Binance’s CEO Comments About Buterin’s Crypto Exchange “Burn in Hell” Remarks
The Binance’s CEO Responds To Vitalik’s “Burn In Hell” Comments
Changpeng Zhou (CZ), the CEO of Binance, has decided to respond to Vitalik Buterin’s recent attack on centralized exchanges. The co-creator of Ethereum has recently spoke that these exchanges could “burn in hell”.
By being the CEO of the largest centralized cryptocurrency exchange in the whole world, CZ took the responsibility to answer Vitalik’s claims. He claimed on Twitter that they should not wish others to “burn in hell”, but have a bigger heart and appreciate the fact that they are all part of an ecosystem. He also highlighted flaws in the argument of the Ethereum co-creator.
Got asked a few times, re: “Vitalik’s burn in hell”.
Let’s not wish others to "burn in hell". Let’s have a bigger heart, and appreciate the fact that we are part of an eco-system… pic.twitter.com/4QYGKus0Gk
— CZ Binance (@cz_binance) July 10, 2018
The Original “Burn in Hell” Quote
The quote appeared in an interview that Buterin made with TechCrunch on July 6, 2018. According to him, they could burn in hell because centralized exchanges promote and demote cryptos by charging multi-million dollars listing fees, which, according to the developer of Ethereum, is a stupid king-making power.
Many would point that there is a strong correlation between being listed on big exchanges and the financial gain of tokens. Quarkchain, for example, increased its price more than 1200% after being listed on Binance.
CZ On The Attack
Many believed that Zhou’s response had a dual purpose. If for one side, it could be read as an appeal for more civility in the crypto ecosystem, it also highlighted some flaws in the argument to prove that Buterin was wrong.
Zhou argued that centralized exchanges, as opposed to decentralized exchanges, are vital to the decentralized economy because they can provide liquidity to the cryptocurrency market. This way, they accelerate the growth of the industry because there would be stagnation if the liquidity on the market was scarce.
He wrote that all coins would have less liquidity, the industry would be smaller and develop slower if not for the centralized exchanges. He also disbelieved decentralization and stated that Vitalik has probably more king-like powers than anyone in the industry at this point. Even by serving as an advisor he could change the fate of many ICOs.
According to Zhou, they should be focused on making the entire ecosystem move forward, not only one part of another of it. The response is natural, as Zhou is the owner of a company with predicted profits of $1 billion USD in 2018 that is highly focused on centralization and the comment that they should “burn in hell” affects him directly.
Stay on the look out for the upcoming Binance Chain, their decentralized exchange.