Sure, but that's (literally) their work to define that boundary, and it is quite clear on which side of the line they intend ICOs to fall. Those where the outc

Sure, but that's (literally) their work to define that boundary, and it is quite clear on which side of the line they intend ICOs to fall. Those where the outcome is based on the work of others are clearly securities. I would argue the outright useless ones are more a form of gambling (lottery tickets have no other uses and and the outcome can not be controlled) but then there's the element of getting your friends and neighbors in on it that complicates things. How it's being sold is likely what matters, and the websites can be pretty toned down compared to their forums and Twitter feeds.