Going Nuclear: Civil Justice System And The Bitcoin Dispute Resolution Paradigm
Exploring how Bitcoin’s non-confiscatable nature will introduce a paradigm shift in dispute resolution and the civil justice system.Conflict is part of human nature. Civilizations are defined by how they resolve disputes. Hamurabi’s code was notorious for its merciless application of “an eye for an eye.” Autocrats from King Solomon to James I meted out rough justice in royal courts, often arbitrarily, and with no opportunity for further review. And without even these harsh systems, individuals were left to fend for themselves, resorting to violence to resolve interpersonal conflict.The....
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A fintech enthusiast, who has been pushing support for permanent built-in bounty rewards to discourage crime and promote justice on the Blockchain, has approved Bitfinex’s manner of handling the hack with its customers. James Gallagher informed CoinTelegraph that for Bitfinex customers to experience a generalised loss percentage of 36.067% is a fair resolution. Could be worse. “With all due respect and being a recent "ride" participant in this Bitfinex hack, I was also party to Gox and Hashocean, ouch! Bitfinex by far took great care and diligence to resolve fairly this issue,”....
In February 2014, the DEA seized $11,000 from Charles Clarke, a college student, who was never convicted of any crime. The DEA seized Clarke's money using a process known as civil forfeiture, and he still hasn't gotten any of the money back. While noticeably egregious, The Institute For Justice demonstrates that Clarke's case doesn't scratch the surface of what's being called "policing for profit". Civil Forfeiture. Civil forfeiture is a procedure that allows law enforcement agencies in the United States to seize property without convicting a person of a crime. The government doesn't even....