,220 mark.
Featured picture from Kanchanara / Unsplash, Chart from TradingView.com
