The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Update: Binance CEO Responds to Ethereum’s Vitalik Buterin: ‘Let’s Have a Bigger Heart’

by Daily Hodl Staff
July 11, 2018
in Blockchain

The CEO of Binance is pushing back against Ethereum creator Vitalik Buterin’s recent comments on centralized exchanges.

During a discussion with Tech Crunch, Buterin described why he’s not a big fan of centralized exchanges:

“I definitely personally hope centralized exchanges burn in hell as much as possible. First of all, clearly I think on the fiat-to-crypto side it’s very difficult to decentralize because you ultimately are interfacing with the fiat world, and the fiat world is one that only has basically centralized gateways. So I do think that there’s valuable services that are being provided there that are very hard to decentralize.

On the crypto-to-crypto side, I do think that it’s still early days and the technology is going to become more and more efficient over time. And at some point we are going to see a world where it becomes much easier to fairly quickly turn a token of one kind into a token of any other kind.

Basically, with the decentralized exchanges available today, one of the nice things is they already have a nice usability gain, which is that you don’t have to register, log in, create an account, go to some stupid web interface. All you do is you just send tokens of one type to one address, and then you immediately get tokens back from another address. From a user experience point of view, it’s great. That is obviously something that needs to be refined a lot more around the edges, but I think it’s something that we are going to start seeing more and more of.”

After receiving a number of requests for comment, the CEO of the leading centralized cryptocurrency exchange Binance responded on Twitter. Here’s his full response:

“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, not independent projects. Realized that, if it was not for fiat (and centralized) exchanges:

  1. all coins will have far less liquidity (and market cap/price/influence/impact etc).
  2. the industry will be smaller
  3. the industry will develop slower

Probably all by more than 10x. Just because someone else is doing the lowly grunt work, doesn’t make them dirty. 

Also:

  1. Decentralization is a means, not an end. The goal is to increase freedom, and choice. Let people choose what they want. At the moment, more people seems to choose centralized exchanges over decentralized one, and there are good reasons for it.
  2. There is no absolute decentralization. Projects with core teams still have centralization. Today, Vitalik probably has more king-like powers than anyone else in the industry, and has used it, by serving as advisors for projects, therefore helped to decide their fate, at least fate of their ICOs to a large extent.
  3. “Decentralization” is not safer by default. Why do we have ETC vs ETH today?
  4. Effectiveness and adaptability is a consideration. A small step towards decentralization/freedom that can be adopted by 1.2 billion people is more impactful than a big step that can only be adopted by a dozen people.

Don’t get me wrong, I am all for blockchain/decentralization/freedom. But I would not wish “burn in hell” on anyone or anything. That’s just not a nice thing to say, even if it was said by Vitalik. I don’t bother asking him yet, I assume he 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 or another. CZ”

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 ? BNB (@cz_binance) July 10, 2018

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • FIFA Rivals Launches Worldwide, Bringing Non-Simulation Arcade Football Action to Mobile Devices
    June 12, 2025
  • Polemos Announces TGE And A Game-Changing Strategic Partnership With BUFF Accelerating Web3 Adoption
    June 12, 2025
  • ?Bitpanda opens the gate to Web3 with Vision (VSN)
    June 12, 2025
  • tBTC Launches on Starknet, Expanding Bitcoin’s Role in Multi-Chain DeFi
    June 11, 2025
  • Allnodes Launches Bare-Metal Servers for Solana Validators and Builders
    June 11, 2025
  • Falcon Finance Announces Custody Integration With BitGo for USDf Synthetic Dollar
    June 11, 2025
  • Interactive Strength Inc. (Nasdaq: TRNR) Enters Into $500 Million Facility To Acquire AI-Focused FET Tokens and Launch Crypto Treasury Asset Strategy
    June 11, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$107,920.92
$107,920.92
0.75%
Ethereum
$2,738.19
$2,738.19
2.87%
BNB
$665.33
$665.33
0.42%
Solana
$158.54
$158.54
3.11%
XRP
$2.24
$2.24
2.71%

Spotlight

  • Bitcoin Setting Up for ‘Treasonous’ Correction, According to Trader That Called 2021 Market Cycle
    June 5, 2025
  • Bitcoin Flashing Bearish Signal After Failing To Break Above Major Resistance, Says Crypto Trader – Here Are His Targets
    June 5, 2025
  • Economist Henrik Zeberg Says Altcoins About To Kick Off Explosive Phase, Updates Outlook on dogwifhat and One Under-the-Radar Crypto
    June 5, 2025
  • Former DOGE Head Elon Musk Tells Lawmakers To Kill Trump’s ‘Big, Beautiful’ Bill
    June 5, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl