Change the structure of gigamining. Instead of it being described as a bond, have people lease the hardware indefinitely. People transfer leases all the time.
I believe that's how Sony "sells" their PS3s as well. Just a perpetual transferable lease. It makes sense for the mining companies to take this path when and if legal issues arise.
You dont lease a PS3 with the aim of making money.
And I fear just relabeling it wont really help. I came across this, granted, for Arizona, but I suspect it will similar all over:
I. Defining a Security.
The first step in deciding whether the securities statutes apply is to determine whether the transaction at issue actually involves a “security”. Arizona broadly defines a security as any:
[N]ote, stock, treasury stock, bond, commodity investment contract, commodity option, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, viatical or life settlement investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, real property investment contract or, in general, any interest or instrument commonly known as a “security”, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.[7]
The definition for each of these securities is either listed in the Act under A.R.S. Section 44-1801 or provided by judicial interpretations and tests.[8]
In determining whether a certain instrument is a security, a court will consider the substance rather than the form of the instrument.[9] “Essentially, if the purchaser will be a passive owner―relying on someone else’s efforts or conduct in order to make money on the investment―the instrument is probably a security.”[10]http://www.mitchell-attorneys.com/legal-articles/securities-registration-and-exemption/