Prologue: The recent confusion in comments I’ve seen about legal property rights and cryptocurrency forks, led me to write this post. This post has some passing relationship to my previous post on [Blockchain Consensus](https://steemit.com/cryptocurrency/@blocktrades/the-fundamental-underpinning-of-blockchain-consensus ), but I’ve focused this post on the legal implications rather than the social ones, and I’m also writing this more for the general reader rather than for cryptocurrency people (but it still assumes some small knowledge of cryptocurrency). # How does a cryptocurrency get started? Before I talk about the primary legal basis for cryptocurrency forks, I need to cover a little basic background about how and why cryptocurrency networks exist. A new cryptocurrency is born when someone writes some software that defines the rules for that cryptocurrency, and then one or more people decide to run that software on their computers. For most cryptocurrencies, the people running this software do this on an entirely voluntary basis: they sign no contracts to run the software. The cryptocurrency software is generally open-source licensed by the developers so that anyone is allowed to run it and that anyone can modify the software as they like and run their own modified form of the software. # Why does a cryptocurrency coin have value? In most cases, a cryptocurrency coin only has value because people decide to agree it has value (by being willing to exchange it for other goods). In such cases, the price of the coin rises and falls relative to other goods purely based on people’s sentiment about the coin. There are exceptional cases, however, such as when a corporate entity will legally back a coin’s value by promising to allow the coin to be exchanged for some fixed good at any time, but these types of cryptocurrency are much less common. At first, all the above may seem really strange. Based on what I’ve said above, you would be right in concluding that anyone can potentially create their own cryptocurrency, create as much of it as they like, convince people it has value, then use that newly minted cryptocurrency to buy food, land, etc. This is exactly what happens whenever a new cryptocurrency is created. But the trick is to convince people that the newly created currency has some value. You either have to have a lot of charisma, or your cryptocurrency has to offer some utility (some capability) that wasn’t available from the existing currencies (having both charisma and a coin with utility helps even more). # What is a cryptocurrency fork? A cryptocurrency fork results when someone decides to take an existing cryptocurrency software, modify the rules of the cryptocurrency, then convince other people to run that modified software. In fact, technically speaking you don’t even need to convince someone else to run the software you’ve modified in order to create a fork: you can just run it on your own computer. But as mentioned in the previous section, the value of a coin depends on what value people decide it has, so if you’re the only one running the software, fewer people are likely to decide it has value. As a side note, forks happen all the time in the cryptocurrency ecosystem. They can happen because people are unhappy with the distribution of the coins, because of some perceived technical weakness of the existing coin (for example, it takes too long to send it), or just because someone decides they have enough charisma to get people to value a new coin which will make the new coin creator rich (there’s actually a technical term for this in cryptocurrency: shitcoin). In fact, there’s a reasonable size group of people that believe that only bitcoin has value, and all other coins are just “shitcoins” created to enrich greedy coin creators. # The legal basis of a cryptocurrency fork Ok, with the background information out of the way, lets move on to analyze the legal basis for someone to operate a fork (a modified version) of an existing cryptocurrency network. In practice, forks happen all the time, but are they legal? Given the legal climate in the US, it is worth making a few short disclaimers at this point: I am a not a lawyer, and this is not legal advice: it is purely my opinion developed over time, and based on my understanding of US law combined with an expert understanding of cryptocurrency software. For the sake of this post, I’m only going to address US law, primarily because I know it better than the laws of other countries. Even if I don’t directly say it every time hereafter, all the legal analysis that follows should be assumed to be with regard to US law. As a first point, it is legal to run cryptocurrency software on your computer that operates as a node in a cryptocurrency network in the US. I’m not going to go into any more depth on this issue, since it’s well established elsewhere. # The key issue around cryptocurrency forks is software licensing But the next question that emerges is, can someone run a modified form of a cryptocurrency software (i.e. a cryptocurrency fork) on their computer? To legally do so, the computer operator must clear several legal hurdles: 1) did the original creator of the software license the software in such a way that the computer operator can run a modified copy and 2) did the computer operator enter into any contract that prevents him from running a modified copy. For most cryptocurrency software, both these hurdles are easily cleared and forks pose no legal problems. Most cryptocurrency software is licensed by the creators in such a way that anyone can run the software, either in it’s original form or in a modified form. And most computer operators will not have signed a contract that enforces they run a particular form of the software. In fact, most computer operators that run cryptocurrency software do so on an entirely voluntary manner, without contractual obligations of any kind. Also note that even if some computer operators do sign a contract to not run a modified form of the software, this isn’t likely to stop a fork of the software if the software license itself doesn’t explicitly forbid forking: there’s always other computer operators who haven’t signed any contract that can run a modified form, in that case. # But what about property rights and harm to property holders from a fork? One claim I’ve seen recently is that someone who creates a fork that doesn’t include another user’s stake has infringed on that other user’s property rights and is therefore liable for harming that other user. But, in my opinion, this is a flawed analysis due to a basic misunderstanding of cryptocurrency operation and/or the value of cryptocurrency itself. If someone creates a fork that doesn’t contain a user’s stake from a previous fork of the software, the user who “lost” his stake can simply start another version of the software on his own computer that still has his stake (he creates a fork where his stake still counts) and optionally convince others to run his version that has his stake, instead of the fork that doesn’t have his stake. Even if the person running the fork was previously running a different version of the software that recognized the user’s stake, he has no liability for running the new software, assuming he is under no contractual obligations that prevent it: any benefits that users derived from his voluntary operation of a previous version that don’t exist with the new version were simply “freebies”. As a non-cryptocurrency example of this, consider the case where you used a voluntarily-operated social media site where you got reputation points for answering questions. If the social media operator decides to close down or just eliminate the point system, you lose all your points. But if the operator had no contractual obligations to you, then it was a just a free benefit, that you’ve now lost. But compared to the social media example above, cryptocurrency has a nice advantage due to it’s distributed nature: unlike in the social media site case, the software and data will generally still be available for a while on someone’s computer, so that you (and others) still have the option of running the software on your own computers, regardless of what the old operator does with his computer. In the above scenario, there are now two cryptocurrency forks running on separate computer networks. In this case, both coins may or may not have value: it solely depends on whether other people are willing to accept the coins from either network in exchange for other goods. This is one of the really interesting things about cryptocurrency: valuations are set purely by the users, and this means that people are able to voluntarily decide what currency has value and what people they want to associate with via the mechanism of cryptocurrency exchange. # Beyond the legal realm At this point, I’ve addressed all the legal issues surrounding a fork that I can think of right now. But the above scenario of two forks operating simultaneously with differing stakes may leave you wondering about why people might choose to accept one or the other fork as the one they want to operate on. I thought about addressing some reasons at the end of this post, but after some thought, I’ve decided to leave it to a separate post tomorrow, to keep separate the comments on two fundamentally separate issues.
post_id | 84,746,723 |
---|---|
author | blocktrades |
permlink | the-legal-basis-of-cryptocurrency-forks |
category | cryptocurrency |
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created | 2020-02-26 16:12:09 |
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freedomexists | 0 | 1,596,762,984 | 100% | ||
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martie7 | 0 | 78,838,431,987 | 100% | ||
bargolis | 0 | 1,989,355,793 | 15% | ||
valued-customer | 0 | 12,426,901,172 | 25% | ||
followbtcnews | 0 | 708,678,012,865 | 100% | ||
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drag33 | 0 | 195,028,024,465 | 100% | ||
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fredrikaa | 0 | 2,283,359,058,876 | 100% | ||
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mdosev | 0 | 8,042,158,482 | 33% | ||
idas4you | 0 | 7,148,042,470 | 15% | ||
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hellvetica | 0 | 106,743,922 | 100% | ||
hannesl | 0 | 8,026,808,225 | 15% | ||
darsn | 0 | 150,552,187 | 100% | ||
synergy-now | 0 | 15,499,624,659 | 100% | ||
steemflower | 0 | 123,091,845,483 | 70% | ||
hotbit | 0 | 12,038,848,683 | 100% | ||
galorum | 0 | 4,328,071,022 | 100% | ||
globetrottergcc | 0 | 4,731,981,148 | 15% | ||
planetauto | 0 | 94,302,362,199 | 100% | ||
spacesheep | 0 | 4,601,458,111 | 100% | ||
mrjamesbond | 0 | 557,015,724 | 100% | ||
zdamna100ogebio | 0 | 150,561,130 | 100% | ||
backtomining | 0 | 4,767,697,067 | 6% | ||
petrolinivideo | 0 | 5,868,934,261 | 50% | ||
phoenixwren | 0 | 69,337,975,222 | 100% | ||
lauch3d | 0 | 17,494,597,275 | 100% | ||
feelx | 0 | 3,383,369,676 | 100% | ||
arabisouri | 0 | 65,296,580,915 | 100% | ||
faisalamin | 0 | 26,578,046,160 | 100% | ||
cryptotradingfr | 0 | 5,119,476,121 | 10% | ||
blockbrothers | 0 | 71,698,547,688 | 2.5% | ||
jexus77 | 0 | 955,573,405 | 100% | ||
imisstheoldkanye | 0 | 82,796,240 | 1% | ||
postpromoter | 0 | 2,516,141,859,238 | 40% | ||
mpraveen | 0 | 50,810,459,971 | 100% | ||
mtl1979 | 0 | 853,165,206 | 100% | ||
zekepickleman | 0 | 48,132,517,980 | 50% | ||
bobinson | 0 | 122,861,972,897 | 100% | ||
rafpokmac | 0 | 3,645,376,129 | 100% | ||
frankcapital | 0 | 2,774,686,150 | 100% | ||
zouxx | 0 | 0 | 1% | ||
mzuami | 0 | 541,213,156 | 100% | ||
sagarthukral | 0 | 5,855,317,943 | 15% | ||
thejoyteen | 0 | 109,963,374 | 10% | ||
smartsteem | 0 | 2,937,213,295,255 | 15% | ||
jose9955 | 0 | 688,052,789 | 100% | ||
siambull | 0 | -618,247,259 | -100% | ||
shaotech | 0 | 650,076,420 | 100% | ||
travoved | 0 | 38,360,834,736 | 85% | ||
crystal.blue | 0 | 596,052,633 | 100% | ||
sarakey | 0 | 2,707,053,400 | 100% | ||
robertomarinello | 0 | 4,179,711,442 | 15% | ||
yogajill | 0 | 129,513,477,440 | 100% | ||
wallacecarranza | 0 | 603,312,707 | 100% | ||
steeminer4up | 0 | 3,617,495,745 | 100% | ||
chintya | 0 | 602,775,985 | 25% | ||
ocupation | 0 | 71,606,358,166 | 31% | ||
peeterxnjoroge | 0 | 891,993,805 | 100% | ||
percygeorge | 0 | 3,005,094,331 | 50% | ||
b00m | 0 | 118,208,996,991 | 44% | ||
cloris | 0 | 1,109,904,187 | 100% | ||
itchyfeetdonica | 0 | 149,162,595,654 | 25% | ||
bebeomega | 0 | 447,893,008 | 15% | ||
nathen007 | 0 | 60,367,625,176 | 100% | ||
funtraveller | 0 | 6,353,995,017 | 1% | ||
syllem | 0 | 23,605,522,690 | 100% | ||
geekpowered | 0 | 58,795,873,691 | 100% | ||
zainejj | 0 | 548,640,860 | 15% | ||
smooms | 0 | 19,929,229,597 | 15% | ||
pequef | 0 | 2,236,742,776 | 100% | ||
spiritabsolute | 0 | 18,090,514,910 | 100% | ||
rombtc | 0 | 922,236,854 | 10.5% | ||
dmwh | 0 | 28,719,878,128 | 32% | ||
zipsardinia | 0 | 3,607,662,331 | 15% | ||
fourfourfun | 0 | 1,312,980,535 | 5.28% | ||
leynedayana | 0 | 605,003,405 | 100% | ||
blue.panda | 0 | 1,086,761,639 | 20% | ||
abitcoinskeptic | 0 | 106,176,037,448 | 15% | ||
lord-geraldi | 0 | 6,371,118,874 | 100% | ||
bestbroplayer | 0 | 36,538,982,221 | 100% | ||
thedrewshow | 0 | 634,107,321 | 100% | ||
alexanderfluke | 0 | 69,298,140,087 | 15% | ||
bossel | 0 | 50,077,017,872 | 100% | ||
adityajainxds | 0 | 18,577,255,723 | 100% | ||
mstafford | 0 | 190,541,238,481 | 100% | ||
spiritualmax | 0 | 2,664,951,720 | 15% | ||
gems.and.cookies | 0 | 9,576,182,850 | 100% | ||
jollyjaper | 0 | 582,984,415 | 100% | ||
bengy | 0 | 713,309,987 | 0.67% | ||
smartmarket | 0 | 69,451,728,035 | 15% | ||
maxx4137 | 0 | 13,666,460 | 100% | ||
roneyim | 0 | 1,551,250,629 | 100% | ||
unnatt | 0 | 550,656,369 | 100% | ||
portugalcoin | 0 | 23,102,912,360 | 15% | ||
vmirag | 0 | 8,947,358,867 | 100% | ||
nathansenn | 0 | 469,009,035,482 | 100% | ||
errajesh | 0 | 4,581,199,916 | 15% | ||
vaansteam | 0 | 133,544,071,019 | 30% | ||
nadiasilver3 | 0 | 0 | 10% | ||
conormingregor | 0 | 7,294,882,345 | 100% | ||
gandalfthewhite | 0 | 833,771,214 | 100% | ||
eyemon1 | 0 | 341,808,705 | 100% | ||
tobias-g | 0 | 151,584,325,388 | 34% | ||
cristinealimasac | 0 | 210,706,036,816 | 100% | ||
didic | 0 | 13,103,738,766 | 20% | ||
glenalbrethsen | 0 | 155,909,730,095 | 35% | ||
nedy | 0 | 9,667,475,462 | 15% | ||
isleofwrite | 0 | 1,281,893,570 | 20% | ||
cadawg | 0 | 38,733,793,233 | 10.5% | ||
yhoh | 0 | 52,670,487,921 | 100% | ||
wwwfernand | 0 | 63,939,313 | 100% | ||
eremus | 0 | 306,605,226 | 100% | ||
hasenmann | 0 | 16,490,340,113 | 100% | ||
flugschwein | 0 | 14,218,581,748 | 100% | ||
cyprianj | 0 | 8,947,323,230 | 100% | ||
cst90 | 0 | 15,734,449,253 | 100% | ||
aditus | 0 | 471,098,586 | 100% | ||
alexandersteemit | 0 | 7,310,336,112 | 15% | ||
layra | 0 | 4,977,023,013 | 15% | ||
llfarms | 0 | 2,099,374,360 | 64% | ||
forester-joe | 0 | 9,393,991,918 | 20% | ||
disguarpe | 0 | 7,213,626,622 | 100% | ||
weidmann | 0 | 869,438,424 | 100% | ||
cryptictruth | 0 | 61,397,795,294 | 100% | ||
jagoe | 0 | 10,948,373,111 | 24% | ||
up-vote | 0 | 521,941,141 | 100% | ||
homeginkit | 0 | 200,985,028,839 | 100% | ||
btccurrency1 | 0 | 79,294,647 | 100% | ||
bitstreamgains | 0 | 70,127,839 | 20% | ||
taifkhan | 0 | 1,739,073,172 | 100% | ||
emmanuel293 | 0 | 102,849,166 | 25% | ||
cryptofuwealth | 0 | 77,548,855 | 11% | ||
maxocoin | 0 | 76,532,650 | 100% | ||
richatvns | 0 | 2,341,857,656 | 0.5% | ||
pr0t0type98 | 0 | 99,169,178 | 25% | ||
msena | 0 | 1,729,519,964 | 100% | ||
afmeulaboh | 0 | 774,945,289 | 100% | ||
rikaz87 | 0 | 5,697,258,875 | 100% | ||
riskiakbar | 0 | 589,238,093 | 100% | ||
mrbloom | 0 | 0 | 100% | ||
mohsen63 | 0 | 2,704,816,902 | 100% | ||
lifetoday | 0 | 380,885,425 | 100% | ||
yashny | 0 | 26,171,684,760 | 100% | ||
theophile.roos | 0 | 1,283,101,050 | 50% | ||
lordjames | 0 | 11,273,762,135 | 7.5% | ||
kyuubi | 0 | 18,455,668,363 | 15% | ||
sathyasankar | 0 | 381,542,743,751 | 100% | ||
sunshinebear | 0 | 872,421,050 | 50% | ||
spe3dy123 | 0 | 117,836,510 | 15% | ||
beleg | 0 | 3,365,042,236 | 7.51% | ||
marcus0alameda | 0 | 24,714,202,100 | 100% | ||
tiababi | 0 | 606,211,762 | 100% | ||
burung | 0 | 559,151,551 | 100% | ||
bestboom | 0 | 116,231,527,102 | 15% | ||
adamada | 0 | 10,304,863,055 | 25% | ||
sekhet | 0 | 724,211,244 | 100% | ||
schreiblust | 0 | 33,110,909,870 | 100% | ||
jkramer | 0 | 631,075,901,445 | 100% | ||
ivansnz | 0 | 316,606,641,284 | 100% | ||
prinzy | 0 | 491,330,071 | 100% | ||
jonatftforest | 0 | 6,393,752,074 | 100% | ||
ahmetsimsek | 0 | 133,920,336 | 100% | ||
wolfhart | 0 | 16,258,470,092 | 40% | ||
trockenesemmel | 0 | 568,181,402 | 100% | ||
dchadney | 0 | 545,364,922 | 100% | ||
orkin420 | 0 | 4,633,069,539 | 100% | ||
essteem | 0 | 835,687,042 | 100% | ||
phasewalker | 0 | 106,929,064 | 1% | ||
lifeinacanvas | 0 | 5,859,227,080 | 100% | ||
fcbarcelonafans | 0 | 1,075,573,010 | 100% | ||
xchng | 0 | 12,499,724,423 | 100% | ||
gifty-e | 0 | 800,374,418 | 100% | ||
mysupport | 0 | 115,546,353,522 | 100% | ||
michellpiala | 0 | 1,358,807,159 | 50% | ||
hiddenblade | 0 | 222,495,836,139 | 100% | ||
esteem77 | 0 | 559,576,386 | 100% | ||
flyinghigher | 0 | 45,760,211,720 | 100% | ||
biochem | 0 | 3,649,874,113 | 100% | ||
kendallron | 0 | 621,245,951 | 30% | ||
powerguy | 0 | 249,863,399,118 | 30% | ||
ajlight | 0 | 3,999,174,831 | 100% | ||
fachod | 0 | 541,180,469 | 100% | ||
zakaria14 | 0 | 545,321,113 | 100% | ||
ikbalrizki | 0 | 575,679,688 | 100% | ||
andreasgrubhofer | 0 | 12,342,516,759 | 10% | ||
steamsteem | 0 | 254,720,656,776 | 100% | ||
varrazirizqi | 0 | 555,352,750 | 100% | ||
srijana-gurung | 0 | 5,591,039,990 | 15% | ||
bitterchocolate | 0 | 551,340,512 | 100% | ||
pcsg-dev | 0 | 56,514,125,815 | 100% | ||
zdamna100egebio | 0 | 149,217,446 | 100% | ||
mrlugo | 0 | 550,623,066 | 100% | ||
promobot | 0 | 195,707,227,613 | 21.12% | ||
solominer | 0 | 340,270,303,317 | 26% | ||
zapzap | 0 | 3,046,345,323 | 15% | ||
seredina | 0 | 150,798,114 | 100% | ||
probaperra | 0 | 311,545,245 | 100% | ||
romeskie | 0 | 7,570,401,169 | 25% | ||
jancharlest | 0 | 38,022,571,528 | 100% | ||
indayclara | 0 | 602,142,993 | 15% | ||
atanas007 | 0 | 8,601,909,296 | 100% | ||
xorimaxo | 0 | 312,802,514 | 100% | ||
crystalhuman | 0 | 4,080,922,499 | 40% | ||
meedo | 0 | 2,357,326,675 | 100% | ||
spreadfire1 | 0 | 12,741,889,142 | 15% | ||
minerthreat | 0 | 52,586,669,145 | 15% | ||
davidesimoncini | 0 | 2,240,531,892 | 10% | ||
enforcer48 | 0 | 60,716,047,608 | 15% | ||
and2300 | 0 | 512,391,769 | 100% | ||
nervniymen | 0 | 150,483,569 | 100% | ||
xiguang | 0 | 440,419,951,625 | 30% | ||
ferryfansuri | 0 | 745,124,970 | 100% | ||
famigliacurione | 0 | 1,970,655,629 | 11.7% | ||
orange777 | 0 | 149,877,775 | 100% | ||
steddyman | 0 | 8,151,181,370 | 100% | ||
stay4true | 0 | 177,135,708 | 15% | ||
luminaryhmo | 0 | 574,791,595 | 100% | ||
thebryan | 0 | 674,177,163 | 100% | ||
sky.nikolas20 | 0 | 2,416,331,747 | 15% | ||
nodz | 0 | 542,280,031 | 100% | ||
sniper555 | 0 | 24,533,112,540 | 100% | ||
rsmartt777 | 0 | 187,789,015 | 90% | ||
alamin33 | 0 | 8,369,114,256 | 47% | ||
elmundodexao | 0 | 8,950,885,219 | 100% | ||
sbi5 | 0 | 342,984,830,515 | 41.07% | ||
yougotavote | 0 | 882,303,108 | 24% | ||
aminealaoui | 0 | 82,215,190,738 | 100% | ||
jerickjabien | 0 | 543,913,488 | 100% | ||
apshamilton | 0 | 214,176,560,263 | 100% | ||
rositasilvia | 0 | 542,113,229 | 100% | ||
davidgeproject | 0 | 550,493,748 | 100% | ||
smoj | 0 | 540,072,842 | 100% | ||
daysiselena | 0 | 16,491,273,132 | 100% | ||
roger5120 | 0 | 176,846,072,185 | 33% | ||
kafupraise | 0 | 103,744,540 | 36% | ||
montycashmusic | 0 | 0 | 100% | ||
nadersharapy | 0 | 541,085,947 | 100% | ||
fabrik | 0 | 4,319,669,997 | 100% | ||
gnomed0 | 0 | 3,020,878,977 | 100% | ||
mrnightmare89 | 0 | 651,069,739 | 1.5% | ||
accountsale | 0 | 757,701,643,597 | 100% | ||
yomismosoy | 0 | 239,377,637 | 24% | ||
ocdb | 0 | 30,827,673,235,998 | 40% | ||
filterfield | 0 | 333,182,101 | 100% | ||
richestroomba | 0 | 44,925,946 | 100% | ||
zaibkang | 0 | 361,782,694 | 1% | ||
mastersa | 0 | 3,635,604,508 | 55% | ||
xmrking | 0 | 5,168,501,099 | 15% | ||
ikibaru-san | 0 | 640,149,731 | 100% | ||
khairuzzaman | 0 | 257,730,337 | 50% | ||
sonder-an | 0 | 690,223,433 | 100% | ||
bestofph | 0 | 5,904,694,998 | 30% | ||
digi-me | 0 | 37,507,625,449 | 100% | ||
hamismsf | 0 | 134,619,695,607 | 25% | ||
drinkyouroj | 0 | 1,016,734,306 | 15% | ||
jcbit | 0 | 219,119,885,586 | 15% | ||
fandelkefir | 0 | 6,640,980,451 | 100% | ||
signus | 0 | 541,068,704 | 100% | ||
arrr | 0 | 7,013,491,993 | 100% | ||
clyde.ericson | 0 | 574,837,940 | 100% | ||
arrixion | 0 | 214,518,203 | 100% | ||
goumao | 0 | 84,171,805,702 | 100% | ||
santoninoatocha | 0 | 770,965,599 | 100% | ||
flaws | 0 | 37,181,874,802 | 100% | ||
znehnawalis | 0 | 580,223,460 | 100% | ||
jidgabol | 0 | 494,147,527 | 100% | ||
julian2013 | 0 | 13,358,040,709 | 3.37% | ||
dlike | 0 | 195,487,793,438 | 2.65% | ||
triptolemus | 0 | 60,007,279,869 | 15% | ||
adafnnys | 0 | 683,604,241 | 100% | ||
thefauceteer | 0 | 616,018,201 | 100% | ||
voxmortis | 0 | 238,703,293,095 | 20% | ||
jarielomaa | 0 | 772,268,785 | 100% | ||
ancient-light | 0 | 17,205,721,194 | 100% | ||
mavic2015 | 0 | 1,582,967,201 | 100% | ||
ijar85 | 0 | 157,295,043 | 100% | ||
altonos | 0 | 3,962,227,466 | 20% | ||
torrey.blog | 0 | 104,710,924,480 | 100% | ||
asforex | 0 | 543,386,912 | 100% | ||
chike4545 | 0 | 576,388,600 | 100% | ||
chrisrice | 0 | 392,696,693,557 | 100% | ||
emaferice | 0 | 11,461,449,217 | 100% | ||
drfk | 0 | 1,259,562,467 | 1% | ||
laissez-faire | 0 | 99,221,740 | 100% | ||
alucian | 0 | 163,664,122,542 | 100% | ||
zaclucasrice | 0 | 15,741,237,468 | 100% | ||
steemwhalepower | 0 | 823,557,156 | 100% | ||
mister-meeseeks | 0 | 12,183,780,422 | 25% | ||
boykeren | 0 | 75,059,405 | 100% | ||
perfspots | 0 | 4,469,901,144 | 100% | ||
bonadicta | 0 | 149,878,727 | 100% | ||
jacobpeacock | 0 | 4,273,720,557 | 100% | ||
steemjetmedia | 0 | 50,205,876,505 | 15% | ||
elsaenroute | 0 | 19,431,260,496 | 100% | ||
pedrohmc23 | 0 | 567,927,798 | 100% | ||
brianoflondon | 0 | 312,578,595,923 | 100% | ||
soundandvision | 0 | 9,659,643,366 | 100% | ||
colecornell | 0 | 633,775,020 | 15% | ||
davescustommedia | 0 | 5,257,272,292 | 100% | ||
olatunjipaul | 0 | 541,984,881 | 100% | ||
wil.metcalfe | 0 | 27,155,368,089 | 100% | ||
actnearn | 0 | 3,339,177,690,171 | 100% | ||
cremisi | 0 | 1,810,240,916 | 100% | ||
m85 | 0 | 63,846,202 | 100% | ||
carbodexkim | 0 | 2,457,238,394 | 100% | ||
canon12 | 0 | 8,029,955,959 | 100% | ||
michealb | 0 | 2,246,067,502,473 | 24% | ||
new-steemit | 0 | 8,469,718,886 | 15% | ||
sterzi | 0 | 538,222,548 | 100% | ||
glastar | 0 | 189,799,224,625 | 50% | ||
keket | 0 | 671,207,880 | 50% | ||
francescomai | 0 | 9,663,412,064 | 100% | ||
crypt0renegade | 0 | 15,887,659,833 | 15% | ||
jpbliberty | 0 | 148,173,330,785 | 25% | ||
equipodelta | 0 | 38,107,455,656 | 100% | ||
atempt | 0 | -4,305,735,502 | -100% | ||
lllll1ll | 0 | 1,754,095,328 | 100% | ||
steemtank | 0 | 9,504,222,249 | 15% | ||
carrycarrie | 0 | 978,503,989 | 100% | ||
honeygirl | 0 | 697,289,012 | 100% | ||
permaculturedude | 0 | 2,864,244,007 | 7.5% | ||
wolfinator | 0 | 3,724,967,933 | 15% | ||
whiterosecoffee | 0 | 3,011,654,416 | 10% | ||
cooing | 0 | 1,140,879,871 | 100% | ||
circa | 0 | 336,169,601,510 | 100% | ||
lallo | 0 | 10,697,098,966 | 100% | ||
ctime | 0 | 209,358,447,807 | 2% | ||
jamesbattler | 0 | 129,488,328,254 | 100% | ||
broxi | 0 | 3,338,978,909 | 50% | ||
darrenfj | 0 | 38,400,415,232 | 25% | ||
andresurrego | 0 | 7,067,582,015 | 15% | ||
rubendario09 | 0 | 146,516,617 | 100% | ||
macvecino | 0 | 574,747,357 | 100% | ||
ava77 | 0 | 10,344,874,970 | 100% | ||
steemdapps | 0 | 13,688,197,709 | 15% | ||
electrodo | 0 | 284,834,737,797 | 70% | ||
simply-happy | 0 | 6,268,886,751 | 13.5% | ||
hungryharish | 0 | 5,668,310,393 | 100% | ||
blakemag | 0 | 6,668,475,460 | 100% | ||
vmiranda | 0 | 148,425,835 | 100% | ||
witcher73 | 0 | 980,605,102 | 100% | ||
aaronkroeblinger | 0 | 4,755,105,296 | 15% | ||
androshchuk | 0 | 192,501,975 | 50% | ||
esteemador | 0 | 659,827,739 | 100% | ||
german.news | 0 | 1,322,244,680 | 10% | ||
bitcoinator | 0 | 3,223,205,970 | 100% | ||
hungryanu | 0 | 2,206,364,463 | 50% | ||
gruntprime | 0 | 2,572,360,393 | 100% | ||
issymarie | 0 | 10,057,769,139 | 100% | ||
hungerstream | 0 | 794,775,585 | 50% | ||
epicdice | 0 | 99,390,000,895 | 4.5% | ||
herminiaharbo | 0 | 650,961,562 | 100% | ||
render-obsolete | 0 | 20,344,501,272 | 100% | ||
emafe | 0 | 14,748,750,405 | 100% | ||
leedsunited | 0 | 5,721,188,725 | 100% | ||
gulf41 | 0 | 2,143,764,461 | 50% | ||
pixaroma | 0 | 33,822,820,482 | 100% | ||
karamazov00 | 0 | 3,090,669,957 | 100% | ||
zulfikary | 0 | 11,131,759,486 | 100% | ||
abello | 0 | 10,562,400,850 | 100% | ||
gruntalpha | 0 | 2,407,934,860 | 100% | ||
gruntbeta | 0 | 2,378,037,050 | 100% | ||
likwid | 0 | 6,986,590,260,010 | 21.12% | ||
steem-ph | 0 | 230,566,468,202 | 100% | ||
steemvpn | 0 | 23,089,957,700 | 100% | ||
chrisrice.blog | 0 | 2,606,008,210 | 100% | ||
grunt | 0 | 2,410,230,000 | 100% | ||
gruntomega | 0 | 2,353,532,082 | 100% | ||
victartex | 0 | 1,504,722,454 | 20% | ||
akiroq | 0 | 260,806,623,162 | 100% | ||
leighscotford | 0 | 1,504,002,628 | 4% | ||
simplyawesome | 0 | 541,196,091 | 100% | ||
tggr | 0 | 78,218,269,469 | 100% | ||
justineh | 0 | 908,701,564,567 | 64% | ||
fennestral | 0 | 1,084,282,863,688 | 100% | ||
renz.rubio | 0 | 3,305,467,355 | 100% | ||
borracho | 0 | 2,636,766,790 | 70% | ||
omogold | 0 | 540,498,341 | 100% | ||
steemindian | 0 | 22,658,925,086 | 100% | ||
tubecollector | 0 | 42,702,732,421 | 100% | ||
cinefilm | 0 | 372,713,089,910 | 100% | ||
fsm-liquid | 0 | 13,210,631,886 | 5% | ||
budwizard | 0 | 10,349,055 | 1% | ||
golden.future | 0 | 6,727,232,608 | 7% | ||
denisdenis | 0 | 1,159,509,579 | 100% | ||
anthos | 0 | 344,074,416 | 1% | ||
the.circle | 0 | 10,207,065,328 | 37.5% | ||
jakiro12 | 0 | 1,398,548,318 | 100% | ||
afza | 0 | 5,225,295,779 | 100% | ||
moneymisstress | 0 | 47,328,883,787 | 100% | ||
avina-celeste | 0 | 3,661,591,570 | 100% | ||
triplea.bot | 0 | 1,566,507,945 | 5% | ||
firealien | 0 | -51,719,400,120 | -100% | ||
steem.leo | 0 | 425,479,959,022 | 14.25% | ||
chrono.leo | 0 | 114,137,605 | 20% | ||
onecent | 0 | 4,608,575,681 | 70% | ||
votebetting | 0 | 1,597,189,136,245 | 100% | ||
freddio.sport | 0 | 37,194,762,160 | 15% | ||
zaku-pal | 0 | 543,670,900 | 15% | ||
babytarazkp | 0 | 4,010,990,116 | 50% | ||
mapxv | 0 | 87,629,997,954 | 10.8% | ||
gillianlien | 0 | 19,505,422,684 | 100% | ||
wira8788 | 0 | 7,697,109,704 | 40% | ||
the.lazy.panda | 0 | 1,570,636,095 | 20% | ||
logiczombie | 0 | 349,469,466 | 1% | ||
leo.syndication | 0 | 7,234,138,213 | 15% | ||
team-agfacademy | 0 | 483,296,313 | 100% | ||
firealiean | 0 | -53,819,304,902 | -100% | ||
tggr.trb | 0 | 903,894,515 | 50% | ||
one.life | 0 | 153,613,967,894 | 14.97% | ||
janaveda | 0 | 36,316,794,378 | 100% | ||
maxuva | 0 | 9,982,859,143 | 13.5% | ||
maxuvb | 0 | 6,598,048,425 | 13.5% | ||
maxuvc | 0 | 6,645,709,013 | 13.5% | ||
maxuvd | 0 | 10,009,307,977 | 13.5% | ||
maxuve | 0 | 48,391,491,586 | 10.8% | ||
usveteran | 0 | 4,490,816,600 | 100% | ||
trust187 | 0 | 13,963,471,313 | 15% | ||
hizen | 0 | 8,344,034,810 | 100% | ||
good02 | 0 | 143,164,500 | 98% | ||
meoweo | 0 | 3,986,611,819 | 18% | ||
sugarbun | 0 | 4,374,739,245 | 100% | ||
sqljoker | 0 | 29,698,383 | 2% | ||
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pro.msibi | 0 | 32,796,664 | 15% | ||
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ackerman77 | 0 | 11,979,059,003 | 100% | ||
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rotfl | 0 | 3,428,052,801 | 100% | ||
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rominapiris | 0 | 1,100,768,396 | 100% | ||
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bpcvoter3 | 0 | 107,079,783 | 25% | ||
steemonboarder | 0 | 21,655,993,712 | 27% | ||
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journeyofanomad | 0 | 3,309,397,428 | 40% | ||
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it2 | 0 | 211,815,300 | 50% | ||
dollarbills | 0 | 64,351,889,628 | 27% | ||
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shannonsalter334 | 0 | 0 | 100% | ||
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monopics | 0 | 0 | 100% | ||
techhype | 0 | 3,705,396,682 | 100% | ||
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leomoji | 0 | 130,508,571 | 100% | ||
aterragon | 0 | 86,906,760 | 100% | ||
hectorhugo | 0 | 538,385,192 | 100% | ||
darealtrutactics | 0 | 460,793,201 | 100% | ||
schlange | 0 | 1,458,600,578 | 100% | ||
ponciarello | 0 | 530,191,185 | 100% | ||
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kreur | 0 | 266,864,831 | 100% | ||
ronswanson92 | 0 | 0 | 100% | ||
doctorandroid | 0 | 544,772,167 | 100% | ||
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Thanks for analysis on the background on _fork_, _Cryptocurrency_ and also waiting for your _separate thought_ for tomorrow as well. Posted using [Partiko Android](https://partiko.app/referral/mattsanthonyit)
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Very well and deeply explained thanks for sharing this helpful information
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author | zaibkang | ||||||
permlink | re-blocktrades-2020226t213734931z | ||||||
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Forks are destabilizing, so it's kindof a last resort, but DPos minimizes the instances of forks by having governance. However, when governance fails, the coinholders are allowed to say "we need new leadership." Shareholders can't control who the forked shares are dropped on, so it's all about creating or joining the coalition that votes for the best governance. Risk is high, so most people just hold both or sell the forked coin immediately, but this means much higher potential gains for those who support the new fork. I personally think we need to fork Bitshares. The whole governance needs to be ousted, and I'd rather lose money short-term for long-term gains than let the Chinese and CEX's slowly bleed us dry.
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Good article. Are you very concerned about this affecting our investment?
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permlink | re-blocktrades-2020226t94145412z | ||||||
category | cryptocurrency | ||||||
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I'm going to address the economics of forks in a separate post (probably will publish tomorrow). For organizational purposes, I want to keep this post just on the discussion of legal issues around forks.
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---|---|---|---|---|---|
acidyo | 0 | 207,637,462,459 | 2% | ||
tarazkp | 0 | 271,559,061,370 | 10% | ||
slowgrow | 0 | -336,033,231 | -100% | ||
hashbrownhustla | 0 | 146,856,891 | 100% |
I am a newer of this argument. Thank you for your accurate analysis
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Nice analysis. Maybe an even better example instead of the social media reputation are MMPORGs. In those game very regularly there are items which can be exchanged for exorbitant amounts of real world money. However, it is not uncommon for the game operator to reduce the power of such an item in a patch rendering the item "useless". This doesn't give you any right to process the company either. In an open source game on a distribute ledger, at least, you could choose to continue running "the game" as it was. However, most players most likely will go to the new game instance where the rules favor the vast majority and not the minority that was using those overpowered items such that that "fork" of the game will not be worth much.
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voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
blocktrades | 0 | 1,317,220,236,466 | 1% | ||
arcange | 0 | 53,557,452,713 | 3% | ||
coininstant | 0 | -485,960,333,769 | -100% | ||
raphaelle | 0 | 1,346,518,678 | 3% | ||
heretickitten | 0 | 23,404,374,581 | 100% | ||
abh12345 | 0 | 160,236,227,595 | 10% | ||
lauch3d | 0 | 17,851,199,445 | 100% | ||
darrenfj | 0 | 37,709,436,114 | 25% |
Yes, that is a better example. I chose a social media site because it's something most everyone is familiar with if they use a computer nowadays, but for anyone who's played an MMPORG, your example brings home the point clearer.
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hashbrownhustla | 0 | 143,126,135 | 100% |
Above all, legal frameworks regarding cryptocurrency are either nonexistent or in their infancy. Attempts to apply existing legal conceptual frameworks to crypto are not going to be entirely successful. New ways of conceiving and languaging what currency is and what legal rights exist around creating, possessing, and transferring it are necessary. I like how simply you addressed the topic and want to point out this part for those still confused as to the legality of forking a chain: ><b>If someone creates a fork that doesn’t contain a user’s stake from a previous fork of the software, the user who “lost” his stake can simply start another version of the software on his own computer that still has his stake (he creates a fork where his stake still counts) and optionally convince others to run his version that has his stake, instead of the fork that doesn’t have his stake.</b> This is similar to "if you don't like how you are being governed, declare independence." Create your own sovereign nation-state. The difference is it is digital and there is effectively no limit to the amount of chains that can exist simultaneously. So applying old scarcity-based concepts of ownership of real-estate are not going to cut it when it comes to crypto real-estate. That being said, there is no way to stop people and governments from trying. They will continue to attempt to conceptualize what blockchain is in terms of what is known until the differences from traditional monetary forms come into clearer relief over the years heading into mass adoption. Looking forward to the second part you mentioned!
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blocktrades | 0 | 1,317,004,530,509 | 1% | ||
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>Above all, legal frameworks regarding cryptocurrency are either nonexistent or in their infancy. Attempts to apply existing legal conceptual frameworks to crypto are not going to be entirely successful. New ways of conceiving and languaging what currency is and what legal rights exist around creating, possessing, and transferring it are necessary. That is no longer in question here in the US, the federal chairman has already come out and defined that crypto currencies do in fact have value. They had to make that determination so people could move forward with lawsuits. https://www.sec.gov/news/testimony/testimony-virtual-currencies-oversight-role-us-securities-and-exchange-commission You do not have to be listed with the securities exchange to have your crypto treated the same as any other fiat.
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Having a distributed network accross the world makes enforcing laws difficult, as each country has different laws. So USA laws become irrelevant.
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I don't think this is true, because cryptocurrency nodes are run in given geographical locations, even if the entire network itself is spread across multiple countries. Hence, at minimum, the local laws apply to the individual computers (nodes) operating in particular countries, in my opinion. This doesn't make every node operator obliged to obey US law, but I think US law applies to people who operates nodes in the US, and I'm pretty sure on this point if they also reside in the US.
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I guess we can always rely on nationalism and countries thinking of their own self-interest, I doubt there can ever be a day when all nations could agree on something so yes nodes could be taken down in certain countries but as long its spread across as many locations. Now i'm wondering might be extreme but could nodes be run in international waters and how would that be governed?
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That's the beauty of p2p, if nodes go down in one location/country, the network remains functional elsewhere :)
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Not when the company sits on US soil.
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That's the company's problem, not the blockchain's.
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Hey, @blocktrades. I appreciate the analysis on the legalities of forking. I didn't know that some folks thought it was an issue, since it's happened elsewhere with varying degrees of success. I guess what I would be most interested in is knowing the legality of using a soft fork to effectively freeze, or however it should be phrased, the use of an account or accounts on an existing blockchain. Are there legal ramifications for that? What recourses does an account have in the event it happens to them? For me, that's far more front and center, and frankly, I don't know the answer when it comes to cryptocurrency. I wonder if there's even precedent for it, and if so, how that turned out. If it hasn't happened prior to what happened here on STEEM, what are things that could realistically be done to legally reclaim use, providing that whatever terms there might be for having the soft fork removed were not met?
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Hi Glen, I'm trying to answer that particular legal issue in this section of the post: "But what about property rights and harm to property holders from a fork?" As a specific issue, it has happened on Steem before. Steemit Inc create a fork (I think someone said recently it was HF9) that changed balances on accounts (actually on further reflection, I think they changed the keys on those accounts to keys owned by Steemit itself), after someone obtained the keys of many users due to a bug on the steemit.com web site and began moving the funds of those accounts to their own accounts.
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I read through that and did so again now. What I get from the section is, if an account is forked out, they can go ahead and try to run a version of the blockchain where they're not. re: HF9 I hadn't heard about that. There seemed to be a reluctance to do anything like that, even to obviously bad actors, in the time I've been here, other than starting to pull whatever initial delegation from the Steem account.
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https://steemit.com/hive-122108/@muzito08/2w4m12-information-is-among-the-reason-why-some-of-us-here-we-are-still-living
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*Took one for the team. I clicked the link, so you don't have to. Inside I found:* > For example if me now am and am alone in my room or anywhere but I don’t know how to press a phone and I call somebody for help it means am going to lose life due to lack of knowledge. #truth
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Very interesting.
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author | manic.calm | ||||||
permlink | re-blocktrades-2020226t10620908z | ||||||
category | cryptocurrency | ||||||
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This is a good explanation thanks. One thing that is still unclear to me and I would love to get clarification on in another post: what is the legal standing around coins that are considered securities and others that are not and how did it come about?
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That is an interesting and complex topic. I'll definitely consider making a post on it in the future, as it's an area I've had to become well acquainted with due to our company's business: specifically we try to avoid buying/selling any cryptocurrencies that may be a security due to SEC regulations and licensing requirements. This is the biggest limit on what tokens we can offer on our site.
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Thanks, I look forward to it!
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I can help you with that. A hoard of lawsuits started being filed against people who fraud-ed people using crypto's. In order for the people who were ripped off to be able to proceed in court for losses the federal chairman had to make a determination that crypto's held value, he determined that crypto's hold the same value as any other fiat. https://www.sec.gov/news/testimony/testimony-virtual-currencies-oversight-role-us-securities-and-exchange-commission
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Thank you. I have heard that older chains are exempt somehow?
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Strong article again 💪 it is a long way to voluntarism. The felt/experienced vulnerability of people probably comes from the problem, that users are passive and have no skills to scape and form the opensource-cryptolandscape except for using/not using a certain system. We need more UIs where people can create fork-proposals with the push of a few buttons.
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It's actually interesting you bring this up, as it is one issue I've been thinking about for a while: the imbalance of power in cryptocurrency that exists depending because of different levels of programming skills (and/or the money to hire a programmer). My initial thought was something similar to what you're mentioning, a single software system that could embrace something like forking. But that in turn led me to thoughts on a much more radical system with dramatically different economic underpinnings than current cryptocurrency systems. But it's a huge topic, and I plan to approach posting about it slowly, partly to bridge the gap between current economic thinking, and partly because some of my ideas about it are still unformed. I am planning to create a prototype of such a system that can be tweaked with time, as new ideas emerge. As an aside, I find it mildly humorous that the spellchecker for this site's editor doesn't recognize the word "cryptocurrency".
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I have understood the concept 'fork' very well. BTW, one personal question, is your stake ninja-mined too?
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It all depends on your definition of ninja-mined stake, I've seen several with time. I did learn about the mining quite early because the Steemit guys were working in my basement at the time, and after some slight hesitation, decided WTH, I'll mine it and see what happens. The costs were low enough, that it didn't seem like much risk, just labor and computer rental time. At some point in the future, I'll probably make a post about my history in cryptocurrency in general, including my experiences in Steem. But it's a little off-topic for this post to say much more here, as I'd prefer to keep this post focused on legal discussions about forks.
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Thanks for the reply. And I'm expecting to learn more about it in your future post.
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Blocktrades, I'd be interested to find out about my stake as well, if it's that kind. Majority of my stake was purchased starting in April until December 2019. Looking forward to read more of your post about this topic.
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author | roger5120 |
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category | cryptocurrency |
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percent_steem_dollars | 10,000 |
When were Communities actually ready to be launched? And were we lied to by Steemit Inc. about the delivery timeline? Was delivery intentionally held back in order to facilitate the Sale of Stinc? You or anyone outside of Stinc may not know but these are just a few the questions that need to be answered. Many people made financial decisions based on possible mis representations made by Stinc. All of this proves how far we are from actual Decentralization, especially in the event that lawsuits start to fly and we need to bring in a 3rd party law firm to sort this all out. This mess could have been avoided with clear, timely and truthful communication from Stinc as well as a Sale of Stinc being contingent upon the Ninja Mine Stake to continue to be used as promised by Stinc. Why not use a Smart Contract ? This may have been the plan all along. Ninja Mine some Steem and make a stealthy exit with no regard for the chaos we are currently left in. Steemit Inc is truly trustless and no more verbal agreements should ever be considered. Only consider Smart Contracts that execute upon breach of contract moving forward. So, is it legal to punch someone in the face? Normally no, unless you are a boxer or if it's in self defense and you are being attacked. There may be forks that normally would not be legal but if the fork is done in self defense to defend yourself from lies, misrepresentations and damages then it most likely is legal.
post_id | 84,749,216 |
---|---|
author | epic-fail |
permlink | q6bll9 |
category | cryptocurrency |
json_metadata | {"app":"steemit\/0.2"} |
created | 2020-02-26 17:51:09 |
last_update | 2020-02-26 17:51:09 |
depth | 1 |
children | 0 |
net_rshares | 0 |
last_payout | 2020-03-04 17:51:09 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
curator_payout_value | 0.000 SBD |
pending_payout_value | 0.000 SBD |
promoted | 0.000 SBD |
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author_reputation | 7,337,625,723,461 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
beneficiaries | [] |
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Nice analysis. As a tech lawyer and crypto expert I agree.
post_id | 84,749,378 |
---|---|
author | apshamilton |
permlink | re-blocktrades-q6bluf |
category | cryptocurrency |
json_metadata | {"tags":["cryptocurrency"],"app":"steempeak\/2020.02.4"} |
created | 2020-02-26 17:56:39 |
last_update | 2020-02-26 17:56:39 |
depth | 1 |
children | 0 |
net_rshares | 2,708,092,533,593 |
last_payout | 2020-03-04 17:56:42 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.266 SBD |
curator_payout_value | 0.265 SBD |
pending_payout_value | 0.000 SBD |
promoted | 0.000 SBD |
body_length | 58 |
author_reputation | 27,192,206,173,573 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
beneficiaries | [] |
max_accepted_payout | 1,000,000.000 SBD |
percent_steem_dollars | 10,000 |
author_curate_reward | "" |
voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
blocktrades | 0 | 1,341,371,742,232 | 1% | ||
mattclarke | 0 | 343,628,305,223 | 25% | ||
sasharaven | 0 | 580,144,228 | 100% | ||
felix.herrmann | 0 | 10,264,951,802 | 10% | ||
edb | 0 | 6,408,966,489 | 20% | ||
tarazkp | 0 | 271,092,445,080 | 10% | ||
jesuslnrs | 0 | 8,870,229,008 | 100% | ||
hamismsf | 0 | 429,783,493,342 | 80% | ||
jpbliberty | 0 | 295,608,226,810 | 50% | ||
lpfloyd | 0 | 484,029,379 | 100% |
This seems overly optimistic. I would be shocked if Justin Sun doesn't sue someone from this. The Top Witnesses that colluded to make this happen would probably be his first target. He's worth $500 million, I would imagine that buys some very good lawyers.
post_id | 84,749,902 |
---|---|
author | wattersblue |
permlink | q6bmr3 |
category | cryptocurrency |
json_metadata | {"app":"steemit\/0.2"} |
created | 2020-02-26 18:15:51 |
last_update | 2020-02-26 18:15:51 |
depth | 1 |
children | 7 |
net_rshares | 0 |
last_payout | 2020-03-04 18:15:51 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
curator_payout_value | 0.000 SBD |
pending_payout_value | 0.000 SBD |
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author_reputation | -886,702,183,221 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
beneficiaries | [] |
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percent_steem_dollars | 10,000 |
I'd be shocked if he did Sue. This would be extremely bad for all of the purchases he made on his whimsical shopping spree. Maybe next time he'll do some due dilligence before window shopping and impulse purchasing. It would pretty much taint everything he's involved in and most likely encourage counter suits and he'd be drained of his wealth in legal fees and settlements and may even have some assets frozen (lol ) . He's already established a pattern of deceit and lying. I think he will become a lot more negotiable and open up lines of communication at this point. It's time for him to pay his karmic debt.
post_id | 84,750,493 |
---|---|
author | epic-fail |
permlink | q6bnsx |
category | cryptocurrency |
json_metadata | {"app":"steemit\/0.2"} |
created | 2020-02-26 18:38:57 |
last_update | 2020-02-26 18:38:57 |
depth | 2 |
children | 4 |
net_rshares | 0 |
last_payout | 2020-03-04 18:38:57 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
curator_payout_value | 0.000 SBD |
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body_length | 613 |
author_reputation | 7,337,625,723,461 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
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Yeah well that karmic due runs both ways. First you'd all have to find un- scrupulous criminal mob laden like attorney's to take any of your cases, any legitimate attorney is going to laugh you guys out of his office once you explain you took someone's stake and turned it into a shitcoin because that's basically according to the description above is exactly what you did. Why did you do it?...to protect your own stake that a percentage of that came from forking more off the backs of the lower tier here. These forks have been done at the disadvantage of someone or another for the advantage and protection of the top tier. They have been running around on here like some rootin' tootin' cowboys making up all the rules mindless of those it hurts including the success of the platform itself. Once lawsuits start flying this may start getting the attention needed for scrutiny, smh, the pot calling the kettle black.
post_id | 84,752,644 |
---|---|
author | sunlit7 |
permlink | q6brz3 |
category | cryptocurrency |
json_metadata | {"app":"steemit\/0.2"} |
created | 2020-02-26 20:09:06 |
last_update | 2020-02-26 20:09:06 |
depth | 3 |
children | 3 |
net_rshares | 278,245,653,783 |
last_payout | 2020-03-04 20:09:06 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.022 SBD |
curator_payout_value | 0.022 SBD |
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body_length | 924 |
author_reputation | 6,709,137,099,554 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
beneficiaries | [] |
max_accepted_payout | 1,000,000.000 SBD |
percent_steem_dollars | 10,000 |
author_curate_reward | "" |
voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
epic-fail | 0 | 278,245,653,783 | 100% |
I can also hire some pretty good lawyers. Also, I have my doubts about just about every other statement you made above, however. But none of this is really directly relevant to my post, this post is an analysis of the potential legal liabilities of any fork.
post_id | 84,750,679 |
---|---|
author | blocktrades |
permlink | q6bo5l |
category | cryptocurrency |
json_metadata | {"app":"steemit\/0.2"} |
created | 2020-02-26 18:46:33 |
last_update | 2020-02-26 18:46:33 |
depth | 2 |
children | 1 |
net_rshares | 9,239,955,672 |
last_payout | 2020-03-04 18:46:33 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
curator_payout_value | 0.000 SBD |
pending_payout_value | 0.000 SBD |
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body_length | 258 |
author_reputation | 321,119,490,936,483 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
beneficiaries | [] |
max_accepted_payout | 1,000,000.000 SBD |
percent_steem_dollars | 10,000 |
author_curate_reward | "" |
voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
hashbrownhustla | 0 | 117,363,929 | 100% | ||
francescomai | 0 | 9,122,591,743 | 100% |
Good point. I was extrapolating to our current situation given the timing of this post. For what it's worth, that is not something I am hoping happens or want to see happen. Just what happened somehow feels wrong to me and I would not be surprised to see lawsuits come of it, depending on how negotiations go in a couple weeks.
post_id | 84,751,062 |
---|---|
author | wattersblue |
permlink | q6borc |
category | cryptocurrency |
json_metadata | {"app":"steemit\/0.2"} |
created | 2020-02-26 18:59:12 |
last_update | 2020-02-26 18:59:12 |
depth | 3 |
children | 0 |
net_rshares | 1,330,493,657,298 |
last_payout | 2020-03-04 18:59:12 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.119 SBD |
curator_payout_value | 0.118 SBD |
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body_length | 329 |
author_reputation | -886,702,183,221 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
beneficiaries | [] |
max_accepted_payout | 1,000,000.000 SBD |
percent_steem_dollars | 10,000 |
author_curate_reward | "" |
voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
blocktrades | 0 | 1,330,493,657,298 | 1% |
You are confused, that's why you need to write a disillusion prologue as this. Don't stop your power-down, you will need it. :)
post_id | 84,750,517 |
---|---|
author | nokodemion |
permlink | q6bnuo |
category | cryptocurrency |
json_metadata | {"app":"steemit\/0.2"} |
created | 2020-02-26 18:40:03 |
last_update | 2020-02-26 18:40:03 |
depth | 1 |
children | 0 |
net_rshares | -4,357,711,957,744 |
last_payout | 2020-03-04 18:40:03 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
curator_payout_value | 0.000 SBD |
pending_payout_value | 0.000 SBD |
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body_length | 129 |
author_reputation | 6,072,021,956,909 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
beneficiaries | [] |
max_accepted_payout | 1,000,000.000 SBD |
percent_steem_dollars | 10,000 |
author_curate_reward | "" |
voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
therealwolf | 0 | -4,357,711,957,744 | -20% |
Nc
post_id | 84,751,328 |
---|---|
author | steemitworldcup |
permlink | q6bp84 |
category | cryptocurrency |
json_metadata | {"app":"steemit\/0.2"} |
created | 2020-02-26 19:09:48 |
last_update | 2020-02-26 19:09:48 |
depth | 1 |
children | 0 |
net_rshares | 556,000,000 |
last_payout | 2020-03-04 19:09:48 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
curator_payout_value | 0.000 SBD |
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author_reputation | 0 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
beneficiaries | [] |
max_accepted_payout | 1,000,000.000 SBD |
percent_steem_dollars | 10,000 |
author_curate_reward | "" |
voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
steemitworldcup | 0 | 556,000,000 | 100% |
Hi
post_id | 84,751,389 |
---|---|
author | steemitworldcup |
permlink | q6bpbj |
category | cryptocurrency |
json_metadata | {"app":"steemit\/0.2"} |
created | 2020-02-26 19:11:54 |
last_update | 2020-02-26 19:11:54 |
depth | 1 |
children | 0 |
net_rshares | 0 |
last_payout | 2020-03-04 19:11:54 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
curator_payout_value | 0.000 SBD |
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body_length | 2 |
author_reputation | 0 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
beneficiaries | [] |
max_accepted_payout | 1,000,000.000 SBD |
percent_steem_dollars | 10,000 |
Thanks for the summery and insights! This was very clear and easy to understand! Hope all is well :)
post_id | 84,753,668 |
---|---|
author | jaybird |
permlink | q6bua3 |
category | cryptocurrency |
json_metadata | {"app":"steemit\/0.2"} |
created | 2020-02-26 20:58:51 |
last_update | 2020-02-26 20:58:51 |
depth | 1 |
children | 0 |
net_rshares | 0 |
last_payout | 2020-03-04 20:58:51 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
curator_payout_value | 0.000 SBD |
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body_length | 100 |
author_reputation | 211,078,716,370,094 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
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percent_steem_dollars | 10,000 |
Interesting Read. I read somewhere else Craig White wants to take some sort of suit against those that forked bitcoin because the MIT license didn't include use of the DB or something.
post_id | 84,753,771 |
---|---|
author | paulag |
permlink | q6buiw |
category | cryptocurrency |
json_metadata | {"app":"steemit\/0.2"} |
created | 2020-02-26 21:04:09 |
last_update | 2020-02-26 21:04:09 |
depth | 1 |
children | 6 |
net_rshares | 1,361,985,623,554 |
last_payout | 2020-03-04 21:04:09 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.122 SBD |
curator_payout_value | 0.122 SBD |
pending_payout_value | 0.000 SBD |
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body_length | 185 |
author_reputation | 224,445,607,823,384 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
beneficiaries | [] |
max_accepted_payout | 1,000,000.000 SBD |
percent_steem_dollars | 10,000 |
author_curate_reward | "" |
voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
blocktrades | 0 | 1,351,315,615,086 | 1% | ||
evolved08gsr | 0 | 10,670,008,468 | 100% |
Craig *Wright* ?
post_id | 84,754,286 |
---|---|
author | jamesbrown |
permlink | q6bvwl |
category | cryptocurrency |
json_metadata | {"app":"steemit\/0.2"} |
created | 2020-02-26 21:34:03 |
last_update | 2020-02-26 21:34:03 |
depth | 2 |
children | 4 |
net_rshares | 0 |
last_payout | 2020-03-04 21:34:03 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
curator_payout_value | 0.000 SBD |
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body_length | 16 |
author_reputation | 15,291,301,254,496 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
beneficiaries | [] |
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percent_steem_dollars | 10,000 |
No, dude. That's the guy who's suing for the Beetcorn rights. *Totally* different case. I understand the confusion though. :)
post_id | 84,754,649 |
---|---|
author | ats-david |
permlink | q6bwse |
category | cryptocurrency |
json_metadata | {"app":"steemit\/0.2"} |
created | 2020-02-26 21:53:03 |
last_update | 2020-02-26 21:53:03 |
depth | 3 |
children | 2 |
net_rshares | 94,302,326,640 |
last_payout | 2020-03-04 21:53:03 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
curator_payout_value | 0.000 SBD |
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author_reputation | 298,156,611,743,534 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
beneficiaries | [] |
max_accepted_payout | 1,000,000.000 SBD |
percent_steem_dollars | 10,000 |
author_curate_reward | "" |
voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
jamesbrown | 0 | 94,302,326,640 | 5% |
lol yep, well at least you understood who I was referring too
post_id | 84,755,244 |
---|---|
author | paulag |
permlink | re-jamesbrown-q6by3x |
category | cryptocurrency |
json_metadata | {"tags":["cryptocurrency"],"app":"steempeak\/2020.02.4"} |
created | 2020-02-26 22:21:33 |
last_update | 2020-02-26 22:21:33 |
depth | 3 |
children | 0 |
net_rshares | 0 |
last_payout | 2020-03-04 22:21:33 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
curator_payout_value | 0.000 SBD |
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body_length | 61 |
author_reputation | 224,445,607,823,384 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
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max_accepted_payout | 1,000,000.000 SBD |
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That's possible in theory, but unless he can show he owns the rights to that particular component of the software, he wouldn't have standing to bring a lawsuit to court.
post_id | 84,754,352 |
---|---|
author | blocktrades |
permlink | q6bw3u |
category | cryptocurrency |
json_metadata | {"app":"steemit\/0.2"} |
created | 2020-02-26 21:38:18 |
last_update | 2020-02-26 21:38:18 |
depth | 2 |
children | 0 |
net_rshares | 70,230,313,882 |
last_payout | 2020-03-04 21:38:18 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
curator_payout_value | 0.000 SBD |
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body_length | 169 |
author_reputation | 321,119,490,936,483 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
beneficiaries | [] |
max_accepted_payout | 1,000,000.000 SBD |
percent_steem_dollars | 10,000 |
author_curate_reward | "" |
voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
felix.herrmann | 0 | 59,662,066,274 | 58% | ||
evolved08gsr | 0 | 10,455,795,973 | 100% | ||
hashbrownhustla | 0 | 112,451,635 | 100% |
Glad I'm not one of the top witnesses right now. That's all I have to say on the matter.
post_id | 84,754,303 |
---|---|
author | jamesbrown |
permlink | q6bvyw |
category | cryptocurrency |
json_metadata | {"app":"steemit\/0.2"} |
created | 2020-02-26 21:35:27 |
last_update | 2020-02-26 21:35:27 |
depth | 1 |
children | 0 |
net_rshares | 0 |
last_payout | 2020-03-04 21:35:27 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
curator_payout_value | 0.000 SBD |
pending_payout_value | 0.000 SBD |
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body_length | 89 |
author_reputation | 15,291,301,254,496 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
beneficiaries | [] |
max_accepted_payout | 1,000,000.000 SBD |
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A lawsuit would wreck the price of Steem.
post_id | 84,755,367 |
---|---|
author | abitcoinskeptic |
permlink | re-blocktrades-q6bygh |
category | cryptocurrency |
json_metadata | {"tags":["cryptocurrency"],"app":"steempeak\/2020.02.4"} |
created | 2020-02-26 22:29:06 |
last_update | 2020-02-26 22:29:06 |
depth | 1 |
children | 0 |
net_rshares | 0 |
last_payout | 2020-03-04 22:29:06 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
curator_payout_value | 0.000 SBD |
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author_reputation | 269,842,971,792,142 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
beneficiaries | [] |
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percent_steem_dollars | 10,000 |
This clarifies a lot of issues that kept my mind troubled the last few days... Thank you very much for this comprehensive analysis.
post_id | 84,756,303 | ||||||
---|---|---|---|---|---|---|---|
author | joelsegovia | ||||||
permlink | re-blocktrades-2020226t19291800z | ||||||
category | cryptocurrency | ||||||
json_metadata | {"tags":["cryptocurrency","blockchain","law","philosophy"],"app":"esteem\/2.2.4-mobile","format":"markdown+html","community":"hive-125125"} | ||||||
created | 2020-02-26 23:29:03 | ||||||
last_update | 2020-02-26 23:29:03 | ||||||
depth | 1 | ||||||
children | 0 | ||||||
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cashout_time | 1969-12-31 23:59:59 | ||||||
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root_title | "The Legal Basis of Cryptocurrency Forks" | ||||||
beneficiaries |
| ||||||
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percent_steem_dollars | 10,000 |
I haven't had time to research this issues in-depth but I wanted to mention a couple of thoughts. Criminal law is treated differently than civil liability, and just because someone is not found criminally liable for an act, they can still be sued and found financially liable in a civil court. Civil courts commonly handle disputes regarding business finances. Cryptocurrency networks are transcontinental and thus international agreements and treaties may apply, although enforcement of these agreements may not fall on local authorities. I'm not aware of any agreements that would necessarily apply to cryptocurrency at this time, but i thought it was worth mentioning.
post_id | 84,756,989 |
---|---|
author | skepticology |
permlink | re-blocktrades-q6c3d6 |
category | cryptocurrency |
json_metadata | {"tags":["cryptocurrency"],"app":"steempeak\/2020.02.4"} |
created | 2020-02-27 00:14:39 |
last_update | 2020-02-27 00:14:39 |
depth | 1 |
children | 7 |
net_rshares | 0 |
last_payout | 2020-03-05 00:14:39 |
cashout_time | 1969-12-31 23:59:59 |
total_payout_value | 0.000 SBD |
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author_reputation | 4,432,682,923,460 |
root_title | "The Legal Basis of Cryptocurrency Forks" |
beneficiaries | [] |
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voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
mack-bot | 0 | 0 | 0% |
I can see someone attempting a law suit against a fork under criminal law (if they can convince a prosecutor to do it) or under civil law. I suspect a civil suit is the most likely case that could occur, but my analysis applies to either type of suit.
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hashbrownhustla | 0 | 147,566,467 | 100% |
Witnesses running the fork should be aware of the risk of a civil suit in the US where the standard of evidence is lower than in criminal court and amounts to "the balance of probability" instead of "beyond a reasonable doubt."
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author | skepticology |
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---|---|---|---|---|---|
mack-bot | 0 | 0 | 0% |
The whole idea of laws in cryptospace as a whole is baffling when you consider how global it is. In Nigeria for example, we have zero laws in relation to blockchain and whatnot. We do have propriety laws and the likes but due to the ambiguous nature of cryptospace, I doubt there'll be any parallels. So if you patent and protect your International software with US laws and indeed even aganist forking , what's stopping me from Forking anyways based on the laws of my society?
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blocktrades | 0 | 1,295,348,239,955 | 1% |
There's very little to stop such forking from taking place. There are international treaties in place between many countries to recognize IP rights granted by other treaty participants, but I'm sure there are countries that are not signatories to such treaties (generally they are poorer countries that see being a signatory as being a disadvantage, something I think they are probably right about). In such a case, where the fork is being operated in one or more countries that don't recognize the IP rights, the countries that abide by those IP treaties could enact laws preventing their residents from connecting to and using such networks, but they wouldn't legally be able to stop the entire network from operating. Also, it's worth noting that if they (e.g. the US) did pass legislation of this sort, it would be very difficult to enforce, and probably drive such currencies to a black market.
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voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
hashbrownhustla | 0 | 151,261,192 | 100% |
It seems like one of those situations where something gets more complicated whenever we try to "simplify" it. I mean, crypto space as a whole thrives off a high level of anonymity from both users and developers. People generally come here because they want to get away from governments, laws, policies and whatnot. This leads to a question, do people have to go through KYC registration before making a fork? I ask because I wonder what the basis is for "legally" protecting your product against people that you technically can't even track.
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---|---|---|---|---|---|---|---|
author | belemo | ||||||
permlink | re-blocktrades-2020227t234037882z | ||||||
category | cryptocurrency | ||||||
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What a nice analysis @blocktrades! Thank you for this very useful information. Many do not know the subject...
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permlink | q6d46q |
category | cryptocurrency |
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![](https://i.imgur.com/1IisxxB.png)
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author | arcange |
permlink | re-the-legal-basis-of-cryptocurrency-forks-20200226t164854000z |
category | cryptocurrency |
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Well articulated and laid out post Blocktrades! Was well worth the read in my opinion.
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@jackmiller recommended this on #pypt. thanks alot for the interesting read.
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author | solominer |
permlink | re-blocktrades-q6dchl |
category | cryptocurrency |
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created | 2020-02-27 16:29:45 |
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root_title | "The Legal Basis of Cryptocurrency Forks" |
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<div class=pull-left"> ![](https://render.bitstrips.com/v2/cpanel/ffe718ca-8461-4ccc-a192-ffc300e5c946-e884fb04-2904-4868-92dd-baa595c864b6-v1.png?transparent=1&palette=1&height=125) </div> Thank you very much @blocktrades! @jackmiller shared this on #PYPT. I will be cross-sharing as well! It is refreshing to get *facts* instead of *rumors and conjecture*.<hr>
post_id | 84,775,104 |
---|---|
author | sgt-dan |
permlink | re-blocktrades-q6dcq8 |
category | cryptocurrency |
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root_title | "The Legal Basis of Cryptocurrency Forks" |
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Awesome analysis! Helpful to understand legal implications of blockchains. It would be interesting if you could do a writeup on other blockchain based legal issues for example blockchain-based legal tech. Thanks and well done!
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---|---|
author | lpfloyd |
permlink | q6ds2t |
category | cryptocurrency |
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There are a lot of such issues, and I'll definitely think about writing some on this topic in the future.
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author | blocktrades |
permlink | q6f6un |
category | cryptocurrency |
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last_update | 2020-02-28 16:23:12 |
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voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
hashbrownhustla | 0 | 150,049,509 | 100% |
Cool example with social media reputation points 👍
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author | vikisecrets |
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category | cryptocurrency |
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Congratulations @blocktrades! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) : <table><tr><td><img src="https://steemitimages.com/60x60/http://steemitboard.com/img/notifications/toppayoutday.png"></td><td>Your post got the highest payout of the day</td></tr> </table> <sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@blocktrades) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=blocktrades)_</sub> <sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub> ###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!
post_id | 84,783,534 |
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author | steemitboard |
permlink | steemitboard-notify-blocktrades-20200228t003723000z |
category | cryptocurrency |
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root_title | "The Legal Basis of Cryptocurrency Forks" |
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voter | weight | wgt% | rshares | pct | time |
---|---|---|---|---|---|
mtl1979 | 0 | -836,029,963 | -100% |
Very interesting take on this. Adam of ROTFL witness.
post_id | 84,785,001 | ||||||
---|---|---|---|---|---|---|---|
author | rotfl | ||||||
permlink | re-blocktrades-2020228t32422857z | ||||||
category | cryptocurrency | ||||||
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BIggest issue with forking cryptocurrencies is that who can legally change the license that the original creator inserted to the code, and if it is changed to conflicting one, is it still legally binding. As I see it, you can replace full directories from source code and use compatible license in directory that replaces the removed directory. If license in new code is incompatible with license of the original code in the root directory of the source code, it is not legally binding. Using two licenses in same source directory is only allowed if two binary files don't touch each other as in neither is linked against the other.
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mtl1979 | 0 | 836,062,873 | 100% |
Well described, and in very easy to understand wording.. Kudos.. Might help clear up some concerns about forking away from Tron, should that happen to pass..
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