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Traditionally, this is not the case with money. The money asset is different from all other assets in this respect. This matter was settled in Scotland over 300
by runeks 13y ago
Traditionally, this is not the case with money. The money asset is different from all other assets in this respect. This matter was settled in Scotland over 300 years ago. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2260952 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2260952
The result is that even if you can prove that someone else holds a dollar bill that was stolen from you at some point, you do not necessarily have the right to get it back.
See also the Wikipedia article on the principle of "Nemo dat quod non habet" ("no one gives what he doesn't have"): http://en.wikipedia.org/wiki/Nemo_dat_quod_non_habet http://en.wikipedia.org/wiki/Nemo_dat_quod_non_habet
- Spooky23 13y agoUntil Bitcoin is legal tender, it's more like a commodity than money.
- dalke 13y ago"legal tender" is a strange concept. For example, £5, £10, £20 and £50 notes are not legal tender in Scotland. But I don't think most Scottish people consider those notes to be "more like a commodity than money."
- Spooky23 13y agoGreat. Go steal some Bitcoins and have some fun then.
- runeks 13y agoI'm not sure what happens if stolen Euros or gold are accepted as payment. These aren't legal tender in the US, so if they are exempt from the aforementioned rule, then bitcoins might be as well.