4 ms·

hmmmm. So, kickstarter campaigns are also issuing securities? are airline miles securities ?

• dpiers 9y ago
  Under the Howey Test, a transaction is an investment contract if: - It is an investment of money - There is an expectation of profits from the investment - The investment of money is in a common enterprise - Any profit comes from the efforts of a promoter or third party There is no expectation of profit from a Kickstarter contribution. You are buying a product, and have no stake in the company.
  • dagw 9y ago
    You are buying a product You're not even doing that, since there is no guarantee of delivery.
  • vasilipupkin 9y ago
    what about airline miles? the only reason to get airline miles is an expectation of profit - if it's cheaper than paying cash. that difference is a profit. ( I don't think miles are a security, just as ethereum isn't ).
    • Sleeep 9y ago
      No airline miles are not a security. They are non-negotiable, you can't sell them, they expire, they don't represent an ownership interest.
      • vasilipupkin 9y ago
        negotiability, ability to sell, expiration and ownership interest are not part of howey test op described