Marc Fitapelli, an attorney and Bitcoin critic, released a new whitepaper, "The Case Against Bitcoin." Mr. Fitapelli's Whitepaper discusses newly released private emails between Satoshi Nakamoto, Bitcoin's alleged founder and early Bitcoin developers. In one private email, "Nakamoto" expressed concern about marketing Bitcoin as an 'investment', describing such a portrayal as 'dangerous.' In other emails, "Nakamoto" discussed mailing US currency from the United States to Europe. "It's my belief that the anonymous founder of Bitcoin is a serious securities law violator in the United States," argues Marc Fitapelli.
Bitcoin is not currently regulated by the Securities and Exchange Commission and remains outside the regulatory framework that governs traditional financial instruments like stocks and bonds. This regulatory gap means Bitcoin investors do not benefit from the same protections as investors in the stock market. This so called "Bitcoin Loophole" was created by the SEC's current Chairman, Gary Gensler.
Marc Fitapelli's Bitcoin Whitepaper also argues that Bitcoin is only a "pseud-anonymous" system. Bitcoin is only an anonymous system for "Nakamoto" and a small number of non-US-based Bitcoin users. Most U.S. users of Bitcoin must provide identification to exchanges through KYC (Know Your Customer) requirements. Individuals with Non-KYC Wallets engage in unlawful activities, including securities fraud and state-sponsored terrorism, the Bitcoin Whitepaper argues.
Finally, Marc Fitapelli's Whitepaper addresses past technical challenges in Bitcoin's history, such as incidents where bugs in the code allowed for more than 21 million Bitcoins to be created. Mr. Fitapelli argues that Bitcoin is susceptible to future 'value overflow events' as well as a 'Bitcoin Collision.' The possibility of both events occurring in the near future is high according to Marc Fitapelli.
Marc Fitapelli is a New York City attorney and Bitcoin critic. He represents victims of financial crimes, including those who have been scammed with Bitcoin. He is the owner of MDF Law, which has offices in New York and California. Mr. Fitapelli has been a member of the New York State Bar since 2008.
SOURCE MDF Law PLLC
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