For purposes of the lawsuit how is the value of the bitcoins set? Are they locked to the price on the date the site closed? If bitcoin were to crash to $1 could Mt. Gox just buy 750,000 and give them back?
"My client is absolutely not guilty of stealing 30 million dollars worth of bitcoins...My apologies, fifty bucks...No wait, ten million....Shit, hold on, ten bucks fifty..."
Do bitcoins count as money or should they be treated like MTG cards?
You know that's the funny thing. Coiners all claim they want them to be legitimate currency but any time the government says Bitcoins are a currency they have a snit fit telling the government to get out of their domain. They also blow up if a government calls Bitcoins a type of asset. They want their cake, but they throw it away as soon as anyone they don't like tries to give it to them.
So, uh, Turns out we found out who Satoshi Nakamoto is. He's a Japanese-American Physicist, that's his actual name, but he's living in LA under the alias Dorian S. Nakamoto. I have a huge pile of information to go through, but the skinny is that he's been largely unemployed for the last decade at least, doesn't touch his founder bitcoin but apparently has other stashes mined during the early days of the currency that he does use, avid model train guy, extremely libertarian conspiracy theorist crazyperson, Worked on government contracts as a systems engineer but precisely what it was is classified, above average but still not terribly special as a coder but an excellent systems designer and cryptographer, respected as a physicist by the people he's worked with. Drives a Corolla, lives in Temple City.
If this guy is THE Nakamoto, how long before he gets a visit from the FBI or the Secret Service, or more interesting, the IRS?
Probably a long time. I can't think of how he's broken any laws by inventing the stuff, or counterfeited anything. If people want to trade bits for things, or for cash, then that's not really an issue, since it also doesn't purport to be any currency they give a shit about.
So, uh, Turns out we found out who Satoshi Nakamoto is.
Yep. That's him. Definitely.
He's denying it after the fact, but I don't think newsweek would risk running with it if they didn't have enough to back it up.
I do think it's pretty funny though, because over time I've seen a LOT of people bragging they'd narrowed it down to a particular school, or a handful of particular people - but I'm willing to bet none of them had this bloke as the answer.
When I was in the UK in June I went to a burger stall in Camden Market that accepted Bitcoins as payment. The lady running it had pretty much no idea what that actually meant though, she'd never had someone pay using them and by the sounds of things didn't have a plan in place to work out the value on the day.
I'd have guessed there would be places that would handle that for you and instantly convert from bitcoin back to dollars so you don't get to rent day and suddenly your earnings have halved.
I'd have guessed there would be places that would handle that for you and instantly convert from bitcoin back to dollars so you don't get to rent day and suddenly your earnings have halved.
Yeah, there's services that will take your bitcoins, and automatically trade them for actual money, which is what almost every business that accepts bitcoins does. They don't trade in bitcoin, they're just exploiting a market willing to trade something worth cash, just for the privilege of being able to trade that thing.
For matters related to Taxes, not bitcoin. He's been under investigation for some time.
That, and frankly I don't think the cops could organize a raid, with the appropriate paperwork and such that quickly, considering when the news came out on our time-zone.
Chris Ellis of ProTip - Not Just Made In China, handmade Bitcoin Fullnodes to support the decentralization of the bitcoin network and the ProTip fundraiser at StartJOIN.com
Comments
This is the radical Libertarianism I hate.
From what I understand the IRS hasn't decided yet whether to consider Bitcoins currency or a commodity.
I do think it's pretty funny though, because over time I've seen a LOT of people bragging they'd narrowed it down to a particular school, or a handful of particular people - but I'm willing to bet none of them had this bloke as the answer.
Nothing really surprising.
Microsoft now accepts Bitcoin
Additive manufacturing/ 3D printing = decentralised manufacturing
Gardens = decentralised farming
there are positives and negatives here, but the world cannot hide from the need for major reform of centralised industries.
How has austerity worked out for eurozone countries? this BBC article doesn't show the whole picture of how Iceland restored it's economy.
http://www.commondreams.org/views/2015/06/12/iceland-jailed-bankers-and-rejected-austerity-and-its-been-success
Auroracoin doesn't seemed to have helped as much in this case.
http://www.gizmodo.com.au/2015/03/no-a-cryptocurrency-cant-fix-a-broken-economy/
That, and frankly I don't think the cops could organize a raid, with the appropriate paperwork and such that quickly, considering when the news came out on our time-zone.
Now we've got two possible stories here.
1) This guy is actually Satoshi, and he got some karma being ratted out by employees he treated poorly.
2) This guy is just a shitty boss, and his employees made a convincing case that he was Satoshi to get vengeance, but it's not actually him.
3) He's a good guy, and his employees are the jerks.
Yes, I said two possibilities. I can't imagine that 3 is possible.
Chris Ellis of ProTip - Not Just Made In China, handmade Bitcoin Fullnodes to support the decentralization of the bitcoin network and the ProTip fundraiser at StartJOIN.com
Peer to Peer Tipping for the Web
https://www.indiegogo.com/projects/protip-peer-to-peer-tipping-for-the-web#/
Blockchain technology being used for international justice system.
http://crowdjury.org/