[2023-05-18] What can happen when you buy a Ferrari with bitcoins

[zasad@]

https://news.bitcoin.com/report-french-crypto-trader-jailed-for-18-months-for-buying-a-ferrari-with-bitcoin/
Report: French Crypto Trader Jailed for 18 Months for Buying a Ferrari With Bitcoin
A French crypto trader, Thomas Clausi, is currently jailed in Morocco where he was convicted of the crime of purchasing a Ferrari using bitcoin. Clausi’s arrest and subsequent jailing came after a woman, who sold him a Ferrari for $440,000 in April 2021, filed a complaint against the crypto trader when the price of the crypto asset had dropped to just over $30,000.

Crypto Trader Ordered to Pay Fine of $3.7 Million

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[Nwada001]

I have not read through the entire article but from what you have said the woman is entirely wrong if she actually sue someone concerning an already concluded deal.. well let's not look just from one side of the story, the right for the woman to sue the her buyer might be base on the agreement which was reached between the buyer and the seller and another things is base on the country, maybe the country is not a crypto friendly country which they can use that against the purchaser for buying something with hug amount of crypto, this case might not just end with the Lamborghini purchase it might also go deeper to the length at which they will request his other crypto assets and the source of those incomes.

[cr1776]

The big thing that can happen is regret if you use your appreciating bitcoin today to but a depreciating asset like a car. Suing someone because bitcoin went down in value is insane. Giving how the value of fiat drops annually, everyone would be open to suit under that standard.  It you can handle that risk, convert it to fiat.

[NotATether]

Sounds like this was a trade not actually denominated in Bitcoins but in US dollars and just using Bitcoin as a means to pay.

Before buying anything expensive with crypto, I'd like there to be a legal agreement to be written between the two parties, where one of the conditions stipulates: that the price of the item being sold will be denominated in Bitcoin (or whatever coin the trade is transacted in), and that the buyer cannot be held liable for price fluctuations of said coin relative to other currencies.

Or, if denominating stuff in Bitcoin is undesirable, a separate terms and conditions can have a clause that says the listing price of the item being sold, the price of which is denominated in a different currency than the one used as the medium of payment, is final the moment the purchase is completed, and that future adjustments in the listing price based on price movements of the currency of payment will not adjust the listing price at which the product was paid for.

I'm not a lawyer, so maybe one of them can come up with a better wording.

Or, you can hire ChatGPT for $0/hour, at your own risk:

In consideration of the premises and the mutual covenants herein contained, the parties agree as follows:

Listing Price and Currency Denomination: The listing price of the item being sold, denominated in a currency different from the currency utilized as the medium of payment, shall be deemed final and binding upon the completion of the purchase transaction.

Future Adjustments: Any subsequent fluctuations in the price of the currency of payment shall not impact or modify the listing price at which the product was originally paid for. The listing price shall remain unaltered despite any future price movements of the currency of payment.

Governing Law: This clause shall be governed by and construed in accordance with the laws of [Jurisdiction].

Entire Agreement: This clause constitutes the entire agreement between the parties, superseding all prior negotiations, understandings, and agreements, whether written or oral, relating to the subject matter herein.

IN WITNESS WHEREOF, the parties hereto have executed this agreement as of the date first above written.

[zasad@]

I have not read through the entire article but from what you have said the woman is entirely wrong if she actually sue someone concerning an already concluded deal.. well let's not look just from one side of the story, the right for the woman to sue the her buyer might be base on the agreement which was reached between the buyer and the seller and another things is base on the country, maybe the country is not a crypto friendly country which they can use that against the purchaser for buying something with hug amount of crypto, this case might not just end with the Lamborghini purchase it might also go deeper to the length at which they will request his other crypto assets and the source of those incomes.

And in vain you did not read the article, although it is very interesting. In any civilized country, only the court decides who is guilty (not right) and who is not guilty (right). If you enter into financial transactions for large amounts, then you must know the laws of the country or use the services of consultants in order to understand the consequences of such transactions.
There is no need to be naive and live in the world of your own feats, if the country is not friendly to cryptocurrency, then you need to minimize any legislative consequences for yourself.

[Carlton Banks]

maybe during the time it takes to complete the legal proceedings, the seller might change their minds because BTC started to appreciate again?
would suck if she already gave all the BTC to the Moroccan legal system and they refused to give it back, but of course, only for her. I would consider that outcome true justice, for the crime of avaricious ignorance.

[bbc.reporter]

@Carlton Banks. Hehe or we should wish that the legal proceedings will end on 2026 and Thomas Clausi is ordered by the judge to return the Ferrari and get his bitcoin back. I speculate the bitcoin might have enough value to buy 2 Ferraris hehehehee.

[Kakmakr]

Well, if it is not legal to use Bitcoin in Morocco as a payment option, then he broke the law. The butthurt women on the other hand, should have gone to prison too, because she accepted Bitcoin as a legal tender for the Ferrari.  

Ignorance in the eyes of the law, should not be accepted as an excuse for her breaking the law.... but I guess she used that as the excuse. It would be nice to read that whole court case, just to get the facts.  

[Carlton Banks]

Well, if it is not legal to use Bitcoin in Morocco as a payment option, then he broke the law. The butthurt women on the other hand, should have gone to prison too, because she accepted Bitcoin as a legal tender for the Ferrari.  

is there anyone else you'd like to send to prison today, your Honor the Justice Kakmakr?

the real crime is actually being committed by the legislators: there is no ethical reason to punish people for freely partaking in business with one another, and so it should not be punishable to begin with

why any Bitcoiner would have such an obsequious mindset is beyond my reckoning

[bbc.reporter]

It also creates a dangerous precendent that will certainly discourage the acceptance and adoption of bitcoin and other cryptocoins to be used as a medium of exchange. What this might encourage is for people to use the cryptospace only for speculation very much similar to memecoins. What would this imply hehehe.