Paxful unlists Ethereum

The Paxful exchange has delisted Ethereum. Its 11.6 million customers, mainly Africans, will no longer be able to acquire ETH.

Maxi Paxful

Ethereum will no longer be available from this Thursday, December 22. The CEO of paxful, a very popular exchange in Africa and especially in Nigeria, explained himself in a letter addressed to his customers.

“Here are the reasons why I am removing ETH from Paxful:

  • ETH moved from Proof-of-Work to Proof-of-Stake. PoW is the innovation that makes bitcoin the only honest currency in existence. ETH has essentially become a digital fiat currency.
  • ETH is not decentralized. It is controlled by a small group of people and one day you will need permission to use it.
  • ETH was useful in some cases […], but its success is mainly linked to tokenization. Tokens created from Ethereum are the scams that have stolen billions from people. These scams cost bitcoin dearly by causing it to fall years behind. »

Paxful CEO writes further that the industry is under siege and there is “our responsibility to protect our users even more than before”. “We’re not perfect, but we’ll always do what’s right, even if it’s not popular, even if it costs us money. »

“There’s nothing wrong with that »

This message comes after another letter sent a few days earlier and in which Ray Youssef invited his customers to withdraw their bitcoins from his exchange:

“My only responsibility is to serve you. This is why I am writing to you today to ask you to withdraw your bitcoins to your own wallets. You shouldn’t hold your savings at Paxful, just what you want to trade.

Why ? We have trusted others to hold our money for too long, but as we saw in 2008 and more recently with FTX, we are at the mercy of the morality of these trusted third parties. Bitcoin offers us the chance to finally have control and we must seize it. »

End clap for Ethereum?

The bitcoin pastiche created by Vitalik Buterin and a few associates has come under fire from critics since its move to Proof-of-Stake. One of the criticisms is that it is much easier to take control of a currency in PoS.

Just buy enough ETH to take control of it forever. This is not the case with bitcoin since it will always be possible to buy more machines to counter a possible attacker. Moreover, in the event of failure, it is much easier to resell ETH than mining machines.

Truth be told, Ethereum is not decentralized. The fact that we have hard forks every four months is proof of that.

Worse, the folks running Ethereum clearly want central banks to use it for their CBDCs. Here is what Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, said at the launch of the consortium from the World Economic Forum on CBDCs:

“We commend the efforts of the WEF for its active research on digital currencies, including those based on blockchain. They will ensure that central banks can maintain their role as guardians of the economy. The future of money is digital. Central banks and the public sector have a crucial role to play in ensuring that this future is sustainable, inclusive and positive for society. »

It is a fact, Ethereum is in pole position to serve as an architecture for CBDCs. The Bank of Norway is based entirely on his code to create his own CBDC.

Many ETH developers who swear to defend the ethos of decentralization are at risk of being hired by central banks. Ironic.

Finally, let’s not forget that those who have their ETH locked up in PoS validating nodes cannot withdraw it. The code to do this has still not been written… Not to mention the fact that more than 75% of transactions are now OFAC compliant…

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