See how easy this is? You should quit while you're ahead.
Calling it magicite makes even less sense because the whole "equip and unequip stones to your weapons/armor to increase stats n' stuff" fits more with the materia system, which was "equip and unequip stones to your weapons/armor to increase stats n' stuff". Magicite has much more to do with "magical creatures having their forms and power crystallized into a stone that you equip unto your character". That isn't what they're doing with this system.
Plus, materia rolls off the tongue much easier than magicite.