4 ms·
IANAL either, but I'm not so sure if it's wrong. The fact that the market is "unregulated" in the sense that it doesn't have special regulations written about i
by hugh3 15y ago
IANAL either, but I'm not so sure if it's wrong. The fact that the market is "unregulated" in the sense that it doesn't have special regulations written about it the way that regular financial markets do doesn't mean that no laws apply.
On the other hand, is it even possible to prove (or even provide evidence) that someone stole your bitcoins?
- DrJokepu 15y agoEven if there are laws regulating Mt. Gox, given the fact that Mt. Gox is operated by a Japanese company, Japanese laws apply to Mt. Gox, meaning that anyone willing to take legal action against Mt. Gox would at least have to find a Japanese lawyer and litigate in Japan, which, I imagine, makes the process more complicated and possibly more expensive for most BitCoin users.
- wtn 15y agoNo, this is what US federal courts are for. You can even sue a foreign entity with no US presence in state courts (depending on the state). Maybe an expert could comment.
- piotrSikora 15y agoHuh? By what law? US courts (federal or not) have no jurisdiction over foreign entities without US presence.
- burgerbrain 15y agoYou can also sue Zeus. It won't be worth your time, but you can do it, and people have done it.
- hugh3 15y agoOh great, now I have another item for my To Do list.
- rprasad 15y agoAll that you would accomplish by suing in state court is to waste a few thousand dollars securing an uncollectable judgment that neither the federal courts nor the Japanese courts will enforce. If Mt. Gox doesn't have the minimal contacts (to the U.S. economy/legal system) necessary for federal court jurisdiction, you're SOL unless you are willing to sue in Japan.
- a3_nm 15y agoThe blockchain proves to everyone that your Bitcoins were transferred to a certain address. The only problem is to prove that the transaction was theft and not a legitimate transfer.
- tedunangst 15y agoThat's a pretty big problem, considering bitcoin is partly designed to prevent proving such things. There's no way to identify who that other address is. You can't even prove it's not yourself making a false theft claim.