Bitrabo Editorial
According to Ray Youssef, the previous founder of Paxful, Ethereum, the world’s biggest smart contract platform, is a “drain and drag” 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’s progress.
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.
Ethereum is simply a drain and drag on #bitcoin
We 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 will be what Eth should have been and I am Vitalik on roids. pic.twitter.com/CdbfB0UpaP— Ray Youssef (@raycivkit) May 20, 2023
However, he expressed gratitude for the recent slowdown following last year’s 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.
Youssef’s tweet suggests that Ethereum has been more of an impediment than a facilitator of Bitcoin’s growth. By calling Ethereum a “drain and drag” on Bitcoin, he insinuates that Ethereum has not lived up to its potential, delaying Bitcoin’s progress.
Nevertheless, Youssef seems to suggest that the time spent grappling with Ethereum’s 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 “needed time to figure things out and get the pieces in play” before moving forward.
Fulfilling What Ethereum Failed To Achieve
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.
He even compares himself with Ethereum’s co-founder, Vitalik Buterin, stating that his participation in the CivKit project is like “Vitalik on roids.”
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.
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.
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.
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.
Youssef has been a vocal supporter of Bitcoin, and on May 18, he stated 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 “has no future”.
-Feature Image From Canva, Chart From TradingView