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Vitalik Buterin Hopes Centralized Exchanges Burn In Hell

Curiosity Talk
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Vitalik Buterin, a Russian-Canadian programmer and writer primarily known as a co-founder of second largest cryptocurrency in the world Ethereum has criticized centralized exchanges in an interview with a TechCrunch journalist Jon Evans at TechCrunch Sessions: Blockchain. He said said that he sees no future for Centralized exchanges and they should “Burn in Hell”.

“I definitely hope centralized exchanges go burn in hell as much as possible,” Buterin said at TechCrunch’s TC Sessions: Blockchain 2018 event in San Francisco on Friday.

The interview was mainly focused on issues of centralization and decentralization in cryptocurrency. He also stated several times that everyone has different needs and it’s difficult to live in a world where everything is centralized or decentralized.

He further said that

“Back in 2013, when GHash had 51 percent everybody freaked out. It’s happening a second time and people aren’t really talking about it this much. And it’s true that if you look at Bitmain alone, the company is edging toward 51 percent of network hash rate”

According to Buterin, there’s no reason some projects need to pay $10 to $15 million in listing fees to let people trade their tokens on centralized exchanges.

He further said that

“The Ethereum Foundation tries very hard to be a decentralized organization,” he said. “We try very hard not to have a very hard divide, such as you’re on the inside and you’re on the outside.”

One of the huge difficulties in making Ethereum really decentralized comes down to user authentication. Indeed, it’s possible to create a private key and a public key to deal with your wallet yourself. Sending ETH is tied in with marking an exchange so it isn’t so much that complicated.

Vitalik Buterin further added that

“But what happens if you lose the keys? What happens if you lose your password? “If all user authentication methods end up failing it’s going to be hard to reach mainstream adoption. I’m interested in social recovery, multi-key schemes,”

 

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