From: Justus Ranvier <justus.ranvier@monetas•net>
To: bitcoin-development@lists•sourceforge.net
Subject: Re: [Bitcoin-development] The legal risks of auto-updating wallet software; custodial relationships
Date: Tue, 20 Jan 2015 11:47:23 -0600 [thread overview]
Message-ID: <54BE94AB.3020207@monetas.net> (raw)
In-Reply-To: <20150120154641.GA32556@muck>
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On 01/20/2015 03:46 PM, Peter Todd wrote:
> But ultimately we're not going to know until court cases start
> happening. In the meantime probably the best advice - other than
> getting out of the wallet business! - is to do everything you can
> to prevent losses through malicious auto-updates. Create systems
> where as many people as possible have to sign off and review an
> update before it has the opportunity to spend user funds. Not
> having auto-updates at all is a (legally) safe way to achieve that
> goal; if you do have them make sure the process by which an update
> happens is controlled by more than one person and there are
> mechanisms in place to create good audit logs of how exactly an
> update happened.
>
> Finally keep in mind that one of the consequences of a custodial
> relationship is that some legal authority might try to *force* you
> to seize user funds. StrongCoin made it 100% clear to authorities
> that they and sites like them are able to seize funds at will - I
> won't be surprised if authorities use that power in the future. The
> more automatic and less transparent an update is, the higher the
> chance some authority will lean on you to seize funds. So don't
> make it easy for yourself to meet those demands.
One suggestion you didn't mention was jurisdictional arbitrage - don't
be located in the same country as the majority of your users.
Or, from the other perspective, users should be strongly encouraged to
get their wallet software from companies/organizations not located in
the same country as them.
- --
Justus Ranvier | Monetas <http://monetas.net/>
<mailto:justus@monetas•net> | Public key ID : C3F7BB2638450DB5
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next prev parent reply other threads:[~2015-01-20 18:14 UTC|newest]
Thread overview: 14+ messages / expand[flat|nested] mbox.gz Atom feed top
2015-01-20 15:46 Peter Todd
[not found] ` <CAHpxFbEoDLMGKB7arHbgB+4kx8BwgcX7nBUZz6yP9k4LjZeu1A@mail.gmail.com>
2015-01-20 17:15 ` Peter Todd
2015-01-20 17:23 ` Matt Whitlock
2015-01-20 17:40 ` Peter Todd
2015-01-20 17:44 ` Matt Whitlock
2015-01-20 17:44 ` Tamas Blummer
2015-01-20 17:47 ` Matt Whitlock
2015-01-20 17:49 ` Peter Todd
2015-01-20 17:56 ` Tamas Blummer
2015-01-20 17:47 ` Justus Ranvier [this message]
2015-01-20 18:48 ` Tamas Blummer
2015-01-20 19:31 ` Justus Ranvier
2015-01-20 21:33 ` odinn
2015-01-20 21:49 ` Roy Badami
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