Vitalik Buterin: Hope Centralized Exchanges ‘Burn in Hell’
The Ethereum co-founder Vitalik Buterin has already stated that he would love to see the centralized cryptocurrency exchanges “burn in hell as much as possible”. At the TC Sessions Blockchain 2018 event on July 6 in Zug, Switzerland, he had made these remarks.
Responding to a question from the host on whether decentralized exchanges will someday gain greater market share than centralized exchanges, Vitalik replied:
“I definitely personally hope centralized exchanges burn in hell as much as possible. In practice, particularly on the fiat to crypto side, it is 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…There are valuable services being provided there that are very hard to decentralize.”
However, he did express his uncertainty when regarding which option would be best to opt out from by large scale traders, professional traders and high-frequency traders. Even if centralized exchanges do not go away, the rise of the decentralized agencies will be a huge bonus ultimately as it removes the ‘king making power’ in his terms, from exchanges.
Explaining this point he said:
“…We can really take away this stupid king making power that these centralized exchanges have where they have this ability to just decide which tokens become big by deciding to list them and then charging these crazy $10 million to $15 million listing fees. The more we can get away from that world and into something which actually satisfies the blockchain values of openness and transparency the better.”
The full video of Vitalik Buterin’s talk can be found here.