In the case of bitcoin, a strong case can be made that, even with secondary markets, certain virtual currencies lack the legal elements of material value and property.

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We also have the ability to check where a particular consignment of coltan comes from: we have a database of the residual elements typical of each known mine and can thus check material, as with a fingerprint.

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Plato believed that the first four corresponded to the elements of which the Greeks thought the material world was composed: fire, air, water and earth.

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Other important terms to consider include whether there are liens on the IP (a negative), Material Adverse Change clauses, cash-collateral elements (where a bank can sweep the account), and other particular covenants.

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Notwithstanding a reluctance based on practical considerations to engage in a full analysis of the material endogenous elements of Shariah, in order to provide a factual predicate for the analysis of the disclosure (and other) laws that follow it will be helpful to assume a fact or two about Shariah.

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