Ray Yussef, סעאָ און קאָ-גרינדער פון Paxful, מודיע פּלאַנז צו באַזייַטיקן עטהערעום פון דער פּלאַטפאָרמע און געזאגט אַז די "רעוועך איז פייַן אָבער אָרנטלעכקייַט טראַמפּס אַלע."
דער באַמערקונג געקומען אין ענטפער צו אַן אַסעסמאַנט פון דזשערעמי גאַרסיאַ, דער סעאָ פון ביטקאָין בילדונג פּלאַץ סאַטאָשי ס דזשאָורנאַל, וואס בלאַסט עטהערעום ווי "שלעכט דיזיינד" און אַנקאַמפּליטיד מיט די "1 פּרינסאַפּאַלז" פון קריפּטאָקוררענסי.
Lithium Ventures chief product officer Tom Littler explained first principles as criteria used to “help you differentiate the wheat from the chaff.” In brief, these are decentralization or a new system of ownership, incentives to encourage positive social behavior, and no middlemen.
Garcia further criticized the project’s complexity, saying, “ETH will fail” due to this complexity and the potential changeability it brings at the fundamental level.
As an engineer, I understand that ETH is a very poorly designed protocol that does not follow 1st principles. ETH will fail because it has too many variables. ETH is a foundation of sand. # ביטקאָין is a foundation of granite. Watch @דזשימיסאָנג explain here https://t.co/0OoXQjdFHU
— Jeremy Garcia (@jerimican5445) דעצעמבער קסנומקס, קסנומקס
Bitcoin maxi movement ramps up
Altcoins have come under fire following the collapse of FTX.
FTX bankruptcy filings have revealed a company run on poor corporate controls and capitalized by “air tokens.”
As MicroStrategy Chair מיכאל סיילאָר put it, the FTT token was a grift to extract “real stuff” in dollars and Bitcoin. All the while, it was passing itself off as a viable, more environmentally friendly version of BTC.
As the scale of corruption and dodgy dealings came to light, not forgetting the false narratives surrounding former CEO Sam Bankman-Fried, trust in cryptocurrencies and organizations that operate in the space has evaporated.
Bitcoiners have pointed out that the shenanigans perpetrated by FTX, and others, had nothing to do with BTC. Many are taking this opportunity to promote the idea of Bitcoin-only from now on.
Ethereum in the firing line
בעשאַס Africa Bitcoin Conference, which ran between Dec. 5 -7, Youssef pointed out that Paxful’s business model is worlds apart from FTX. The platform currently אָפפערס טריידינג in Bitcoin, Ethereum, USDC, and USDT, and “no hanky panky,” said Youssef.
“[Paxful has] no front-running, there’s no back-running, there’s no margin trading, there’s no leverage, there’s no hanky panky or dodginess happening. This is real trade between people.”
When asked about Paxful’s ETH volume, יוסעף disclosed the amount is “quite small,” but it was initially added due to user demand. However, in light of recent developments, the firm has “a bigger responsibility” to drop ETH.
Meanwhile, further rumblings of questionable Ethereum practices have emerged as DeFi Pulse co-founder סקאַט לויס tweeted about potential Uniswap favoritism through governance rule changes.
Ethereum governance is considering a rule change to give the next version of one of its biggest (and most socially connected) protocols a huge gas discount, but with no good disclosures, we dont know how big the uniswap v4 discount will be or how big a head start is being gifted.
— scott🍈 (@scott_lew_is) דעצעמבער קסנומקס, קסנומקס
The issue has since blown up, with לויס calling out the “powerful insider problem,” which forces people not to not speak out.
Source: https://cryptoslate.com/paxful-to-delist-ethereum-following-push-for-integrity-post-ftx/