Ray Youssef, the former founder of Paxful, believes that Ethereum, the world’s largest smart contracting platform, is a “drain and drain” on Bitcoin.
Ethereum Slowing Down Bitcoin?
In his post on May 21, the former CEO is clearly critical of Ethereum and believes it is a hindrance and an obstacle to the progress of Bitcoin.
In breaking down his point, Youssef seems to point out that the impact of Ethereum has been largely negative, delaying progress in cryptocurrencies.
Ethereum is just a drain and a pull # Bitcoin
We should be grateful that it slowed things down because we needed time to figure things out and get the pieces in play. We’ve been steady, now it’s time to fire. #safekit It will be what Eth and I Vitalik should have been on roids. pic.twitter.com/CdbfB0UpaP– Ray Youssef (@raycivkit) May 20, 2023
However, he expressed gratitude for the recent slowdown that followed last year’s crypto winter. In his assessment, the unloading of asset prices in late 2021 slowed activity allowing the cryptocurrency industry to strategize, adapt and prepare for a new phase of innovation.
Youssef’s tweet indicated that the role of Ethereum was to hinder Bitcoin’s growth rather than promote its development. By referring to Ethereum as a “drain and drain” on Bitcoin, he insinuates that Ethereum has not lived up to its potential, which is holding back Bitcoin’s progress.
However, Youssef seems to say that the time spent grappling with Ethereum’s limitations has allowed the industry to assess its shortcomings and establish a solid foundation. He stressed the importance of the recent lull, saying the industry “needed time to figure things out and get things working” before moving forward.
Achieve what Ethereum fails to do
While crushing Ethereum, the former CEO revealed that he is working on a project, CivKit, that would realize what Ethereum failed to achieve.
He also compares himself to the co-founder of Ethereum, Vitalik Buterin, saying that his involvement in the CivKit project is like “Vitalik on roids”.
This comment gives the impression that his project will make a huge improvement in cryptography, adding features that could be better than what Ethereum has achieved up to this point.
When he was the CEO of Paxful, a peer-to-peer cryptocurrency trading platform, the gateway delisted Ethereum after the network switched to a proof-of-stake consensus algorithm.
Paxful cited centralization concerns because the network now relies on validators who pin their coins for a chance to validate transactions and add them to a block.
The platform also noted the number of scams organized on the Ethereum network. As a way to protect its users from scams, the platform said it was delisting ETH.
Youssef was a strong supporter of Bitcoin. On May 18th, he said He said Operation Choke Point in the US, for example, would crash Bitcoin and the cryptocurrency market. However, the former CEO still reveled in saying that without the coin, the country “has no future.”
Feature image from Canva, chart from TradingView
