Avatar for kjmorley
"By any usual interpretation, the hacker has stolen money from other users and violated the intent of the DAO. However, according to the DAO’s own legal contract, there is no such thing as theft and the intent is completely unimportant. the only important and relevant thing are the smart contracts themselves. Consequently, there is no real legal difference between a feature and an exploit. It is all a matter of perspective." http://www.bloomberg.com/view/articles/2016-06-17/blockchain-...
"The U.S. legal system has built up a pleasantly redundant system of safeguards so that investors usually get more or less what they expect. If you invest in a U.S. public company, you are in a sense signing up for a certificate of incorporation and bylaws, which are written in lawyerly language. But you also get a prospectus that explains the terms of your investment in relatively (relatively!) plain English. Also the terms of that investment -- how you vote, what duties the company owes you, what rights you have, etc. -- tend to be constrained by federal securities law, state law, stock exchange listing requirements, underwriter due diligence, public policy, custom and tradition. Even if you invest in a company whose bylaws say that the board of directors can sacrifice you to a demon on the first full moon of a leap year, it's unlikely that that term would be enforced. There is only so much leeway to depart from the standard terms." ‎· Ken Morley
So, the $1000 of Ethereum (ether) I didn't buy when I posted this, is now worth $36,000. ‎· Ken Morley ‎· 3
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