Craig Wight has filed his lawsuit in court in the Chancery Division, London on 2/24/2021.  Summary:  Business-Part 7 Claim – Breach of fiduciary duty. 

It just feels like courts have no power over Bitcoin. No court, no matter how powerful can declare 1+1=3 and have it be accepted as truth. Similarly, no court can assign someone’s BTC to another and have it accepted as truth. Nothing is more fair, just and consistent than the laws of mathematics.

Several prominent developers associated with Bitcoin are the defendants. 

One of the users stated, there is a line where human law stops, and natural law begins. You can’t legislate away gravity. Some people need to learn this lesson the hard and expensive way though.

However, another user clarified stating, GDPR is law in EU, and all software and webapps have to comply. Same human law. You can legislate all what can be made better by people. Including Bitcoin and its copycats.

You can disagree with Craig or not believe that those Bitcoins were his in the first place and might be right. I guess courts will decide. But even if this didn’t involve him, but it involved you personally, don’t you think it makes sense for property rights to apply to Bitcoin?

Another clarification read, people shouldn’t underestimate the power of law, but they also shouldn’t underestimate markets. Bitcoin is an incentive system with many competing forces. Nobody knows what the results of all of this will be. It’s only speculation and guesses at this point, only time will tell.

Users who did a little brainstorming stated, there are people who literally believe this is possible. They think the exchanges, miners, and businesses will all be forced to comply with the order. Even if they were, all those entities would just be running something that isn’t Bitcoin anymore.

Someone with common sense stated, property rules apply with bitcoin. If I steal your key after breaking into your house that doesn’t mean that those bitcoin are mine.

Those who had an alternate opinion stated, as a practical matter you are correct, but ignoring the very real possibility of a court obtaining jurisdiction over miners and validators and then compelling them to modify a chain ignores a very real and significant risk with centralized chains.

Bitcoin is not first digital money. Either comply or cease and desist. Law is law. And Bitcoin is not above the law.