Vitalik Buterin: Centralized Exchanges ‘Should Burn In Hell’

The famous co-founder of Ethereum, Vitalik Buterin, is pretty much active socially as well as with his presences on numerous events. With his latest statement, Buterin said that he would like to see centralized cryptocurrency exchanges “burn in hell as much as possible” conceding that such a time may yet be a while off.

He stated this while speaking at the TC Sessions Blockchain 2018 event that took place in Zug, Switzerland on July 6th.

Buterin responded to a question from the host on whether decentralized exchanges will someday gain greater market share than centralized ones. As 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.”

Buterin also went on to predict that in terms for trading cryptos, DEX solutions will become the most desirable because of their simple and straightforward user experience that is devoid of registration, web interfaces and account openings.

On top of this, Buterin expressed uncertainty regarding the options chosen by large-scale traders, professional traders and high-frequency traders. As he explained:

“…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.”

Buterin’s statements are interesting, especially after Binance announced its plans to open a decentralized exchange, followed by Huobi and OKEx.