4 ms·
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. (
by 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 agoNo 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 agonegotiability, ability to sell, expiration and ownership interest are not part of howey test op described