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Ethereum’s Vitalik Buterin says, ‘Bitcoin SV is a complete scam; Binance has a lot of power’

Priya

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Ethereum's Vitalik Buterin says, 'Bitcoin SV is a complete scam; Binance has a lot of power'
Source: Unsplash


Recently, Vitalik Buterin, the creator of Ethereum [ETH], the leading smart contract platform and the second largest cryptocurrency, spoke about Bitcoin SV and the famous episode of the coin being delisted from Binance. Buterin also elucidated his opinion on centralized exchanges, in an interview for The Great Ave podcast.

The creator, who previously stated that “BSV is a pure dumpster fire“, remarked that the Craig Wright backed digital currency was “obviously a complete scam”, adding the coin being delisted from one of the biggest exchange was “interesting”. He further pointed out that there were arguments that were in favor of the step taken by Binance and also the other way around, where the argument was that it was an exchange “wielding a lot of centralized power.”

This was followed by Buterin stating that Binance, in reality, does have “a lot of power” and that it was “wielding it in a lot of ways”. Under this, Vitalik highlighted the points of the exchange asking for “big listing fees” and its influence over tokens, where the exchange “influences which coins win and lose” by choosing its trading pairs.

Buterin went on to state,

“it’s weird to kind of criticize like that one decision without looking at all their others […] the more long-term thing is, […] I do really want to decentralize exchanges to succeed and at least kind of offer enough of a level of service that coins tokens can exist and do well like even regardless of what centralized exchanges do”

In October 2018, Binance released an official statement on its blog post, declaring that all its listing fee would be donated to its charity initiative, Blockchain Charity Foundation. Additionally, the exchange had stated that it would donate 100 percent of listing fee and also make the process transparent. This move was made by the leading exchange in order to “increase the use of blockchain for greater good”. The exchange had stated,

“Project teams will still propose the number they would like to provide for a ‘listing fee’, or now more appropriately called a ‘donation’. Binance will not dictate a number, nor is there a minimum required listing fee”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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