Thinking about crypto again... a thing turns into an illegal security based on what promises are made. So for a collectible, the promise is "you will own this beanie baby," so no problem. For a ponzi/bizop "you will make income" & that is a problem if no such thing is possible
For crypto, the promise is "this won't gain/lose value relative to money" & that promise is problematic. If that promise can't be made, then it isn't money, it's a collectible. NFTs are at least more honest about the grift, there is no expectation
♡ 0 ↻ 0that this is worth anything more than what the next fool is willing to pay for it. It's the same legal-in-all-states gambling, except this collectible frenzy is going to wreck a lot of people's finances when it collapses.
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