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A comment on SEC shows support for ICOs that are not obviously securities. Parent comment

Re:SEC shows support for ICOs that are not obviously securities by EGreg on Sunday September 17, 2017 @09:02PM (#15272661)
Either the tokens can be expected appreciate in value or not.

If not, why buy them now?

If yes, doesn't that trigger the Howey test?

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Re:SEC shows support for ICOs that are not obviously securities by nostrademons on Monday September 18, 2017 @12:04AM (#15273322)
Why do people fund projects on KickStarter or pre-order the latest iPhone? Sometimes people really want something and expect future scarcity, even if there's no chance of price appreciation.

The interesting thing about ICOs in this category is that there's a potential secondary market, so if there turns out to be significant scarcity, the price may rise, but if not, it's worthless (other than for its intrinsic value). But this isn't all that different from GMail invites circa 2004.

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