3 ms·
A bank is a legally defined concept, this exchange is not one.
by nowarninglabel 15y ago
A bank is a legally defined concept, this exchange is not one.
- Uchikoma 15y agoI think you've meant: A bank is a legally defined concept where I live, this exchange is not one.
- nowarninglabel 15y agoNot really no, a bank is a legally defined concept in pretty much every country in the world. Suggested reading: http://www1.law.nyu.edu/centralbankscenter/texts/order.html http://www1.law.nyu.edu/centralbankscenter/texts/order.html
- RickHull 15y agoThat page links to the national laws defining central banks. No one is claiming Mt Gox is a central bank.
- nowarninglabel 15y agoIt's a further resource out to the central bank information in various country which further goes towards information on legal definitions of a bank in each country (at least many of the links provide such information). If you have a better site for international banking law definitions separated by country, it'd be awesome to suggest it.
- Uchikoma 15y agoNot sure about the logic: 1. All banks are defined 2. Me: You cannot claim banks are the same everywhere 3. "Pretty much every country" == not everywhere So you agree, or you disagree? Sorry to stick with Aristotelian logic.
- ubernostrum 15y agoThere is a difference between reading the statement as "mtgox offers some services which make it look bank-like" and "mtgox is definitively a bank as defined by applicable laws". The difference, in case you're curious, is willful pedantry, and really just clutters up the thread.
- mcherm 15y agoBy that argument, an exchange is a legally defined concept and MTGox isn't one of those either. MTGox is not a legally regulated bank. They are not a legally regulated exchange. They DO hold accounts on behalf of their customers, performing the function known as "banking". They DO execute trades between their customers, performing the function known as "an exchange".