I hate crypto like every other bitcoiner, but if there's no pre-mine and it's based on proof of work, then it's not a security.
Discussion
It’s not money either
Anything can be money so long as two people agree it is.
Source: buying ramen with cigarettes in prison
“Money” is just a social concept to trade value for value 🤷🏽♂️
I think he means the technical definition of money (the most saleable good). Neither Bitcoin or Monero meet that definition.
But they are both a MoE. Almost anything can be like your example.
I would say anything can be medium of exchange - one of the components of money. But having components of money doesn’t necessarily make it fully money. 🤷🏻♂️
*and open source / free to join.
does PoW mean anything if it’s a closed network?
Wouldn't be much different than PoS at that point.
It may not be a security but it can still be a shitcoin
that’s HOWEY do it
If there’s any like that which wouldn’t be deemed security, it still wouldn’t scarce. And if its scarce, then it isn’t decentralized and so on… So either way, they all shitcoins.
The distribution should be open and fair, which rules out most things
Que cosa no odias?
You can certainly have a pow no pre mine security if it passes the howey test.