The Phaserl


‘Tokyo, We Have a Problem.’ Bitcoin’s Fatal Flaw?

from The Daily Bell:

[U]nder the United States’ UCC code (uniform commercial code) as long as bitcoins are treated as general intangibles, no high value investor can be sure that an angry Tony Soprano won’t show up one day to claim that the bitcoins they thought they received in a completely unencumbered manner are actually his. – FT Alphaville 

Bitcoin, the cryptocurrency allegedly invented by one “Satoshi Nakamoto,” is starting to gain some traction. Some top online merchants now accept bitcoin as payment, banks are learning how to process payments and the Winklevoss twins plan to launch a fully licensed and legitimate exchange called Gemini.

Will all this progress come to a grinding halt? It could, if a lawyer named George K. Fogg, Esq. is right. The problem lies in contract law. As a legal matter in the United States, bitcoin is not a currency. Bitcoin is property. It’s not physical property, but neither is an e-book you buy from Both are property that can be “encumbered.”

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1 comment to ‘Tokyo, We Have a Problem.’ Bitcoin’s Fatal Flaw?

  • Lawrence

    What a JOKE, how can one say the Dollar is ANY better than BitCoin when in FACT it is a DEBT Based Currency that will NEVER or CAN be repaid. Ask yourself which PONZI scheme is better? I still think it is a GREAT Idea to hold at least a few BitCoins in Cold Storage and see how things are in time.

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