{"id":6526,"date":"2023-05-21T14:37:52","date_gmt":"2023-05-21T14:37:52","guid":{"rendered":"https:\/\/www.bitrabo.com\/community\/6526-2\/"},"modified":"2023-05-21T14:56:24","modified_gmt":"2023-05-21T14:56:24","slug":"ethereum-drain-drag-bitcoin","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/ethereum-drain-drag-bitcoin\/","title":{"rendered":"Former Paxful Founder: Ethereum Is A Drain And Drag On Bitcoin"},"content":{"rendered":"
\n

According to Ray Youssef, the previous founder of Paxful, Ethereum, the world\u2019s biggest smart contract platform, is a \u201cdrain and drag\u201d on the growth of Bitcoin.<\/p>\n

<\/span>Is Ethereum Holding Back Bitcoin?<\/span><\/h2>\n

The previous CEO, in his post on May 21, strongly criticizes Ethereum, stating that it is an obstacle in the path of Bitcoin\u2019s progress.<\/p>\n

After breaking down his viewpoint, Youssef seems to suggest that Ethereum has delayed important advancements in the crypto market and that its impact has been mostly negative.<\/p>\n

\n

Ethereum is simply a drain and drag on #bitcoin<\/a>
\nWe 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<\/a> will be what Eth should have been and I am Vitalik on roids. pic.twitter.com\/CdbfB0UpaP<\/a><\/p>\n

\u2014 Ray Youssef (@raycivkit) May 20, 2023<\/a><\/p><\/blockquote>\n

However, he expressed gratitude for the recent slowdown following last year\u2019s crypto winter. In his assessment, the drop in asset prices from late 2021 slowed down activity, enabling the crypto industry to strategize, adapt, and brace for a new era of innovation.<\/p>\n

Youssef\u2019s tweet suggests that Ethereum has been more of an impediment than a facilitator of Bitcoin’s growth. By calling Ethereum a \u201cdrain and drag\u201d on Bitcoin, he insinuates that Ethereum has not lived up to its potential, delaying Bitcoin’s progress.<\/p>\n

<\/a>
Bitcoin Price On May 21| Source: BTCUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n

Nevertheless, Youssef seems to suggest that the time spent grappling with Ethereum\u2019s deficiencies has allowed the industry to identify its shortcomings and establish a solid foundation. He emphasized the importance of the recent lull, saying the industry \u201cneeded time to figure things out and get the pieces in play\u201d before moving forward.<\/p>\n

<\/span>Fulfilling What Ethereum Failed To Achieve
\n<\/b><\/span><\/h2>\n

While the former CEO criticized Ethereum, he revealed that he is working on a new project, CivKit, that he believes will accomplish what Ethereum failed to achieve.<\/p>\n

He even compares himself with Ethereum\u2019s co-founder, Vitalik Buterin, stating that his participation in the CivKit project is like \u201cVitalik on roids.\u201d<\/p>\n

This assertion gives the impression that his project would bring about major improvements in the crypto market, introducing features that could exceed what Ethereum has accomplished so far.<\/p>\n

When he was the CEO of Paxful, a P2P crypto trading platform, the firm delisted Ethereum following the network’s transition to a proof-of-stake consensus algorithm.<\/p>\n

Paxful cited concerns over centralization since the network now depended on validators who stake their coins for a chance to validate transactions and add them to a block.<\/p>\n

The platform also noted the high number of scams orchestrated on the Ethereum network. As a means of protecting its users from scams, the platform stated that it was delisting ETH.<\/p>\n

Youssef has been a vocal supporter of Bitcoin, and on May 18, he stated<\/a> that Operation Choke Point in the United States could potentially crash Bitcoin and the cryptocurrency market. Regardless, the former CEO remains optimistic, stating that without the coin, the country \u201chas no future\u201d.<\/p>\n

-Feature Image From Canva, Chart From TradingView<\/em><\/p>\n<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

According to Ray Youssef, the previous founder of Paxful, Ethereum, the world\u2019s biggest smart contract platform, is a \u201cdrain and drag\u201d on the growth of Bitcoin. Is Ethereum Holding Back Bitcoin? The previous CEO, in his post on May 21, strongly criticizes Ethereum, stating that it is an obstacle in the path of Bitcoin\u2019s progress. […]<\/p>\n","protected":false},"author":1,"featured_media":6528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Former Paxful Founder: Ethereum Is A Drain And Drag On Bitcoin - Bitrabo","description":"According to Ray Youssef, the previous founder of Paxful, Ethereum, the world\u2019s biggest smart contract platform, is a \u201cdrain and drag\u201d on the growth of Bitcoin."},"footnotes":""},"categories":[316],"tags":[],"class_list":["post-6526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/6526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=6526"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/6526\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/6528"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=6526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=6526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=6526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}