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RE: Is Ethereum a scam and are Ethers unregistered securities? Fiduciary Duty Attorney Jason Seibert weighs in
A long time ago we realized that your project can be thought of many ways.
What you think you are doing
What a government thinks you are doing.
It doesn't matter what you think you are doing.
It's whether a government can convince a judge that what they think you are doing matches the same facts.