Oceans of Wisdom

i think the network museum itself

obviously, I am capable of doing this all by myself ;)

i am not going to complain to the SEC that you tricked me out of my life savings by selling me worthless JPGs

:)

i am accredited

again don't worry

and if you are swapping with me personally

and it is not

bc either it is the network

don't worry abotu this case

this is fine

i can't be everyone's global securities lawyer

how to handle themselves

i think we have to leave it to everyone to decide

1/ too small to matter 2/ non-USA 3/ USA and larger but decentralized 4/ USA and larger and not decentralized and check KYC, etc etc

I think will fall into one of these categories

the affiliated network museum collections

the blockchain should fail on #4

The network museum fails on #3 and that is the end of that

The **Howey Test** is a U.S. Supreme Court framework (from the 1946 case SEC v. W. J. Howey Co.) used to determine whether something qualifies as an **“investment contract”** (and therefore a security). It has **four parts** — all must be satisfied: --- **1) Investment of money** There must be some form of value contributed • Not just cash — can include crypto, assets, or services --- **2) In a common enterprise** The investor’s fortunes are linked to others • Typically horizontal commonality (pooled funds) • Sometimes vertical (tied to promoter success) --- **3) Expectation of profits** The investor is expecting financial returns • Capital appreciation or income • Not just consumption or use --- **4) Derived from the efforts of others** The profits depend primarily on someone else’s work • Promoter, issuer, or third party • Not the investor’s own active efforts --- **In practice (quick intuition):** If people put money into something, expect to make money, and rely on a team to make that happen → it’s likely a security.

simplistically

I dunno, probably a security

GPebbles Great JPG Selector 1/ raising $100M 2/ GPebbles make all the decisions 3/ Gpebbles gets 2/20 and controls the SAFE 4/ gpebbles told everyone in writing that he expects we are going to make a lot of money

Network Museum 1/ you don't get any money back ever, you don't sell anything 2/ TDH is in charge 3/ there is no manager 4/ there is no fee this is not a security

take the two extreme cases

i am burdened by knowing too much

is how can we do it and not accidentally create a security

all of the difficulty in almost anything I want to do

this is my point

that is different

now if the numbers get big

will not think "we need to protect capital markets in the United States by preventing you from doing that"

that Trump's SEC

if you and @maybe and 5 others each chip in 10 ETH to buy some JPGs I am 99.99999999999999999999% sure

a lot of this is "it depends"

i mean look

well I am an accredited investor so in this particular case it won't matter

basically you have to make it permissioned

and it is a big nuisance with onchain

you need to check if your buyers are accredited investors

then if USA

but but but

and of course you are allowed to sell securities

or at a minimum you are selling a security

where eventually you become a fund manager

but there is a line

indeed

it is all quite interesting

but this is a good solution for minority protection

until now