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This implies there isn’t any contract obligations/fine print at the point of link to real world / real identity (exchange). In a hypothetical world, if coinbas

by harikb 5y ago

This implies there isn’t any contract obligations/fine print at the point of link to real world / real identity (exchange). In a hypothetical world, if coinbase made you sign things at signup and later demanded money for the upkeep of the network caused by your own transactions, I don’t think you can say no to that easily. Compare this to an HOA demanding a $100k payment from each condo owner in the Miami condo repair / collapse story. Now let us assume that condo is worth less than $100k. I don’t think you can just walk away and abandon your condo. It is not about storage cost and transportation - it is whatever contract you agreed to when taking the investment or liability.

derefr 5y ago
To be clear, we're talking about doing this in advance of something bad like that happening. Legal damages like that mostly attach to a sort of "snapshot state" — whoever held each thing at the time that the damages happened. So you can't get away from the debt by throwing away the condo. But if you already had thrown away the condo before the building collapsed, I don't think it'd be your responsibility. (Compare/contrast: what if, instead of burning the deed before the collapse, you instead transferred the deed to another condo owner? Or, say, to the HOA itself? Both of those are just as simple in the crypto case as "throwing away" the token is. In the real world, transfers like that need to be witnessed under contract law. But in the crypto world, most tokens don't have sophisticated logic for recipient-agreement-gating transfers like that. You can send most kinds of tokens to people whether they want them or not.)
analognoise 5y ago
You can absolutely walk away and abandon your condo in that case.
CydeWeys 5y ago
> Now let us assume that condo is worth less than $100k. I don’t think you can just walk away and abandon your condo. You can if you go bankrupt. It's not like condo ownership is non-dischargeable in the same sense that, say, Superfund site ownership is.

by harikb 5y ago

derefr 5y ago

To be clear, we're talking about doing this in advance of something bad like that happening. Legal damages like that mostly attach to a sort of "snapshot state" — whoever held each thing at the time that the damages happened. So you can't get away from the debt by throwing away the condo. But if you already had thrown away the condo before the building collapsed, I don't think it'd be your responsibility. (Compare/contrast: what if, instead of burning the deed before the collapse, you instead transferred the deed to another condo owner? Or, say, to the HOA itself? Both of those are just as simple in the crypto case as "throwing away" the token is. In the real world, transfers like that need to be witnessed under contract law. But in the crypto world, most tokens don't have sophisticated logic for recipient-agreement-gating transfers like that. You can send most kinds of tokens to people whether they want them or not.)

analognoise 5y ago

You can absolutely walk away and abandon your condo in that case.

CydeWeys 5y ago

> Now let us assume that condo is worth less than $100k. I don’t think you can just walk away and abandon your condo. You can if you go bankrupt. It's not like condo ownership is non-dischargeable in the same sense that, say, Superfund site ownership is.