The well known cybersecurity expert and prominent crypto analyst John McAfee has recently unveiled his new cryptocurrency trading platform. McAfee’s crypto trading platform is dubbed ‘Magic’ and as the site describes it, it allows users to “trade cryptocurrencies on multiple exchanges within a single dashboard, automatically and manually.”
As many crypto currency news sites describe it, this crypto exchange appears to be non-custodial which is why it is a hot topic in the coming altcoin news. This, in other words, means that the users’ crypto holdings will remain on eight other exchange platforms. So, when a trade is executed, the funds will be transferred from those accounts in order to complete the transaction. In order to set this up, however, users will need to plug in APIs from their other exchanges.
As McAfee’s crypto trading platform shows, two “portals” are in the offering. One of them is reserved for normal spot trading while the other one focuses on “shadow trading” in which a user’s trades are set to mimic the ones of pro-level traders who are “ranked by the community by their trading success” as McAfee indicated in a tweeted image.
Among the other features shown in the latest cryptocurrency news, McAfee’s crypto trading platform will include the “set and forget” ability to set buy and sell orders at the same time. This means that users can also use the platform to make auto trades on their behalf. Right now, there are no jurisdictional restrictions on who can use the exchange.
When it comes to the security on offer, McAfee’s crypto trading platform Magic and its FAQs (Frequently Asked Questions) note that the site is hosted on “top grade” Amazon Web Service servers which offer DDoS protection and can “scale on demand.”
“We are only releasing this platform to the public after extensive testing and auditing processes that stretched months,” the site reads.
This is interesting because of the fact that McAfee’s crypto trading platform Magic has faced a DDoS attack even before it was launched. In a pre-launch tweet, John McAfee said:
“ 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.”
Ten days ago, McAfee was in the coming altcoin news for announcing that he would launch a cryptocurrency dubbed the “McAfee Freedom Coin” set to be released this fall.
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
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