4 ms·
This seems like an important distinction, i.e., between an ownership token and a "voucher token," assuming the latter is a token that gives the holder the right
by josaka 9y ago
This seems like an important distinction, i.e., between an ownership token and a "voucher token," assuming the latter is a token that gives the holder the right to some service. Curious how a groupon isn't a security if a voucher token is.
- brucephillips 9y agoA groupon doesn't appreciate when the company succeeds.
- josaka 9y agoMaybe a better example would be a concert ticket, beanie babies, or baseball cards.
- Animats 9y agoThe Howey test for "is it a security?" * an investment of money has been made, * in a common enterprise and * the investor has the expectation of profits, which profits are expected to arise solely, or substantially, from the efforts of the promoter or third party.[1] That pretty much covers all "make money fast" schemes. [1] https://www.americanbar.org/content/dam/aba/publications/blt/2005/05/but-is-it-a-security-200505.authcheckdam.pdf https://www.americanbar.org/content/dam/aba/publications/blt...