As the trial of Kim Dotcom versus extradition by the United States Thought Police continues in New Zealand, Kim is ever-optimistic and is forging ahead with his business plans. He is making significant progress on his MegaUpload2/BitCache program, calling it not just a site or application but a “movement.” Cointelegraph gives you the latest progress report on the future mainstream website application that Kim Dotcom believes will single-handedly change Bitcoin forever.
Is Bitcoin ready for the mainstream?
Many in the Bitcoin community worry about Bitcoin’s ability to crossover into the mainstream, if it will ever happen, and can the protocol handle the transaction flow. Kim Dotcom says his new BitCache is a lock to take Bitcoin to new heights, at least based on his track record, mailing list, which he says numbers 200 mln MegaUpload Version One users, and innovative design.
- Image provided by MegaUpload2/BnkToTheFuture
BitCache is designed to make online file sharing and microtransactions for those files on the next Bitcoin mainstream application for 2017, if not sooner. Since the Bitcoin Blockchain is struggling to handle the transaction volume it presently enjoys, a new system for off-chain Bitcoin transactions need to be constructed, and Kim Dotcom calls it BitCache.
Kim says that since the Blockchain cannot handle the Bitcoin business, his project will deliver, this is a necessity. Mlns of microtransactions will be handled off-chain, at an average or default transaction cost of $0.05, something currently impossible with legacy merchant banking tools available to the average webmaster.
Each user should be able to have a natural level of protection in the fact that their total account balance would be only a few dollars, not attracting a hack attack into their account. The funds would be re-introduced to the Bitcoin Blockchain when the user is ready to cash out, or anytime at the user’s discretion.
“I want to take Bitcoin mainstream,” Kim Dotcom told Max Keiser on The Keiser Report. “In order to do that, we need to have a really powerful, popular site that can carry Bitcoin to the next level, and I believe that MegaUpload2 can be that site. I believe at some point, we will have hundreds of mlns of users. MegaUpload is more than a business; it’s a movement.”
Some may dismiss Kim Dotcom as a blowhard who is just hyping a new business venture, but his track record does give him credibility. His original MegaUpload was valued at $2.4 bln before the U.S. Government took down the site. Kim says he was doing detailed valuations at the time because he was six months from going public through an IPO at the time.
His current fundraising effort on BnkToTheFuture for MegaUpload2/BitCache is also going along well, reaching the halfway point to its $1 mln minimum target, paid so far exclusively by investors in Bitcoin. Kim had required investors to use Bitcoin exclusively in deference to the pivotal nature of the decentralized digital currency. On Tuesday, they began allowing bank wire transfers to ease the process for those well-funded but unable to quickly or easily gain Bitcoins due to having no experience in the space. The pitch will take Bitcoin and bank transfer donations through October 24th.
“It's about more than sharing files. It’s about Internet freedom. It's about technology providing us with our basic human rights that the laws aren’t protecting anymore. We are using technology to make sure that users can interact privately, that their files are not intercepted and spied on, and it's happening with Bitcoin. I want Bitcoin to be the next big thing, way bigger than it already is. I want to do that for Bitcoiners, and if you help me help you, we’ll have a win-win situation.”
KimDotCom Twitter Poll Shows America to be “An Embarrassing Clown Show”
The ever-multi-tasking Kim also uses his popular Twitter account with over half a million followers to go after the U.S. through social media. He has come up with a couple of different polls to judge the image of the United States and its geopolitical standing, and the results were somewhat embarrassing. He asked who would you vote for as the 45th President of the United States, Donald Trump, Hillary Clinton, or Russian leader Vladimir Putin.
And when it comes to his supporters’ referendum on the United States’ global image, over 3000 people spoke up with a less than a glowing endorsement. While the U.S. accurately may represent all of the above, the tongue-in-cheek poll drew an equally controversial response, with little ambiguity shown: