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I wonder, how do laws apply here? Crypto is like monopoly money, there is no value outside of what people assign to it, is unusable outside of that specific co
by sofixa 2y ago
I wonder, how do laws apply here?
Crypto is like monopoly money, there is no value outside of what people assign to it, is unusable outside of that specific context, and the "value" can disappear in seconds. If you steal someone's monopoly money, are you liable for theft of the equivalent of that monopoly money's exchange rate on the market (say, it's a rare edition you can sell on Ebay)?
Or like virtual currency in an online game. If someone steals your Robux, can you complain to the FBI?
- currymj 2y agogenerally yes to both. it's imperfect but the legal system already has longstanding ways of valuing illiquid assets that don't have straightforward market prices (art, houses, used cars, etc.). in this case who knows what kind of tokens they stole, but if it was Ethereum or Bitcoin, those markets are liquid enough that you don't even have this problem.
- RIMR 2y agoCrypto is not like monopoly money, Crypto is treated legally as a financial security. Stealing $3M is a serious federal crime.
- Suppafly 2y ago>Crypto is treated legally as a financial security. Source? If that were true wouldn't it have to be regulated the same way as other securities?
- stefan_ 2y agoNY is prosecuting two brothers for a crypto related "crime", Matt Levine has a good summary: https://archive.ph/zA4Wd https://archive.ph/zA4Wd In my mind, the people that loudly proclaim to want nothing to do with the rules beyond whats in the code get to have their cake.