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From: Tamas Blummer <tamas@bitsofproof.com>
In-Reply-To: <2236907.ZtrNgikFVR@crushinator>
Date: Tue, 20 Jan 2015 18:44:31 +0100
Message-Id: <656E7756-5F0B-4594-B9F1-8CC68C7A5EE5@bitsofproof.com>
References: <20150120154641.GA32556@muck> <2236907.ZtrNgikFVR@crushinator>
To: Matt Whitlock <bip@mattwhitlock.name>
Cc: bitcoin-development@lists.sourceforge.net
Subject: Re: [Bitcoin-development] The legal risks of auto-updating wallet
	software; custodial relationships
Precedence: list


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Knowing the private key and owning the linked coins is not necessarily =
the same in front of a court.

At least in german law there is a difference between =91Eigentum' means =
ownership and =91Besitz=92 means ability to deal with it.
Being able to deal with an asset does not make you the owner.

Tamas Blummer

On Jan 20, 2015, at 6:23 PM, Matt Whitlock <bip@mattwhitlock.name> =
wrote:
>=20
> If you have the private keys for your users' bitcoins, then you are =
every bit as much the owner of those bitcoins as your users are. There =
is no custodial relationship, as you have both the ability and the right =
to spend those bitcoins. Possession of a private key is equivalent to =
ownership of the bitcoins controlled by that private key.


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<html><head><meta http-equiv=3D"Content-Type" content=3D"text/html =
charset=3Dwindows-1252"></head><body style=3D"word-wrap: break-word; =
-webkit-nbsp-mode: space; -webkit-line-break: =
after-white-space;">Knowing the private key and owning the linked coins =
is not necessarily the same in front of a =
court.<div><div><br></div><div>At least in german law there is a =
difference between =91Eigentum' means ownership and =91Besitz=92 means =
ability to deal with it.</div><div>Being able to deal with an asset does =
not make you the owner.</div><div><br><div apple-content-edited=3D"true">
<div style=3D"color: rgb(0, 0, 0); font-family: Helvetica; font-size: =
12px; font-style: normal; font-variant: normal; font-weight: normal; =
letter-spacing: normal; line-height: normal; orphans: auto; text-align: =
start; text-indent: 0px; text-transform: none; white-space: normal; =
widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px;">Tamas =
Blummer</div><div style=3D"color: rgb(0, 0, 0); font-family: Helvetica; =
font-size: 12px; font-style: normal; font-variant: normal; font-weight: =
normal; letter-spacing: normal; line-height: normal; orphans: auto; =
text-align: start; text-indent: 0px; text-transform: none; white-space: =
normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: =
0px;"><br></div></div><div><div>On Jan 20, 2015, at 6:23 PM, Matt =
Whitlock &lt;<a =
href=3D"mailto:bip@mattwhitlock.name">bip@mattwhitlock.name</a>&gt; =
wrote:</div><blockquote type=3D"cite"><br>If you have the private keys =
for your users' bitcoins, then you are every bit as much the owner of =
those bitcoins as your users are. There is no custodial relationship, as =
you have both the ability and the right to spend those bitcoins. =
Possession of a private key is equivalent to ownership of the bitcoins =
controlled by that private =
key.<br></blockquote></div><br></div></div></body></html>=

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