Binance CEO Changpeng 'CZ' Zhou responded in length to Vitalik Buterin's recent assault on centralized exchanges - the Ethereum Co-Founder stated he hoped they would "Burn in hell."
Got asked a few times, re: "Vitalik's burn in hell".
"I definitely personally hope centralized exchanges burn in hell as much as possible."
Elaborating, the Russian-Canadian programmer criticized the ability of centralized exchanges to promote cryptocurrencies by charging multi-million dollar listing fees - or what he described as "Stupid king-making power".
While exchanges cannot be solely responsible for a token's financial gain, many would point to a strong correlation.
After listing on Binance within hours of completing its ICO, Quarkchain's token, for one, increased more than 1200% in valuation in hours.
The clear price manipulation of the QuarkChain price on Binance is obvious.
Quark are indulging in a new kind of ICO ploy, which is to sell a minimal % of tokens, pay the extortionate Binance listing fees, then use Market Makers to pump the price.
In defense of his livelihood, Zhou argued that centralized exchanges are in fact a vital component of the burgeoning decentralized economy.
As director of a centralized exchange anticipating $1 billion in profits in 2018, Zhou would presumably feel the heat of Buterin's comments.
Binance CEO Responds to Vitalik's "Burn in Hell" Comments
Published on Jul 11, 2018
by Cryptoslate | Published on Coinage
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