23 February, 2024

Paxful CEO Lambasts Ethereum and Glorifies Bitcoin: Calls ETH a ‘Bad Joke’

7 months ago

21 Nov, 2023

  • Ray Youssef criticized Ethereum, calling it a “bad joke” while responding to a tweet shared by Satsdart.
  • Youssef advocated for Bitcoin asserting that there is only Bitcoin.
  • Satsdart shared his contempt for the whole crypto space, commenting that crypto is the most worthless industry.

Ray Youssef, CEO of the Bitcoin trading platform Paxful, recently lambasted Ethereum, the second largest virtual currency by market cap, labeling it an epithet- “a bad joke”. Youssef, the founder of Civkit, a peer-to-peer Bitcoin marketplace, shared his preference for the largest cryptocurrency Bitcoin, commenting, “There is only Bitcoin, wait for Civkit”.

Paxful chief’s Twitter post came in response to a thread shared by a popular crypto figure Satsdart, who exclaimed, “I’m officially done with ETH”. Satsdart revealed that he had been using Ethereum since 2017 as his layer one, adding that he had bought, traded, and held millions of stablecoins including USDT and USDC over the past six years.

Meanwhile, Youssef publicized his comments over ETH, citing:

A launchpad for every scam. Only stables gave it a real use-case but that is now costlier than banks. When it left PoW it becomes irredeemable.

Satsdart’s revelation exposed the alleged inconveniences of Ethereum, as he described the blockchain as the “most useless tech ever created”. He asserted that Vitalik Buterin, the platform’s founder has failed in his initiative, adding that no one in the past six years has been successful in creating a “legit alternative”. The tweet read:

It doesnt work. Its slow, expensive, bloated. Defi is broken. And not even decentralized. $30 defi transactions. $7 USDT transactions. Non-stop fee/transmit errors (still pay fee tho). And Im not even dumb enough to store/trade worthless JPG URLs.

After investing half a dozen years in the field, Satsdart shared his apathy towards the whole crypto space. His contempt for different cryptocurrencies was expressed through specific tags attributed to them. While adding “LOL” to Binance Coin (BNB), he called Solana (SOL) “broken/centralized”. Finally, describing Cardano’s ADA too as “centralized”, Satsdart proclaimed, “Everything else, also broken/centralized”. He ended up his narration by stating that he hates crypto, “the most useless industry ever created”.