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If you buy a car from a thief you do not have title
You have an action against the thief to recover your money.
Negotiability requires mercantile trade. In the current bitcoin environment, will mercantile trade is being conducted. In specie transfers of notes and coins do not automatically come under negotiability. Unless you are using bitcoin as money, it is not legally money.
Bitcoin as a commodity investment is property. When you buy and sell bitcoin on an exchange for the purposes of use on the exchange and little more, it does not come under the legal protections of money. When you buy foreign currency contracts for investment, the same applies.
Importantly, if you buy a stolen car you can be liable as well as the thief. Cars come under registration requirements. Bitcoin comes under registration requirements over certain amounts. Where there is a requirement for the transfer to be registered the receipt of goods without the required transfer documents leaves you liable as well. Effectively, you should have known that there could be a problem.
When you buy a car from a thief, the thief will have the registration details or the thief is clearly engaging in something a little fishy.
With regards to bitcoin, it depends on where you get it and how much you have obtained. You need to treat each individual UTXO as a separate envelope. Not the address, the UTXO. If the UTXO holds more than the required amount for money-laundering provisions to apply, you will need to follow those provisions. As such, half a BTC is all you need in a single UTXO to now require the use of money-laundering provisions and the exchange of identity.
When you're exchanging one BSV at present rates, this will not apply. If you are exchanging one BSV for a restaurant meal, that would be a monetary transaction and negotiability apply. If you did not know that the particular tokens had been stolen or otherwise frozen, you could argue goods and services in exchange for valid consideration and be covered.
The publication of an address so that people would know about its theft removes negotiability. It is a property exchange and the tokens can be recovered. The alert key simplified this process. All users would have known of stolen bitcoin.
In the case of the car, it does not matter that you did not know it was stolen or not. Vehicles have a requirement to be registered. If you do not check the registration and go through the correct process, you have not done the required steps and thus you are still just as liable.
You're forgetting that you have a positive step to complete when you buy a car. In fact, there are steps to do with all sorts of monetary transactions. If you are dealing with large transactions or even continuous cash transactions that exceed £5000 per annum in the UK you are required to go through know your customer regulations.
Even if the car is a Junker worth £200, the requirement for registration precludes an argument that you did not know.
When you buy a car you have requirements that need to be addressed. The thief cannot have a saleable possession without registration. The simple answer here is check the registration.
It's your fault when you don't check the registration. If a corporate register lists the thief as an owner, you have some redress. But if you buy a car and don't check on file registration, you haven't really bought a car.
So yes, if the buyer is stupid enough to give money to someone without any indication of ownership, without registration, without the legally mandated requirements for the sale, there is no sale.
If I point at the Brooklyn Bridge and say would you like to buy it, do you think paying the conman gives you title? Do you think you have a claim against New York City for your loss?
CSW
Jun 30, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1593511066170500?thread_ts=1593503658.165900&cid=C5131HKFX
1/3
https://t.me/c/1359633424/32
If you buy a car from a thief you do not have title
You have an action against the thief to recover your money.
Negotiability requires mercantile trade. In the current bitcoin environment, will mercantile trade is being conducted. In specie transfers of notes and coins do not automatically come under negotiability. Unless you are using bitcoin as money, it is not legally money.
Bitcoin as a commodity investment is property. When you buy and sell bitcoin on an exchange for the purposes of use on the exchange and little more, it does not come under the legal protections of money. When you buy foreign currency contracts for investment, the same applies.
Importantly, if you buy a stolen car you can be liable as well as the thief. Cars come under registration requirements. Bitcoin comes under registration requirements over certain amounts. Where there is a requirement for the transfer to be registered the receipt of goods without the required transfer documents leaves you liable as well. Effectively, you should have known that there could be a problem.
When you buy a car from a thief, the thief will have the registration details or the thief is clearly engaging in something a little fishy.
With regards to bitcoin, it depends on where you get it and how much you have obtained. You need to treat each individual UTXO as a separate envelope. Not the address, the UTXO. If the UTXO holds more than the required amount for money-laundering provisions to apply, you will need to follow those provisions. As such, half a BTC is all you need in a single UTXO to now require the use of money-laundering provisions and the exchange of identity.
When you're exchanging one BSV at present rates, this will not apply. If you are exchanging one BSV for a restaurant meal, that would be a monetary transaction and negotiability apply. If you did not know that the particular tokens had been stolen or otherwise frozen, you could argue goods and services in exchange for valid consideration and be covered.
The publication of an address so that people would know about its theft removes negotiability. It is a property exchange and the tokens can be recovered. The alert key simplified this process. All users would have known of stolen bitcoin.
In the case of the car, it does not matter that you did not know it was stolen or not. Vehicles have a requirement to be registered. If you do not check the registration and go through the correct process, you have not done the required steps and thus you are still just as liable.
You're forgetting that you have a positive step to complete when you buy a car. In fact, there are steps to do with all sorts of monetary transactions. If you are dealing with large transactions or even continuous cash transactions that exceed £5000 per annum in the UK you are required to go through know your customer regulations.
Even if the car is a Junker worth £200, the requirement for registration precludes an argument that you did not know.
When you buy a car you have requirements that need to be addressed. The thief cannot have a saleable possession without registration. The simple answer here is check the registration.
It's your fault when you don't check the registration. If a corporate register lists the thief as an owner, you have some redress. But if you buy a car and don't check on file registration, you haven't really bought a car.
So yes, if the buyer is stupid enough to give money to someone without any indication of ownership, without registration, without the legally mandated requirements for the sale, there is no sale.
If I point at the Brooklyn Bridge and say would you like to buy it, do you think paying the conman gives you title? Do you think you have a claim against New York City for your loss?
CSW
Jun 30, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1593511066170500?thread_ts=1593503658.165900&cid=C5131HKFX
1/3
https://t.me/c/1359633424/32
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