The SEC sued the Florida men for not registering these transactions with them under the claim that these leases were clearly within the jurisdiction of the Securities and Exchange Commission. In this case, the Florida businessmen were offering a leaseback agreement, being as they were agriculture men, to non-growers, on their tracts of land with the future promise of harvesting, pooling and marketing the then non-existent citrus in exchange for a cut of the profits. This case was monumental in that it established precedent for what exactly determines a security contract versus a stock, a bond, a commodity, an asset or a currency. Only thirteen years prior was the establishment of the Securities Act of 1933, and the following year the Securities and Exchange Act of 1934, in which the Supreme Court gave the newly-formed Securities and Exchange Commission, now known colloquially as the SEC, the exclusive rights to regulate the newly-determined financial instrument of a security contract. In the 1946 court case, the defendants, a Florida citrus company under the name Howey in the Hills Service, were selling large plots of their orange groves to mainly out-of-state investors under the premise and assurance that once the plots were planted and propagated, the profits would be guaranteed to break a certain margin. So rather than the beautiful blind dismissal that is more than likely more than deserved, let us instead equip ourselves with the knowledge to fight back on these predators with logic and logos.ДЇor starters, the Howey Test, while perhaps being вЂњan older lawвЂќ in the grand scheme of financial technology, is relatively black and white. Like it or not, the altcoin casino of вЂњall bark, no biteвЂќ initial coin offerings, jpeg money laundering schemes, and venture capitalist Cantillion yield-bearing smart contract platforms are most likely here to stay for the foreseeable future there is simply too much economic incentive in charismatic leaders teaming up with marketing teams to sucker fresh meat into playing the role of unsuspecting exit liquidity for the ever-rotating carousel of pre-mines and ghost chains that is the cryptocurrency market at large. Much has been written in Bitcoin Magazine about the issues with the petrodollar system, and how a centralized cartel of money changers can wreak havoc upon the working class with monetary supply expansion at a whim, but the focus of this piece is going to be the true demarcation and separation of Bitcoin from its asset class the unfortunate peers of cryptocurrency and decentralized networks in name only. вЂњFix the money, fix the world,вЂќ they say, but how can you fix the money without understanding the problems, and more importantly understanding the possible solutions to many of today's problems presented by Bitcoin in a succinct and pure manner? There is an ever-deeper cloud of knowledge billowing out of the thousands of nodes strewn across the planet, and just when it seems to coalesce into a complete and whole picture, another layer of incentives, another extrapolation of game theory, another form of legacy and incumbent systemic dematerialization presents itself to the now millions of eager, hungry students of Satoshi. The apex predatory nature of Bitcoin is not without sound reason, but it is important to understand why the many high priests of Satoshi's church have such conviction in the hopeful success of such a unique and disruptive technological experiment. As mentioned in the previous article, predominantly as of late there is a whole lot of preaching from our permanent bullish culture leaders, which leads to wonderful and passionate zealotry, but perhaps many holes in fundamental understanding of Bitcoin's protocol and the direct effects of said mechanisms. But not a lot was actually said about what makes Bitcoin truly special and what specifically puts it in a class of its own outside of the greater cryptocurrency, financial technology and economic market space. What really makes Bitcoin different? In The Fight for Bitcoin Round One: Water's Warm Maximalism, much was said about how and why to engage in good, truth-bearing faith with nocoiners, altcoiners, and Bitcoin skeptics alike.

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