BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Bitcoin

Bitcoin is The “Only Game in Town” Says Paxful CEO

by Abimbola Adu
Dec 22, 2022 - 12:00 am
in Bitcoin
Bitcoin is The “Only Game in Town” Says Paxful CEO

On December 21, 2022, the CEO of Paxful, a global peer-2-peer crypto trading exchange and digital wallet, sent an email to Paxful’s 11.6 million users announcing his decision to remove Ethereum (ETH) from the Paxful marketplace.

No. 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 !

— Ray Youssef (@raycivkit) December 21, 2022

In his tweet after the email, the Paxful CEO, Ray Youssef claimed the move was not an investment. “This is humanity rising to liberate itself,” Youssef tweeted, “We need maximum momentum behind one clearing layer to win and bitcoin is the only game in town.”

Youssef stated in the email that ETH would no longer be available to trade on the marketplace from December 22 (UTC 12:00), citing three reasons for the move.

The first is ETH’s switch from proof-of-work to proof-of-stake. While ETH 2.0’s move to proof-of-stake was motivated by the problems with scalability proof-of-work presents, Ray Youssef does not see it that way. According to Youssef, Bitcoin is the only honest money due to its reliance on proof-of-work, and ETH’s switch has turned it into just a digital fiat.

Secondly, Youssef says ETH is not decentralized. The switch to proof-of-stake makes the majority of Ethereum’s validators large entities. This concentration of power is worrying to some, and Youssef makes it known he is one.

Finally, Youssef criticizes ETH’s reliance on tokenization. ETH’s spawned tokens have scammed people of billions and stolen valuable momentum from Bitcoin, Youssef says. According to reports, an estimated $11 billion worth of ETH has been stolen by fraudsters using 153 centralized exchanges between September 2020 and December 1st, 2022.

Ray Youssef promised to put purpose before profit, and fight what he calls economic apartheid being perpetuated by Ethereum’s actions.

Reactions to the Paxful decision have been split between those who share the CEO’s vision and those who do not. Critics called Ray a ‘maxi’, short for Bitcoin Maximalist, a term that refers to people who consider Bitcoin the only digital asset needed in the future, and all other cryptocurrencies inferior to BTC. Based on Youssef’s words, the Paxful CEO likely does not consider the term disparaging. In fact, he referred to Cardano as junk in a reply to one comment on his tweet.

While ETH is now delisted on Paxful, stablecoins still remain and USDT and USDC trades are still possible. Youssef admitted stablecoins are a must for real use cases. Thus Paxful is not Bitcoin-only. At least, not yet.

Tags: BitcoinEthereumPaxful
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

Related Posts

Green Minerals headquarters and Bitcoin symbol representing strategic investment deal

Bitcoin Inflows From 2024-2025 Break 15-Year Record, Hitting $625B

September 15, 2025

Bitcoin on-chain inflows reached $625B in 1.5 years, outpacing 15 years of growth. Institutional demand and Fed policy...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Wall Street Veteran Jordi Visser Predicts Big Bitcoin Allocation Boost by Year-End

September 14, 2025

Jordi Visser forecasts US institutions will increase Bitcoin allocations before year-end, boosting Q4 demand and setting up portfolios...

China Renaissance invests $100M in BNB through MoU with YZi Labs

China Renaissance Commits $100M to BNB in Landmark Treasury Move

August 22, 2025

China Renaissance invests $100M in BNB, signing MoU with YZi Labs to push adoption and regulated listings in...

BlackRock CEO Larry Fink speaking at the World Economic Forum

Bitcoin’s biggest Wall Street backer takes the wheel at World Economic Forum

August 15, 2025

BlackRock CEO Larry Fink joins André Hoffmann as interim co-chair of the WEF board, signaling stronger ties between...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service