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Kim Dotcom Discusses the Swelling Crypto Economy and His Plans to ‘Accelerate P2P Electronic Cash’

13/01/2021 by Idelto Editor

Kim Dotcom Discusses the Swelling Crypto Economy and His Plans to 'Accelerate P2P Electronic Cash'

This week, news.Bitcoin.com chatted with Kim Dotcom, the founder of the now-defunct file hosting service Megaupload and the creator of the content monetization application called K.im. The Internet entrepreneur Dotcom is a big believer when it comes to the crypto economy and during the conversation, we discussed subjects like bitcoin cash, the recent Big Tech censorship, and how cryptocurrencies will forward financial freedom.

Kim Dotcom is a well known Internet entrepreneur and political activist that believes the crypto economy will continue to swell in value. Dotcom is well known for being the former CEO of the now-defunct file hosting platform Megaupload. The site was taken down by the U.S. government in 2012, but before the takedown Megaupload served 180,000,000 registered members, and saw 50,000,000 visits per day.

Currently, Dotcom is working on a content monetization application called K.im which will meld the benefits of cryptocurrency solutions and file hosting. News.Bitcoin.com reported on the application in the summer of 2017, and the K.im platform is expected to launch in Q4 of 2021.

Moreover, Dotcom has revealed that the next-generation content monetization app will see bitcoin cash (BCH) integration. During our phone conversation, Dotcom spoke about the recent demand for digital assets, why BCH has a lot of upside potential, the recent Big Tech censorship, and how decentralized platforms will invigorate our future.

Bitcoin.com (BC): While the global economy has been extremely gloomy, cryptocurrencies like bitcoin have seen significant demand. Do you think cryptocurrencies will continue to shine in 2021?

Kim Dotcom: What we’ve seen with the global economy because of the pandemic, in my mind is really just the beginning of greater global distress of the economy and currencies. Simply because governments are printing money to finance debt. In the U.S. alone in 2020, over 30% of all the U.S. dollars in existence have been created during the year. It’s just not sustainable, you cannot keep printing money to pay what is required.

I think there is a significant devaluation of the U.S. dollar going on and that is driving the demand for cryptocurrencies. Digital currencies are now seen to be more stable than fiat currencies. If that trend continues, which I think it will, it’s going to accelerate the devaluation of fiat currencies. Therefore causing significant disturbances in the markets as well.

BC: Recently you said that Bitcoin Cash (BCH) has great “upside potential” and is currently “undervalued.” Can you tell our readers why you think this is the case?

Kim Dotcom: There are a couple of factors. One factor is that bitcoin cash (BCH) already does around 10% of the transaction volume that bitcoin (BTC) does. But BCH is only valued at 1% of the current valuation of BTC. So that’s a little bit of a discrepancy there. It is a very simple way to understand why it is undervalued. Another reason is that bitcoin cash, unlike bitcoin, is electronic cash where bitcoin wants to be electronic gold. Bitcoin is not really what you use to pay for things online. If you go and buy an apple and transaction fees cost more than the fruit, that’s not a viable electronic cash solution.

Now when you look at the transaction volume potential for bitcoin cash, it is significantly higher than that of bitcoin because of the parameters of BCH. It has very low fees, currently, on txstreet.com it says that the average media fee for bitcoin cash is $0.001 per transaction.

You don’t have that with BTC, so bitcoin cash is likely to take a more significant share of daily, real-life transactional volume. That’s where the upside potential lies and that’s why I think BCH is undervalued.

Kim Dotcom Discusses the Swelling Crypto Economy and His Plans to 'Accelerate P2P Electronic Cash'
Kim Dotcom has always been a supporter of cryptocurrencies, and more recently he tweeted: “Bitcoin > great for asset storage, Bitcoin Cash > great for payments. Bitcoin Cash at $310 today. I expect $3,000+ next year,” the internet entrepreneur added at the time. Dotcom also said: “Why? More and more vendors accept crypto. Vendors want low fees and fast transactions. I’m bullish on [bitcoin cash].”

BC: You also said the other day that you plan to make bitcoin cash the “leading electronic cash solution in the world” and said you plan to help “accelerate the use of BCH.” How do you plan to do that?

Kim Dotcom: So global credit card transactions are about 1.01 billion a day, I think that bitcoin cash in the next ten years will be able to compete with that. More and more vendors are accepting bitcoin cash at their point-of-sale and we are going to accelerate that with partnerships. Getting big retail chains to accept bitcoin cash like grocery markets and really anything that does big volumes of transactions. Then of course, online transactions as well because nothing works better and smoother than bitcoin cash. It’s already a proven system with over 100,000 vendors that have implemented BCH, so you can see that there is a demand for a solution that is cheaper and better than traditional credit cards.

BC: Can you tell our readers about the progress of the application K.im you have been working on?

Kim Dotcom: It’s going well and we’ve been working on it for a number of years. We’re basically turning files into shops. For example, if you are a music artist and you created an mp3 file, you can embed that into a K.im file shop and then the file becomes the shop. You can unlock the content inside the file with a crypto payment, and that’s a new way for people to basically transact. They can also have a section in the file shop for commissions, so they can have a sales force all over the Internet.

Anyone who wants to sell their content can get whatever share the artist or creator wants to have, so you can basically turn the entire Internet into a massive sales force. We expect K.im to have several hundred million users within five years of launching and a lot of that transaction volume will sit with bitcoin cash. Simply because it is the cheapest, fastest way to transact right now with crypto.

Kim Dotcom Discusses the Swelling Crypto Economy and His Plans to 'Accelerate P2P Electronic Cash'

BC: How do you think the world’s governments will react to the swelling crypto economy and permissionless innovations?

Kim Dotcom: I think cryptocurrencies are going to be a target for governments, because crypto is in reality competing with the money-printing schemes. The governments want to continue to print money to pay their bills. To pay for its military, to pay for whatever the government needs. As long as crypto continues to grow, the ability of the government to do that and run these old schemes is undermined more and more. I think we will see governments creating difficulties for cryptocurrencies and I expect that.

BC: Just recently, Big Tech censored the sitting U.S. President and a number of other voices and even applications like Parler. Why do you think this is happening?

Kim Dotcom: You can see that Big Tech is getting more and more engaged in politics. One has to wonder what these companies want to get out of this. They are not doing this out of their good heart, they are doing this for a purpose and one has to wonder what that purpose is.

BC: With governments encroaching on freedoms worldwide, do you think cryptocurrency networks will help protect financial freedoms?

Kim Dotcom: Absolutely, cryptocurrencies are the game-changer. They will definitely unlock more freedoms for people around the world. It is just one of many components. What the Big Tech companies did has very little to do with crypto because they run the infrastructure we are all using. They can now basically control what we see, what we hear, and that is frightening. Blockchain is just as interesting as the Internet was and the opportunities are endless. I think that it is important that we have more decentralized, non-corporate owned networks to communicate.

We don’t really want a single entity to be able to change the way we communicate. It should be a network for the people, by the people, open source, decentralized, and I think that is the future. I think the tech giants are making a big mistake in underestimating the power of open source and the willingness of people to switch to something else.

BC: When do you think the masses will catch on to cryptocurrency solutions?

Kim Dotcom: We will see a steady rise of people adopting cryptocurrencies. It is only roughly 3% of Internet users that have had any contact with crypto. The upside potential is enormous. The more people learn about the benefits of cryptocurrencies, the easier it becomes to use and the safer it becomes to use. With those improvements, more people will engage and that is part of my mission. We need to do a good job of marketing crypto better.

The crypto community also has to come together and work together toward that effort because the sooner we have critical mass, the better for everyone involved in the crypto space. I see a lot of infighting, I see a lot of tribal negative arguments and they are counter-productive. We should all just work together to make sure that users feel safe coming into this space. So the first thing they see is not all these arguments and bickering about what is the best cryptocurrency.

BC: Do you think applications like K.im will help fuel the crypto economy and peer-to-peer electronic cash solutions?

Kim Dotcom: Yes big time. K.im is going to have hundreds of millions of users and they are going to fuel the crypto economy no doubt. It’s going to be a part of making mass adoption happen and there will be some killer apps like K.im, that will do the same and combined, we’re going to drive more and more people toward accepting cryptocurrencies.

What do you think about our conversation with Kim Dotcom? Let us know what you think about this subject in the comments section below.

Filed Under: BCH, Big Tech, Bitcoin (BTC), Bitcoin Cash, bitcoin cash BCH, BTC, Censorship, content monetization, electronic cash, English, file hosting, Interview, K.im, K.im app, Kim Dotcom, Kim Dotcom bitcoin, MegaUpload, News Bitcoin, P2P Cash, Peer-to-peer cash

The Many Facts Pointing to Wei Dai Being Satoshi

01/04/2020 by Idelto Editor

The Many Facts Pointing to Wei Dai Being Satoshi

Satoshi Nakamoto has been an enigma for well over a decade and there’s been a number of suspects and self-styled Bitcoin inventors. One particular suspect is the computer engineer Wei Dai, the creator of the b-money system and the Crypto++ cryptographic library. Since the Bitcoin network was launched in 2009, a number of people have had suspicions that Wei Dai could have played the role of Nakamoto.

Also Read: The Many Facts Pointing to Ian Grigg Being Satoshi

Wei Dai and Satoshi Nakamoto

We don’t know who is behind the real identity of the person or group of people that created Bitcoin. The anonymous creator(s) not only invented the concept of cryptocurrency, but also managed to keep the identity of Satoshi Nakamoto a secret for more than 11 years. In our fifth installment of the “Many Facts” series, we discussed how Dorian Nakamoto was mistaken for being the anonymous Bitcoin creator in 2014. The following is the sixth installment in the series, offering a comprehensive look at the circumstantial evidence that might point to Wei Dai being Satoshi. Dai is a well known cypherpunk and he is referenced in the citations section at the end of the Bitcoin white paper. Over the last decade, a number of speculators have assumed Dai might be the cryptocurrency’s creator and a few armchair sleuths have tried to tie the two together as one.

The Many Facts Pointing to Wei Dai Being Satoshi
Wei Dai (戴维) is a world-renowned cryptographer but has always kept an extremely low profile. Dai is the creator of the cryptographic algorithm schemes for the programming language C++ and still maintains Crypto++ to this day. Dai also wrote about a money system that is similar to bitcoin and Satoshi Nakamoto credited Dai’s b-money in the white paper.

One reason people think that Dai played the Nakamoto part, is because the talented cryptographer has the smarts to pull it off. Moreover, Dai created a C++ library for cryptographic functions called Crypto++ and he’s still a member of the academic and cypherpunk community. Dai is also a staunch supporter of privacy and the New York Times described the cryptographer as an “intensely private computer engineer.” Dai’s theories about anonymous electronic cash infrastructure can also be found on the cypherpunks mailing list well before Bitcoin was released. The cryptographer also crafted an electronic money system called “b-money” and it is the reason he is referenced in the Bitcoin white paper. In addition to his white paper reference, Dai and Nakamoto also exchanged a few emails in 2008, according to documents hosted on gwern.net.

Gwern.net hosts a few emails sent to Dai in 2008 that were originally published in a Sunday Times article in 2014. In the email pictured above, Satoshi explains that he’s finished the first version of the Bitcoin protocol.

B-money is an interesting system and Dai explained in 1998 that Tim May’s crypto-anarchy “fascinated” him. “Unlike the communities traditionally associated with the word ‘anarchy,’ in a crypto-anarchy the government is not temporarily destroyed but permanently forbidden and permanently unnecessary,” Dai wrote in the first section of the b-money white paper. “It’s a community where the threat of violence is impotent because violence is impossible, and violence is impossible because its participants cannot be linked to their true names or physical locations,” the computer engineer added.

An excerpt from Wei Dai’s “b-money” system.

Expanding Ideas

Dai was already a well-established character well before Satoshi allegedly emailed him in order to discuss peer-to-peer electronic cash concepts. In the 2008 emails, the two discuss Nick Szabo and Dai assumes that the conversations prove Szabo could not be Nakamoto. The emails between Nakamoto and Dai were originally published in March 2014’s Sunday Times editorial. “The more important reason for me thinking Nick isn’t Satoshi, is the parts of Satoshi’s emails to me that are quoted in the Sunday Times,” Dai wrote. On August 22, 2008, Satoshi Nakamoto wrote to Dai and said:

I was very interested to read your b-money page. I’m getting ready to release a paper that expands on your ideas into a complete working system.

An excerpt from Wei Dai’s “b-money” system.

Further, the entropy similarities between Wei Dai and Satoshi Nakamoto’s written text also adds to the list of supporting evidence that Dai could be the mysterious creator. The only person who scored higher than Dai was former Bitcoin Core developer Gavin Andresen. Craig Wright, the self-proclaimed Satoshi who has yet to prove himself, has 12 people above him after Dai.

Some speculators hunting for Satoshi Nakamoto believe that the creator of Bitcoin could have easily played two roles with any one of his correspondents. Just because Wei Dai and Nakamoto have had conversations it doesn’t mean people haven’t assumed they are the same person. Other people who had engaged with Nakamoto who have been considered ‘Satoshi suspects’ as well include Hal Finney, Nick Szabo, James Donald, Gavin Andresen, and others.

Other than mere circumstances and coincidence, there’s really not a smoking gun pointing to Dai actually being Nakamoto and he’s never admitted it either. Theories of Dai being Nakamoto are also dismissed because Dai and Nakamoto engaged in email conversations and he’s referenced in the white paper, so he would have to be playing ‘double agent’ roles. But that hasn’t stopped speculators in the crypto community who believe people like James Donald and Hal Finney could have been Nakamoto too and played double roles.

Do you think Wei Dai could be Satoshi? Let us know in the comments below.

The post The Many Facts Pointing to Wei Dai Being Satoshi appeared first on Bitcoin News.

Filed Under: 11 years, B-money, Bitcoin, Blockchain, C++ Library, crypto, crypto anarchy, cryptocurrency, Cryptographer, Cypherpunk, Cypherpunk Mailing List, Digital assets, digital gold, Digital Money, electronic cash, English, Featured, First Version, Hal Finney, James Donald, News Bitcoin, Nick Szabo, Peer-to-peer cash, privacy, Private Coin, Satoshi Nakamoto, smart-contracts, tim may, Wei Dai, Who is Satoshi

Gamble With Crypto at Bestecasinobonussen.nl

20/01/2020 by Idelto Editor

Gamble With Crypto at Bestecasinobonussen.nl

Bestcasinbonussen.nl is up to date with the Bitcoin casino industry, delivering news about Bitcoin casinos available in the Netherlands and guiding readers through the skills of gambling with Bitcoins online.

8th of January 2020 – The advancements in the IT industry allowed for banking methods like Bitcoin to thrive in the online casino market, offering online casino goers the possibility to make their deposits in the most convenient way without the risk of exposing any of their financial information to unwanted third parties. Having reinvented the way we look at money transactions on the web, cryptocurrency has left the realm of “taboo” and became a trend.

There are many upsides to Bitcoin gambling. For one, players can gamble without being required to pay additional fees. Furthermore, they will rarely, if ever, face payment delays and the level of privacy is as high as it gets in a web-powered environment. Perhaps the biggest motive for online casino users to switch to cryptocurrency payments is anonymity. Whether a player chooses and exclusive BTC casino or a hybrid one, not the slightest details of his/her identity and transaction will ever be made known.

At Bestecasinobonussen.nl, casino enthusiasts are able to find useful and interesting info on online casino, sports betting sites, online poker rooms, casino games and also read current news and articles from the world of online gambling. Bestecasinobonussen.nl dedicates a special section to Bitcoin casinos, covering all the important questions a beginner Bitcoin gambler may have – how to gamble at a Bitcoin casino, why gamble using digital currency, the differences between Bitcoin casino operators, depositing and withdrawing with BTC, as well as what is Bitcoin – for those who are absolute novices and need a comprehensive introduction.

Bitcoin casinos are those that let players use a type of electronic cash known as a cryptocurrency to fund their gambling accounts. This means of payment is not administrated by any bank. Instead, it is sent from peer to peer and created through a process called “mining”. Bitcoin was invented in 2009 by a mysterious individual or group called Satoshi Nakamoto. Controversial at first, Bitcoin slowly found its proper use, making it easier for people to buy products and services online. Bestecasinobonussen.nl keeps up with the rising emergence of Bitcoin casinos, pointing out good and legal sites to play at.

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The post Gamble With Crypto at Bestecasinobonussen.nl appeared first on Bitcoin News.

Filed Under: Bestecasinobonussen.nl, Bitcoin, casino games, casino market, crypto, electronic cash, English, gamble, Gambling, IT industry, Netherlands, News Bitcoin, online casino, online poker rooms, Press release, sports betting sites

Bitcoin Cash-Powered File Storage Concept Sparks Interest and Debate

07/09/2019 by Idelto Editor

New Bitcoin Cash-Powered File Storage Concept Sparks Interest and Debate

Bitcoin Cash (BCH) proponents were introduced to a new project called the Cashweb protocol on Friday. The blockchain file sharing scheme allows people to store and load arbitrary data to the BCH chain. While the new protocol still has “a long way to go,” the developer decided to share his creation with the BCH community and show off the protocol’s possibilities. Even though a few people thought the project was “awesome,” the Cashweb conversation turned into a debate about whether or not data should be stored onchain in this manner.

Also Read: Venezuelans Fighting Economic Hardship Discover Crypto’s True Potential

Cashweb: Immutable File Storage and Retrieval — Powered by Bitcoin Cash

The Reddit user u/kentjhall presented a demonstration of “a summer pet project” he created called Cashweb. The Cashweb protocol allows people to tether arbitrary data to the Bitcoin Cash blockchain in a permissionless manner. The website cashweb.cash is interesting because everything on the website is stored and loaded from the BCH chain. “Everything down to the font,” the website’s creator emphasized. The web page is informative and gives a few examples of how the protocol works. Essentially the web page itself and the examples shown are a demo for the Cashweb framework, which “enables public, decentralized, immutable file storage and retrieval—powered by Bitcoin Cash.”

“Every asset on this page has been stored on the blockchain amongst hundreds of transactions, each of which is verifiably cemented across thousands of Bitcoin Cash nodes,” the website explains. “For example, you may have important court documents to immortalize on the Bitcoin Cash blockchain.”

Bitcoin Cash-Powered File Storage Concept Sparks Interest and Debate
The entire Cashweb web page is stored and loaded from the BCH chain.

The creator says that as long as the Bitcoin Cash network exists, any document can be accessed by a unique identifier. There are four types of Cashweb IDs: TXID – as just seen, Nametag ID – a name may be claimed under the Cashweb protocol as a “Nametag,” Nametag Version ID – any versioned Nametag will have numerous revisions stored on the blockchain and a Path ID – the storage/querying of directories to organize file references. Cashweb’s web page discloses that the page is loaded from a directory index referencing all its assets and the Path ID is how an individual can query a specific path of a directory index. All four examples can be viewed on the web page so people can get a better understanding of how the protocol works.

This looks neat! Good job Kent!#BitcoinCash #BCHForEveryonehttps://t.co/7z8EE6c4Ephttps://t.co/fEYNBgMF4uhttps://t.co/A0WhiDHkzI

— bch ‘#WeAreAllBitcoin’ protocol upgrade (@btcfork) September 6, 2019

The developer also revealed that there are two code libraries for utilizing the Cashweb protocol: cashgettools for getting, and cashsendtools for sending. “Anyone can run a cashserver or implement cashgettools; the software is all completely free, and completely open source under the permissive MIT license,” the website explains. The documentation further adds:

You don’t really need a cashserver to serve you; you can do it yourself. The cashgettools library allows for interfacing with existing public BitDB HTTP endpoints as well, so there’s already an element of decentralization.

Bitcoin Cash-Powered File Storage Concept Sparks Interest and Debate
Cashweb shows four examples.

A Comparison to Bitcoin Files and the File Storage Debate

The project’s creator also compared Cashweb to the censorship-resistant file sharing software Bitcoin Files. The platform allows anyone to tether files of 5kb or less to the BCH blockchain. If the person wants to upload a larger file, then Bitcoin Files offers a connection to the Inter-Planetary File System (IPFS). The Cashweb developer said that it took “nearly eight seconds to download the 1.7MB mario.png (under my WiFi conditions)” using Bitcoin Files. But using the Cashweb framework and a BitDB endpoint, the process was considerably faster. “We send the downloaded mario.png back to the blockchain via cashsend, this time under the CashWeb protocol, and proceed to re-download the file via cashget, set to query from Bitcoin.com’s blazing fast BitDB endpoint (thanks Roger),” the cashweb.cash page details. “Under the same conditions, this retrieval takes just over 0.25 seconds—that’s 32x faster.”

Bitcoin Cash-Powered File Storage Concept Sparks Interest and Debate
The Cashweb code is open source and available for review.

The introduction to Cashweb was a popular topic on the r/btc Reddit forum Friday as concepts that allow people to tie arbitrary data to the BCH chain is often met with a mixed response. “There are a lot of people in the BCH community that see zero value in storing non-financial data on the blockchain, I am not one of those people,” one Redditor opined. “Your project is friggin’ awesome and I hope you’re able to keep building on it.”

CashWeb enables public, decentralized, immutable file storage and retrieval—powered by #BitcoinCash

Great work kentjhall!https://t.co/dCIH0RSTm4

— Gabriel Cardona (@cgcardona) September 6, 2019

Other people were less enthused about the Cashweb project and disclosed their opinions about the concept. One person asked the creator why he chose BCH as a database server for distributed file sharing. The commenter further asked why he didn’t choose to use IPFS or choose to utilize the BSV chain instead. The Cashweb creator said that someone else also mentioned using the BSV chain for file sharing, but he decided to run with the BCH protocol and community.

“My view is that I am showing off a suite of tools and a protocol, not selling anyone on a final product,” the Cashweb developer insisted. “As such, these tools could be applied to any number of current blockchains, including SV — anyone can do what they like with this Cashweb — but I choose to develop/demo on BCH because I think it’s such a great community.” He further responded by stating:

IPFS is a different beast entirely to my understanding, and may be better suited to this goal, but I personally think it’s just too new. Bitcoin as a technology is proven and reliably immutable, so I wanted to build Cashweb on top of that. At the end of the day, the community will decide—if this project isn’t useful/warranted, it simply won’t be used. That’s the beauty of a permissionless system.

Overall, most BCH supporters were pleased with the project development, and the debate is always tossed around any time someone creates a file sharing program on top of the BCH chain. Some supporters believe file sharing is a distraction to the pursuit of global adoption and pure peer-to-peer electronic cash. However, there are many people who believe that the use cases tied to the BCH chain are permissionless by nature and as long as people and organizations pay the network fees they should never be censored. At the end of the day, the BCH community of global participants will decide if the network can handle every financial transaction worldwide and include immutable data applications as well. For now, the idea of blockchain file sharing is still very young and fresh in the minds of crypto enthusiasts and it’s hard to tell what the outcome will be going forward.

What do you think about the Cashweb platform? What do you think about the Bitcoin Cash blockchain being used to store and load arbitrary data? Do you think that BCH should only concentrate on the electronic cash aspect or do you think file storage ideas will continue to blossom? Let us know what you think about this subject in the comments section below.

Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned websites and projects associated with this article. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content or services mentioned in this article. This editorial review is for informational purposes only.


Image credits: Shutterstock, Pixabay, and cashweb.cash.


How could our Bitcoin Block Explorer tool help you? Use the handy Bitcoin address search bar to track down transactions on both the BCH and BTC blockchain and, for even more industry insights, visit our in-depth Bitcoin Charts.

The post Bitcoin Cash-Powered File Storage Concept Sparks Interest and Debate appeared first on Bitcoin News.

Filed Under: /r/btc, Arbitrary Data, BCH, Bitcoin Cash, BSV, BSV chain, Cashweb, Cashweb ID, cashweb.cash, Code, data, data storage, debate, electronic cash, English, File Storage, Identifier, IPFS, News Bitcoin, Open Source, permissionless, Permissionless File Storage, Reddit, Redditors, technology, transactions, u/kentjhall, website

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