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More on this: http://jpkoning.blogspot.com/2017/06/on-currency.html http://jpkoning.blogspot.com/2017/06/on-currency.html > Property that had been granted curr
by empath75 9y ago
More on this:
http://jpkoning.blogspot.com/2017/06/on-currency.html http://jpkoning.blogspot.com/2017/06/on-currency.html
> Property that had been granted currency had a different legal status from property that didn't. Let's assume that a good has been stolen and sold by the thief to a third party, a shopkeeper, who innocently accepts it not knowing that it has been stolen. For most forms of property the original owner could sue the third party and get the stolen article back. But not if that good is one of the few to be considered by society to have currency, wrote Macleod. When an article is said to have currency, or to be current, the original owner cannot chase the third party to recover stolen property. So in our example, our shopkeeper gets to keep the stolen good, even if its stolen nature has been proven in court.
- nosuchthing 9y agoThe Bitcoin community seems to have shifted the terminology away from currency to a digital asset or commodity. US regulators have classified it not as a currency, but as a commodity. https://www.bloomberg.com/news/articles/2015-09-17/bitcoin-is-officially-a-commodity-according-to-u-s-regulator https://www.bloomberg.com/news/articles/2015-09-17/bitcoin-i... Side note, the talks of micropayments and currency use has shifted due to high fees and a paradoxical aversion to updating the network to reduce clogging.
- tfha 9y agoParadoxical aversion to upgrade the network much like California has a paradoxical aversion to increasing the speed limit to improve highway throughput. It's so strange to me... commutes would be much shorter if cars were allowed to drive 150, and your roads would be able to move more people per day, too.
- nosuchthing 9y agoYou've attempted to create a false equivalence here. Increasing bandwidth and reducing fees is trivial and would be user friendly. Dynamic blocksize and fees as implemented on Monereo [1] would be a good example of a dev community that can implement forward thinking designs without ideological constraints to exploit the user experience for the financial benefit of a minority. [1] https://monero.stackexchange.com/questions/4562/how-does-the-dynamic-blocksize-and-the-dynamic-fees-work-together-in-monero https://monero.stackexchange.com/questions/4562/how-does-the...
- tfha 9y agoNo, that's where you are mistaken. Block size is a security parameter.
- tome 9y agoNot least because it's fungible, presumably. There's no difference between the money that the thief gave the shopkeeper and the money he gave someone else or kept for himself.
- empath75 9y agoThere's a papertrail on all the stolen mt gox coins. I have to believe that some attorney somewhere is working on a case to recover them from whoever has them currently. That's almost $6 billion dollars worth of bitcoins that have tenuous ownership.