Computer scientist John McAfee has been a long time promoter of decentralized economies and is also the creator of McAfeeDEX. He reiterated his stand on Friday, posting a video where he can be seen emphasizing on the importance of distributed/decentralized crypto exchanges.
Why are Distributed, Decentralized Crypto Exchanges vital to the success of our movement …
To free ourselves ..m
From Government Financial Control? pic.twitter.com/vkggg4sqm7
— John McAfee (@officialmcafee) March 13, 2020
In the video, McAfee can be seen, stating that the biggest benefit of distributed exchanges is that they are “permission-less.” The community/industry doesn’t need to run behind the government for permissions for cryptocurrencies, as the government cannot practically shut decentralized exchanges, he added.
“All the regulations and laws and legislations involving cryptocurrency will be totally meaningless as soon as distributed exchanges that are fully functional are available to all of us. Now, why is that so important? Because legislation can work only if it can be enforced. How are we being forced now to accept regulations? Exchanges, are centralized and located somewhere. What is a distributed exchange? It’s an exchange that runs on tens of millions of devices, your smartphones, your laptops, your desktops. It has no geographic location.”
McAfee further added that distributed exchanges could not be shut down mathematically, technologically, or even physically, which is why the future of the industry depends on them.
It is important, however, to note that the former anti-virus software kingpin has a recent history of changing his stands within the industry. After promoting Bitcoin for years and predicting that it would reach $1 million in the near future, John McAfee shifted his support to other cryptocurrencies and claimed that Bitcoin is the true “shitcoin.”
Regardless, decentralized exchanges are dearly important for the industry, as we have witnessed that centralized exchanges are prone to human error and malice. The QuadrigaCX debacle and the manipulation reports on the centralized or regulated exchanges are some of the grave examples.