Comment Re:Here's your insightful comment (Score 5, Interesting) 108
But here's the interesting thing.
Who owns what? According to the hard core of bitcoin fans, it is based on one principle - that the blockchain is the final word on that issue, at least as it concerns bitcoins themselves. If you have the key, the coins are yours.
If you say "those bitcoins aren't yours, they're stolen!" you're implicitly accepting another standard of property - of who owns what - as higher than the blockchain. Then you concede to the messy passions of society to determine who owns what, rather than the mathematical certainties of the block chain.
Bitcoin fans are a bit two-minded on this. On one hand, they demand that money in anonymous accounts belongs to whoever controls the keys, and it's none of your business how they got there. On the other, some do call for blacklisting coins, e.g. the coins FBI seized when Silk Road went under. The technology actually makes that possible, unlike with cash or even conventional digital payments.
I'm all for convicting Karpeles for fraud (and in fact this article is old news to me - despite lots of anonymous accounts trying to pooh-pooh it, investigations of the block chain made a convincing case for fraud in the weeks after MtGox's fall), but I'm also for recognizing the limits of the blockchain, and I'd like BTC fans to realize it can't be a substitute for government, or even government-issued currency.