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Vitalik Buterin: “Bitcoin SV is a Complete Scam”

Vitalik Buterin is not particularly a fan of Bitcoin SV. For the creator of Ethereum, the fork of Bitcoin Cash (BCH) is nothing more than a scam created to enrich its promoters.

In an interview with Grey Jabesi, Buterin responded with no regrets when asked his opinion about Bitcoin SV:

“Yeah, like, obviously BSV is a complete scam”

Vitalik did not comment further on this and preferred to talk about other issues he considered more important, such as the power of exchanges and the future of trading on Dexes.

This was not the only time Buterin downplayed BSV’s importance. In fact, not only has Buterin attacked BSV but Craig Wright directly, saying he does not believe that his claims to be Satoshi Nakamoto are true, calling him a fraud on different occasions:

The tension between Craig Wright and an important number of personalities in the crypto-verse has escalated considerably since Mr. Wright started a series of legal claims against those who voiced doubts about the veracity of his arguments.

In the letters, he demanded that skeptics remove the comments, publish an apology, and testify in court that Wright is Satoshi Nakamoto (even though he had not yet provided reliable proof of his identity, following the demands of the community).

Vitalik Buterin Bets on Decentralized Exchanges

In the same interview, Vitalik Buterin commented that he found more interesting the debate that followed CZ‘s announcement that Bitcoin SV was being delisted from the exchange because of the unethical conduct of Craig Wright and Calvin Ayre.

He noted that Binance should not be judged by a single decision given the important role it has played in promoting and growing the ecosystem:

“The delisting from Binance, that was interesting. There are arguments in favor of it but then there’s also arguments like this is an exchange that’s yielding a lot of centralized power, but realistically, Binance is as an exchange that has a lot of power and is buidling it in a lot of ways … So it gets we were to kind of criticize like that one decision without looking at all their others”.

Buterin has also strongly criticized centralized exchanges, even commenting at a time that he wished they all “burned in hell.” He expects decentralized exchanges to acquire a greater presence in the ecosystem, becoming the platforms of preference among traders around the world.

Full interview available here:

The post Vitalik Buterin: “Bitcoin SV is a Complete Scam” appeared first on Ethereum World News.

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Coinbase Bans Account of Popular Right-Wing Pundit Milo Yiannopoulos

Coinbase Milo Yiannopoulos ban

Coinbase, one of the most popular U.S.-based cryptocurrency exchanges, has allegedly banned the personal account of a British right-wing pundit Milo Yiannopoulos.

Yiannopoulos, who has previously made high-profile and controversial remarks which led him to having his account closed on other media platforms, posted a screenshot to Gab on May 3 detailing the sequence of events. According to the post, Yiannopoulos received an email from Coinbase to verify his email address, which was promptly followed up–three minutes later–with a sudden notice of account closure.

While Coinbase is just the latest in a series of platform barring Yiannopoulos from participating, including Facebook, Instagram and Twitter, several community members have questioned why a cryptocurrency trading platform would find need to do the same. According to an article published by the Guardian, a Facebook spokesperson claimed that the Yiannopoulos banning at the time was apart of a series of crackdowns on individuals and organizations promoting violence and hate, “regardless of ideology.”

Nonetheless, Yiannopoulos and his account closures have drawn significant interest given his political leanings. The British pundit is an outspoken right-wing supporter and political commentator, who previously wrote for the Conservative news site Breitbart.

Yiannopoulos is also not the first personal account to be closed by Coinbase. In January 2019, the official Twitter account for Gab–a social media platform that prides itself on a lack of censorship–announced that Gab founder Andrew Torba had his personal account suspended by Coinbase. Even more puzzling, the merchant account for Gab was also banned, leading the company to claim that “decentralized exchanges are the future”:

As predicted: the on ramps and off ramps (exchanges) are going to start censoring not only companies, but also individuals.

@coinbase has now banned both Gab’s merchant account and Andrew Torba’s personal account.

Decentralized exchanges are the future.

As a private enterprise, Coinbase is free to decide who can operate on their platform or benefit from their client services. However, given the decentralized ethos of cryptocurrency, many community members are concerned with the exchange’s decision to ban personal accounts without explanation, or for what gives the appearance of particularly ideological targeting.

Ironically, the decision by Coinbase to exclude certain personal accounts appears to add to the argument in favor of decentralized exchanges (DEXs). DEXs allow investors to buy, sell and trade cryptocurrency in a completely decentralized marketplace, without the intermediaries such as Coinbase and other companies operating trading platforms. As one user pointed out in the comments on CoinTelegraph, Coinbase’s actions “[prove] the points people were making about why a “big crypto” service like Coinbase defeats the purpose of crypto.”

Other users have pointed out to Yiannopoulos alternative routes for accepting and particpating in cryptocurrency. While Coinbase offers a convenient service for merchants and other client-based features, cryptocurrency was ultimately designed to be transferred and transacted outside centralized portals. Milo has yet to provide any more updates on the situation, but the community of crypto will continue to follow Coinbase’s actions in regard to personal accounts moving forward.

The post Coinbase Bans Account of Popular Right-Wing Pundit Milo Yiannopoulos appeared first on Ethereum World News.

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Breaking: Binance Expected To Launch Blockchain Today, Decentralized Crypto Exchange To Follow

Binance Hints That DEX Launch To Come Today

Mere minutes ago, Binance just pointed this nebulous message (seen below) on Twitter. The firm wrote that today marks the birth of a new genesis block. While it wasn’t explicit what the Malta-registered exchange is referring to, it is clear that it isn’t referencing Bitcoin, but its own in-house chain, Binance Chain, which houses its own decentralized exchange (DEX) and coin, BNB.

As of the time of press, it isn’t clear whether the platform intends to launch both its full blockchain, which is primarily centered around simple asset transfers and token issuance, and DEX on the same day. And, it isn’t exactly clear when this will occur, but it is likely to be within the next few hours.

While this sounds like pure conjecture and hearsay, this isn’t exactly the case. According to a recent report from CoinDesk, in a recent interview at the Paris Blockchain Week, Binance CFO Wei Zhou claimed that his firm intended to launch the game-changing platform “by the end of the month,” alongside the mainnet for Binance Chain itself. He added that his firm is “almost there, very close” to disrupting its own business model by launching an exchange not subservient to centralized servers and high fees.

So at long last, after over 10 months of waiting with bated breath, users of renowned crypto exchange will have access to a spiffy, workable, and big name-backed DEX, bolstering its offerings amid a brutal bear market.

Singapore Fiat On-Ramp To Follow

If today’s launch actually occurs, Binance is expected to rapidly follow that up with the inaugural trading session of its fiat-to-crypto on-ramp based in Singapore. As Zhou told the trade publication, “next week we are going to launch the Singapore simple buy/sell on-ramp,” giving users the opportunity to buy crypto assets (Bitcoin for now) for Singaporean dollars.

In recent months, the startup has also launched fiat-supported portals in the United Kingdom region of Jersey, Liechtenstein, and Uganda, while launching support for credit card payments on Binance.com. The crypto startup has also launched a “Lite” venture in Australia, giving locals a chance to buy BTC for cash.

Staggering Profits In Crypto Crash

These two expected launches come as the firm has registered shocking profits in the ongoing “crypto winter.” As reported by Ethereum World News previously, Binance’s recently BNB burn, the seventh of its kind, saw 830,000 BNB bite the dust, indicating that the platform earned $78 million in Q1. In Q4, the exchange earned a relatively measly $47 million (but over $400 million in 2018 overall), meaning that Binance’s profits are up 66% quarter-over-quarter. Thus, the past three months marked both a strong recovery in the value of Bitcoin (BTC), but the startup’s profits too.

Title Image Courtesy of Marco Verch Via Flickr

The post Breaking: Binance Expected To Launch Blockchain Today, Decentralized Crypto Exchange To Follow appeared first on Ethereum World News.

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Decentralized Exchange for Ethereum Promises Lower Fees Than Rivals

A decentralized exchange claims that its trading fees are considerably lower than that of its rivals — with a one percent fee reduced to 0.03 percent whenever they use the platform’s native tokens.

Blockonix says its exchange is the “most clean, most user friendly” on the marketplace right now and offers a more cost-effective experience than the likes of EtherDelta, Idex and ForkDelta.

The platform provides users with a way to trade Ethereum — as well as Ethereum-based digital assets and tokens — around the world, and its team says it is “promoting a new wave of payment gateways and exchanges with futuristic applications.” Blockonix does not store any assets in its infrastructure, with all funds remaining with the user at all times.

Blockonix says, unlike other exchanges, it earns zero percent — and all of the fees collected through the platform are used to buy back BDT tokens and burn them. This includes the five ETH fee for listing on the exchange itself. Whereas other organizations are driven by profit, Blockonix says it is motivated by community.

In an article explaining the rationale behind its fees, the platform wrote: “Some of you would begin to question yourself why we are charging so little to offer a very complex service which demands constant monitoring to enforce maximum security.

“We have developed the right technology which enable us to significantly cut down our operational cost while keeping our system at the top level in terms of security and functionality.”

A change of plans

Blockonix was formerly known as BitIndia, and that platform was intended to be an exclusive exchange for Indian crypto enthusiasts. The organization said it had to make the “tough decision” to rebrand, make the exchange purely decentralized and shift its focus international following the Indian government’s negative response to cryptocurrencies.

As reported by Cointelegraph earlier in August, the country’s Department of Economic Affairs said certain crypto assets could be made legal to use in India — with officials saying they “categorically denied” that cryptocurrencies themselves would be used “in any manner” at some point in the future.

Most of those who held BitIndia tokens have now had them replaced with BDT tokens — and according to Blockonix, almost 170 million BITINDIA tokens have been burned permanently, with just over 10 million remaining in circulation.

Decentralized exchanges create ‘trustless environments’ where deals are made through smart contracts or atomic swaps instead of going via a middleman. This is different than a centralized exchange, where an organization is trusted to look after a customer’s money on their behalf.

As explained here, decentralized exchanges are appealing to some because they remove a single point of authority — helping to reduce costs and enhance levels of privacy and security.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Is Tron (TRX) Building a Decentralized Exchange for Future Tokens on its Platform?

The Tron (TRX) community on Twitter is excited over news that there is a TRX decentralized exchange in the pipeline. According to the ‘rumors’, the decentralized exchange will be known as TRX Market and the team behind it have declared their candidacy for Tron’s Super Representative elections.

One of the tweets that mentions the TRX Decentralized Exchange is by @WLFOFMYST who lives and breathes Tron. His tweet can be seen below with the accompanying image of the anticipated TRX Decentralized exchange.

Image of the anticipated TRX Market. Source, twitter.com

Further investigating the claim, we find that the team TRXMarket has been mentioned by Justin Sun in a tweet that stated the following:

TRXMarket will run for #TRONSR. TRXMarket is a decentralized exchange based on the #TRON network. It aims to provide decentralized exchange services for the TRON community.#TRX $TRX

The announcement on the Tron Super Representative page states that TRXMarket plans on working together with the other 26 duly elected SRs to build the TRON Community, maintain the healthy development of the community and contribute to the progress of the blockchain industry.

It is with the above statements that it can be deduced that TRXMarket is a completely separate entity from the Tron Foundation. This furthers the notion that Justin Sun and the Tron Foundation plan on taking a hands off approach in terms of the governance of the Tron ecosystem. Once all the SRs are elected, the future of the project solely lies in the hands of the community and the SRs that represent them.

Is TRXMarket exclusively for Tron future Tokens?

Now the million dollar question here is if TRXMarket will be a decentralized exchange for all cryptocurrencies in the crypto-verse, or will it be specifically for Tokens created on the yet-to-be-complete Mainnet.

The picture provided with the logo of TRXMarket states that it is a decentralized exchange for TRC20 tokens. The TRC20 protocol is part of the TrustNote’s first minable DAG (Directed Acyclic Graph) public ledger. TrustNote provides a solution for tokenized applications and microtransactions that is fast, easy to use, low-cost, and scalable. The TRC20 standard makes it easy for anyone on any device to issue and transfer their own tokens.

The TrustNote’s medium page goes on to state the following about Tron:

The implementation of the third and fourth phase of TRON blockchain will give content creators a stake for personal brand through “individual ICOs”. To implement this, TRON might have to implement Ethereum like smart contracts…

From this last phrase, we can deduce that ICOs and unique tokens on the Tron Network are a possibility in the future. With TRX Market becoming a Super Representative, these TRX based tokens will have a Decentralized exchange for trading.

Perhaps a clarification on how the TRXMarket Decentralized Exchange will operate will be provided with time and after they accumulate enough votes to become Super Representatives on the Tron Network. What is known from the above research, is that it is not directly associated with the Tron Foundation or Justin Sun.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Binance “Sneak Peeks” In-House Decentralized Exchange

Binance Grinds Out Pre-Alpha Decentralized Exchange

World-class cryptocurrency platform Binance has been hard at work on its in-house decentralized exchange platform for months now.

While no product was expected this early, Binance’s team has been hard at work, recently releasing a “sneak peek” of a pre-alpha version of the platform, which will be an essential part of Binance Chain.

On Thursday morning, Changpeng Zhao, Binance’s CEO and an industry golden child, took to Twitter to release a short (but sweet) demo of an early-stage development iteration of Binance’s planned decentralized exchange (DEX).

Opening off the sneak peek video, Zhao, or CZ as he is known by the crypto community, told his viewers not “to expect too much,” as this is a “casual, rough and pre-alpha” demo that has no graphical user interface (GUI) to speak of, for now, that is.

In the six-minute video, a Binance developer showed off three essential features that will be an integral part of the fully-fledged platform, these being the creation, listing, and trading of tokens. From what was seen, it seems that all seems to be working according to plan. But until Binance releases a version available for public consumption, it remains to be seen whether the DEX can handle an influx of volume and users.

Closing off the “casual and early demo,” Zhao noted:

“There is still tons of work to be done to turn it into a final product. The team is working on it very aggressively. Nevertheless, I think that this is a major milestone for Binance Chain and we’ll keep you guys up to date from time to time.”

While this may look like nothing much on the surface, CZ sees this as “a small step for Binance Chain, (but) a big step for Binance.”

In an interview with CNBC Africa’s Ran NeuNer, who hosts the Crypto Trader show, Binance’s CEO added that he isn’t 100% sure when the official release of the DEX will occur. As CZ puts it, “it could be one year, two years, three years, or five years. I don’t even know.”

Decentralized Exchanges — The Future For This Industry

Many see decentralized exchanges as the next step for this industry, as many investors have begun resisting the restraints put upon them by centralized exchanges. For those who are unaware, decentralized exchanges remove a centralized intermediary, allowing its users to trade crypto to each other directly, removing the need for an asset to be routed through an exchange-owned wallet.

Not only does this reduce the risk of a hack, but it is also censorship-resistant and can be available worldwide for any user that may be seeking its services.

However, some have their doubts, with some skeptics bringing up the recent hack of the Bancor DEX, where a smart contract was hacked and over $30 million in funds were stolen. While none of these funds were owned by consumers, critics brought up the fact that Bancor was able to freeze BNT tokens through a back-door, “emergency” function, which negates the purpose of decentralization.

Hopefully, Binance will address all the current concerns about decentralized exchanges and will create a platform accessible to a worldwide audience.

Photo by Luca Bravo on Unsplash

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Here are 12 Projects Utilizing the Stellar (XLM) Blockchain That No One is Talking About

The Stellar Project and XLM Coin are one of those entities in the crypto-verse that are slowly but surely making significant progress under the radar of mainstream news. Maybe this is due to the fact that the Stellar Organization is a non-profit and it focuses more on its projects rather than creating a ‘buzz’ in the crypto-verse.

Therefore, let us explore 12 Projects utilizing the Stellar blockchain that no one is talking about.

Veridium

Ethereum World News had highlighted this project that is working on tokenizing the carbon credits economy using the Stellar blockchain. Veridium is partnering with IBM and Stellar to integrate their VERDE Token to simplify the tracking and auditing of carbon credits and the carbon market trading that follows.

IBM’s StableCoin

IBM has long been known to be a solid partner of the Stellar organization and plans on using the blockchain to explore the option of creating a cryptocurrency pegged to the US Dollar (a Stablecoin). The computing giant has also been known to be running 9 Stellar nodes around the globe to aid in the settlement of cross border payments.

Stellarport Decentralized Exchange

Stellarport Decentralized Exchange is a one of a kind decentralized exchange that runs on the Stellar network. Stellarport is a reliable, flexible and secure portal to the Stellar network where you can view your wallet, send payments and trade on the decentralized exchange.

Stronghold

Stronghold is your on stop shop to trading digital currencies. Stronghold accepts deposits in USD and can issue tokens of any kind on the Stellar Network as well as the traditional assets of Bitcoin and Ethereum.

Tempo

Tempo is a European money transfer company that recently transitioned to the Stellar Network. This in turn will make money transfers using the platform cheaper and easier for its users. Clients are able to send global remittances from Europe through the Stellar e-wallet, online or by visiting TEMPO locations.

Satoshi Pay

Satoshi Pay launched its integration into the Stellar network back in December. The project switched from the Bitcoin network to that with Stellar as well as partnering with TEMPO for fiat payments.

Open Garden

Open Garden was on of the finalists in the Stellar Build Challenge that was organized by the Stellar Foundation. The project aims at turning your phone internet connection into an Open Garden WiFi hotspot as part of a global bandwidth-sharing community. The revolutionary network protocol enables everyone to offer up surplus bandwidth in exchange for cryptocurrency, or purchase Internet service from other people nearby.

TillBilly

TillBilly is an integrated ‘tap and go’ terminal connected to a regular POS (point of sale) terminal. It is based on the Stellar Network and aims at making the payment process cheaper than the regular Visa and Mastercard platform. TillBilly also has a digital receipt system that solves the problem of having massive paper receipts after visiting your regular grocery store.

Slice

Slice is tokenizing the real estate industry in the United States making it possible for individual investors to access projects that were previously accessible only to institutional investors. Slice allows private investors to gain access to wealth building opportunities, while real estate owners and operators gain access to a large pool of untapped capital.

SureRemit

As the name suggests, SureRemit is a cross border remittance service that is used mostly by African workers abroad to send money home. It has joined the Stellar Network with 300 locations across Kenya, Rwanda and Nigeria. You can even use SureRemit to pay Utility Bills and send Airtime to loved ones.

Smartlands

Smartlands is setting out to tekonize assets in industries such as real estate, manufacturing, private shares as well as agriculture. The platform manages auditing, legal due diligence and other preparatory procedures of a token issuing company. Investors buy tokens of the company with the possibility of trading them and receiving profits.

Chynge

Chynge is a digital payments platform that aims at making remittances free. Chynge uses tokens to digitalize payments on the blockchain to transfer funds immediately. Liquidity pools created by Chynge in various countries eliminate bank credit lines.

In conclusion, these 12 projects on the Stellar blockchain are impressive and more reason to look forward to a future powered by blockchain technology and cryptocurrencies.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Here Is Why Tron’s (TRX) Price Drop Is Only Temporary

The cryptocurrency markets have lost a staggering $20 Billion in the last 24 hours. The total market capitalization of the crypto markets stood at $273 Billion only yesterday; now it is valued at $253 Billion. The King of Crypto, Bitcoin (BTC), has somewhat held its own with a drop of 6% in the same time period and now trading at $6,392. BTC has since increased its market dominance to 43.2% as more traders prefer BTC in times of turmoil.

It is with the latter act of preferring BTC that the price of Tron (TRX) has also been dealt a major blow in the last 24 hours. TRX has lost 9.5% of its value in 24 hours and is currently trading at $0.033.

However, this is only temporary.

Initial reports indicate that the loss in market value has come as a direct effect of the Bancor Exchange hack that has resulted in the loss of digital assets worth $23.5 Million. The crypto market reaction follows a similar trend after the last 3 hacks (Coincheck, Coinrail and Bithumb) were announced in the crypto verse. What then proceeded, is a market recovery only a few days later. Therefore, all the TRX HODLers have to do, is to keep holding their TRX.

Another reason why the value of TRX will not be so low for too long, is that Binance plans on resuming withdrawals and deposits on the exchange sometime this week. This means that TRX holders can now move their TRX around to their wallets and cold storage thus decreasing the circulating supply available for trading. The influx of TRX into exchanges for the token migration, was a contributing factor for the decline in value of TRX by increasing the supply in exchanges whereas the demand was low.

Thirdly, the Tron MainNet has been working flawlessly since the Genesis Block was released on the Tron Independence Day. With a capability of 2,000 transactions per second, it is only a matter of time before the Tron Network decentralizes the web as well as the entertainment industry. Ethereum World News had earlier hinted that the Adult Film industry might be willing to tap into the Tron Blockchain and offer DApps for its viewers.

In conclusion, the current price decline of TRX is temporary due to the Bancor hack as well as the lack of liquidity of TRX from the numerous exchanges still facilitating the token migration. Once that is done, and the market recovers after the hack, it is all systems go for an increment in the value of TRX.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Hackers Steal $23.5 Million From Decentralized Cryptocurrency Exchange Platform Bancor

Bancor, a decentralized cryptocurrency exchange project has become the latest victim of cryptocurrency hackers. The company announced on Monday (July 9, 2018) that it experienced a security breach forcing it to shut down its operations. Bancor was one of the high profile ICOs of 2017, raking in $153 million during its token sale event.

Details of the Hack

Issues began yesterday when the platform announced a security breach. A few hours later, Bancor released a follow-up statement revealing that suspected hackers had stolen $12.5 million in ETH. The hackers also took BNT and NPXS tokens to the combined tune of $11m making the total loss to be $23.5 million.

According to the Bancor, the breach came via an online wallet being used to effect upgrades to certain smart contracts. The hackers were able to gain control of the wallet using it to siphon the stolen coins.

The Bancor team also announced that they were able to freeze the stolen BNT tokens – BNT is the native token of the Bancor platform. However, there is no way to freeze the stolen ETH and NPXS. Thus, the company plans to work in tandem with other exchange platforms in tracing the stolen ETH and preventing the cybercriminals from liquidating them.

Effect on the Bancor Cryptocurrency Price

Since the news of the hack became public, BNT token price has taken a significant tumble. At the start of yesterday’s trading, the BNT price was $3.15. By the end of the day, the price fell to $2.50. The decline has continued into its second day, today (July 10, 2018), dropping to $2.45. BNT has lost more than 20 percent since the attack.

The theft is yet another snag in the Bancor project development roadmap. Despite its fundamental premise and the successful ICO, the project has many doubters. Bancor is a decentralized exchange platform that employs a fluctuating price system for selling virtual coins even when there is no demand.

In 2017, Kyle Samani of Multicoin Capital said that Bancor didn’t provide any utility for the market. According to him, if exchanges decline to list any token, it is because that token isn’t good enough. He summarized his critique of the Bancor project thus:

For assets that actually have value, there will be a market. For assets that people don’t want to buy. Why should there be some pity-based programmatic market maker to provide liquidity? My inner capitalist is just dumbfounded by the concept of Bancor.

Will this latest hack adversely affect the prices of cryptocurrencies, especially Ether? Does this hack show that decentralized exchanges are just as vulnerable as their centralized counterparts? Keep the conversation going in the comment section below.

Image courtesy of Coinmarketcap.

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Vitalik Buterin on Centralized Exchanges: “I Hope They Burn in Hell”

Vitalik Buterin, creator of Ethereum (ETH) shared his ideas in an interview for Tech Crunch at a special event dedicated to the promotion of blockchain technologies.

Vitalik Buterin during the interview

On several occasions he discussed with Jon Evans (the interviewer) his views on how blockchain technologies have influenced society. For Buterin, the dilemma of centralization vs. decentralization is one of the main moral problems that blockchain technologies must solve in order to be globally accepted.

Today, concern for privacy and decentralization is evident, yet most people easily sacrifice privacy for convenience and are more than happy with centralized solutions in trade for a sense of security.

This vision is translated into the public’s conception of the importance of decentralization. For Buterin now that cryptos have a larger user base, such concern does not seem to be a major focus:

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,

Vitalik Buterin

The concern over the possibility of a 51% attack was touched on several occasions. For Buterin it represents a latent problem because of the control that a centralized group could exercise over an entire network.

Ethereum is studying the possibility of moving to PoS to avoid this situation. However, many have criticized this proposal as benefiting those with more resources invested (or staked).

Bitmain Logo

Vitalik Buterin disagrees, taking as an example the excessive power of Bitmain, which controls approximately 53% of the total hashing power of Bitcoin and BCH. He commented that if PoS is “rich get richer”, PoW is “Rich get richer, squared”.

“Burn in Hell”

When asked about centralised exchanges, Vitalik was not ashamed to openly express his opinion:

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

Clearly, Mr Buterin is not particularly a fan of centralized exchange houses; however, it was not just a senseless statement. The main reason for his viewpoint is precisely the same as that he has to criticize the centralization of blockchains and any technology in general. The abuse of power – potential or real – is one of his main concerns.

For Buterin, there is no logical explanation to justify why some tokens have to pay 10 or even 15 million dollars in fees for exchanges to support their listing.

The only reason why he believes these exchanges exist is to serve as a man-in-the-middle between crypto value and fiat value. However, in the event of a global adoption of cryptocurrencies, the standard of crypto to crypto exchanges should aim at decentralization.

The full interview is available here:

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