Bitcoin Can’t Be Someone’s Property, Is That Right? | the Mt Gox Fiasco

Some of us might have already heard about the recent developments in Mt Gox case. Mark Karpeles was arrested and questioned in Japan. There are suspicions about his involvement in multiple instances of fraud and embezzlement in relation to the Mt Gox operations.

READ MORE: Master of Mt Gox, Mark Karpeles Picked Up by Japanese Cops

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Now that the word is out about his direct involvement in the downfall of Mt Gox, we can expect a lot of lawsuits filed by those who lost a lot of bitcoins during the Mt Gox fiasco. The series of lawsuits has already started, with the first one filed anonymously by someone who allegedly lost 458 bitcoins stored in Mt Gox wallet. But surprisingly, the lawsuit was dismissed by the presiding Judge at the Tokyo’s District Court. According to him, bitcoin is not tangible and requires a third party to facilitate transactions. So, it can’t be considered as property which means no compensation can be awarded.

The judgement can be argued about in multiple ways.

1. Electronic transaction of fiat currency happens the same

Read more ... source: TheBitcoinNews