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Hmm. I can partially agree with that take on what they're saying. Though it seems more like they're saying "We have no resources but were able to this because

Hmm. I can partially agree with that take on what they're saying. Though it seems more like they're saying "We have no resources but were able to this because it uses Bitcoin" than "We're immune to laws because we're using Bitcoin". Although this situation points out that there is a fundamental conflict with Bitcoin and the established systems that's going to require an adjustment period. While it's certainly true that laws governing money, accounting, finance, etc. can, will, and do apply to Bitcoin, the fact still remains that it's really easy to move money around electronically outside of institutional controls. Previously, the laws controlling electronic transfer have been enforced via the institutions, and that's no longer entirely possible. Some things will have to change, it will be interesting to see how it shakes out.

lotsofmangos 12y ago
There's no fundamental conflict. Due to the existence of hard cash, I can set up a stall on the street selling stuff. However the tax and licensing folk might still want to talk to me, so just because I have only spent a weekend making a market barrow with a nice tarp, doesn't mean I shouldn't check out the legal ramifications before heading into town with my wares. edit - Also, if they are actually someone else's wares and you haven't yet asked anyone for their permission, buy several lawyers and some duct tape and apply them as full-body protective padding.
- waterlesscloud 12y ago
  You're responding to something other than what I'm talking about. Of course the laws still apply, but the enforcement mechanisms (which have thus far been administered via institutions) can now be circumvented to a certain extent. It is a fundamental conflict and adjustment will be required.
  - lotsofmangos 12y ago
    I was trying to address directly that point. Pre-bitcoin, you could avoid the enforcement mechanisms with hard cash and a barrow. There was a long running British sitcom called "Only Fools and Horses" that dealt with this quite thoroughly. edit - If fleshed out a bit, the premise behind this project might actually make quite a good 21st century sequel episode. Del Boy would love bitcoin.
    - petercooper 12y ago
      Except you know it would be a complete balls up, of course. Rodney would be all excited about the idea of Bitcoin, convince Del Boy on it, and then they'd start up their own TITcoin (Trotter's Independent Traders, of course) which would totally fall on its arse ;-)
      - lotsofmangos 12y ago
        Well, despite containing fictional characters, I think this may be a more convincing explanation of what occurred behind the scenes at MtGox than any that has so far been publicly announced.

lotsofmangos 12y ago

There's no fundamental conflict. Due to the existence of hard cash, I can set up a stall on the street selling stuff. However the tax and licensing folk might still want to talk to me, so just because I have only spent a weekend making a market barrow with a nice tarp, doesn't mean I shouldn't check out the legal ramifications before heading into town with my wares. edit - Also, if they are actually someone else's wares and you haven't yet asked anyone for their permission, buy several lawyers and some duct tape and apply them as full-body protective padding.

waterlesscloud 12y ago
You're responding to something other than what I'm talking about. Of course the laws still apply, but the enforcement mechanisms (which have thus far been administered via institutions) can now be circumvented to a certain extent. It is a fundamental conflict and adjustment will be required.
- lotsofmangos 12y ago
  I was trying to address directly that point. Pre-bitcoin, you could avoid the enforcement mechanisms with hard cash and a barrow. There was a long running British sitcom called "Only Fools and Horses" that dealt with this quite thoroughly. edit - If fleshed out a bit, the premise behind this project might actually make quite a good 21st century sequel episode. Del Boy would love bitcoin.
  - petercooper 12y ago
    Except you know it would be a complete balls up, of course. Rodney would be all excited about the idea of Bitcoin, convince Del Boy on it, and then they'd start up their own TITcoin (Trotter's Independent Traders, of course) which would totally fall on its arse ;-)
    - lotsofmangos 12y ago
      Well, despite containing fictional characters, I think this may be a more convincing explanation of what occurred behind the scenes at MtGox than any that has so far been publicly announced.