[2018-09-17] John Mcafee: Decentralized Exchanges Will Trigger ‘Largest Economi

[deisik]

He's a silly billy but he does have a point here. Exchanges are still overwhelmingly centralised with all the endless problems and bullshit that brings. I'm not sure how many people realise how rare non centralised exchanges are.

Bisq and equivalents will very much need to up their game on the fiat side of things though.

As far as I understand, Bisq is a peer-to-peer exchange

In my opinion, this is not a true exchange. We need "exchanges" working right on the blockchain where "exchange" is built-in on the protocol level. I understand that it is not possible to make such an exchange real-time with current implementations. We need second-layer solutions like LN that would allow real-time orderbooks with real-time trades, just like regular exchanges work. Obviously, all exchangeable coins should have the same protocol that would allow trading different coins (so-called atomic swaps) since implementing this technology with just one coin makes no sense. Trading always involves two currencies, be it a cryptocurrency-to-fiat or cryptocurrency-to-cryptocurrency exchange. With fiat, we need payment gateways, that further complicates things but I think it is doable

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[bbc.reporter]

Hello Mr. McAfee. This is not 2014 - 2015 anymore when decentralize everything was still a popular among the naive developers, which was mostly every developer, in the cryptospace.

He is 4 to 5 years too late. That stage of innocence is gone and it will never come back.

But do you not think that as things get more centralised it becomes clearer why people were excited about it in the first place? Humans in general are stupid and short sighted. Only after they've been raped do they tend to realise why non rapey concepts might benefit them.

However, we have also made a hard realization that not every network or system is required to be decentralized and to issue its own tokens.

You have started investing in the cryptospace longer than me, you know that this is true.

[timerland]

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

https://bitcoinist.com/john-mcafee-predicts-that-advent-of-decentralized-exchanges-will-trigger-the-largest-economic-expansion-in-history/

Going to decentralized exchanges will become more and more of a trend into the future, especially when regulations are tightening on centralized exchanges to the point where without going through some really hassled verification measures, you can't even use and access their service.

We're already seeing this with some exchanges even asking for proof of source of funds, which is just absolutely absurd.

Though, I don't think that large scale, working decentralized exchanges will necessarily come around any time soon since integration with the fiat economy would be difficult. And even when they do become mainstream, "largest economic expansion in history" is far fetched.

[deisik]

Though, I don't think that large scale, working decentralized exchanges will necessarily come around any time soon since integration with the fiat economy would be difficult. And even when they do become mainstream, "largest economic expansion in history" is far fetched.

Personally, I don't think that the integration of decentralized exchanges with fiat gateways will be difficult

Besides, I don't think it is an issue at all. If you need fiat for your daily expenses (like groceries, at barber's, etc) you can cash out at regular exchanges and exchangers, or use Tether if you are looking for a fiat backup. But for many people, cryptocurrency conversions are the most required operation, and with Bitcoin stabilizing, who would need fiat anyway? Also, if fiat is going to kick the bucket one day (highly unlikely, but still), then this issue will get resolved on its own as you would no longer need it and consequently fiat gateways and exchanges as well

[estenity]

interesting discussion as DEX are somewhat lagging behind classical ones.