Why Paxful delisted ETH?

[LDL]

Paxful delisted ETH but why Paxful delisted?

Paxful CEO--- " integrity Over Revenue "
Why or what do you mean by this word?  Will there be any negative impact on the Ethereum market in the sudden delisting of Ethereum?

But will it portend another event like FTX's bankruptcy?



https://twitter.com/raypaxful/status/1605529289054527488?s=19

[Yaunfitda]

I guess just like the rest of us who criticized the ETH moved from POW->POS.

It means that integrity of the network could be controlled by few, hence it's going to be centralized. And we don't like this and probably what the CEO of Paxful as well for delisting ETH.

Or it could that the CEO of Paxful has issues with CZ that we don't know of, so even if there is revenue as he said, it doesn't matter for him.

[aioc]

I guess just like the rest of us who criticized the ETH moved from POW->POS.

It means that integrity of the network could be controlled by few, hence it's going to be centralized. And we don't like this and probably what the CEO of Paxful as well for delisting ETH.

Or it could that the CEO of Paxful has issues with CZ that we don't know of, so even if there is revenue as he said, it doesn't matter for him.

I wonder if other exchanges will follow Paxful lead let's admit there are still many exchanges that are loyal to Ethereum but because of this move there could be a change of direction we hate centralization after what happened to FTX and we have seen the risk of centralization, we'll see the impact in the market in the coming weeks and let's see if there will be next exchange to delist Eth, this move if it's going to have a domino effect against Ethereum will have a bad an effect on its position in the industry.

[jrrsparkles]

Maybe, CEO is one of the true crypto enthusiast so he is not agree with the decentralisation taking over the market so decided to do his contribution. Well, its highly surprising though because for a businessman the money matters more but there are exceptions as well.

This delisting will not impact the ETH market at all because the volume is nothing in p2p compared to centralised exchanges so if there is any centralized exchange do such move will make great impact but its highly unlikely to happen.

[zasad@]

https://twitter.com/jerimican5445/status/1602101261683216384?

Ray Youssef(C) -CEO and co-founder of Paxful
Dec 11
"If eth is a grift and it is then what else other than bitcoin is real ? Share and give a reason. My popcorn is ready 🍿"
Jeremy Garcia(C)
"As an engineer, I understand that ETH is a very poorly designed protocol that does not follow 1st principles.  ETH will fail because it has too many variables. ETH is a foundation of sand.  #Bitcoin is a foundation of granite. "

https://bitcoinmagazine.com/business/crypto-platform-paxful-delists-ethereum

One owner of the centralized service deletes the centralized coin. Following this logic, he only needs to work with Bitcoin, Litecoin and Monero.

[vv181]

Such a strong stance from Paxful. But.. but.. they still keep listing USDC and USDT. The CEO said:

Stables are a must for real usecases, which is why eth is still on the wallet.. sigh

Those tokens are built under the Ethereum chain. Those tokens are censorable and under the direct control of a centralized entity. It a pretty contradictory isn't it?

Take the first bullet point of the statement, ETH is a digital form of FIAT, well what's the inherent difference between those tokens? Now the second point, centralization, again there isn't any slightly different between USDC and USDT.

[Yogee]

.... It a pretty contradictory isn't it?

It is.

You have to give it to him for standing on his beliefs but even he has to come to a compromise with USDT and USDC. So it's not about integrity yet hehe. Maybe it's a step forward to inform us where he stands but business revenue still wins at the end of the day.

[livingfree]

Integrity, seems to be connected to principles of the CEO on what he believes is correct and wrong. IIRC, he's also the one who has warned the customers about keeping it on any centralized exchange.

I guess he's starting to be a typical crypto enthusiast that one should be.

I don't see any reason that they'll be the next FTX or so, it's just far from that and it seems a big delisting because it's ETH. But if it's any other altcoin that announced delisted on them, it wouldn't make any noise.

[o48o]

Why or what do you mean by this word?  Will there be any negative impact on the Ethereum market in the sudden delisting of Ethereum?

So the CEO is Proof of Work maximalist. This has no impact on Ethereum what so ever. Only gimmick i like in paxful that you can buy crypto directly with steam gift catds and amazon cards, but it's not the only place to do that.

But will it portend another event like FTX's bankruptcy?

This case has zero similarities with FTX.

Only thing what i am wondering is that are they going to delist USDT and USDC as well and only leave Bitcoin for sale? If not they are being kind of hypocrites.

[JeromeTash]

Very funny  

I am no fan of Ethereum going POS, but what Paxful did is hypocrisy of the highest level. If they are really into POW and against the centralized nature of Ethereum then the fist things they would do would be

1. Delist centralized Tokens on Ethereum network (USDC and USDT)
2. Mark their platform decentralized like bisq and stop asking for KYC

[poodle63]

Paxful delisted ETH but why Paxful delisted?

Paxful ceo has become maxi. That might be the reason. It can be seen from all of his non sense season.

Paxful CEO--- " integrity Over Revenue "
Why or what do you mean by this word? 

Ceo thinks that by removing ethereum from its service will save integrity from the platform. I guess that service has been losing lots of revenue since delisting of ethereum.

Will there be any negative impact on the Ethereum market in the sudden delisting of Ethereum?

There will be no impact. As you can see the delisting of ethereum from paxful give no impact to the price.

But will it portend another event like FTX's bankruptcy?

It's not the same case like FTX

[fullhdpixel]

I guess just like the rest of us who criticized the ETH moved from POW->POS.

It means that integrity of the network could be controlled by few, hence it's going to be centralized. And we don't like this and probably what the CEO of Paxful as well for delisting ETH.

Or it could that the CEO of Paxful has issues with CZ that we don't know of, so even if there is revenue as he said, it doesn't matter for him.

I wonder if other exchanges will follow Paxful lead let's admit there are still many exchanges that are loyal to Ethereum but because of this move there could be a change of direction we hate centralization after what happened to FTX and we have seen the risk of centralization, we'll see the impact in the market in the coming weeks and let's see if there will be next exchange to delist Eth, this move if it's going to have a domino effect against Ethereum will have a bad an effect on its position in the industry.

Even if ETH became more centralized now, I still don't think that it will be delisted by some exchanges because this coin is too big for it to happen. This was like a Bitcoin but only in the Altcoin category. Delisting it will scare more people not just the ETH supporters.

I am sure we don't want that to happen. The FTX case was different. They did things which are too inappropriate already and karma got them but for ETH, I think they are still doing great despite of some controversy. By the way I check Paxful and I see that there is still ETH on their list and then there's also Stable Coins. I thought they only support Decentralized coins? HHmm.

[Jackl87]

Paxful delisted ETH but why Paxful delisted?
Paxful CEO--- " integrity Over Revenue "
Why or what do you mean by this word?  Will there be any negative impact on the Ethereum market in the sudden delisting of Ethereum?

To be honest, i have never heard of Paxful and/or their CEO before and even though i am not a hardcore crypto enthusiast i am pretty sure that i woudl have heard about that platform, if it were one of the big ones in the 5 years that i am now interested in the crypto space. Therefore i would guess that this announcement and decision does not really have a big impact on Ethereum if it has any impact at all.
To the reasons for his decision. I know that a lot of people disliked the fact that ETH switched from PoW to PoS and i guess it is also true that big exchanges and also big whales have a lot of power over the network now because they own so much ETH, but i also think that PoW is a consensus mechanism that is just not fitting in the world of today anymore, where the big topics are climate change and to save energy.

[vv181]

.... It a pretty contradictory isn't it?

It is.

You have to give it to him for standing on his beliefs but even he has to come to a compromise with USDT and USDC. So it's not about integrity yet hehe. Maybe it's a step forward to inform us where he stands but business revenue still wins at the end of the day.

That is a plausible scenario and I also thought so. But upon seeking further information, seems the revenue reason is out of the reason. As he mentioned over Twitter when asked about stablecoin is what made the company profitable, he disagrees with the following statement

94% of our p2p marketplace trades are in #bitcoin

I understand there might be a leftover of reserve that Paxful currently held, based on https://status.paxful.com/. Nevertheless, this kind of move tells mediocrity. It conveys that the company does not walk the talk, above all, I might safely say it is just a PR/marketing move.

[serjent05]

Paxful delisted ETH but why Paxful delisted?

Paxful CEO--- " integrity Over Revenue "
Why or what do you mean by this word?  Will there be any negative impact on the Ethereum market in the sudden delisting of Ethereum?

It was clearly stated the reason why Paxful CEO delist ETH and that is ETH moving to POS since the Paxful CEO that there is no inegrety in POS coins since he believes that it is centralized which go against the very reason why Bitcoin is created.

But will it portend another event like FTX's bankruptcy?

Delisting a cryptocurrency isn't a sign of bankruptcy.  It is a matter of personal preference and I believe the action isn't connected to the current status of Paxful.

[SquirrelJulietGarden]

Ray is right about centralized network of Ethereum when it switched from Proof of Work to Proof of Stake.

Ethereum is not like Bitcoin, never and it has been always more centralized than Bitcoin. We can not consider Ethereum has a similar decentralization like Bitcoin.

The switch from PoW to PoS only makes its centralization becomes more seriously and worse. Ray is right about it, again I agree with him.

However, delisting Ethereum on Paxful will be harmful for their platform but maybe Ray want to be a Bitcoin maximalist and want to build Paxful for Bitcoin only with 300+ payment methods for Bitcoin to giftcards, vouchers, fiat currencies and more.

It won't be the end for Ethereum because it is a biggest altcoin and is listed on many exchanges. Paxful can not change anything about Ethereum.

[Mr. Magkaisa]

   - Since the founder of Ethereum decided to merge and change what they started POW went to POS, this is probably one of the reasons why they removed ETH from their platform.

Because of them and vision from decentralized it is now a centralized one, which changes the mentality of most of the investor community of ETH. But this doesn't mean they can't go back to decentralized, of course not like that.

[Dave1]

Probably it's more on the stance of the CEO against ETH, and he can do it as obviously he owns it, maybe they will lost a lot of money in their business, but he seems to be hell bent on his decision and continue to attack ETH after he delisted it.

Who knows, maybe there are exchanges that are going to follow his lead, more of their philosophy and believes rather that making money in their business. Only few CEO have been kind of traits, so let's see if there will be a ongoing trend here.

[fuguebtc]

I guess just like the rest of us who criticized the ETH moved from POW->POS.

It means that integrity of the network could be controlled by few, hence it's going to be centralized. And we don't like this and probably what the CEO of Paxful as well for delisting ETH.

Or it could that the CEO of Paxful has issues with CZ that we don't know of, so even if there is revenue as he said, it doesn't matter for him.

I wonder if other exchanges will follow Paxful lead let's admit there are still many exchanges that are loyal to Ethereum but because of this move there could be a change of direction we hate centralization after what happened to FTX and we have seen the risk of centralization, we'll see the impact in the market in the coming weeks and let's see if there will be next exchange to delist Eth, this move if it's going to have a domino effect against Ethereum will have a bad an effect on its position in the industry.

That's not right, if I'm wrong, correct me, I don't use Paxful, but I know this is also a centralized project, if you want to trade in bulk, you also need to provide KYC to them. It sounds ridiculous that a centralized project hates a centralized project.
We need to think, Paxful needs ETH or ETH needs Paxful, I bet many people won't know and don't use this peer-to-peer exchange, but everyone knows ETH and uses it. If this were binance, it would certainly have a domino effect and destabilize ETH, but unfortunately it is not.

[el kaka22]

There is really no need to figure this out, because Paxful doesn't mean big enough that we should care about it. ETH would not be hurt by Paxful doing anything, not only delisting but they could come out and bash ETH constantly once a day and it would still not matter.

It just means that there is someone there who dislikes ETH and they just wanted to remove it for personal opinion reasons, but that is all there is nothing else to it. ETH is one of the best coins out there, second highest ranked coin of all time and we are talking about a situation where it is not going to be as easy as people make it out to be for ETH to go down a lot more.