Crypto is officially no different than MMO money

[Ihatecrypto]

I have come to the conclusion that all of crypto to include bitcoin from the legal aspect is no different than MMO money.

Lets take a popular MMO such as SWG back in the day. Sony closes the company I lost all my credits... Lets say I did RMT to get this money and buy my virtual goods. Do I have a legal leg to stand on in suing sony for the return of the value of my virtual goods they took?

Lately there have been some interesting thefts in the space huge amounts of money taken. With the precedent set by Ethereum and of course amongst lesser known coins. All such thefts can simply be fixed with a hard fork returning all goods to their rightful owners. This makes the Bitcoin Foundation and developers liable in my opinion for not fixing the flaw in their software.

I think in legal terms we are in the minds of the law trading virtual goods no different than an MMO. I think anyone could stage that as a defense towards any wrong doing. I think any game manufacturer would fight such precedent... But with no definition of how to define it legally as a currency and with the unlimited amounts of variations... Who decides what is vapor, what is virtual goods, what is virtual currency. By denying one you make precedence for the other and vice versa.

My hypothesis decentralized crypto is going to die and when it does it will be quick.

Sadly over the last few years the only way for crypto to live is for centralization and regulation to control it. Which also destroys it.

[1715072964]

1715072964

[kiklo]

BTC has already centralized control to China.
Ethereum Dev has Centralize ETH , with the hard fork, and saying he have nothing to do with the classic fork.
Centralization is the only possible outcome to a PoW coin, due to the ASICS Arms Race it fosters.

A Proof of Stake coin can stay decentralized , no matter what others choose.
Example:
With Proof of Stake , if the Dev tried some nonsense like a hard fork to move funds between accounts,
all you and a few others would have to do , is refuse to upgrade, and hard code 1 checkpoint into your wallet and you split the network forever.
Unlike PoW coins, with PoS coins you are the one keeping the network running , keep just 3 active nodes that stake daily and your network will never die.  
Plus with Proof of Stake, you have a reason to keep the majority of your coins in your own personal wallet, in PoW coins most people just leave them on the exchanges.
One Major thing , all Devs need to realized is the second they intervene with coin ownership by programming code, they become no different than the banking systems, and all trust in that coin shall be lost forever, as they just Centralized Control.


 

[Amph]

altcoin are more decentralized than bitcoin right now, at least everyone can mine it without big problem and even with bad electricity

the decentralization issue come from those thing called asic, bitcoin algo should have been changed sistematically

[r0ach]

I have come to the conclusion that all of crypto to include bitcoin from the legal aspect is no different than MMO money.

Lets take a popular MMO such as SWG back in the day. Sony closes the company I lost all my credits... Lets say I did RMT to get this money and buy my virtual goods. Do I have a legal leg to stand on in suing sony for the return of the value of my virtual goods they took?

Lately there have been some interesting thefts in the space huge amounts of money taken. With the precedent set by Ethereum and of course amongst lesser known coins. All such thefts can simply be fixed with a hard fork returning all goods to their rightful owners. This makes the Bitcoin Foundation and developers liable in my opinion for not fixing the flaw in their software.

I think in legal terms we are in the minds of the law trading virtual goods no different than an MMO. I think anyone could stage that as a defense towards any wrong doing. I think any game manufacturer would fight such precedent... But with no definition of how to define it legally as a currency and with the unlimited amounts of variations... Who decides what is vapor, what is virtual goods, what is virtual currency. By denying one you make precedence for the other and vice versa.

My hypothesis decentralized crypto is going to die and when it does it will be quick.

Sadly over the last few years the only way for crypto to live is for centralization and regulation to control it. Which also destroys it.

Oh, MatTheCat is posting in the altcoin section now.

[generalizethis]

I have come to the conclusion that all of crypto to include bitcoin from the legal aspect is no different than MMO money.

Lets take a popular MMO such as SWG back in the day. Sony closes the company I lost all my credits... Lets say I did RMT to get this money and buy my virtual goods. Do I have a legal leg to stand on in suing sony for the return of the value of my virtual goods they took?

Lately there have been some interesting thefts in the space huge amounts of money taken. With the precedent set by Ethereum and of course amongst lesser known coins. All such thefts can simply be fixed with a hard fork returning all goods to their rightful owners. This makes the Bitcoin Foundation and developers liable in my opinion for not fixing the flaw in their software.

I think in legal terms we are in the minds of the law trading virtual goods no different than an MMO. I think anyone could stage that as a defense towards any wrong doing. I think any game manufacturer would fight such precedent... But with no definition of how to define it legally as a currency and with the unlimited amounts of variations... Who decides what is vapor, what is virtual goods, what is virtual currency. By denying one you make precedence for the other and vice versa.

My hypothesis decentralized crypto is going to die and when it does it will be quick.

Sadly over the last few years the only way for crypto to live is for centralization and regulation to control it. Which also destroys it.

Oh, MatTheCat is posting in the altcoin section now.

Genius always trumps establishment--that is the nature of genius, which shares its meaning with genus and genesis--CC is new, and therefore of use--of how much use is the question--the only question.

Also: what artists can teach us about content versus volume: https://steemit.com/poetry/@generalizethis/carvaggio-s-last-plea

[XbladeX]

...

Not realy reagulations are good at some degree today much exchange ownares can go away with your coin if they want and you can do nothing about it.
I interenet where is demand there allways will be something like black market and stuff like that where some kind BTC will exist.
You can swap directly BTC to goods no need fiat middle man is needed. Maybe over time companies will use BTC kind stuff more than "paypal" eating 3%-10% of every order.

[European Central Bank]

crypto and all that it stands for is kinda similar to communism. it's a great idea in theory but it all turns to shit when you get humans involved.