Maybe "utterly" centralized is a tiny little bit of an exaggeration as they do have 21 validators. What I don't know though is how the geolocation of those validators is distributed and whether they also frequently change or are fixed (for a fixed period of time?)? I haven't been reading enough about it to tell whether collusion between validators could ever be a serious threat or whether there are any counter measures in place. 21 is still a very very low number compared to a decentralized network like Ethereum, but it is at least not a one man show as it is with real centralization.
21 validators securing the network is an extremely small number compared to other blockchain networks like Bitcoin and Ethereum. This increases centralization as we speak. We don't know if validators are distributed in different regions worldwide. What if all of those validators are controlled by a single entity concentrated on a single place? Whatever it is, we cannot deny that Binance Chain is less decentralized than Ethereum itself. The alternative blockchain network (BNB) decided to sacrifice decentralization/security/reliability in exchange of scalability/convenience/ease-of-use. I'm sure most people will prefer ETH on top of BNB because of its decentralization and censorship-resistance. Neither coin will replace the other because they're two completely different things. How long will they last will greatly depend on mainstream adoption and community support. Just my thoughts
