Ethereum Network’s Transformation:
Youssef asserted that because ETH switched to a proof-of-stake validation process, it has essentially turned into a digital version of money.
The removal of ether (ETH) from the marketplace Ray Youssef built and managed was announced with the statement, “Revenue is good, but integrity outweighs all.
Youssef cited the Ethereum network’s transformation from proof-of-work to proof-of-stake validation as one of the causes of the change.
He asserted, “Proof-of-work is the invention that makes bitcoin (BTC) the only trustworthy currency, whereas proof-of-stake has effectively turned ETH into a digital form of cash.” You will eventually require authorization to use ETH since it is “managed by a tiny number of people,” he continued.
We finally kicked #ethereum off our marketplace. 11.6m humans safer. Integrity over revenue 🤝🏽 Who is next ? pic.twitter.com/JTJXa5RYJ8
— Ray Youssef (@raypaxful) December 21, 2022
Scams Ethereum Blockchain-Based Currencies:
Youssef also mentioned how common scams are among the Ethereum blockchain-based currencies. Youssef claimed Paxful would keep allowing trade in the stablecoins tether (USDT) and USD coin (USDC) in response to queries on Twitter, although he didn’t seem very excited about it.
Peer-to-peer marketplace Paxful is well-liked in Africa, where Youssef predicts widespread acceptance of bitcoin owing to its potential to promote financial inclusion.
Youssef summarised, saying, “In short, our industry is currently under attack, which means our responsibility to defend our users is higher than ever.