McAfee says decentralized exchanges are a game changer
John McAfee, the cyber security expert and cryptocurrency enthusiast, was recently interviewed by Michael Gu of the popular cryptocurrency themed blog Boxmining. During the interview he made a prediction that decentralized cryptocurrency exchanges will dominate the space and make centralized exchanges eventually go the way of the dinosaur.
He tweeted a link to the interview along with this message:
“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.”
McAfee sees power in numbers and thinks the decentralization of cryptocurrency exchanges can create unbreakable networks of people.
McAfee says a huge advantage of decentralized exchanges is the computing power. The millions of powerful computing devices that could potentially be contributing to a decentralized exchange like Bithemoth will create a secure distribution that can’t be achieved by centralized exchanges.
McAfee goes on to explain that not even police, or governmental institutions could take down a decentralized exchange. Adding that, “as long as the exchanges are distributed across millions of devices, it would be impossible for them to shut down.”
McAfee has been railing against centralized exchanges on Twitter, amongst other places, for a while. He claims that they have too much power and users should not be so fast to trust them with their assets.
Bithemoth agrees that centralized exchanges are vulnerable to hacks and thefts and that the decentralized model and cold storage devices will provide a level of security that cannot be achieved by centralized exchanges.
When asked about the future of ICOs and whether or not ICOs will die out, McAfee assured that new blockchain startups will continue to be born.
“If you’re talking about new projects that come to fruition and create new coins? No, that will never die out.”
Regardless of the issues he has with certain exchanges, McAfee still thinks the price of Bitcoin is going way up. He thinks the world will soon embrace cryptocurrencies and blockchain by and large because of its “permissionless” characteristics and the vision of true financial freedom that it offers. He stands by his previous predictions of Bitcoin hitting 1 million US dollars by the year 2020 and predicts a windfall of dApps with disruptive, world changing implications to roll out over the next several years.
