McAfee antivirus security creator and long-time cryptocurrency advocate, John McAfee, announced the beta release of the McAfeeDEX, a decentralized cryptocurrency exchange built on the Ethereum network. According to a video embedded tweet published on his Twitter page on Oct. 7, McAfee explains the need for decentralized exchanges and the power investors hold by using DEX’s.
Freedom from Government Control
In 2017, the Chinese government banned all cryptocurrency exchanges in the industry that brought about turmoil in the crypto industry. According to McAfee’s tweet that unveiled the beta, he explains the new form of exchanges, DEXs, offer users complete freedom from government control if used optimally. The tweet reads,
“The McAfee Distributed Dex beta version is coming 10/7. Play with it. It takes time for enough users to join to make it real, but if you play, and be patient, you will see it's the door that frees us from Government's cornerstone of control: Fiat currencies. It can't be shut down.”
John McAfee launches the beta version of the McAfeeDEX (Source: Twitter)
Centralized Exchanges the Real Problem
The cryptocurrency industry is gradually moving from being a purely speculative asset to offering utility to the users such as security and freedom to use funds at any time. McAfee sees cryptocurrencies major utility as that of giving users freedom from the traditional financial systems created by corrupt governments.
According to the vocal crypto advocate, the presence of centralized exchanges as the center of crypto trading activities undermines the quest to total freedom from the government. He claims “centralized exchanges are a weak point in the industry” advocating for more people to use the decentralized platforms. He explains,
“A distributed exchange can’t be shut down by anyone. Decentralized meaning that nobody controls it, distributed meaning that it is everywhere and therefore impossible to stop.”
A $1 Million USD Price Prediction
Despite the current drop in Bitcoin’s (BTC) price to $8,200 USD, as at time of writing, from over $13,500 USD in July, has not waivered McAfee’s predictions on the future value of the pioneer crypto. On Oct. 1, he reaffirmed his $1 million USD prediction of BTC’s price by the start of 2021.