Kim Dotcom, the internet entrepreneur, has recently surprised the bitcoin community with his forecast for bitcoin price. He published a tweet where predicted the bitcoin price to soar to $2000 in the next two years.
— Kim Dotcom (@KimDotcom) September 29, 2016
Kim Dotcom connects the possible rise with the launch of MegaUpload 2.0 and BitCache. In fact, the tweet is a reply to one of the Twitter user’s question about bitcoin price.
Kim Dotcom, whose endeavors have included one of the most successful file-sharing websites in history, Megaupload, and later the much more regulation-friendly Mega.co.nz as well as the halted Baboom music service, has always been a bitcoin supporter. He used to announce his intentions to strengthen the digital currency and other uses of distributed ledger technology.
Bitcache is expected to serve as a blockchain-powered method of attaching Bitcoin microtransactions to file transfers. There have been other attempts to intertwine the two in the past – the last one, Joystream, a torrent client paying users for sharing files in an effort to stabilize the distribution of files, was released last year. The operating principle of Joystream is creation of a market for consumer bandwidth.
In its turn, Bitcache will underpin the second version of Megaupload. It will, first of all, aim at attaching a value to every file download as well as protecting user privacy through encryption.
The new MegaUpload 2.0, scheduled to be launch in January 2017, is Kim’s third attempt of creation of an online file storage and distribution service. The first attempt, MegaUpload platform, was forcibly shut down by the US government agencies. After the first failure, Kim launched Mega, one more file storage and sharing service, that has been operating so far, though without Kim’s involvement after he had stepped down as the director in 2013.
Megaupload enabled file sharing for those who wasn’t able to use torrent applications for various reasons. There are multiple internet service providers that interrupt torrent traffic. However, as Megaupload transactions took place over the HTTP protocol, they would have worked in many cases.
Bitcache is believed to be able to provide a similar mainstream appeal for Bitcoin. While downloading files through the service, users will get acquainted with bitcoin as they will need to acquire it to activate downloads.
It is interesting that the date of MegaUpload 2.0 launch will coincide with the one in 2012 when the US Federal Bureau of Investigations shut down MegaUpload. According to Kim, the accounts of MegaUpload users will transfer to the new MegaUpload 2.0 platform and BitCache will be enabling Bitcoin microtransactions for content monetization by its users.
At the same time, Kim Dotcom is now fighting against the extradition appeal filed by the US authorities with New Zealand. The US authorities have been seeking to extradite Kim for years. The final arguments against Kim Dotcom’s extradition were presented at the New Zealand’s High Court last week.
“Overall the defense believes that MegaUpload and its employees enjoy safe harbor protection and can’t be held criminally liable for copyright infringement. As such, there is no extraditable offense,” argued Kim’s defense.
The case is likely to reach the Supreme Court no matter what the ruling from the High Court will be.