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I'm not actually as concerned about risk, but more interested in the legal aspect of bitcoin. I see what you're saying, but how can you prove ownership of bitc
by GrahamsNumber 13y ago
I'm not actually as concerned about risk, but more interested in the legal aspect of bitcoin.
I see what you're saying, but how can you prove ownership of bitcoin? Is is just having the private key? Someone hacking your system can get that. Online wallet services have that. Does it mean being the first one to generate the wallet? And even if you have some way of proving ownership of the wallet, how do you prove ownership of the bitcoin? The ownership of property in the US is backed by the US government, and the US government backs property transfer. You can't just take stuff by getting 51% of the population of the US to agree that the stuff is yours.
EDIT:
Another point: I get your private key and send all your bitcoins to some other wallet. How do you prove that I was the one that did it, and that you did not agree to it?
- chc 13y agoAs far as I can tell, these issues aren't novel. They seem like the sort of the thing that might arise in any property dispute case.
- rmc 13y agoJust because someone has possession of a thing (whether it be your bit coin private key, or debit card and PIN number, or my car) doesn't mean they now legally own it. A theft can still have happened.