After revealing that he was working on Megaupload 2.0, Kim Dotcom has stated his willingness to work with investors, however, things didn’t go as planned after the –also– eccentric John Mcafee offered to invest in Dotcom’s venture.
A “twitter” war was unleashed after Kim Dotcom made public John Mcafee‘s attempts to invest in Megaupload 2.0. The new iteration of the file-sharing platform will be released in 2017, and will include a new feature called Bitcache, although details are not available, rumours and the few data shared by Dotcom suggest that Bitcache will be a Bitcoin micropayment system.
The project attracted heavy social media attention, so drama ensued after John Mcafee attempted to invest in Megaupload with money he didn’t have. Kim Dotcom turned down a $30 million offer from MGT Capital Investments (where Mcafee is the CEO), Dotcom expressed:
They didn’t have the substance to make such an offer. When I questioned that they responded that the substance can be created by the partnership announcement. Meaning an increase in stock value which would make the stock component of the deal more valuable
The offer made by MGT didn’t withstand Dotcom’s due diligence:
I told them I’m not interested in pumping up $MGT stock and that they need to raise the money first before we can enter into any kind of agreement. Then they offered $500k for signing a Letter of Intent to be announced at a big press conference during Defcon. The whole thing was designed to drive up the $MGT stock price with no substance. We declined.
Both parties have taken blunt stances via Twitter, and John Mcafee has accused Kim Dotcom of trying to entrap him in a “Megaupload 2.0 scam’. According to Mcafee, this new venture will fail because the United States government will shut down any payment system that rewards copyright infringement.
[…] the numbers don’t add up for expecting the company to be profitable from Bitcoin payments alone.
The dramatic exchange of accusations peaked after John Mcafee indirectly threatened Dotcom: “And tomorrow I will teach you a lesson: When you start a war you cannot undo it”, to which he replied: “I have decided to play video games all day tomorrow :-)”.