The court cited the “Howey Test,” the ruling of which states that the definition of a security “embodies a flexible rather than a static principle, one that is capable of adaptation to meet the countless and variable schemes devised by those who seek the use of the money of others on the promise of profits.” Based on such a definition, the court said, the investment contract between Zaslavskiy and his investors is covered by the SEC.
I can buy this. Give me a stock certificate, in digital, paper or chiseled rock, if the certificate expect specifies s from operations then it is an ownership certificate.
Thus, this is different fr using a public domain spreadsheet function. The bots cannot own property, they don't like the burden of ownership, leave tat to humans. So a bot which performs reenue neutral spread sheet calculations, say a bot running an S&L on a revenue neutral basis cannot produce profits. Bitcoin is not a security, it is a set of spreadsheet functions.
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