First Bitcoin Dispute In Singapore To Go On Trial (News)

The price of bitcoin has shot through the sky and seems unstoppable (at least for the time being), at the time of writing, 1 bitcoin = USD 15,200. I believed it's due to bitcoin's meteoric raise of price that trigger the very first bitcoin dispute in Singapore. 

As reported by Straits Times on 5th Dec 2017 (see the article here), the first bitcoin dispute is between B2C2 (electronic market maker) and Quoine (bitcoin exchange). 

In gist: Due to the some weird reason, Quoine's system has erroneously credited B2C2 with 3,092.075 (instead of 0.03929075) bitcoins and subsequently deducted back the additional bitcoins without notifying B2C2. 

The trial is still on-going but two things strike me (as I do vested in some cryptocurrencies):

1. Blockchain technology is immutable i.e. cannot be changed once transacted. For this case, it's quite obvious that the cause is due to the "system glitch" at Quoine's end but the question is whether they can single handedly trigger such rectifying transaction? What if the role is reversed i.e. B2C2 accidentally transacted the wrong amount of bitcoins, would Quoine entertain them to rectify the transaction and refund B2C2 accordingly? Interesting debate.

2. I foresee that lawyers with strong cryptocurrencies knowledge will be in high demand globally.  

Do you think B2C2 has a case?

Cheers!


Comments

Factor Based Investing

Factor Based Investing
Click here for FREE workshop