Vitalik’s “centralized exchanges go burn in hell” comment: Huobi executive responds

Ethereum Co-Founder Vitalik Buterin’s “I definitely hope centralized exchanges go burn in hell,” comment has received yet another response. This time, CCO of Huobi UK, Josh Goodbody, addressed the statement. In the most recent TechCrunch Session, Buterin stated that there is no need for some projects to pay a listing fee as high as $10 to $15 million.

Buterin believes that the reason centralized exchanges subsist is that they act as a bridge between the fiat world [with only centralized gateways] and the cryptocurrency market. He explained that a user has a clear advantage to make crypto-to-crypto transactions. In the cryptocurrency world, exchanges only function as input and output tunnels.

Goodbody expressed that he found Buterin’s statement “visceral”. Although Huobi is working on decentralized solutions, Goodbody felt that saying “centralized exchanges [should] go burn in hell” was taking it too far.

Goodbody told NewsBTC:

“That’s quite a visceral statement. There’s a case for both centralized and decentralized exchanges and they have their own pros and cons. To say that everything should be decentralized is quite a broad statement. We’re always on the edge of our seats to see what says next and his soundbites are always quite good.”

He also mentioned Huobi aims to become fully decentralized on a proprietary protocol. He went on to explain that he understands that exchanges have failed in the past and that enough investment has not been allocated towards creating a strong security infrastructure. These aspects are the primary detriment of the community and Goodbody believes that exchanges will improve their systems as well as their infrastructure.

According to him, including asset classes and financial vehicles in the crypto space will provide investors with the exposure that they are comfortable with. The CCO said:

“Not everyone wants to hold private keys. As long as it’s launched by a reputable market participant, we think it’s a positive development for the industry.”

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