Binance CEO Defends “Lowly Grunt Work” in Reply to Buterin’s “Burn in Hell” Snipe
On Tuesday afternoon (PT), Changpeng Zhao (Co-Founder & CEO, Binance), shared a tweet that addressed recent comments made by Vitalik Buterin (Co-Founder, Ethereum) that were directed at the role played by centralized exchanges in the immature, nascent cryptocurrency industry; the culmination of which occurred when Buterin joked that he hopes they “burn in hell as much as possible.”
For those unaware, the comments made by Buterin originated from a one-to-one conversation he partook in at as part of a Zug-based conference held last Friday – the very same event Zhao spoke at later that day.
Where Would Crypto Space Be Without Centralized Exchange?
In Tuesday’s uploaded tweet, Zhao took to defending the important role that fiat-to-crypto trading platforms and centralized cryptocurrency exchanges like Binance play in the young sector.
In doing so, the Binance leader identified the following three outcomes that would almost certainly be true if centralized exchanges had never existed:  “all coins will have far less liquidity (and market cap/price/influence/impact/etc),”  “the industry will be smaller,” and  “the industry will develop slower.”
Zhao made various points in his tweet challenging the notion of decentralization; an operative model that seems to be steadfastly favoured despite potential drawbacks that too often appear to be glossed-over.
Some of these downsides identified by Zhao include safety and the adequacy of extant technological infrastructural. In fact, he argued that “there is no absolute decentralization,” and that Buterin’s “king-like powers” in the space is testament to this.
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 (not giving crypto away) (@cz_binance) July 10, 2018
Even if Undirected, Snipe “Just Not a Nice Thing to Say”
Evidently, the Binance co-founder assumed what many others concluded after having watched the weekend’s full interview. And that is, that Buterin’s snipe was broadly targeted at the notion of centralization more so than at any one particular centralized, fiat-to-crypto exchange.
Were this indeed the impetus for the Ethereum creator’s comments – thereby upholding the assumption held by Zhao – the Binance CEO shared that it “is fine” for Buterin to possess such beliefs. Notably, Zhao mentioned that he “didn’t bother asking [Buterin] yet” about the weekend’s incident.
Don’t get me wrong, I am all for blockchain/decentralization/freedom. But I would not wish “burn in hell” [sic] on anyone or anything.” – Zhao
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