Bullish - Megaupload to implement BTC microtransactions

[pawel7777]

Kim Dotcom's tweets:

https://twitter.com/kimdotcom/status/761377836271894528

Every #Megaupload file transfer will be linked to a tiny #Bitcoin micro transaction. Get ready for Bitcache.

https://twitter.com/KimDotcom/status/761380995824168960

Nobody will upload to any other cloud after Megaupload's Bitcache goes live.

100 million Bitcache wallets.

Bitcoin = $2000+

2017

https://twitter.com/KimDotcom/status/761382152759943168

@CryptoGambleh The 'cache' in Bitcache solves the problem. It eliminates all blockchain limitations. Wait for it :-)

Not happening anytime soon, full details to be revealed in 2017, but surely a good news.

[LordCoder]

This man is just money hungry, he needs money to maintain his millionaire life. So he thought, what's the best way to earn money without implying the government? Oh right, Bitcoin is nice.

[thejaytiesto]

Yeah I already commented on this, its really bullish and we will see a massive price rise once this is ready. The thing is, massive amounts of micro transactions will not be possible until lightning network is operative so it will be a while until we see this released.

[1Referee]

The idea itself is great and I very much welcome it, but it doesn't mean every high level trader will like it too, and start buying themselves as many coins as possible causing the price to go up that much in 2017. I am sticking to $1000 as price target for 2017 if nothing bad happens.

[European Central Bank]

so i'm assuming that this means uploaders get paid every time someone downloads their content? I also assume that every authority everywhere is going to come down on this like a billion tons of bricks. I dunno what his legal status is right now but this won't help it very much. and downloaders customarily are downloading because they don't wanna pay.

[pedrog]

I don't see how this is possible, we need more details on how exactly he plans to use bitcoin in its business because just 1 million new files every month is impossible to handle, he needs to chose some other coin or make his own implementation.

1 file transfer = 1 bitcoin transaction

Not possible.


Well, it is possible, if the service is really small...

[Wind_FURY]

@CryptoGambleh The 'cache' in Bitcache solves the problem. It eliminates all blockchain limitations. Wait for it :-)

I am very curious about this. Can anyone here explain or theorize what he will really be doing here? It would be nice to be enlightened by the more clever bitcoiners.

[X-ray]

This man is just money hungry, he needs money to maintain his millionaire life. So he thought, what's the best way to earn money without implying the government? Oh right, Bitcoin is nice.

after his wealth getting seized by US's government so yeah,he's broke af and now trying to be rich again,the key of his success is by using his popularity to make people know,it's like a free advertisement but have premium features

[European Central Bank]

@CryptoGambleh The 'cache' in Bitcache solves the problem. It eliminates all blockchain limitations. Wait for it :-)

I am very curious about this. Can anyone here explain or theorize what he will really be doing here? It would be nice to be enlightened by the more clever bitcoiners.

it might be this - https://sourceforge.net/projects/bitcache/ which is an old project  "Bitcache is a distributed content-addressable storage (CAS) system."

but he might have stolen the name and done something completely separate. it's a pretty generic name.  

[fulgdenea]

This would be nice implementation but what transaction fee will be for each file transfer, Kim Dotcom looking very optimistic this time because I don't think price will get increase so much high like, $2000 is very big target at this stage when it is far behind from this milestone.

[yayayo]

I don't see why this is bullish. It's just another announcement from Kim, who enjoys making announcements. The technical details remain completely unclear. However it's pretty clear that it will be almost impossible for the Bitcoin network in its current state to handle the load if every file transfer is generating a corresponding transaction. It will severely bloat the blockchain.

Even if the technical implementation is sound, I think the importance of another megaupload for Bitcoin is small. A new mega won't be as successful as the original one, because people nowadays use alternatives (and are more willing to actually pay for legal content than back in time). In addition, Bitcoin has grown significantly - it is no longer dependent on black market operations.

ya.ya.yo!

[thejaytiesto]

This man is just money hungry, he needs money to maintain his millionaire life. So he thought, what's the best way to earn money without implying the government? Oh right, Bitcoin is nice.

after his wealth getting seized by US's government so yeah,he's broke af and now trying to be rich again,the key of his success is by using his popularity to make people know,it's like a free advertisement but have premium features

He can't be broke at all. He lives in a big ass mansion and that is very expensive to maintain. He has mega his new website so he is sure getting tons of profit from that site. Of course im sure he is sure to having tons of millions so for him compared to what he was he is broke now and has a big motivation to bring it back to the next level.

[Patatas]

Yeah I already commented on this, its really bullish and we will see a massive price rise once this is ready. The thing is, massive amounts of micro transactions will not be possible until lightning network is operative so it will be a while until we see this released.

Did you mean one would see a massive price increase in the bitcoin rates on this day ?I call that bullshit.It's just another application of bitcoin,nothing fancy.You can't come to the conclusion unless you know the architecture of their system works.As said,wait for further updates.

This man is just money hungry, he needs money to maintain his millionaire life. So he thought, what's the best way to earn money without implying the government? Oh right, Bitcoin is nice.

As long as he is promoting bitcoins,I'm cool with that.Atleast they're not trying to come up with another shitcoin for secure and encrypted file storage.Doubt he is doing that for money as he is quite sure bitcoin prices highly fluctuate and involves risks.

[Whosdaddy]

How is this going to be possible though?
I mean, is it possible for the network to hold in even more transactions, assuming that every download = transaction. And we already know that with Mega, there can be millions of downloads everyday.

[gentlemand]

How is this going to be possible though?
I mean, is it possible for the network to hold in even more transactions, assuming that every download = transaction. And we already know that with Mega, there can be millions of downloads everyday.

It's quite clearly going to be a long way away from the blockchain as it is at present. He's talking about removing all blockchain limitations.

I assume it would have to be something like the Lightning Network which still leaves the issue of getting coins on and off the blockchain proper and into a channel. That still requires an on chain transaction unless he's solved that too. Let's wait and see.

[pereira4]

Yeah I already commented on this, its really bullish and we will see a massive price rise once this is ready. The thing is, massive amounts of micro transactions will not be possible until lightning network is operative so it will be a while until we see this released.

Did you mean one would see a massive price increase in the bitcoin rates on this day ?I call that bullshit.It's just another application of bitcoin,nothing fancy.You can't come to the conclusion unless you know the architecture of their system works.As said,wait for further updates.

This man is just money hungry, he needs money to maintain his millionaire life. So he thought, what's the best way to earn money without implying the government? Oh right, Bitcoin is nice.

As long as he is promoting bitcoins,I'm cool with that.Atleast they're not trying to come up with another shitcoin for secure and encrypted file storage.Doubt he is doing that for money as he is quite sure bitcoin prices highly fluctuate and involves risks.

It IS really fancy. He has talked about "Bitcache" too and he claims that this fixes the blocksize solution... this is huge news but I dont trust it until I see the code.

[Divinespark]

Much as I would like to believe that this will herald a new dawn for BTC price and adoption, I am cautious. Can't help feeling that if such a huge thing was actually being built, we would have heard of it much sooner

[Yakamoto]

This man is just money hungry, he needs money to maintain his millionaire life. So he thought, what's the best way to earn money without implying the government? Oh right, Bitcoin is nice.

It might be true that he has to keep his millionaire life going one way or another, but to be honest chances are he doesn't have to fund his millionaire life, but rather just wants to have more money.

To be honest, though, his idea isn't bad and I support it, regardless of his intentions. If everything works as planned and it isn't half-assed idea that is developed, it could be a huge thing and I personally would like to see it come into existence.

[pereira4]

It seems Max Keiser is involved too with his start coin thing. Apparently you will be able to buy some sort of shares in an initial share offer or something. I may buy some because at the end of the day Kim Dotcom is huge and anything he touches will go to the moon.

[gentlemand]

It seems Max Keiser is involved too with his start coin thing. Apparently you will be able to buy some sort of shares in an initial share offer or something. I may buy some because at the end of the day Kim Dotcom is huge and anything he touches will go to the moon.

He also has multiple convictions for defrauding people. It's his job to make you believe that you're coming to the moon with him. All you have to do is give him some money. And I didn't know about any Max Keiser involvement. His track record with Quark and Maxcoin is not very encouraging either.