4 ms·
I wonder if that really applies in this case / would hold up. I mean, if I do not enter into a contract with Coinbase and they come to have property that belong
by javert 12y ago
I wonder if that really applies in this case / would hold up. I mean, if I do not enter into a contract with Coinbase and they come to have property that belongs to me and refuse to release it to me, I can surely sue them.
I'm not sure that you can get someone to sign away basic property rights in a contract.
Analogously, if I lose my password to my bank's website, I bet I can legally force them to return my funds.
- jonknee 12y agoYou do enter into a contract with Coinbase though, by signing up you have to agree to that. Banks are different (highly regulated, but also house real hard currency!) and simply losing a password isn't going to have the same effect. There was an interesting article about this in the NYT recently. Apparently arbitration clauses do have a decent chance of standing up to challenge. It's discomforting because when all the vendors in a space have the clause there is no way to have your right to trial. http://www.nytimes.com/2014/07/19/your-money/a-closer-look-at-the-arbitration-process-for-investors.html?_r=0 http://www.nytimes.com/2014/07/19/your-money/a-closer-look-a... It's even more dubious in finance because you not only agree to arbitration, but you agree to arbitration by the private financial regulatory organization Finra. Think about that--to get a brokerage account you must agree to arbitration through Wall Street's self-funded watchdog. Unsurprisingly Wall Street has a great track record in winning.