• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Breaking News: Ecommerce Giant Amazon To Launch NFT Initiative
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Ecommerce Giant Amazon To Launch NFT Initiative
Bitcoin Futures Volumes Explode After Price Swing
Advertisement

John Mcafee: Decentralized Exchanges Will Trigger ‘Largest Economic Boom in History’

Julio Gil-Pulgar by Julio Gil-Pulgar
4 years ago
in Bitcoin Exchange, Bitcoin, Bitcoin Regulation, Blockchain, News teaser
0
Advertisement

John McAfee, developer of the first contemporary antivirus software, is a cryptocurrency advocate. McAfee predicts that centralized exchanges will cease to exist within five years, giving way to trustless decentralized exchanges. Such a development will precipitate “the largest economic boom in human history.”


McAfee: Centralized Exchanges Will Disappear in Five Years

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. For this service, the middleman demands a fee. For many, this construct is anathema to the philosophy behind Bitcoin (BTC) [coin_price] and other cryptocurrencies.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.

On the other hand, decentralized exchanges, or DEXs, are trustless. They are independent of a middleman. Therefore, they are more pertinent to Bitcoin’s essence.

Decentralized exchanges, when fully functional, will mark the end of any potential control by governments and will be the beginning of the largest economic boom in human history.https://t.co/GwqQAABLSU

— John McAfee (@officialmcafee) September 15, 2018

In an interview with BoxMining, McAfee forecast that the most centralized exchanges are corrupt and they are bound to disappear within five years.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Then DEXs involving millions of wallets residing in smartphones and other devices, distributed around the world, will bring an end to “the war governments.”

In an interview with BoxMining, McAfee forecast that most centralized exchanges are corrupt and they are bound to disappear within five years.

Thus, regardless of the power a government has, it will not be able to shut down the crypto market. McAfee explains,

“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.”

McAfee: We Have to Fight Regulation

During the interview, McAfee also explained why regulations are useless, asserting that crypto technology is helping to create a permissionless society.

McAfee believes that centralized exchanges are corrupt. Customers are not aware of which country they are operating from, nor who owns the exchange. Still, “they process hundreds of millions of our dollars every day.” McAfee adds, “So of course, they become corrupt.”

Therefore, regulations and all the police in the world are useless to protect us since we do not know where the centralized exchanges are. Instead, McAfee says, what does help us are the truth, the blockchain, and our self-interest. He underlines, “The blockchain is an absolute record of truth.”

Before the advent of the blockchain, we never had the truth before, according to McAfee,

“The blockchain is the first technology that says I am the arbiter of truth. CNN tells their truth, Fox News tells theirs, Russia tells theirs. China tells theirs, America tells theirs. The man on the street tells something else. We don’t know. Now we do.” And, Mcafee concludes, “Please understand that truth and regulation cannot coexist.”

What are the advantages of DEXs over centralized exchanges? Let us know your thoughts in the comments below.

_______________________________________________________________________

Images courtesy of Pixabay, Shutterstock, Twitter.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Julio Gil-Pulgar

Julio Gil-Pulgar

Julio has worked for Fortune 100 companies and the United Nations. He has led projects involving IT, operational, and compliance audits, in the U.S. and throughout the world. His expertise is in cryptocurrencies, IT engineering, risk management, and security. Julio is also a tango dance enthusiast.

Related Posts

50% of Bitcoin hashrate Controlled by Two Mining Pools

Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

2 hours ago
Blockchain

Blockchain For Traceability: Thailand’s Biggest Food Exporter Uses Tech To Monitor Goods

1 day ago
Institutional Bitcoin Buying Is a Positive Sign, Suggests Matrixport

Institutional Bitcoin Buying Is A Positive Sign, Suggests Matrixport

1 day ago
Bitcoin BTC

Inflation May Be In A Lull, What Does That Mean For Bitcoin?

2 days ago
Bitcoin Lightning Network POS Clover

Major Adoption News For Bitcoin: POS Giant Clover Starts Lightning Trial

2 days ago
Bitcoin

These Metrics Hint At Massive Bitcoin ‘Buying Opportunity’, Says Analyst

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • Is Aptos (APT), Solana (SOL), or Snowfall Protocol (SNW)...

    7 hours ago
  • Hector Network launches its NFT marketplace on Fantom...

    7 hours ago
  • Fantom (FTM) launches ecosystem vault to finance dApp...

    7 hours ago
  • Esports Driving the Advancement of Cryptocurrency in Sports...

    22 hours ago
  • Connecting the dots on $PAW. Is Ryoshi back?

    1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Bet & win BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.