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Binance CEO Responds to ‘Burn in Hell’ Remark, Reminds Vitalik of His Own ‘King-Like’ Powers

July 11, 2018 08:28
Binance CEO
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Vitalik Buterin is one of those rare personalities in the world of tech that are known for expressing their views as boldly as possible, even if that sometimes burns others in hell’. So recently when he literally expressed his wish to see someone (read: centralized exchanges) “burning in hell”, it wasn’t an entirely surprising thing. It was just that this time his target were a particular group of people/entities in the industry instead of any particular person. And now the first reaction on those remarks has come from the boss of a big centralized exchange.

Responding to Vitalik Buterin’s Burn-in-Hell remark Mr. Changpeng Zhao (CZ), the CEO of world’s largest cryptocurrency exchange Binance, today said in a Twitter post that although “he’s all for blockchain/decentralization/freedom”, the fact is that “there’s no absolute decentralization” and that he would not want anyone to burn in hell. He said:


“Decentralization is a means, not an end. The goal is to increase freedom and choice. Let people choose what they want. At the moment more people seem to choose centralized exchanges over decentralized ones, and there’re good reasons for that.”

Taking things a bit further, Binance boss went on to remind Vitalik Buterin of his own powers and how they symbolize centralization. He said:

“There is no absolute decentralization. Projects with core teams still have centralization. Today, Vitalik probably has more king-like powers than anyone else in the industry, and has used it, by serving as advisors for projects, therefore helped to decide their fate, at least fate of their ICOs, to a large extent.”

And then he also claimed that decentralization is also not safer by default, citing the example of Ethereum Classic:

““Decentralization” is not safer by default. Why do we have ETC vs ETH today?”

In addition to all these things Binance CEO also didn’t forget to mention the resources that centralized exchanges bring to the market (i.e. liquidity, faster growth etc) right in the beginning of his post. Talking about these benefits of centralized exchanges he said:

“Just because someone else is doing the lowly grunt work, doesn’t make them dirty.”

Summing up his post like a gentleman he said in the end:

“… I would not wish “burn in hell” on anyone or anything. That’s just not a nice thing to say, even if it was said by Vitalik. I didn’t bother asking him, yet I assume he just meant he doesn’t like centralization, which is fine. We need to keep a view of moving the entire eco-system forward, not just one part of it over another.”

You can see his entire post below:

What do you think about Vitalik’s comments and CZ’s response? Do you also think that centralized exchanges have brought more to the market than they’ve taken from it? Or are you also for decentralized exchanges than centralized ones? Share your thoughts in comments.


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