Kim Dotcom: Bitcache Will Be ‘Off Chain Due to Limitations’ - page 2.

eternalgloom

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Quote

“Right now we just can’t do it because our expectations are that we will have millions and millions of users from the get-go. Providing critical mass to the service and we don’t want a limiting factor to be the blockchain,” he said.

I mean, how could he possibly know that there will be millions of users from the start, especially after so many people lost their data with the Megaupload shutdown.

It's not like his name is all that trusted.

MartinL

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Quote from: Winner on October 14, 2016, 12:50:57 AM

Kim Dot Com is a multi-millionaire asking for $1 million in fundraising.

He is just laughing as he gets closer to his bank.

Quote from: Herbert2020 on October 14, 2016, 02:58:20 AM

i feel like Kim Dotcom has been mostly hyping his project to come down to this fund raising, especially with one of his first tweets where he speculated bitcoin price to go up to $2000 when his project is released!

Maybe he's running out of funds for his legal fees. Roll Eyes

Herbert2020

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i feel like Kim Dotcom has been mostly hyping his project to come down to this fund raising, especially with one of his first tweets where he speculated bitcoin price to go up to $2000 when his project is released!

2dogs

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Max talks to Kim Dotcom about Bitcache, a company for whom he is an evangelist. They discuss bitcoin, bittorrents and copyright cartels - starts at 13:24:

https://www.youtube.com/watch?v=QFPTwAV4P0A

ObscureBean

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Quote from: MartinL on October 13, 2016, 01:53:59 PM

Quote from: mobnepal on October 13, 2016, 01:26:53 PM

As he have been behind megaupload before and that platform was really number 1 in cloud storage in past. So i believe in him but lots of details are still missing for his bitcache project and hard to know what will be benifits for early investors in this crowdfunding. But many investors are interested in this one because it is linked to kim dotcom (really serious guy with lots of guts). Hope he will deliver what he have promised to community.

In the past Kim Dotcom has been convicted of insider trading and embezzlement. He also has a history of making grand promises he cannot keep. I remain skeptical and I certainly would not trust him with any money.

Yea I would tend to agree with you on that one. The insider trading scam was hilarious, he hyped and then sneakily cashed out after everyone had pumped the price with their investments Cheesy

Megaupload was a stroke of genius though so it's entirely possible that he's worked this one out carefully and has a masterpiece in store for us

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

I can see why he opt for off-chain transactions. If I download something, I want instant confirmations for my transactions, both in rewards and for seeding. Bitcoin has been known for instances, where tx's can take up to 4 hours to confirm.

The off-chain tx's will also be cheaper, as we have seen with Xapo. ^smile^

Winner

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Look ARROUND!

Kim Dot Com is a multi-millionaire asking for $1 million in fundraising.

He is just laughing as he gets closer to his bank.

Carlton Banks

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Quote from: unamis76 on October 13, 2016, 07:03:56 PM

Still no one knows what will this be about as nobody explained anything about what Bitcache is...

[snip]

Quote

If Developers Fixed Scaling Limitations, Bitcache Would Love to Operate On-Chain

Developers are actively "fixing scaling limitations", we'll see if they keep their word once "scaling limitations" are "fixed".

Bitcache is just a proprietary off-chain transaction system for MegaUpload, that's it. So the Mega devs solution is the same approach for Bitcache as it is for the Bitcoin devs, really. If it's leveraging any of the same protocol features that Lightning does, then Kim is being pretty ignorant claiming the developers are slacking, and he's away off in Bitcoin Unlimited Imaginationland if he thinks micro-transactions can ever be individually recorded on-chain, that's Star Trek stuff.

unamis76

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Still no one knows what will this be about as nobody explained anything about what Bitcache is... As far as I'm concerned, investors are in it for Megaupload2, otherwise they're betting on vaporware that has been poorly explained and that nobody knows what it will really do.

Innovation would precisely be having the system run on chain, they've got priorities switched up or are trying to fool people. We already have centralized ledgers such as exchanges, which is what this will probably be (although it won't necessarily allow a BTC/Fiat exchange).

Quote

If Developers Fixed Scaling Limitations, Bitcache Would Love to Operate On-Chain

Developers are actively "fixing scaling limitations", we'll see if they keep their word once "scaling limitations" are "fixed".

SmartIphone

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Quote from: Posternut on October 13, 2016, 08:56:35 AM

Kim Dotcom has told the public many times that Bitcoin will be an integral part of Mega Upload 2 and Bitcache. Now, with the help from BnkToTheFuture, Dotcom is raising funds to scale the project. According to Max Keiser, the project is nearing 50 percent of its $1 million minimum goal.

https://news.bitcoin.com/kim-dotcom-bitcache-limitations/

What I understand from this article is that Kim Dotcom is inventing a new coin that will be used to be sent between the users inside their platform.
So this is like the exchange when you send 1BTC and you play with those money inside the exchange until you decide to withdraw.

calkob

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I hope it is a sucessfull as he thinks it will be and drags bitcoin to $2000 would be nice. but after listening to dotcom discribe bitcache the other day, it sounds like nothing more than a centralised bitcoin datebase that settles on chain daily or weekly or whatever, this brings with it all the problems that a centralised server has, being shut down, hacked etc.

i hope i am missing something and it is great tho Wink

AGD

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Keeper of the Private Key

Well, this sounds like a filesharing site with an internal accounting system called Bitcache, where you can buy credits with Bitcoin and FIAT and then you are able to download (mostly illegal) files. Uploaders will earn credits by providing these (mostly illegal) files and they will be able to cashout in Bitcoins.

I guess it will be closing very quick and all the money will be lost.

coins101

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I don't get it. ELI5

MartinL

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Quote from: mobnepal on October 13, 2016, 01:26:53 PM

As he have been behind megaupload before and that platform was really number 1 in cloud storage in past. So i believe in him but lots of details are still missing for his bitcache project and hard to know what will be benifits for early investors in this crowdfunding. But many investors are interested in this one because it is linked to kim dotcom (really serious guy with lots of guts). Hope he will deliver what he have promised to community.

In the past Kim Dotcom has been convicted of insider trading and embezzlement. He also has a history of making grand promises he cannot keep. I remain skeptical and I certainly would not trust him with any money.

mobnepal

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Quote from: Milkduds on October 13, 2016, 01:16:55 PM

Been reading stuff about this topic and always leave the article feeling like its a ponzi or I am missing something. The fact that we will be dealing with microtransactions does not change the issue of vulnerability in the wallet. That seems a bit odd to say if he is hoping to build such a large platform with many users.

As he have been behind megaupload before and that platform was really number 1 in cloud storage in past. So i believe in him but lots of details are still missing for his bitcache project and hard to know what will be benifits for early investors in this crowdfunding. But many investors are interested in this one because it is linked to kim dotcom (really serious guy with lots of guts). Hope he will deliver what he have promised to community.

Milkduds

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Been reading stuff about this topic and always leave the article feeling like its a ponzi or I am missing something. The fact that we will be dealing with microtransactions does not change the issue of vulnerability in the wallet. That seems a bit odd to say if he is hoping to build such a large platform with many users.

Posternut

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Kim Dotcom has told the public many times that Bitcoin will be an integral part of Mega Upload 2 and Bitcache. Now, with the help from BnkToTheFuture, Dotcom is raising funds to scale the project. According to Max Keiser, the project is nearing 50 percent of its $1 million minimum goal.

https://news.bitcoin.com/kim-dotcom-bitcache-limitations/

Topic: Kim Dotcom: Bitcache Will Be ‘Off Chain Due to Limitations’ - page 2. (Read 1252 times)