Also, much more relevant than a bunch of hucksters showing that they care more about money than ideology,
The DOJ doesn't GAF what you say, they care what the laws are. Tokens are property. They technically gain all the standard property protections, like people aren't supposed to steal them from you, and fraud is still fraud.
If you want code to be law, you would have to pass legislation to that effect, and good luck. We tried wildly unregulated markets before and it was generally bad for the world economy. After FTX, good luck convincing regulators to let you play around with real money even more
What law says this? Technically, tokens are smart contracts, basically OOP classes with both data and behavior. They also by design have public methods which are meant to be triggered by anyone on the chain. It's not at all obvious that triggering these methods in an unexpected order or with unexpected data is breaking any laws whatsoever. It's bytecode anyway, so there's no human readable EULA's or explanations on what you're allowed to do with the token.
Why/how? If someone "steals" "my" "property" in an online game, I don't get to call the real-world cops on them. Why should it be any different when you dress up your game in a bunch of finance words?
> Why/how? If someone "steals" "my" "property" in an online game, I don't get to call the real-world cops on them. Why should it be any different when you dress up your game in a bunch of finance words?
I thought the main difference is that game is operated by a legal entity that is a game company so cops will tell you to complain to Epic or whoever.
Imagine if some game is not operated by a single legal entity and becomes popular enough that many people routinely lose all savings etc, maybe justice system can start intervening in such cases.
But anyway in this case there are so many things wrong about prosecuting one thief for outthieving another thief, I don't even know what is the logic.
theft online is recognized by police agencies. it's an old but there was this theft in 2007, in RuneScape that resulted in real world penalties for the thieves.
The DOJ doesn't GAF what you say, they care what the laws are. Tokens are property. They technically gain all the standard property protections, like people aren't supposed to steal them from you, and fraud is still fraud.
If you want code to be law, you would have to pass legislation to that effect, and good luck. We tried wildly unregulated markets before and it was generally bad for the world economy. After FTX, good luck convincing regulators to let you play around with real money even more