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Paxful stops supporting Ethereum tomorrow at 15:00 Moscow time
Ray Josef, CEO of Paxful (a service for exchanging cryptocurrencies between users) announced that tomorrow at 15:00 Moscow time, support for Ethereum stops.
The CEO of the service explained such a step by the fact that Ethereum has stopped developing, centralization is increasing in it. The popularity of Ethereum is based only on the fact that it is possible to create tokens on it. However, most of them are scam projects, and because of them there are many problems in the cryptocurrency industry.
What other reasons are there for excluding Ethereum
Ethereum's transition from proof-of-work (PoW) consensus to proof-of-stake (PoS) consensus was the first reason for this move. This has led to the fact that ETH has become just another form of fiat currencies, albeit in a digitalized form.
There has been no decentralization in Ethereum for a long time, it is controlled by a narrow group of individuals and only they decide how the blockchain and the entire platform as a whole will develop further. This is a classic authoritarian management system. In addition, the centralization of ETH has led to the fact that, at the command of regulators from the United States, sanctions may be imposed against those users who will be pointed out to the SEC or another agency.
According to the CEO of Paxful, Ethereum was once useful, but now a lot of tokens are being created on it, which for the most part are a scam. Such tokens led to multibillion-dollar losses of investors due to the fact that Ethereum showed no interest in pursuing a more balanced policy and weeding out such scam projects.
Is Ethereum Really Censored, Centralized
Recall that the SEC (Securities and Exchange Commission (SEC) The US believes that it has jurisdiction over Ethereum, and any transactions on this network. SEC head Gary Gensler states that the updated Ethereum resembles a security, and the Ethereum staking mechanism is extremely similar to lending.
The crypto community has repeatedly criticized Vitalik Buterin for not fulfilling his promises to decentralize the platform. However, all the calls and criticism for Buterin does not matter much yet, since he still believes that Ethereum will be in demand on the market.
