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why is ethereum itself not a security by this logic. Clearly the purpose of buying ETH in the ICO was appreciation, no?

• bluesign 9y ago
  as long as they don't promote 'increase in value' and 'gain on your investment' they are safe.
  • vasilipupkin 9y ago
    but did they not make any statements implying an increase in value? why would you have participated in ETH ICO if you didn't expect an increase in value?
    • bluesign 9y ago
      You can expect increase in the value, actually even everybody can expect, but as long as there is no marketing of increase in value, or misdirection it is fair game. If you are investing in real estate, you have an expectation in increase in value, but if the real estate agent is promising you, increase in the value, and promising you to do the all marketing, etc and selling part. Then it is something else. The point is basically intentionally misleading investor.
      • vasilipupkin 9y ago
        where in the howey test does it say anything about marketing? 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
        • bluesign 9y ago
          "Any profit comes from the efforts of a promoter or third party" this part. As long as profit depends on someone else's work. (this third party is not other investors, or market appreciation, this is direct promotion or work)