Binance CEO 'CZ' responds to Vitalik's 'burn in hell' comments

11 Jul, 2018
Binance CEO 'CZ' responds to Vitalik's 'burn in hell' comments

Recently in a live interview hosted by TechCrunch, Ethereum founder Vitalik Buterin lashed out at the topic of centralized exchanges by stating "I definitely hope centralized exchanges go burn in hell as much as possible". 

Buterins comments caught the attention of Binance CEO Changpeng "CZ" Zhao, who felt inclined to respond to Buterin on Twitter. 

CZ makes mention that we should all have bigger hearts and not wish anyone to burn in hell, but rather appreciate that we are all apart of a bigger ecosystem. 

CZ continues to reiterate that without centralization, all coins would have less liquidity, the industry would be smaller and the industry would develop slower. 

The Binance CEO also makes mention "Just because someone else is doing the lowly grunt work, doesn't make them dirty."

Furthermore, CZ explains in his tweet that decentralization is a means, not an end and that the goal is to create more freedom and choice for people to choose where they want to trade. He also makes mention that people are choosing centralized exchanges more than decentralized exchanges and that there are reasons for that. 

He also focuses on the fact that most projects, regardless of decentralization, are governed by a core team, such an example is Vitalik who has huge influence in the industry and can use his power to decide the fate of projects and their ICOs. CZ continues to say that "Decentralization is not safer by default, why do we have ETC vs ETH today?"

Lastly CZ compares effectiveness and adoptability. The point he makes here is centralized exchanges are easier to operate for customers than decentralized exchanges and that a small step adopted by 1.2 billion people would be more impactful than a big step that would be adopted by a dozen people. 

CZ ends by mentioning Buterin probably "just meant he don'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."

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Read more about: Binance


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