They wouldn't. 'yieldcrv is not demonstrating knowledge of the Howey test, and appears to be heavily focused on a narrower reading, "buying something with the expectation of increased future value" -- which they're setting up as a strawman's Howey's test.

Sneakers would not meet the Howey Test: An investment contract exists if there is an "investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others."

The four parts of the Howey test, distilled down to plain English (and therefore losing a great deal of nuance in the process):

- It is an investment of money.

- The investment is in a common enterprise.

- There is an expectation of profits.

- The expectation of profits is solely from the efforts of the promoter or a third party.

Buying the latest Yeezy's is not a common enterprise. The fourth point is debatable.