CEO Binance commented on the recent statement of the co-founder of Ethereum Vitalik Buterin, in which he said that he hoped that “centralized exchangers will burn in hell”.
During the interview on Tech Crunch Buterin told why he is not a fan of centralized cryptocurrency exchanges and exchange offices:
Personally, I hope that centralized exchanges will burn in hell. Of course, to decentralize the Fiat part is incredibly difficult because the very essence of Fiat in centralization. So I think that part of the services in this area would be incredibly difficult to make decentralized.
As for the cryptocurrency component, I believe that this is the initial stage of its development. Although the decentralized exchanges that exist today made a major breakthrough in this field: you do not need to register, you do not need to go to some stupid web interfaces. All you need is to send tokens of the same type in a specific address and you will receive a token of another type. From the user’s point of view, it’s great. Obviously, there are still a lot of flaws, but what already exists is great.
CEO Binance said that to him several times asked to comment on the statement Vitalik Buterin, so he decided to tell in detail, what he thinks about it:
I have been asked several times what I think about statements Vitalik.
I think we should not wish for others that they “burned in hell”. Don’t underestimate the fact that we are all part of the ecosystem, not independent projects. Let’s keep that in mind and imagine the situation without Fiat and centralized exchangers:
- all cryptocurrencies would have a much lower liquidity (capitalization/the price/level of influence, etc.)
- the industry would be less
- the industry would have developed slower
All events would be smaller in scale 10 times. Just because someone else does the dirty work, not make them worse.
Decentralization is a means, not an end. The aim is to increase the level of freedom and choice. Let people choose what they want. At the moment, more people are choosing centralized exchange and for a good reason.
Absolute decentralization does not exist. Projects with strong teams still have a certain degree of centralization. Today Vitalik probably more power and influence than anyone else in the industry, and he used this influence as an Advisor in a number of ICO projects.
By default, the decentralization is not safer. Why we have today ETC and ETH?
Efficiency and adaptability are necessary to be considered. A small step towards decentralization / freedom, which can do 1.2 billion people, will be more effective than a big step, which can only a dozen people.
Don’t get me wrong, I still advocate the blockchain, decentralization and freedom. But I would not wish anyone to burn in hell. It is not good to say, even if it says Vitalik. Actually, I think he just wanted to say that he does not like centralization, and that’s fine.
We need to move forward the entire ecosystem, rather than its individual parts.