Bitcoin News
Daily diary of what's happening with Bitcoin.
Forbes contributor Jon Matonis (@JonMatonis) writes on the number of problems facing Kim Dotcom (@KimDotcom) that Bitcoin solves. Excerpts:
“Kim Dotcom’s business enterprise [MegaUpload] was shut down by the FBI and his funds frozen over alleged copyright infringement, money laundering, and conspiracy. Also, PayPal has recently taken a stricter stance on file-hosting services due to piracy concerns. Kim Dotcom is launching a new online business, Megabox, in four to six months and he probably doesn’t want to bother with the likes of PayPal.”
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“As the holder of the private key, you and only you control access and dispensation of the bitcoin value. A distribution mechanism could be set up for Kim Dotcom to transfer a certain amount of bitcoin to a third party that would handle the payment of his legal fees in various national currencies. Or, his legal team could even accept bitcoin directly as payment for legal services rendered.”
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“After this saga unfolds and given the sad and overzealous trend in pretrial asset seizure, I expect many rainy day legal defense funds to be established in bitcoin.”
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Kit Dotson (@oxidizingangel) of SiliconANGLE writes on the potential for Bitcoin to become the alternative to PayPal and U.S. credit cards for online cyberlockers. Excerpts:
“As we all know, the MPAA and RIAA have gone to credit transaction companies and gotten them to withdraw their support from sites that may be capable of supporting piracy (which means any and every cyberlocker out there.”
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“If Bitcoin were to become the alternative to PayPal and U.S.-based credit cards for getting cyberlocker services it would mean that there would be money flowing into outfits that exchanged and traded in bitcoins. This means that they’d have a reason to make their systems more stable, the currency itself would find a happy medium with a larger critical mass of trading going on”.
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“If Kim Dotcom (@KimDotcom) uses his celebrity to bring attention to the use of Bitcoins for cyberlocker access, welding the two together will most likely bring both out with a much bigger market than before and make both of them much more resilient to economic siege by the copyright industry.”
All News - Twitter: @BitcoinNews
