Kim Dotcom's Bitcache Stopped from Raising Extra $12m at Last Moment
- A planned merger with a publicly listed Canadian company valuing Bitcache at $100 million was derailed by the exchange.
Kim Dotcom revealed today that the big plans he promised for this month regarding Bitcache and Megaupload 2.0 have been derailed. Following its first capital round Bitcache looked at raising further startup funding in what would have been a stock and cash merger deal with a publicly listed Canadian company valuing Bitcache at $100 million and providing $12 million in additional capital.
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Dotcom says that the company already submitted a draft press release announcing an intended merger to its exchange on Friday, and that trading of the stock was halted while waiting for a response.
However: "The Exchange demonstrated a bias against the merger and requested further detailed and intrusive information. The Bitcache board has decided that the complexities of the proposed merger would be unnecessary burdens in this early stage of its growth. Bitcache feels it is important as a technology startup to stay nimble and reduce corporate complexity in favor of technology development. The experience of dealing with the Exchange has only served to encourage that view. We are looking forward to a beta launch of Megaupload 2.0 and Bitcache later this year."
Back in August 2016 Dotcom claimed that the service “will take Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mainstream”, and that nobody will upload to any other cloud after Bitcache goes live at the launch of Megaupload 2.0 in January 2017. He even predicted that the service will reach 100 million Bitcache wallets thus propelling the price of Bitcoin to over $2000.
Background
If you are not familiar with Kim Dotcom, Megaupload or his ordeal with the American authorities, here is a very short summary. Kim Schmitz was a famous teenage internet entrepreneur and hacker in the ’90s that, among other things, legally changed his last name to Dotcom and created the popular file Hosting Hosting Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Read this Term website Megaupload.
In 2012, the US Department of Justice seized the domain names and shut down Megaupload for allegedly enabling copyright infringement by some of its over 150 million users. Urged by the Americans, the New Zealand Police raided his former massive mansion and arrested Dotcom. Over $40 million of Megaupload funds were seized by the authorities and he is still fighting American extradition demands to this day.
As a result of the incident Dotcom became a vocal critic of the American approach to policing intellectual property rights online at the expense of individual freedom and privacy. He also started and funded the Internet Party in New Zealand to promote e-democracy, internet freedom and privacy.
Kim Dotcom revealed today that the big plans he promised for this month regarding Bitcache and Megaupload 2.0 have been derailed. Following its first capital round Bitcache looked at raising further startup funding in what would have been a stock and cash merger deal with a publicly listed Canadian company valuing Bitcache at $100 million and providing $12 million in additional capital.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong
Dotcom says that the company already submitted a draft press release announcing an intended merger to its exchange on Friday, and that trading of the stock was halted while waiting for a response.
However: "The Exchange demonstrated a bias against the merger and requested further detailed and intrusive information. The Bitcache board has decided that the complexities of the proposed merger would be unnecessary burdens in this early stage of its growth. Bitcache feels it is important as a technology startup to stay nimble and reduce corporate complexity in favor of technology development. The experience of dealing with the Exchange has only served to encourage that view. We are looking forward to a beta launch of Megaupload 2.0 and Bitcache later this year."
Back in August 2016 Dotcom claimed that the service “will take Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mainstream”, and that nobody will upload to any other cloud after Bitcache goes live at the launch of Megaupload 2.0 in January 2017. He even predicted that the service will reach 100 million Bitcache wallets thus propelling the price of Bitcoin to over $2000.
Background
If you are not familiar with Kim Dotcom, Megaupload or his ordeal with the American authorities, here is a very short summary. Kim Schmitz was a famous teenage internet entrepreneur and hacker in the ’90s that, among other things, legally changed his last name to Dotcom and created the popular file Hosting Hosting Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Read this Term website Megaupload.
In 2012, the US Department of Justice seized the domain names and shut down Megaupload for allegedly enabling copyright infringement by some of its over 150 million users. Urged by the Americans, the New Zealand Police raided his former massive mansion and arrested Dotcom. Over $40 million of Megaupload funds were seized by the authorities and he is still fighting American extradition demands to this day.
As a result of the incident Dotcom became a vocal critic of the American approach to policing intellectual property rights online at the expense of individual freedom and privacy. He also started and funded the Internet Party in New Zealand to promote e-democracy, internet freedom and privacy.