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July 26, 2011, 04:55:52 PM |
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It seems pretty obvious that bitcoin has a lot of risk at the moment. The risk isn't because of bitcoin per se. It's because bitcoin is cash like. I someone purchase something with bitcoin it is akin to sending the seller cash through the mail. Most people don't do this because of the risk that is involved if the seller is perpetrating a fraud.
In the US, the legal remedies for interstate transactions are really shitty with cash. One reason being, there is no Federal Small Claims Court. International transactions are even worse.
How the law treats bitcoin is a big unknown but as we can see even if it where legally treated as cash there would be issues.
Any ideas on how to remove the risk? Private arbitration? Escrow?
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