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Former Paxful Founder: Ethereum Is A Drain And Drag On Bitcoin

Dalmas Ngetich
by Dalmas Ngetich
2 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ray Youssef, the former founder of Paxful, thinks Ethereum, the world’s largest smart contracting platform, is a “drain and drag” on Bitcoin.

Ethereum Slowing Down Bitcoin?

In his post on May 21, it is evident that the former CEO is critical of Ethereum and thinks it is a hindrance and obstacle to Bitcoin’s progress.

Breaking down his view, Youssef appears to suggest that Ethereum’s impact has been largely negative, delaying advancements in crypto.

Ethereum is simply a drain and drag on #bitcoin
We should be grateful that it slowed things down as we needed time to figure things out and get the pieces in play. We have been steady now it is time to blaze. #civkit will be what Eth should have been and I am Vitalik on roids. pic.twitter.com/CdbfB0UpaP

— Ray Youssef (@raycivkit) May 20, 2023

However, he expressed gratitude for the recent slowdown following last year’s crypto winter. In his assessment, the dump in asset prices from late 2021 slowed down activity allowing the crypto industry to strategize, adapt, and prepare for a new phase of innovation.

Related Reading: OKX Maintains Support Of Bitcoin Ordinals, Lists Major BRC-20 Token

Youssef’s tweet implied that Ethereum’s role has been to impede Bitcoin’s growth rather than foster its development. By referring Ethereum as a “drain and drag” on Bitcoin, he insinuates that Ethereum has not lived up to its potential, hindering Bitcoin’s progress.

Bitcoin Price On May 21| Source: BTCUSDT On Binance, TradingView
Bitcoin Price On May 21| Source: BTCUSDT On Binance, TradingView

Even so, Youssef appears to state that the time spent grappling with Ethereum’s limitations has allowed the industry to evaluate its shortcomings and establish a solid foundation. He emphasized the importance of the recent lull, saying the industry “needed time to figure things out and get the pieces in play” before pushing forward.

Fulfilling What Ethereum Failed To Achieve

While the former CEO thrashed Ethereum, he revealed that he is working on a project, CivKit, that will realize what Ethereum failed to achieve.

He also compares himself with the co-founder of Ethereum, Vitalik Buterin, saying his participation in the CivKit project is like “Vitalik on roids.”

This comment gives the impression that his project would bring about major improvement in crypto, adding features that could be superior to what Ethereum has accomplished up to this point.

When he was the CEO of Paxful, a crypto peer-to-peer trading platform, the portal delisted Ethereum after the network shifted to a proof-of-stake consensus algorithm.

Related Reading: Bitcoin In The Spotlight: US Presidential Candidate Advocates For Regulatory Measures

Paxful cited centralization concerns since the network now depended on validators who stake their coins for a chance to validate transactions and add them to a block.

The platform also cited the number of scams orchestrated on the Ethereum network. As a means of protecting its users from scams, the platform said they were delisting ETH.

Youssef has been a vocal supporter of Bitcoin. On May 18, he said Operation Choke Point in the United States, for instance, will crash Bitcoin and the cryptocurrency market. Still, the former CEO remains buoyant saying that without the coin, the country “has no future”.

-Feature Image From Canva, Chart From TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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