what about airline miles? the only reason to get airline miles is an expectation... | Hacker News

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		vasilipupkin on July 27, 2017 \| parent \| context \| favorite \| on: Ether Tokens Are Likely Securities (2016) what about airline miles? the only reason to get airline miles is an expectation of profit - if it's cheaper than paying cash. that difference is a profit. ( I don't think miles are a security, just as ethereum isn't ).

Sleeep on July 27, 2017 [–]

No airline miles are not a security. They are non-negotiable, you can't sell them, they expire, they don't represent an ownership interest.

vasilipupkin on July 27, 2017 | [–]

negotiability, ability to sell, expiration and ownership interest are not part of howey test op described

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