By CCN Markets: It's never a dull day in crypto when John McAfee is involved. The outlandish computer programmer and businessman just launched his latest venture – a crypto trading portal. Knighted as McAfee Magic, the platform is live but has already experienced a few…
By CCN Markets: It’s never a dull day in crypto when John McAfee is involved. The outlandish computer programmer and businessman just launched his latest venture – a crypto trading portal. Knighted as McAfee Magic, the platform is live but has already experienced a few hiccups.
The site has experienced repeated denial-of-service (DoS) attacks preventing users from logging in to experience “the Magic”. His latest tweets, however, suggest the service is up and running at almost 100% functionality.
Not to be outdone by his conservative peers, McAfee Magic’s user interface is probably as unique as its eccentric owner.
The portal is more of a cryptocurrency exchange aggregator than an exchange in its own right. It currently allows users to trade on multiple exchanges via a single integrated dashboard. Most importantly, McAfee Magic stores no cryptocurrency keys itself. As its shadow portal description outlines:
“The ‘Magic’ is that novice traders are not required to fund ‘trader’ accounts. Novices retain control over access to their funds at exchanges. (‘Your keys’ your ‘crypto’) – that’s McAfee Magic.”
An unusual description to say the least considering that leaving your crypto on any exchange is doing exactly the opposite. Nevertheless, traders will be able to plug into their favorite exchanges using their respective programming interfaces (API’s).
Sophisticated traders who want to automate their trades typically follow this route though manual trading is also available. Finally, novices will also have the opportunity to shadow or copy-trade professional traders in the hopes of easily making bank.
The service is powered by the Ethereum-based ARB token that fuels the trades. The token was created by the Arbitrage project. It claims to have built automated trading bots that identify trading opportunities 24/7 in the cryptocurrency market.
Arbitraging is a popular strategy in crypto due to the sometimes major differences in prices across exchanges. Buying low on one exchange and selling at a more favorable price on another can net you serious profits in only a matter of minutes.
It’s pretty hard to pull off, though, unless you have some serious programming chops. Quite a few projects already claim their automated trading bots have the secret to untold crypto riches. It remains to be seen whether McAfee Magic is just another one of those wannabes.
After taking on none other than the U.S. government, McAfee this week laid corruption allegations at the feet of the Bahamian Police Commissioner. The business tycoon already has a lot on his plate but shows no signs of slowing down.
If dodging the authorities and running a crypto portal wasn’t enough, McAfee hinted he would be tackling his next project pretty soon. Expect some more fireworks ahead as he presumably launches some sort of crypto-related debit card service next week.
This article was edited by Gerelyn Terzo.
Last modified: January 10, 2020 2:57 PM UTC