You can always depend on John McAfee for an attention-grabbing headline: the man is a master of saying what he knows everyone would like to hear. This week he’s back on form after a few quiet weeks: perhaps he was on holiday, or just waiting for the best moment to release his latest prediction, and his latest prediction is a good one, and not entirely without merit.
He predicts a move away from centralised to decentralised, ‘trustless’ exchanges, and claims this will “precipitate the largest economic boom in human history.” Furthermore, he states this will happen within five years. Not too long to wait then!
As Bitcoinist.com explains: “Crytpo-centralized exchanges are similar to stock market exchanges such as Nasdaq, CBOE, and NYSE. These exchanges depend on a trusted entity or middleman who controls the flow of the assets being traded.” They also charge fees and for crypto purists they are just, simply wrong and go against the spirit of cryptocurrency. McAfee goes a bit further: he calls then “corrupt.”
Decentralised exchanges (DEXs) by contrast have no middle men and charge no fees, which the purists say is more in keeping with the founding ethos of Bitcoin. For McAfee, “DEXs involving millions of wallets residing in smartphones and other devices, distributed around the world, will bring an end to ‘the war governments’.” Furthermore, he firmly believes that governments will not be able to shut down cryptocurrencies. He said: ““Because I do not care how much power you have as a government, how many police, how many soldiers, whatever. If the exchange is distributed across 20 million wallets on smartphones and laptops and pads, then what do you do? It is impossible. You would have to shut down all twenty million of them scattered around the world.”
Do you agree with John McAfee? Do DEXs have advantages over centralised exchanges?