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149 sats \ 4 replies \ @Scoresby 29 May \ on: The Bitcoin Lost-and-Found (Money Stuff, Matt Levine) Politics_And_Law econ

I wonder if assets gained through the Finders Keepers law are taxable income.

(and now I see that @Undisciplined is way ahead of me, as usual)

An interesting case would be if this jerk wins his lawsuit and the law declares him the owner and then someone else moves the bitcoin. What will he do? If it's in NY, I imagine he might try to take the person to court (if he can identify them) and I could see a world where our stupid courts would actually try to enforce his claims.

But still, not your keys, not your coins.

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316 sats \ 0 replies \ @Undisciplined 29 May

My avatar isn’t Quick Draw by accident

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187 sats \ 2 replies \ @denlillaapan OP 29 May
(and now I see that @Undisciplined is way ahead of me, as usual)

I know the feeling.

not your keys, not your coins.

Maybe we gotta switch to "not your courts, not your coins"?

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48 sats \ 0 replies \ @Undisciplined 29 May

If he wins the case and the coins subsequently move, does he get to claim the loss from theft or does he get hit with a massive taxable event?

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39 sats \ 0 replies \ @Scoresby 29 May

I don't think so:

The ownership ≠ possession is Bitcoin's coolest, most profound innovation

I share your enthusiasm here. It's pretty incredible and as long as cryptography holds it provides some resistance to courts.

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