,
10 tweets,
3 min read
Read on Twitter
Even if we leave aside the tax and regulatory contexts, the question "can I own X", read as "will the law characterise my relationship to X as "ownership"?", might well attract a different answer according to the reason why the question is asked
Which might be, inter alia: (i) figuring out the appropriate jurisdiction for issues relating to X; (ii) working out whether and when a third party will be liable for some specific interference with X...
(iii) whether a putative allocation of security with respect to X has been successful, which may arise in the event of some default or insolvency, or (iv) whether X may be passed on by inheritance
Note that often the problem is not "X is not property", but rather "we simply don't know how to characterise X". For instance, rights in respect of personal rights (such as bank accounts) can be property, for very many purposes
In the UK, many cite Armstrong v Winnington for the characterisation of Bitcoin, but that case dealt with a specific question of third party interference. And it is worth noting that the judge borrowed from a number of restitutionary cases involving personal rights (bank debts)
@prestonjbyrne is correct that "ownership disputes are resolved at a higher conceptual level than inquiring about the “nature of a bitcoin itself”", but I think it useful also to emphasise that ownership disputes are (or ought to be) also resolved at a more *specific* level
Where @prestonjbyrne emphasises the need to focus closely on the obligations of the parties, he's spot on. Even if we focus on 3P interference, the Q "do I own X?" becomes "did B owe me a duty to stay away from X?". If the answer is "yes", B must simply pay for breach
More often, the question will arise in the context of taking security, which raises different issues and attracts a broader definition
This, then, is simply a plea for those who ask the question "do I own "my" Bitcoin?" to be clear about *why* they are asking the question. And for those who answer to be clear about the parameters of their response
PS Note also that the question "can I trace Bitcoin?" (for the purposes of asserting some legal claim) may be answered by the application of legal principles that are different from the practical question of identifying input/output links between wallets
