Paxful: Ethereum censored, centralized, full of scam tokens, discontinued – Cryptonium News

Paxful: Ethereum censored, centralized, full of scam tokens, discontinued

Paxful will end support for Ethereum tomorrow at 3:00 PM Moscow time

Ray Joseph, CEO of Paxful (a user-to-user cryptocurrency exchange service), has announced that support for Ethereum will end tomorrow at 3 PM Moscow time.
The CEO of the service attributed this move to the fact that Ethereum has stopped evolving and is becoming increasingly centralized. Ethereum’s popularity is based solely on the fact that it can create tokens. However, most of them are fraudulent projects and that is why it has so many problems in the cryptocurrency industry.

What are the other reasons why Ethereum is excluded?

Ethereum’s transition from a proof-of-work (PoW) consensus to a proof-of-share (PoS) consensus was the main reason for this transition. This made ETH another form of legal tender, albeit a digitized form.
There has been no decentralization on Ethereum for a long time, and it is controlled by a small group of individuals, who alone determine how the blockchain and the platform as a whole evolve. This is a typical authoritarian control system. Furthermore, the centralization of ETH has made it possible to impose sanctions on users referred to the SEC or other agencies by order of U.S. regulators.
According to Paxful’s CEO, Ethereum was once useful, but now many tokens are created, most of which are fraudulent. Such tokens have caused billions of dollars in losses to investors because Ethereum has shown no interest in more prudent policies to root out such fraudulent projects.

Is Ethereum Really Censored and Centralized?

Recall that the SEC (U.S. Securities and Exchange Commission) considers itself to have jurisdiction over ethereum and all transactions on its network, and SEC chief Gary Gensler has argued that the updated ethereum is similar to a security and that ethereum’s stacking mechanism is very similar to borrowing The cryptocurrency community has been working with Vitalik to develop a new stacking mechanism that would be very similar to borrowing.

The cryptocurrency community has repeatedly criticized Vitalik Buterin for failing to deliver on his promise to decentralize the platform. But for Buterin, all the calls and criticisms still don’t really matter because he still believes that Ethereum is in demand in the market. All results could not be downloaded. Retry…