Replying to Avatar Satosha

The real #Howey test ..

Commodity = cost of manufacture + the profit due to subsidies ( gov handouts)

Security = EPS + the monetary premium of narrative.

Assets are neither of those - because :

Assets = cost of manufacture + the monetary premium of narrative .

#bitcoin is a digital asset ..
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Satosha 1y ago

True commodities rarely make any profit .. most of their payout comes from government subsidies ..

If they start making some good profit - Govs are quick to put #priceControls

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