Vitalik Buterin, Binance CEO Zhao Agree Decentralized Exchanges Should Lead The Way

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Vitalik Buterin, Binance CEO Zhao Agree Decentralized Exchanges Should Lead The Way

Post by RamboLambo » Wed Aug 08, 2018 8:06 am

During an interview at Tech Crunch Sessions: Blockchain 2018, Ethereum Founder, Vitalik Buterin hoped “centralized exchanges burn in hell as much as possible” as he strongly advocated for the use of decentralized cryptocurrency exchanges.

Vitalik’s fiery comments stemmed from his annoyance towards centralized exchanges wielding “stupid king-like power” as they have the power to dictate which cryptocurrencies “become big” after making projects pay extortionate “$10 to $15 million dollar [exchange] listing fees.”

Buterin’s comments caused quite a stir within the crypto community invoking a response from Binance Founder, Changpeng ‘CZ’ Zhao on Twitter.

Zhou fired back by highlighting several flaws in Buterin’s arguments by stating that:

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

Zhou further remarked that “Decentralization” is not safer by default” and this was clearly evidenced by the recent hack of decentralized exchange Bancor with the less of $12m worth of Ether as well as EtherDelta also falling victim to a phishing attack late last year.

On the same day, CZ shared his response, Buterin chose not to reply publicly instead opting to respond to a cheeky Tweet from a new French cryptocurrency exchange that asked whether their “decentralized settlement feature” would send them to purgatory. ... d-the-way/

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