The controversial entrepreneur Kim Dotcom said last month that he was preparing to relaunch Megaupload, the file-sharing site that U.S. and New Zealand authorities dramatically shut down in 2012, with bitcoins being involved in some way.
Now we know more. Dotcom, a German-Finnish man living in New Zealand and currently fighting extradition to the U.S. over copyright-infringement charges, tweeted Friday that the transfers taking place over Megaupload would be linked to very small bitcoin transactions.
This system will be called Bitcache and Dotcom claimed its launch would send the bitcoin price soaring way above its current $575 value.
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Nobody will upload to any other cloud after Megaupload’s Bitcache goes live.
100 million Bitcache wallets.
Bitcoin = $2000+
— Kim Dotcom (@KimDotcom) August 5, 2016
The launch of Megaupload 2.0 will take place on Jan. 20, 2017, he said, urging people to “buy bitcoin while cheap, like right now, trust me.” Bitcoin’s value fell sharply this week after a $72 million theft from the Hong Kong exchange Bitfinex, though it subsequently bounced back to a degree.
Crucially, Dotcom said the Bitcache system would overcome bitcoin’s scaling problems. “It eliminates all blockchain limitations,”