Peer-to-peer crypto market platform Paxful says it’s delisting Ethereum (ETH), saying that it’s just another form of fiat currency.
Ray Youssef, co-founder of the New York-based crypto exchange, says the company is delisting Ethereum due to what he thinks is a lack of decentralization stemming from the leading smart contract platform’s switch to proof-of-stake.
This is not far from the truth, actually. There are some in the space that hail Ethereum is better than Bitcoin, or more valuable than Bitcoin.
But the reality is that Proof-of-Stake (PoS) blockchains are controlled by the whales (those who hold extremely high quantities of the coin), while Bitcoin is free, open, and decentralized no matter how many coins one owns.
Read the Full Eruptions Newsletter here