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China Declares Bitcoin as Virtual Property with Monetary Value

A property dispute involving Bitcoin was held in the internet court in Hangzhou, China on July 18, setting a new precedent by declaring that Bitcoin is virtual property with monetary value.

According to the case of plaintiff Wu against defendants FXBTC and Taobao, it has been recognized that Bitcoin has the attributes of virtual property and therefore should be protected according to Chinese laws and regulations.

For the first time, Bitcoin has been recognized as valuable, scarce and disposable which are attributes of property with protection under Chinese law, according to Pang Lipeng – one of the attorneys on the case. The court’s ruling concludes that owning cryptocurrencies in China is still legal and should be protected according to the corresponding property rights.

However, this is not the first case where cryptocurrencies have been deemed legal by the Chinese judicial body. In a previous case, the Shenzhen Arbitration Commission mentioned that cryptocurrency assets should be protected in accordance with Chinese regulations on property ownership in October 2018.

“This is a clear signal that the financial authorities are starting to loosen control over digital currency and virtual currency,” Cao Yin, one of the earliest advocators of blockchain technology in China, told the Global Times on July 18. However, they also officially mentioned that at the People’s Bank of China says that “Indeed, Bitcoin is virtual property, but it’s not fiat money.”

Wu’s case

In 2013, plaintiff Wu purchased 2.657 Bitcoins which was worth around RMB 20,000 at the time from the website “FXBTC” which was operated through a Shanghai technology company through Taobao.

The purchased Bitcoins were stored on a virtual wallet on the FXBTC website. When Wu wanted to access his Bitcoins in 2017, he found that the FXBTC website was shut down and therefore could not gain access to his funds.

Wu claimed that he was not notified of the website’s closure and could not withdraw his funds before the website shut down. Wu was not able to contact the website’s operator and demanded the defendants to pay RMB 76,314, which is the transaction price of 2.675 Bitcoins at the time of prosecution in compensation for his economic losses.

The court rejected Wu’s claims against FXBTC’s operator and Taobao due to the lack of evidence and the entire lawsuit was rejected. However, the court affirmed the legal status of Bitcoin as a virtual property in this case as a legal commodity but not a currency.

Real Vision CEO believes NFT will act similar to high-end property

Raoul Pal, CEO and co-founder of Real Vision, speculates that nonfungible tokens (NFTs) would behave similarly to “high-end property” in the old economy and will outperform Ether (ETH) during boom cycles in the cryptocurrency market.

The former executive at JPMorgan offered a rundown of what he felt most bullish about when it came to NFTs in a video that was uploaded to YouTube and published on February 20. The video lasted one hour and covered topics such as key use cases for the asset class, its underlying technology, and its potential performance in comparison to Ether.

According to Pal, in the same way that “high-end property” often outperforms the market when the “economy rebounds,” it is expected that the same will occur with specific NFTs during boom cycles in the cryptocurrency market.

“Therefore, I am able to transfer my ETH into a JPEG, which is an NFT. However, why? If you like, you can think of a [Crypto]Punk as a high-end property in London or New York or Hong Kong or wherever it is, and when the economy starts booming and people have more money, they tend to buy expensive high-end property. “Well, because much like high-end property and think of a [Crypto]Punk as a high-end property in London or New York or Hong Kong or wherever it is.

In addition to this, it has a history of outperforming the majority of the market. And I believe the same thing will take place in the ETH economy,” he went on to say.

He brought attention to the fact that major collections such as CryptoPunks and the Bored Ape Yacht Club (BAYC) have become status symbols in the cryptocurrency community. This is analogous to the fact that owning a luxury home, car, or item from a well-known brand provides access to exclusive clubs or what he referred to as “mini network-states.”

NFTs, he said, provide a “means of owning property in the ETH market.” He went on to say that humans are “stupid” and that we “love to socially signal things.” ETH is a cryptocurrency.

In retrospect, the former manager of a hedge fund stated that it was the year 2022 when non-fungible tokens (NFTs) first began to attract his attention because he began to “understand the power of what they are and what they can do.” This included the ability to transfer “value” using blockchains and automated smart contracts.

He also brought up the applications of NFTs in the resolution of contracts, saying that blockchain-based ledgers can offer verifiable transparency on what has been agreed upon between people, while smart contracts can, in essence, do away with the need for unnecessary third parties. He cited these applications as an example.

“Now, what’s interesting about the smart contract element of a networked financial transaction is the fact that it kind of allows for the settlement mechanism to be automated in code and resolves without the need for a third party, so you don’t need the courts, the lawyers, the notaries, and the accountants,”

Pal said that ever since he began investing in NFTs, he has placed around ten percent of his ETH holdings in “premium NFTs,” such as CryptoPunks and BAYC NFT.

As a result of the fact that such collections have been able to maintain a respectable level of value throughout the bad market, he hypothesized that they may possibly provide greater upside potential than negative danger. He is also of the opinion that there will be a rise in the price of ETH in the future.

“When measured in terms of ETH, the prices of CryptoPunks and Bored Apes have shown an astonishing lack of volatility over the last several days. Yes, they had a blow-off top, and once it subsided, they returned and have been trading about 65 ETH ever since. And the fact that they didn’t fall too much farther is something that fascinates me about it. During the large crypto market crash in June, they had a strong rise. Aside from that, though, they have just made a comeback and have maintained their position at 65 ETH. Therefore, whatever ETH does, they are just replicating it,” he said.

Original Snow Crash Manuscript Goes Up for Auction

According to a page that can be found on the official website of Sotheby’s, the original manuscript of Neil Stephenson’s Snow Crash, the novel that is credited with coining the phrase “metaverse,” will be put up for sale. The auction is a part of a series dubbed “Infocalypse” that will take place on February 23. The series will feature both physical and digital goods linked to the well-known novel.

Lot 2 of the series contains the original manuscript that was written. It is “wrapped in original Xerox 4200 Paper,” it is sealed with masking tape, and it has “corrections and notations throughout written in blue ink by Neal Stephenson in his hand.” Additionally, the author has inscribed the title of the book on the spine of the book using a sharpie marker.

In addition, there is a “updated typesetting document” up for auction in Lot 4 of the sale. This is a later version that was revised and supplemented by the author with extra handwritten notations and alterations.

Other real-world items are also being sold at auction as part of this series. These include the original painting that was used as the cover art for the 1993 mass-market paperback edition of the book; a leather jacket that was going to be used in a video promotion for the graphic novel; slides that were used for the concept of the graphic novel; and a real sword that was inspired by the one that the book’s protagonist wielded.

In addition to these tangible artifacts, the series will also include non-fiction tales (NFTs) of digital art that were created in response to the graphic book idea that came before Snow Crash.

The dystopian novel Snow Crash was first released in 1992 and takes place in a world where the majority of people reside in cramped storage facilities. The main character, Hiro, is a pizza delivery worker who needs to battle robbers in order to deliver pizzas to customers. The story chronicles his adventures. Hiro doesn’t have much of a social life since he spends all of his free time in a virtual world known as “the Metaverse,” which is a place where people go to get away from the stress of ordinary life. The inhabitants of the Metaverse, however, are transformed into “nothing more than a jittering cloud of negative digital karma” due to a computer virus. The journey that Hiro takes through the book to discover a cure for the virus is the driving force behind the story’s action.

According to the Washington Post, the book has racked up sales of more than one million copies on the continent of North America alone. Since the publication of the book, enthusiasts of virtual reality have been increasingly using Stephenson’s term “metaverse” to describe the developing virtual world that is being created by virtual reality technology. In recent years, the term has become a buzzword that is frequently searched for online.

The growth of the metaverse has provided some people with new job prospects and has contributed to the transformation of Web3 gaming.