Quote from: hazek on December 09, 2012, 12:57:59 PM

Quote from: bitfreak! on December 08, 2012, 05:48:12 AM

Quote from: Jutarul on December 07, 2012, 06:07:04 PM

Given that, bitcoins are not property, but information

Why can't information be property?

In my opinion all words are subjective, and their understood meaning is basically a generally accepted shared subjective definition. So it depends on how you define property..

I define a property as: a scarce tangible entity, corporeal or incorporeal, of which the access to and control of has been restricted and limited

The important part of my definition is scarcity. I do not regard entities that aren't scarce as property for example such as information that can be easily and cheaply perfectly copied without causing a loss what so ever to the original medium it was carried by.

So given my definition in Bitcoin only a Bitcoin transactions(more precisely the unspent outputs as was alluded to above) fits it. It is a tangible incorporeal and scarce entity that I restricted and limited the use of by keeping my private keys secret. When someone steals my bitcoins what they really stole is the irreversible and non double spendable and therefor scarce transaction that can be made with the private key and that I have restricted and limited the use of.

So they may copy my private key which is just information which isn't really a property and that alone does nothing to me, I mean I don't experience a loss what so ever. But if they then use this private key to steal my scarce transaction then that's when the loss to me actually happens and they stole my property.

I mean if you really think about it the same happens with say a gold coin that you own. Someone may learn where you keep it and how to turn of your security measures in order to gain access but they haven't inflicted a loss on you with the access to this information alone, it's when they use this information to take possession of the scarce entity that you experience the loss i.e. theft.

While I agree that words are subjective this does not mean we can just create our own definitions to be used. There must be a consensus for that definition. This why we have dictionaries. So according to Merriam-Mebster Property is defined as:
1.
   a : a quality or trait belonging and especially peculiar to an individual or thing
   b : an effect that an object has on another object or on the senses
   c : virtue
   d : an attribute common to all members of a class
2
   a : something owned or possessed; specifically : a piece of real estate
   b : the exclusive right to possess, enjoy, and dispose of a thing : ownership
   c : something to which a person or business has a legal title
   d : one (as a performer) who is under contract and whose work is especially valuable
   e : a book or script purchased for publication or production
3
   : an article or object used in a play or motion picture except painted scenery and costumes

If we agreed to use this definition of property then Bitcoins can be considered property because they can be owned.

Some have trouble associating Bitcoins to property because they have no physical properties. They should consider what gives Bitcoins it's value. The products and services that can be bought, sold, or leased is what ultimately determine it's value. We may use the market (ediit: currency exchanges) as a reference, but it does not determine the value. given this we can say that Bitcoins are representations of physical property. Very similar to stocks, bonds, commodities, and even fiat currency.