Vitalik Buterin Says Centralized Exchanges Can Burn In Hell

Outspoken Ethereum co-founder, Vitalik Buterin, has hit out at centralized exchanges, saying that he hopes they “burn in hell as much as possible” while speaking to John Evans of TechCrunch. He has mirrored the opinions of divisive self-proclaimed voice of cryptocurrency, John McAfee.

Centralized King Makers

Buterik took aim at the king-making power that exchanges have, at the exorbitant $10m to $20m listing prices they demand, and the fact that their entire setup flied against the decentralized nature of cryptocurrency and blockchain technology.

Improved Verification For Greater Mass Adoption

He also said that it will be difficult to reach mainstream adoption if existing user authentication models fail, and suggested that Ethereum are looking at ways to remedy this problem. Buterin said, speaking during last week’s TechCrunch Sessions, suggested that something like WeChat, which asks for names from your list of social contacts as a means of verifying your identity, could be a better option than the current keys and password system.

Exorbitant Fees

He went on to take a swipe at centralized exchanges. He said that there was really no reason why some tokens are forced to pay $10m to $15m listing fees and said that it gives exchanges the power to be king-makers. However, he was pragmatic in his responses, suggesting that it is still early days and that exchanges exist to bridge the gap between fiat and crypto, but that fiat exchanges will come, allowing users to register with nothing but an email address.

Social Media Scam Accounts

Last week, Buterin posted a list of all of his active social media accounts, in a bid to try and help his followers differentiate between his genuine accounts and the proliferation of scam accounts; a phenomenon that any cryptotwitter user observes on a daily basis. A lot of influencers have been forced to add “not giving away ETH” to their account names, but despite Twitter claiming to try and combat the problem, it still surfaces on almost every influencer account.

*With today’s Bancor hack, it was revealed that the Bancor team had the ability to freeze funds.  How many other so called decentralized” DApps have a built-in kill switch that’s centrally controlled? According to Jackson Palmer, a ton…including Kyber, MakerDAO, Enigma and Augur. So much for decentralization. click tweet to see thread.

stay safe out there in the crypto streets.

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