The cryptocurrency trading platform of eccentric crypto supporter and entrepreneur John McAfee was launched today.
The platform called “McAfee Magic” is described as a site where users can “trade cryptocurrencies on multiple exchanges within a single dashboard, automatically and manually.”
Magic appears to be a non-custodial platform as the crypto of users are kept on eight other exchanges. When a trade is made, the platform executes the transfers from the accounts on the other exchanges. In order to this, the user should plug in the exchanges’ APIs.
According to a tweeted image by McAfee, there are two trading “portals”, allowing users to choose between normal spot trading and “shadow trading,” a feature where users are able to replicate the strategies pro-level traders that are “ranked by the community by their trading success.”
Magic has a “set and forget” feature which allows users to set buy and sell orders simultaneously, and the platform can also execute auto trades on their behalf. There are no restrictions when it comes to the countries that can use the exchange.
The site is hosted on “top grade” Amazon Web Service servers which feature DDoS protection and can “scale on demand”, according to McAfee Magic’s FAQs.
“We are only releasing this platform to the public after extensive testing and auditing processes that stretched months.”
But even before it was launched, McAfee Magic suffers a DDoS attack. McAfee tweeted prior to the launch regarding the situation:
“McAfeeMagic.com still under attack. New I.P. address in Texas. The more this goes on, the closer we get. Amazon AWS servers are “learning” the attack and will be up shortly. Catch up on work, make out with your partner or “flash” a random stranger and video while you wait.”
When it comes to his advice… you do you.
At the beginning of the month, McAfee also revealed that he will be issuing in a few months his own cryptocurrency, called the “McAfee Freedom Coin”:
“The McAfee Freedom Coin is designed to confront the problem of exchange head-on… It is not based on any commodity nor is it connected to the value or behavior of any external item or entity. The value of the coin will always be zero in relation to any other currency yet it’s natural market value is free, completely, to grow.”
From the announcements he made, the coin does not seem to have any utility on the Magic exchange. Magic says on its site that it will be powered by Arbitrage (ARB), an ERC-20 token from a project called Arbitraging.
McAfee also announced that he will be releasing a new Bitcoin credit card, but he has been very ambiguous as to when it will be launched and its purchasing method.
Featured Image: CryptoBit media