No amount of shouting is going to change things, minerpart.
If the SEC chooses to go after Ken, he will be V&.
It's that simple.
The only guidance the SEC will provide is "stand behind the yellow line."

Sure Pirateat40 case is relevant.  It takes away the "it's just a game, nothing of value is being traded" rationalization that Burnside tried using on his gameserver.  How old are you, bro?

First read the boldface font.
Then read the red font.

Now ask yourself: "Why am I reading this confusing forum when I should be learning shapes and colors before I have to start digging ditches?"

Look at it like this:  Let's say the price (in dollars) of a real estate property we have invested in doubles in one year.  So we should be doing pretty good if we flip it, right?  Well, not if we invested bitcoin, the price of which (again, in dollars) quadrupled in a year.  if we flip this house, we'll actually lose money.

Then there's the empirical approach -- how is the market doin'?  Well, if we take Havelock exchange, which is doing pretty good by virtue of it still not being shut down/getting "hacked" *cough*, you will see that every "security" listed there is trading below IPO.

This doesn't mean you can't do some clever trading, but you have to be ... well, you wouldn't be asking.
If you believe in bitcoin -- buy, hold, and get rich.  Forget securities.

Awesome, OP!  Bumping your thread