also, look at the pricing, and how many coins there are. also, although these 2,880 every day is one thing - the money for these goes guess where...yep, the metronome team. talk about a license to print money and devalue the existing one at the same time.
Incorrect.
The money goes -- guess where --
to a smart contract that is
not accessible by the Metronome team.
That is why we call it an "un-ICO." No private sale + 100% of the money raised goes back to the Metronome community over time.
You've got our attention with the idea of an un-ICO, but does it really pass the Howey test?
Let' see.. for the SEC to class what you're doing as a security you need to fail the Howey test. In order to fail, the SEC uses the 4 questions below. If the answer to all 4 is "Yes", then you're issuing a security.
So let's give it a try..
1. It is an investment of money
Yes2. There is an expectation of profits from the investment
Yes3. The investment of money is in a common enterprise
Case law has seen this mean effectively anything, so
Yes.
4. Any profit comes from the efforts of a promoter or third party
Though the money goes into a smart contract, that smart contract was written, supported and promoted by you and/or the Metronome team. This whole "un-ICO" is promoted by you guys, not the investor, so this seems to be clear and resounding
Yes.
Therefore it seems that Metronome fails the Howey test and will be classed as a security. Sucks how regulation stomps out innovation...
We're big supported of the Metronome idea and we admire your bravery in the face of unclear regulation, but we're very concerned the SEC will class Metronome as a security and it will be sidelined, languished by regulation, with exchanges unable to list it.
Could you please share with us how you think this will be OK regulation-wise? If we understand your analysis of the regulation situation, then we could get more comfortable with investing.
While we can’t get into details of legal opinions in a public forum, we have hired knowledgeable, external legal counsel to guide us every step of the way.
The initial supply auction is purchasing a working cryptocurrency via autonomous public auction, not an investment, a utility token, or token representative of anything else.
Please see Appendix A of the Owner's Manual.