Man who created own credit card sues bank for not sticking to terms

[Crypdon]

Bitcoin is a much simpler system. However, if contracts are needed then that is what ethereum is for. It is basically a smarter form of bitcoin where contracts are embedded in code

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[gabmen]

He just took advantage of a system flaw, with the automation in the steps and others I am not surprised to read such a story.

Smart contracts have indeed their place but the thing is smart contracts are not only about cryptos. It can also be used (and it is) with the fiats system, insurance.. It's about IT protocols firstly. And to be an efficient smart contract the data needs to be accurate and this is where we have a limit with it.

Lol. A bank rep not reviewing an agreement with a customer at the same time the customer altered the agreement. The legalities involved here can make your head ache. Kinda admired how he got away with it in the first place.

[prtty2gal2]

Maybe in future cryptocurrencies can create a new form of the banking system. Less centralized and more flexible, where initiatives like that one cannot be easily suppressed.

we hope that way, even though the realization may be the generation after us. at the moment I just hope that bitcoin can be legalized in most countries in the world, and even then it has increased our assets

There is really no doubt about Bitcoin being legalized and the momentum Bitcoin is gaining in its widely spread awareness, we might eventually achieve this in 2 decades to come.

I learnt this morning when I was reading some post on this forum, where a forum user made us understand that France has already regulated cryptocurrency and doing everything possible to push the EU member into doing the same thing, wherein I really believe that they will be able to convince the member into following their own pattern, if all these can happen within a short time, then it is very possible it happens in our own generation.

[shinharu10282016]

I love seeing someone beat the system. If the underdog can play the game and win, I'm all for it.

I'm just so surprised there's banks that still do business in this archaic manner with paper documents and wet signatures. I have a bunch of credit cards. I've never had the opportunity to amend a credit card agreement. You apply, they send you a card with a boilerplate agreement, and if you don't agree to the terms you need to cancel the card. That's how any sensible bank should nip this problem in the bud.

I think that is  not to be considered as a 'beating the system' when he secretly changed the terms to his own convenience. The laws called it 'fraud' for a reason and the contracts of such should be invalid.

[eternalgloom]

I'm pretty surprised that the courts actually ruled in this favor.
As someone else had already mentioned in this thread, I'd assume that the contract would be declared void.

I don't think I'm a big fan of this, even if the 'victim' is a bank. It's just dishonest to do such a thing.

[buwaytress]

That's the law pretty much, the letter if not the spirit. As the article points out, it is often the clients who are on the other side of the "I didn't read it or understand it" stick, and I for one am pleased to see the courts decided to rule with what they'd normally do if banks were the ones suing. It'd be interesting to see what crypto companies would do as well, if, for example, clients would also be required to sign to terms and somehow alter ToC submitted in the [submit] form field.

No court would be able to intervene, however, if I accidentally signed a transaction spending my BTC to the wrong address.

[Russlenat]

This is such an obvious fraud.

In my jurisdiction that would be considered a void contract. Contracts not done in full voluntary agreement by 2 parties, with hidden clauses, are void almost everywhere.

Getting people to sign unwanted clauses because of ignorance is so 1800's.

I don't think so, full voluntary agreement - both of the parties signed on it. With hidden clauses - He altered the contracts on the same papers coming from the institutions then returned back to them. I think there is an offer by the bank and the guy made a counter offer by altering some sections on it, then the bank signed. That's why the court ruled to his favor. But there are somewhat limitations to the terms that he altered where the court should consider. With that, I think they can settle into a voidable, unenforceable, or invalid contract.

[neonshium]

The blockchain smart contract took care of this long ago what the breach of trust with credit card which have result to this law suit can not happen in bitcoin and on the blockchain because there is no third party contract signing of documents in financial transactions done on the blockchain. The most problem we have in the traditional financial system is the centralized mode of operations which allow for third party involvement.

You have said it all already, there is nothing as blissful as the existence of the blockchain, many persons are just concerned about the price of bitcoin and not the technology itself which as always been a great concern to me, because the goal is of satoshi creating the blockchain is not just for us the focus on the price of the coin but the capability of the blockchain which is so massive and cannot be exhausted even in many years to come.

[Kevin77]

Yeah, decentralized ways that bitcoin and blockchain systems all around is the fix to all this problems, people could see the scam banks are getting away with and how much they are making with useless stuff like these and can opt for crypto if they knew what was going on.

Blockchain is a decentralized option that takes the trust away from both parties and that is the good thing about it, you do not have to trust anyone because its a trustless system that is open and anyone can see it whenever they want which allows people to be never scammed by contracts like these at all. I think the most important part of blockchain and crypto currencies is that they are bringing equality into peoples lives and that is why I really love it, there are more than 21 million people who are millionaires in the world but there are only 21 million bitcoins which means even millionaires can't have 1 btc each when we move to bitcoin completely.