The American entrepreneur and staunch crypto advocate McAfee (John McAfee) has recently argued for the importance of stablecoins for decentralized exchange (DEX) adoption. As the latest crypto news show, McAfee made his claims and arguments in a tweet that he posted on October 20.
Fiat currency and decentralized exchanges. Where are we headed? pic.twitter.com/0VBabB6eJP
— John McAfee (@officialmcafee) October 20, 2019
As the crypto advocate noted in the video, there is one main obstacle to crypto-fiat conversions – and how the use of a decentralized exchange poses for the users.
“What’s the main issue with decentralized exchanges? It’s how do you get your fiat currencies in and out? […] very difficult, since no information is collected on a decentralized exchange, no name, no address, no social security number, no email, nothing,” he noted.
The crypto advocate McAfee also outlined a vision for a reality in which national fiat currencies become increasingly irrelevant and a plurality of cryptocurrencies are sufficient to meeting the individuals’ needs. He said:
“Imagine a world six months from now, a year from now, two years from now, where fiat currency is diminishing in importance, you can only buy houses and cars and shoes with crypto, with Bitcoin and Monero and Ethereum and others […] soon we’ll have the ability to acquire everything that we need with crypto.”
Then, the crypto advocate McAfee proceeded and qualified his vision by proposing that – in the interim – stablecoins such as DAI can help and reduce the need for DEX users to be concerned about fiat withdrawals.
The DAI concept, as he noted, is programmed via smart contracts to never lose dollar parity by more than one percentage point – regardless of the situation on the cryptocurrency markets.
“Imagine getting your currency out [of a DEX] in DAI, it’s always going to be worth a dollar.”
As we previously reported in our ETH news, the crypto advocate McAfee launched the McAfee DEX earlier this month. This is intended to be a decentralized and distributed trading platform which entails no Know Your Customer (KYC) checks and does not block any jurisdictions.
no fees for trading? no KYC verification? if yes, I’m gonna join 🙋♂️
— Saidi (@saidipth) October 5, 2019
Any ETH-based token (ERC-20 standard) such as DAI can be added without any fee to the beta version and with more unspecified tokens to be supported in the future. At the time of its launch, McAfee also argued in favor of DEX’s by underscoring that the crypto community faces the question of whether its aspirations are limited to expanding the possibilities for pure speculation – “all about money” – or are about an ideal and namely freedom.
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