Ninjastic
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Re: bitfloor needs your help!
by
iCEBREAKER
on 04/09/2012, 22:26:32 UTC
Quote from: DannyHamilton on September 04, 2012, 10:20:35 PM
Quote from: iCEBREAKER on September 04, 2012, 10:15:22 PM
Quote from: blakdawg on September 04, 2012, 10:02:37 PM
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Those are my USD, not yours . . .

This is not at all clear under US law, which would presumably apply given Bitfloor's ties to the US.

Au contraire, US law is perfectly clear on the matter:

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No person shall be...deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.
http://en.wikipedia.org/wiki/Fifth_Amendment_to_the_United_States_Constitution

Actually, that clause is exactly the problem.  Until due process of law, it is not legally clear whether any of the USD controlled by bitfloor is the property of those who had BTC on deposit, the property of bitfloor, or solely the property of those who have USD on deposit with bitfloor.  Bitfloor therefore cannot legally give USD to anyone until due process determines exactly whose property each and every $0.01 is.

That would depend on BitFloor's TOS.  I admit to never reading it, but who would be dumb enough to use an exchange that enforces communist bankster Corzine-style pooled accounts and shared liability for losses?  (Me, maybe...  Cheesy)