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‘Better late than never,’ says John McAfee as software pioneer launches crypto-trading platform, McAfee Magic

Arijit Sarkar

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John McAfee makes a "better late than never" entry into crypto technology
Credit: Defense.gov

John McAfee, the renowned software pioneer, was one of the early believers in crypto and blockchain technology, playing an important role in the ecosystem’s development. After recently announcing the launch of his own crypto-debit card, the seasoned entrepreneur has announced the launch of a new cryptocurrency trading platform, McAfee Magic.

The announcement came to light after McAfee tweeted,

“Sorry to be late with my magnum opus trading platform…But better late than never. Here it is. (Next week the debit cards)”

McAfee apologized for launching his platform past its original planned timeline, citing his ongoing problems with the law. However, despite the fact that McAfee Magic seems new, the company is powered by Arbitraging, an experienced cross-platform trading business. In fact, the company website’s FAQ proudly states that “It’s only the second software to be worthy of the McAfee brand.”

The McAfee Magic trading platform will allow registered users across the globe to trade cryptocurrencies on multiple exchanges, and is currently powered by ARB, an ERC20 token that fuels its trade functions. One of the surprising claims on the website is that the platform can be legally used in any jurisdiction. However, there is reason to be skeptical about this claim since, cryptocurrency trading remain illegal in several countries around the world. The website further highlights,

“The ‘magic’ is being able to make a snap trade, while your pre-set automated bots are making 100’s of trades for you, (on different exchanges), in the background! – that’s McAfee magic.”

Presently, the trading platform supports 8 exchanges with over 500 currencies. Like Facebook’s entry to the cryptocurrency space, McAfee’s strong brand recognition and following may ease several new users to join the crypto-race. One of his followers, @boerboel75, responded to the news and commented,

“I’m new to crypto, but I have faith in you Mr Mcafee.”

McAfee was lauded by many for his aggressive efforts to move into the crypto-market. McAfee replied,

“Thank you. It’s hard to work with one hand while you”re smacking people around with the other.”





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Bitcoin

Bitcoin is an enterprise; its users are comparable to traditional shareholders, claims Goldmoney Founder

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Bitcoin: Age old discussion about Bitcoin being a commodity or security brought to life; Could it be a security?
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Bitcoin was conceived in the backdrop of banks bailouts and the 2008 financial crisis. The recession and the loss of faith in banking, financial institutions gave Bitcoin a platform to rescue the ones affected, giving them hope for a better financial system without the hassle of corrupt institutions. With the rise of Bitcoin’s fame, both in the darknet and in the mainstream, questions about its regulations had to arise.

The question was put to rest when the SEC/CFTC ruled Bitcoin as a commodity and taxed it. However, Goldmoney’s Roy Sebag brought this discussion up again recently in his tweet thread, where he said that Bitcoin as an enterprise is working towards its good, comparing its users to traditional “shareholders” among other things, while concluding that Bitcoin is a security. He tweeted,

“Is Bitcoin a security? <10 years old so regulators haven’t even had enough time to truly learn how it works (think Napster or Kazaa in early days). Miners are clearly issuing coins and responsible for governance, an absence of formal relations among them is irrelevant….”

In successive tweets, Sebag attributed miners with the role of “stewarding” the so-called enterprise. In return, these miners get paid in “direct fees” or in “share appreciation.” In Bitcoin’s case, it is the mining reward, which is “BTC”. Similarly, buyers are compared to “shareholders” with a common interest in the enterprise, i.e. profit. Sebag added,

“Coins trade at exchanges. The common enterprise is designed for the price appreciation of coin.”

Bitcoin could face a shutdown by the government, just like it did with big players in file sharing, said Sebag, who added that Bitcoin could also be interpreted as a security under the “34 act of the SEC.” The Goldmoney Founder concluded that “this realization rests on the belief that neither Bitcoin nor any common enterprise is truly decentralized.”

However, his inputs weren’t very well-received by many in the crypto-community. Casa’s CTO Jameson Lopp refuted Roy Sebag’s ideas, tweeting,

“Roy will believe what he wants to believe, though if he’s not actually participating in Bitcoin then his beliefs are irrelevant to its consensus formation.”





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