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Why do we have Ethereum [ETH] vs ETC today? CZ retaliates to Vitalik Buterin’s comment

Aakanksha Rana

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Why do we have Ethereum [ETH] vs ETC today? CZ retaliates to Vitalik Buterin's comment
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Mr. Changpeng Zhao [CZ], the CEO of Binance, countered Vitalik Buterin’s comment at the TechCrunch event which stated:

“I definitely hope centralized exchanges go burn in hell as much as possible.”

Vitalik Buterin, the co-founder of Ethereum, gave his strong perspective on centralized and decentralized exchanges. Responding to Vitalik Buterin’s remark, CZ said:

“Got asked a few times, re: “Vitalik’s burn in hell”. Let’s not wish others to “burn in hell”. Let’s have a bigger heart, and appreciate the fact that we are part of an eco-system…”

The whole reason for having decentralized exchanges is to increase freedom and choice for investors. CZ in his tweet says that Vitalik Buterin being powerful and serving as an advisor for many projects has taken over them. CZ says:

“Today Vitalik has more King-like powers than anyone else in the industry, and has used it, by serving as advisors for projects, therefore helped to decide their fate, atleast fate of their ICOs to a large extent”.

On 17th July 2016, Ethereum was attacked by a hack of $50 million. The founders had 28 days to decide whether to use a hard fork or a soft fork method to save it from the hack. They chose hard fork and decided to split it into ETC and ETH. CZ referred to the Ethereum attack and said ‘decentralization’ is not safer by default. CZ supported centralization by saying it leads to faster liquidity and growth of the industry.

However, CZ himself being a part of the cryptocurrency world is affirmative about decentralization as he talks about how even if a small portion of the world’s population opted for decentralization it would have a great impact. In conclusion of CZ’s tweet on correcting Vitalik Buterin’s statement on centralized exchanges, he said:

“Don’t get me wrong, I am all for blockchain/decentralization/freedom. But i would not wish “burn in hell” on anyone or anything. That’s not a nice thing to say, even if it was said by Vitalik. I didn’t bother asking him yet, I assume he just meant he dont like centralization, which is fine. We need to keep a view of moving the entire eco-system forward, not just one part of it over another”.


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