Then don’t use a metaphor of a gold mine. If you compare TON to shares of a gold mine (what they did in the linked blog) then clearly it is a security.
Ofc it is a security. I just pointed out why they tried to avoid it. Not because they where to lazy to do the paperwork like half the people in here suggest.
so you're saying "it's a security, but it shouldn't be treated as security because security law forbids <enter activity here>", which means you want to break the law.
they tried to break the law so it's not allowed. i don't see a problem here
Anyway they could still do it with some kind of distributed token generation, similar to mining so tokens are generated by the users and not sold. But this obviously would not make the investors happy because they get nothing then.