3. NOTHING ILLEGAL HAPPENED. An IRREVERSABLE TRANSACTION happened with a transfer of DATA that holds NO VALUE from wallet to wallet. I can have 1 million BTC in my wallet and they are NOT WORTH ANYTHING until I TRADE THEM to an exchange, which THEN recognizes the data as currency. Still does not make it LEGAL currency.
4. The BTC did not gain it's value until they were SOLD. AFTER THE TRANSFER. The transfer from Patrick to BenDavis of 511 BTC indeed, held no value. Value comes when you take the data to an exchange. Hopefully NOT intersango. They obviously do not know how to manage an Exchange.
hmmmm, I'm curious about this. Can anyone acknowledge or confirm the validity of this statement?
Its true, now give me all your worthless bitcoins.
Of course its not true...but thats not the point so its not worth answering. The social contract injury here was wrongful disposition/conversion. It doesnt matter if the coins are worthless, he still committed theft. What people really care about is the respect of personal private property.
This guy was allowed to be a customer and he knew d**n well by signing up what social contract he was getting into.