What makes a crypto a security? And what about BTG?


#1


An Opinion

Background

  • Cryptocurrency
  • Endowment
  • Bitcoin Gold Organization
  • Platforms and Services
  • Coin Supply
  • A Security?

Securities Tests

  • Howey Test
  • Family Resemblance Test
  • Risk Capital Test

Conclusion

Background

The Bitcoin Gold Project is an open-source community-driven project to establish a new cryptocurrency, Bitcoin Gold (BTG), based largely on the model of Bitcoin (BTC) as it existed circa September of 2017.

The Cryptocurrency

BTG has a core difference from BTC in that the “mining” or “Proof of Work” algorithm is changed to one which cannot be run on existing ASIC hardware designed for BTC mining. This means that the network of miners upon which BTG relies is entirely separate from and not in direct competition with the BTC mining network.

BTG also has several secondary differences which enable the new network to exist:

  1. Replay attack protection (to protect the BTC and BTG networks from cross-attacks)
  2. Unique (new) addressing (to protect users from BTC/BTG confusion)
  3. Change in Difficulty Adjustment Algorithm (to enable the new blockchain to function in the GPU mining space.)

None of these changes in Bitcoin Gold make for a fundamental shift in the nature of or utility of the coin as a cryptocurrency; in function and form, it completely resembles Bitcoin and is no more a Security than Bitcoin is.

The Endowment

At the time of launch (November 12, 2017), the project began with a rapid 8000-block closed mining period whose “mining rewards” accrued 100,000 BTG to wallets administered by the six co-founders of the project to establish an Endowment. After this 8000-block period, normal mining commenced, which was open to the general public in the same manner as the Bitcoin mining network. (No additional funds accrue to the Endowment from the operation of the BTG network).

The Bitcoin Gold Organization

The project’s co-founders use funds from the Endowment to finance the creation and ongoing activity of the Bitcoin Gold Organization (BGO), an independent body whose purpose is to support the continuation of the Bitcoin Gold Project and the Community of people interested in the project. All decisions on the use of the Endowment’s funds are made by the Board of the BGO, which initially consisted of the six co-founders of the project. The BGO hires and pays staff to support the Community, for ongoing code development for the project, and for platforms and services that support the Bitcoin Gold Project.

The Platforms and Services

The platforms, services, and code include:

  1. A project website and forums for information and discussion
  2. A set of full nodes and DNS seeds distributed across the globe to provide initial network stability (without which the now-established BTG network can continue to function, but which can be maintained to enhance network stability and reliability)
  3. A blockchain explorer and API for convenient interaction with the BTG blockchain
  4. Wallet software, pool software, mining software, software “libraries” for developers (all free and open-source on GitHub)
  5. A “Testnet” infrastructure separate from the production Bitcoin Gold network (“mainnet”) to allow for continued development in safety

These platforms and services are all provided to the public via the internet with unrestricted access to parties public and private at no charge. Neither BTG nor any other payment system or token asset is required to utilize them; in other words, BTG does not serve as a Utility Token. All code produced is published as open-source and can be freely downloaded by the public. Additional wallets, software, and sites for the use of the Community are produced and provided by third parties, sometimes for profit, but these have no affiliation with or explicity endorsement from the BTG Project or the BGO.

The Coin Supply

It is important to note that the great majority of BTG created by the project were never in the control of the BGO and were completely outside of the BGO’s control from the moment of creation. Specifically, the Bitcoin blockchain (along with the 16.5 million BTC that existed within it) was forked (copied) on 24 October, 2017, to create the Bitcoin Gold blockchain, and then new blocks with BTG began being added to that chain when Bitcoin Gold launched mining on 12 November, 2017. None of the 16.5 million BTG existing before that first block on 12 November belonged to or were controlled by the BGO; those 16.5 million coins were entirely in the control of the owners who controlled the corresponding BTC.

On 12 November, 2017, the BGO received 100,000 coins to the Endowment during the one-time bout of closed mining amounting to 0.1 million new BTG, which added to the already-existing supply of 16.5 million globally distributed coins. After the formation of the BGO Endowment, 99.4% of the available coin supply was outside the Endowment.

All proceeds from future mining on the Bitcoin Gold blockchain - that is, the mining rewards and the mining fees - accrue wholly to whoever voluntarily takes part in mining and is is completely open to the public. No fraction or percentage of those funds ever accrue to the BGO or the Endowment, and the future coin supply is never directly owned or controlled by the BGO. The maximum future coin supply for BTG is, like BTC, approximately 21 million coins, so the size of the initial Endowment expressed as a percentage of the total future coin supply is less than 0.476%, and 99.523% of the coin supply originates outside of the BGO’s control. As coins from the Endowment are spent in support of the BGO’s work, the recipients of those coin are free to use them as they see fit, and those spent coins become part of the public coin supply.

A Security?

The existence of the BGO, the Endowment, and the platforms provided by the BGO add some complexity to an assessment of whether BTG is a Security. There are several formal “tests” designed to help answer this question in the United States, and many other countries have similar or corresponding regulatory schemes and tests.

Securities Tests

The Howey Test

The most well-known is the Howey Test, named after the 1946 Supreme Court case SEC v. Howey Co. It’s useful to apply this test as regards BTG as a cryptocurrency and the Bitcoin Gold Organization (BGO) as an entity.

Under the Howey Test, a security or an “investment contract for purposes of the Securities Act means a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party. 66 S.Ct. at 1103.”

This is typically broken into four prongs to apply it to the purchase of a crypto asset:

  1. It is an investment of money
  2. The investment of money is in a common enterprise
  3. There is an expectation of profits from the investment
  4. Any profit comes from the efforts of a promoter or third party

If all four of these necessary conditions are met, then an investment in BTG is a Security.

Addressing these:

“2. The investment of money is in a common enterprise”

In a security, the contracts/shares/tokens originate with some company or enterprise, and the funds from the sale of those contracts/shares/tokens are controlled by that company or enterprise.

In contrast, BTG were not and are not sold directly by the BGO, in public sales or private. No proceeds from any sales of BTG were or are received by the BGO. Purchase of BTG on the open market does not confer any rights or control over the BGO or the Endowment. No ownership rights are acquired through the purchase of BTG other than the ownership of the purchased BTG, itself.

Neither the purchase of BTG nor the mining of BTG directs any funds to the BGO or any common enterprise.

Bitcoin Gold (BTG) is therefore not a security.

“3. There is an expectation of profits from the investment”

There is no earned interest, no profit share, no other proceeds stemming from the purchase of BTG.

Bitcoin Gold (BTG) is therefore not a security.

Conclusion: BTG fails to meet the 2nd and 3rd prongs of the Howey Test, and is therefore not a security.

Family Resemblance Test

In 1990, the US Supreme Court created the Family Resemblance Test. This case dealt with whether or not certain Notes can be deemed securities. A note is a contract which specifies some sort of repayment or payment on demand. Some ICOs which feature “redeemability” may be considered Notes and be subject to this test. Bitcoin Gold (BTG) have no such inherent redeemability or repayment features.

The Bitcoin Gold blockchain supports scripting features that support such technologies as multi-sig and time-locked wallets, and can be extended to create “smart contracts” and 2nd-layer networks (such as Lightning Network). These extensions may include redeemability or repayment features which resemble Notes, but those contracts are agreements strictly between the parties to those contracts. In this scheme, a contract between two parties is best considered a Note denominated in BTG, much like a conventional Note denominated in US Dollars or other fiat currency. Here, the BTG resembles the US Dollar, not the Note. Therefore, the Family Resemblance Test for Notes does not apply, and BTG is not a security under this test.

Risk Capital Test

Some jurisdictions, such as US State of California, use what is known as a Risk Capital Test to identify whether something represents a security. This test focuses mainly on the reasons why money or assets are being invested and what risks the investment poses for any investors to determine whether an investment is a security.

This test is most easily understood by example: the most famous case involved the purchase of golf club memberships for a golf club that had not yet been built. People who purchased memberships in advance did not gain an ownership interest in the club, nor did they expect to receive any profits from the operation of the club. However, their investment in a membership and their ability to use that membership were at risk because there was no guarantee that the club would actually be built. In essence, the memberships had been sold to raise capital to fund the creation of the club, much like any other business venture raising capital through a public offering. The courts found that the investment in a membership entailed risk, and that such purchases were investments in securities, and that the sellers of those memberships had to comply with securities laws in their promotion and sales of those memberships.

No purchase of Bitcoin Gold is made with the expectation that those BTG will be needed to access some promised future service offered by the BGO, nor are any sales of BTG used to raise funds for the BGO. Since BTG is not marketed or sold as a way to receive something that may or may not later exist, a buyer of BTG assumes no such risk. Consequently, Bitcoin Gold is not a security under the _Risk Capital Test.
Conclusion

Conclusion

BTG are not a security based on the logic of multiple well-known formal “tests” used to assess this question in multiple jurisdictions.

References


Bitcoingold Masternode (mainstream adoption)
IPO, ICO, STO - oh my!
#2

Now, in plain language, what’s a “security,” and why does it matter?

If you make an investment in a company, and they give you something that represents your investment, then that thing is a security. Think of a share of stock in a company - long ago, they would actually give an investor a signed Stock Certificate in return for an investment - the Stock Certificate “secures” your ownership of a piece of the company. That’s literally why it’s called a “security.”

Putting it another way - if they’re selling you something in order to raise money to make a company, and that thing you’re buying is supposed to make a profit for you because of the company, that’s a security.

Years ago, there used to even be “door to door” salespeople selling Stock Certificates to raise money to start companies. Some would go to wealthy business people, but others would go to anyone who’d let them in the door. They’d try to convince people the company would be fantastic, and that their investment was a sure thing to make them rich.

They’d sell these investments in dubious companies to anyone who would give them cash. Some of them were outright frauds who would happily take your grandma’s life savings and leave her with worthless paper.

Some of them were real business investments, but there were a lot of scams, and people who couldn’t tell the difference were getting financially ruined! (To some people, this may sound a little like the ICO craze of 2017.)

This is why governments began regulating the sale of securities. Some of the rules require the people forming the company to register themselves and to disclose a lot of facts and information. The intent was to make sure people weren’t being lied to.

Other kinds of rules around offerings were intended to make sure that only people with plenty of money would get involved in risky ventures - “accredited investors.” The theory was that people who had a lot of money probably know a thing or two about investments… and if not, they certainly have enough money to hire someone to give them good advice… and if the investment fails, they won’t suddenly be ruined, because they have a lot of money.

So the regulations are supposed to “protect people.” On the other hand, these regulations can also get in the way of people trying to honestly raise money to start honest businesses, and that’s a problem - it often takes a lot of time and money to meet all the disclosure laws. And while an investment which is limited to accredited investors is intended to “protect” people with less money, it also means that to have the opportunity to invest and make money, you have to already be wealthy. For lots of people, this just sounds like the law is made to help the “rich get richer.”

For many people in the crypto space, cryptos are an opportunity to return to people the ability to raise funds or invest. For scammers, of course, it can be an opportunity to scam! We all have to be very careful with our investments.

Regardless your personal position on regulations, the following is true: big companies that work within the laws and that want to participate in the crypto space want to know what’s what. They want to know if they’ll have big legal implications from getting involved with particular cryptos. From that perspective, more clarify is a good thing.

The situation with Bitcoin Gold (BTG) is clear, because it’s not a security… But cryptos which are securities will likely face more regulations and legal hurdles. This is an area still being explored today. Technology and society often advance faster than the legal frameworks we live in!

What do you think?


#3

Spanish Version - Versión en Español

Es BTG un Valor “Security”?

Nuestra opinión

Sobre BTG

  • Criptomoneda
  • Dotación
  • La Organización Bitcoin Gold
  • Plataformas y servicios
  • Suministro de monedas
  • ¿Valores?

Pruebas de securities

  • Howey Test
  • Prueba de semejanza familiar
  • Prueba de capital de riesgo

Conclusión

Sobre BTG

Bitcoin Gold es un proyecto de codigo abierto para establecer una nueva criptomoneda, Bitcoin Gold (BTG), esta basada en gran parte en el modelo de Bitcoin (BTC) tal como existía alrededor de septiembre de 2017.

La criptomoneda

BTG tiene una diferencia principal con respecto a BTC, en que el algoritmo de “minería” o “Prueba de trabajo” se cambia a uno que no se puede ejecutar en hardware ASIC existente diseñado para minería BTC. Esto significa que la red de mineros de la cual depende BTG está completamente separada y no en competencia directa con la red de minería de BTC.

BTG también tiene varias diferencias secundarias que permiten que la nueva red exista:

  1. Protección de ataque repetida “Replay attack protection” (para proteger las redes BTC y BTG de los ataques cruzados)
  2. Direccionamiento único (nuevo) (para proteger a los usuarios de la confusión BTC / BTG)
  3. Cambio en el algoritmo de ajuste de la dificultad (para permitir que la nueva cadena de bloques funcione en el espacio de minería de la GPU).

Ninguno de estos cambios en Bitcoin Gold supone un cambio fundamental en la naturaleza o utilidad de la moneda como criptomoneda; en función y forma, se parece completamente a Bitcoin y no es más una Seguridad de lo que es Bitcoin.

La dotación

En el momento del lanzamiento (12 de noviembre de 2017), el proyecto comenzó con un rápido período de minería cerrada de 8000 bloques cuyas “recompensas mineras” acumularon 100,000 BTG en billeteras administradas por los seis cofundadores del proyecto para establecer una Dotación 1. Después de este período de 8000 bloques, comenzó la extracción normal, que estaba abierta al público en general de la misma manera que la red minera Bitcoin. (No se acumulan fondos adicionales para la dotación de la operación de la red BTG).

La Organización Bitcoin Gold (BGO)

Los cofundadores del proyecto utilizan fondos de la “Dotación” para financiar la creación y la actividad continua de Bitcoin Gold Organization (BGO), un organismo independiente cuyo objetivo es apoyar la continuación del Proyecto y la comunidad de personas interesadas en el proyecto. Todas las decisiones sobre el uso de los fondos de la Dotación son tomadas por la Junta Directiva de la BGO, que inicialmente estaba formada por los seis cofundadores del proyecto. El BGO contrata y paga personal para apoyar a la comunidad, para el desarrollo continuo del código y para las plataformas y servicios que respaldan el proyecto de Bitcoin Gold.

Las plataformas y servicios

Las plataformas, los servicios y el código incluyen:

  1. Un sitio web y foros de información y discusión
  2. Un conjunto de nodos completos y semillas DNS distribuidos por todo el mundo para proporcionar estabilidad de red inicial (sin la cual la red BTG ahora establecida puede continuar funcionando, pero que puede mantenerse para mejorar la estabilidad y confiabilidad de la red)
  3. Un explorador de blockchain y API para una interacción conveniente con la cadena de bloques BTG
  4. Software de Monederos, pools de mineria, software de minería, “bibliotecas” de software para desarrolladores (todos gratuitos y de código abierto en GitHub)
  5. Una infraestructura de “Testnet” separada de la red Bitcoin Gold de producción (“mainnet”) para permitir un desarrollo continuo en seguridad

Estas plataformas y servicios se brindan al público a través de Internet con acceso sin restricciones y sin cargo. Ni BTG ni ningún otro sistema de pago o activo token es necesario para utilizarlos; en otras palabras, BTG no sirve como un token de utilidad. Todo el código producido se publica como código abierto y puede ser descargado libremente por el público. Monederos (Wallets), software y sitios adicionales para el uso de la Comunidad son producidos y proporcionados por terceros, a veces con fines de lucro, pero estos no tienen ninguna afiliación o aprobación explícita del Proyecto BTG o la BGO.

El suministro de monedas

Es importante tener en cuenta que la gran mayoría de los BTG creados por el proyecto nunca estuvieron bajo el control del BGO y quedaron completamente fuera del control del BGO desde el momento de la creación. Específicamente, la cadena de bloques de Bitcoin (junto con los 16.5 millones de BTC que existían dentro) se bifurcó (copió) el 24 de octubre de 2017 para crear la cadena de bloques de Bitcoin Gold y luego se agregaron nuevos bloques con BTG cuando Bitcoin Gold inició la minería el 12 de noviembre de 2017. Ninguno de los 16.5 millones de BTG existentes antes de ese primer bloque el 12 de noviembre pertenecía o estaba controlado por BGO; esas 16.5 millones de monedas estaban enteramente bajo el control de los propietarios que controlaban el BTC correspondiente.

El 12 de noviembre de 2017, el BGO recibió 100,000 monedas para la Fundación durante la única oportunidad de minería cerrada que ascendió a 0.1 millones de BTG nuevos, lo que se sumó al suministro ya existente de 16.5 millones de monedas distribuidas en todo el mundo. Después de la formación de BGO Endowment (Dotación), el 99.4% del suministro de monedas disponible estaba fuera de la Dotación.

Todas las ganancias de la minería futura en la cadena de bloques de Bitcoin Gold, es decir, las recompensas mineras y las tarifas mineras, recaen íntegramente en quien voluntariamente participe en la minería y está completamente abierta al público. Ninguna fracción o porcentaje de esos fondos se acumulan para BGO o la dotación, y el suministro futuro de monedas nunca es directamente propiedad o controlado por BGO. El suministro máximo futuro de monedas para BTG es, como BTC, aproximadamente 21 millones de monedas, por lo que el tamaño de la dotación inicial expresada como porcentaje del suministro total de monedas en el futuro es inferior al 0,476%, y el 99,523% del suministro de monedas se origina fuera de el control de BGO. Como las monedas de la Dotación se gastan en apoyo del trabajo de BGO, los destinatarios de esas monedas pueden usarlas libremente, y esas monedas gastadas pasan a formar parte del suministro público de monedas.

Pruebas de valores o Securities

La existencia de BGO, la dotación y las plataformas proporcionadas por BGO agregan cierta complejidad a la evaluación de si BTG es considerado como un “Security”. Existen varias “pruebas” formales diseñadas para ayudar a responder esta pregunta en los Estados Unidos, y muchos otros países tienen esquemas y pruebas de reglamentación similares o correspondientes.

Pruebas de valores

La prueba Howey

El más conocido es el Test de Howey o prueba Howey, nombrado después del caso del Tribunal Supremo de 1946 SEC v. Howey Co. Es útil aplicar esta prueba en lo que respecta a BTG como criptomoneda y a la Organización de Bitcoin Gold (BGO) como entidad.

Conforme a la Prueba Howey, un valor o un “contrato de inversión a los efectos de la Ley de Valores” significa un contrato, transacción o esquema mediante el cual una persona invierte su dinero en una empresa común y se espera que obtenga ganancias únicamente de los esfuerzos del promotor o tercero. 66 S.Ct. en 1103. "

Esto normalmente se divide en cuatro puntas para aplicarlo a la compra de un activo criptográfico:

  1. Es una inversión de dinero
  2. La inversión de dinero está en una empresa común
  3. Hay una expectativa de ganancias de la inversión
  4. Cualquier ganancia proviene de los esfuerzos de un promotor o un tercero

Si se cumplen las cuatro condiciones necesarias, una inversión en BTG es un Security o valor.

En relación a estos:

"2. La inversión de dinero está en una empresa común "

En un valor, los contratos / acciones / tokens originados en alguna empresa, los fondos de la venta de esos contratos / acciones / tokens son controlados por esa empresa.

Por el contrario, BTG no fueron vendidos ni son vendidos directamente por BGO, en ventas públicas o privadas. Ningún producto de ninguna venta de BTG fue o es recibido por BGO. La compra de BTG en el mercado abierto no confiere ningún derecho ni control sobre BGO o la Dotación. No se adquieren derechos de propiedad mediante la compra de BTG que no sea la propiedad del BTG comprado.

Ni la compra de BTG ni la extracción de BTG dirigen ningún fondo al BGO ni a ninguna empresa común.

Por lo tanto, Bitcoin Gold (BTG) no es un valor “Security”.

"3. Hay una expectativa de ganancias de la inversión "

No hay intereses ganados, ninguna participación en los beneficios, ningún otro producto derivado de la compra de BTG.

Por lo tanto, Bitcoin Gold (BTG) no es un valor “Security”.

Conclusión: BTG no cumple con la 2da y 3ra punta de la Prueba Howey, y por lo tanto no es una seguridad.

Prueba de semejanza familiar

En 1990, la Corte Suprema de los Estados Unidos creó la prueba de semejanza familiar. Este caso se refiere a si ciertas Notas pueden ser consideradas valores. Una nota es un contrato que especifica algún tipo de reembolso o pago a pedido. Algunas ICO que cuentan con “canje” pueden considerarse Notas y estar sujetas a esta prueba. Bitcoin Gold (BTG) no tiene tales características de amortización o reembolso inherentes.

La cadena de bloques de Bitcoin Gold admite funciones de encriptado que admiten tecnologías tales como billeteras multi-sig y time-locked, y puede ampliarse para crear “contratos inteligentes” y redes de segunda capa (como Lightning Network). Estas extensiones pueden incluir funciones de canje o reembolso que se asemejan a las notas, pero esos contratos son acuerdos estrictamente entre las partes de esos contratos. En este esquema, un contrato entre dos partes se considera mejor una Nota denominada en BTG, muy similar a una Nota convencional denominada en dólares estadounidenses u otra moneda fiduciaria. Aquí, el BTG se asemeja al dólar estadounidense, no a la nota. Por lo tanto, la prueba de semejanza familiar para notas no se aplica, y BTG no es una garantía en virtud de esta prueba.

Prueba de capital de riesgo

Algunas jurisdicciones, como el Estado de California de EE. UU., Usan lo que se conoce como Prueba de capital de riesgo para identificar si algo representa un valor. Esta prueba se enfoca principalmente en las razones por las cuales se invierten dinero o activos y los riesgos que la inversión representa para que cualquier inversionista determine si una inversión es un valor.

Esta prueba se entiende más fácilmente con este ejemplo: el caso más famoso involucró la compra de membresías de clubes de golf para un club de golf que aún no se había construido. Las personas que compraron membresías por adelantado no ganaron un interés de propiedad en el club, ni esperaban recibir ningún beneficio de la operación del club. Sin embargo, su inversión en una membresía y su capacidad para usar esa membresía estaban en riesgo porque no había ninguna garantía de que el club realmente se construiría. En esencia, las membresías se habían vendido para recaudar capital para financiar la creación del club, al igual que cualquier otra empresa comercial que recaude capital a través de una oferta pública. Los tribunales encontraron que la inversión en una membresía implicaba riesgo, y que tales compras eran inversiones en valores, y que los vendedores de esas membresías tenían que cumplir con las leyes de valores en su promoción y venta de esas membresías.

No se realiza ninguna compra de Bitcoin Gold con la expectativa de que esos BTG serán necesarios para acceder a algún servicio prometido en el futuro ofrecido por BGO, ni se utilizan las ventas de BTG para recaudar fondos para BGO. Como BTG no se comercializa ni se vende como una forma de recibir algo que puede o no existir posteriormente, un comprador de BTG no asume dicho riesgo. En consecuencia, Bitcoin Gold no es un valor de seguridad en virtud de _Risk Capital Test.
Conclusión

Conclusión

BTG no son una valores basados en la lógica de múltiples “pruebas” formales conocidas que se utilizan para evaluar esta cuestión en múltiples jurisdicciones.


#4

indonesia version- versi bahasa indonesia

Apakah BTG Keamanan?
Opini
Latar Belakang
Cryptocurrency
Endowment
Bitcoin Gold Organization
Platforms and Services
Coin Supply
A Security?
Pengujian Surat Berharga Uji
Howey
Family Resemblance Test
Risk Capital Test
Kesimpulan

Latar Belakang
Proyek Bitcoin Gold adalah proyek yang digerakkan oleh komunitas open-source untuk membentuk cryptocurrency baru, Bitcoin Gold (BTG), yang sebagian besar didasarkan pada model Bitcoin (BTC) sebagaimana adanya sekitar September 2017.
Cryptocurrency
BTG memiliki perbedaan inti dari BTC karena algoritme “penambangan” atau “Proof of Work” diubah ke salah satu yang tidak dapat dijalankan pada perangkat ASIC yang sudah ada yang dirancang untuk penambangan BTC. Ini berarti bahwa jaringan penambang yang menjadi tumpuan BTG sepenuhnya terpisah dari dan tidak bersaing langsung dengan jaringan penambangan BTC.
BTG juga memiliki beberapa perbedaan sekunder yang memungkinkan jaringan baru ada:

  1. Perlindungan serangan pemutaran ulang (untuk melindungi jaringan BTC dan BTG dari lintas-serangan)
  2. Penanganan unik (baru) (untuk melindungi pengguna dari BTC / BTG kebingungan)
  3. Perubahan dalam Algoritma Penyesuaian Kesulitan (untuk mengaktifkan blockchain baru untuk berfungsi di ruang penambangan GPU).

Tidak satu pun dari perubahan-perubahan dalam Bitcoin Gold yang membuat perubahan mendasar dalam sifat atau kegunaan koin sebagai cryptocurrency; dalam fungsi dan bentuk, itu benar-benar menyerupai Bitcoin dan tidak lebih dari Keamanan Bitcoin.

The Endowment
Pada saat peluncuran (12 November 2017), proyek dimulai dengan periode penambangan tertutup cepat 8.000 blok yang “imbalan penambangan” yang diperoleh 100.000 BTG untuk dompet yang dikelola oleh enam pendiri proyek untuk mendirikan Endowment 1.Setelah periode 8000 blok ini, penambangan normal dimulai, yang terbuka untuk masyarakat umum dengan cara yang sama seperti jaringan penambangan Bitcoin. (Tidak ada dana tambahan yang terkumpul untuk Endowment dari pengoperasian jaringan BTG)

Organisasi Emas Bitcoin
Para pendiri proyek menggunakan dana dari Endowment untuk membiayai pembuatan dan aktivitas berkelanjutan dari Organisasi Emas Bitcoin (BGO), sebuah badan independen yang tujuannya adalah untuk mendukung kelanjutan Proyek Emas Bitcoin dan Komunitas orang-orang yang tertarik dengan proyek ini. Semua keputusan tentang penggunaan dana Endowment dibuat oleh Dewan BGO, yang awalnya terdiri dari enam pendiri proyek. BGO mempekerjakan dan membayar staf untuk mendukung Komunitas, untuk pengembangan kode yang sedang berlangsung untuk proyek, dan untuk platform dan layanan yang mendukung Proyek Emas Bitcoin.

Platform dan Layanan
Platform, layanan, dan kode mencakup:

  1. Sebuahproyek situs web 1 dan forum untuk informasi dan diskusi
  2. Seperangkat node lengkap dan benih DNS yang didistribusikan di seluruh dunia untuk menyediakan stabilitas jaringan awal (tanpasekarang sudah ada jaringan BTG yang dapat terus berfungsi, tetapi dapat dipertahankan untuk meningkatkan stabilitas jaringan dan keandalan)
  3. blockchain Penjelajah dan APIuntuk interaksi yang nyaman denganblockchainBTG
  4. perangkat lunakWallet, perangkat lunak biliar, perangkat lunak pertambangan, perangkat lunak “perpustakaan” untuk pengembang (semua gratis dan sumber terbuka) on GitHub)
  5. Infrastruktur “Testnet” terpisah dari produksi jaringan Bitcoin Gold (“mainnet”) untuk memungkinkan pengembangan yang berkelanjutan dalam keselamatan

Platform dan layanan ini semua diberikan kepada publik melalui internet dengan akses tidak terbatas ke pihak publik dan swasta tanpa biaya. Baik BTG maupun sistem pembayaran atau aset token lainnya tidak diperlukan untuk memanfaatkannya; dengan kata lain, BTG tidak berfungsi sebagai Token Utilitas. Semua kode yang diproduksi diterbitkan sebagai open-source dan dapat diunduh secara gratis oleh publik. Dompet, perangkat lunak, dan situs tambahan untuk penggunaan Komunitas diproduksi dan disediakan oleh pihak ketiga, kadang-kadang untuk mendapatkan keuntungan, tetapi ini tidak memiliki afiliasi dengan atau dukungan eksplisit dari Proyek BTG atau BGO

Pasokan Koin
Penting untuk dicatat bahwa sebagian besar BTG yang diciptakan oleh proyek itu tidak pernah dalam kendali BGO dan benar-benar di luar kendali BGO sejak saat penciptaan. Secara khusus, blockchain Bitcoin (bersama dengan 16,5 juta BTC yang ada di dalamnya) telah bercabang (disalin) pada 24 Oktober 2017, untuk membuat blokir Bitcoin Gold, dan kemudian blok baru dengan BTG mulai ditambahkan ke rantai itu ketika Bitcoin Gold meluncurkan penambangan pada 12 November 2017. Tidak ada dari 16,5 juta BTG yang ada sebelum blok pertama pada 12 November milik atau dikendalikan oleh BGO; mereka 16,5 juta koin sepenuhnya berada dalam kendali pemilik yang mengendalikan BTC yang sesuai.
Pada 12 November 2017, BGO menerima 100.000 koin untuk Endowment selama satu kali penambangan tertutup sebesar 0,1 juta BTG baru, yang menambah pasokan 16,5 juta koin yang didistribusikan secara global. Setelah pembentukan BGO Endowment, 99,4% dari pasokan koin yang tersedia berada di luar Endowment.
Semua hasil dari penambangan di masa depan pada blockchain Bitcoin Gold - yaitu, imbalan penambangan dan biaya penambangan - bertambah sepenuhnya untuk siapa pun yang secara sukarela ikut serta dalam penambangan dan benar-benar terbuka untuk umum. Tidak ada pecahan atau persentase dari dana tersebut yang pernah terakumulasi ke BGO atau Endowment, dan pasokan koin masa depan tidak pernah dimiliki atau dikendalikan secara langsung oleh BGO. Pasokan koin masa depan maksimum untuk BTG adalah, seperti BTC, sekitar 21 juta koin, sehingga ukuran Endowmen awal dinyatakan sebagai persentase dari total
pasokan koin masa depan kurang dari 0,476%, dan 99,523% dari pasokan koin berasal di luar dari kontrol BGO. Karena koin-koin dari Endowment dihabiskan untuk mendukung pekerjaan BGO, para penerima koin tersebut bebas untuk menggunakannya sesuai keinginan mereka, dan koin-koin yang dihabiskan itu menjadi bagian dari pasokan koin publik

Keamanan A?
Keberadaan BGO, Endowment, dan platform yang disediakan oleh BGO menambahkan beberapa kompleksitas untuk penilaian apakah BTG adalah Keamanan. Ada beberapa “tes” formal yang dirancang untuk membantu menjawab pertanyaan ini di Amerika Serikat, dan banyak negara lain memiliki skema dan tes peraturan yang serupa atau sesuai.

Tes Surat Berharga Uji
Howey
Yang paling terkenal adalah Howey Test, dinamakan setelah kasus Mahkamah Agung tahun 1946 SEC v. Howey Co. Ini berguna untuk menerapkan tes ini mengenai BTG sebagai cryptocurrency dan Bitcoin Gold Organization (BGO) sebagai entitas
Berdasarkan Uji Howey, suatu keamanan atau "kontrak investasi untuk tujuan Securities Act berarti kontrak, transaksi atau skema dimana seseorang menginvestasikan uangnya dalam perusahaan umum dan dituntun untuk mengharapkan keuntungan semata-mata dari upaya promotor atau pihak ketiga. 66 S.Ct. di 1103. "
Ini biasanya dipecah menjadi empat cabang untuk menerapkannya pada pembelian aset crypto:

  1. Ini adalah investasi uang
  2. Investasi uang dalam perusahaan umum
  3. Ada harapan keuntungan dari investasi
  4. Setiap keuntungan berasal dari upaya promotor atau pihak ketiga

Jika keempat persyaratan yang diperlukan ini dipenuhi, maka investasi dalam BTG adalah Keamanan.
Mengatasi ini:
“2. Investasi uang dalam perusahaan yang sama ”

Dalam keamanan, kontrak / saham / token berasal dari beberapa perusahaan atau perusahaan, dan dana dari penjualan kontrak / saham / token dikendalikan oleh perusahaan atau perusahaan tersebut.
Sebaliknya, BTG tidak dan tidak dijual langsung oleh BGO, dalam penjualan publik atau swasta. Tidak ada hasil penjualan BTG yang diterima atau diterima oleh BGO. Pembelian BTG di pasar terbuka tidak memberikan hak atau kontrol atas BGO atau Endowment. Tidak ada hak kepemilikan yang diperoleh melalui pembelian BTG selain dari kepemilikan BTG yang dibeli, itu sendiri.
Baik pembelian BTG maupun penambangan BTG mengarahkan dana apa pun ke BGO atau perusahaan biasa.
Oleh karena itu, Bitcoin Gold (BTG) bukan merupakan jaminan.
“3. Ada harapan keuntungan dari investasi ”
Tidak ada bunga yang diperoleh, tidak ada bagi hasil, tidak ada hasil lain yang berasal dari pembelian BTG.
Oleh karena itu, Bitcoin Gold (BTG) bukan merupakan jaminan.
Kesimpulan: BTG gagal untuk memenuhi persyaratan 2 dan 3 dari Tes Howey, dan oleh karena itu bukan keamanan.

Family Resemblance Test
Pada tahun 1990, Mahkamah Agung AS menciptakan Family Resemblance Test. Kasus ini berkaitan dengan apakah atau tidak Catatan tertentu dapat dianggap sekuritas. Catatan adalah kontrak yang menetapkan semacam pembayaran atau pembayaran berdasarkan permintaan. Beberapa ICO yang menampilkan “redeemability” dapat dianggap Notes dan harus mengikuti tes ini. Bitcoin Gold (BTG) tidak memiliki fitur penukaran atau pembayaran kembali yang melekat seperti itu.
Blockchain Bitcoin Gold mendukung fitur scripting yang mendukung teknologi seperti dompet multi-sig dan waktu-terkunci, dan dapat diperpanjang untuk membuat “kontrak pintar” dan jaringan lapis 2 (seperti Jaringan Petir). Ekstensi ini dapat mencakup fitur penukaran atau pengembalian yang menyerupai Notes, tetapi kontrak tersebut adalah perjanjian yang ketat antara pihak-pihak dengan kontrak tersebut. Dalam skema ini, kontrak antara dua pihak paling baik dianggap sebagai Catatan dalam BTG, seperti Catatan konvensional dalam Dolar AS atau mata uang fiat lainnya. Di sini, BTG menyerupai Dolar AS, bukan Catatan. Oleh karena itu, Family Resemblance Test for Notes tidak berlaku, dan BTG bukan merupakan jaminan dalam pengujian ini.

Uji Modal Risiko
Beberapa yurisdiksi, seperti Negara Bagian California AS, menggunakan apa yang dikenal sebagai Uji Modal Risiko untuk mengidentifikasi apakah sesuatu mewakili keamanan. Tes ini berfokus terutama pada alasan mengapa uang atau aset diinvestasikan dan apa risiko investasi bagi investor untuk menentukan apakah investasi adalah keamanan.
Tes ini paling mudah dipahami dengan contoh: kasus yang paling terkenal adalah pembelian keanggotaan klub golf untuk klub golf yang belum dibangun. Orang-orang yang membeli keanggotaan di muka tidak mendapatkan kepemilikan di klub, juga tidak berharap mendapat keuntungan dari operasi klub. Namun, investasi mereka dalam keanggotaan dan kemampuan mereka untuk menggunakan keanggotaan itu berisiko karena tidak ada jaminan bahwa klub tersebut benar-benar akan dibangun. Intinya, keanggotaan telah dijual untuk meningkatkan modal guna mendanai pembentukan klub, seperti usaha bisnis lain yang meningkatkan modal melalui penawaran umum. Pengadilan menemukan bahwa investasi dalam keanggotaan mengandung risiko, dan bahwa pembelian tersebut adalah investasi dalam sekuritas, dan bahwa penjual dari keanggotaan tersebut harus mematuhi undang-undang sekuritas dalam promosi dan penjualan keanggotaan mereka.
Tidak ada pembelian Bitcoin Gold yang dibuat dengan harapan bahwa mereka BTG akan diperlukan untuk mengakses beberapa layanan masa depan yang dijanjikan yang ditawarkan oleh BGO, juga tidak ada penjualan BTG yang digunakan untuk mengumpulkan dana untuk BGO. Karena BTG tidak dipasarkan atau dijual sebagai cara untuk menerima sesuatu yang mungkin atau mungkin tidak ada kemudian, pembeli BTG tidak menanggung risiko tersebut. Akibatnya, Bitcoin Gold bukan merupakan jaminan di bawah Uji Modal Terakhir

Kesimpulan
BTG bukan keamanan berdasarkan logika beberapa “tes” formal yang terkenal digunakan untuk menilai pertanyaan ini di beberapa yurisdiksi


#5

indo to english google translation…
Background
The Bitcoin Gold project is an open-source community-driven project to form a new cryptocurrency, Bitcoin Gold (BTG), largely based on the Bitcoin (BTC) model as it was around September 2017.
Cryptocurrency
BTG has a core difference from BTC because the “mining” or “Proof of Work” algorithm is converted to one that can not be run on an existing ASIC device designed for BTC mining. This means that the miner network on which BTG is built is completely separate from and not directly competing with the BTC mining network.
BTG also has some secondary differences that allow new networks to exist:

Protection of playback attacks (to protect BTC and BTG networks from cross-attacks)
Unique (new) handling (to protect users from BTC / BTG confusion)
Changes in Difficulty Adjustment Algorithm (to enable new blockchain to function in the GPU mining space).
None of the changes in Bitcoin Gold make a fundamental change in the nature or usefulness of coins as cryptocurrency; in function and form, it really resembles Bitcoin and is nothing more than Bitcoin Security.

The Endowment
At launch (November 12, 2017), the project began with a closed-ended mining period of 8,000 blocks of “mining returns” earned by 100,000 BTG for purses managed by six project founders to establish Endowment 1. After this 8000 block period, normal mining began, which is open to the general public in the same way as the Bitcoin mining network. (No additional funds accumulated for Endowment from BTG network operations)

Bitcoin Gold Organization
The project founders use Endowment funds to finance the creation and ongoing activities of the Bitcoin Gold Organization (BGO), an independent body whose goal is to support the continuation of the Bitcoin Gold Project and the Community of people interested in this project. All decisions on the use of Endowment funds are made by the BGO Board, which originally consisted of six project founders. BGO employs and pays staff to support the Community, for ongoing code development for projects, and for platforms and services that support the Bitcoin Gold Project.

Platforms and Services
Platforms, services, and codes include:

A website project 1 and a forum for information and discussion
A set of complete nodes and DNS seeds distributed around the world to provide initial network stability (without now existing BTG networks that can continue to function, but can be maintained to improve network stability and reliability)
blockchain Explorer and API for convenient interaction withblockchainBTG
softwareWallet, billiard software, mining software, software “library” for developers (all free and open source) on GitHub)
The “Testnet” infrastructure is separate from the production of the Bitcoin Gold (“mainnet”) network to enable sustainable development in safety
These platforms and services are all provided publicly via the internet with unrestricted access to public and private parties at no cost. Neither BTG nor any payment system or other token asset is required to use it; in other words, BTG does not function as a Utility Token. All code produced is published as open-source and can be downloaded for free by the public. Wallets, software and additional sites for Community use are produced and made available by third parties, sometimes for profit, but these have no affiliation with or explicit support of the BTG or BGO Project

Coin Supply
It is important to note that most of the BTGs created by the project have never been in the control of BGO and are completely out of BGO control since creation. In particular, the Bitcoin blockchain (along with 16.5 million BTCs in it) has been branched (copied) on October 24, 2017, to block the Bitcoin Gold, and then a new block with BTG begins to be added to the chain when Bitcoin Gold launches mining on November 12, 2017. None of the 16.5 million BTGs existed before the first block on November 12 owned or controlled by BGO; their 16.5 million coins are entirely within the control of the owner who controls the appropriate BTC.
On November 12, 2017, BGO received 100,000 coins for Endowment during a closed one-time 0.1 million new BTG mine, which added 16.5 million coins to be distributed globally. After the establishment of BGO Endowment, 99.4% of the available supply of coins is outside the Endowment.
All proceeds from future mining on Bitcoin Gold blockchain - that is, the mining rewards and mining costs - are fully incremental for anyone who voluntarily participates in mining and is truly open to the public. No fractions or percentages of those funds have ever been accumulated to BGO or Endowment, and future coin supplies are never owned or controlled directly by BGO. The maximum future coin supply for BTG is, like BTC, about 21 million coins, so the initial Endowment size is expressed as a percentage of the total
future coin supply of less than 0.476%, and 99.523% of the supply of coins originated outside of BGO control. Since the endowment coins are spent in support of BGO work, the coin recipients are free to use as they wish, and the coins spent are part of the public coin supply

A Security?
The existence of BGO, Endowment, and platforms provided by BGO adds some complexity to the assessment of whether BTG is Security. There are some formal “tests” designed to help answer this question in the United States, and many other countries have similar or appropriate regulatory schemes and tests.

Test of Securities Test
Howey
The most famous is the Howey Test, named after the case of the Supreme Court of 1946 SEC v. Howey Co. It is useful to apply this test regarding BTG as a cryptocurrency and Bitcoin Gold Organization (BGO) as an entity
Based on Howey Test, a security or "investment contract for the purpose of the Securities Act means a contract, transaction or scheme whereby a person invests his money in a public company and is led to expect profit solely from promoter or third party endeavor 66 S.Ct. in 1103. "
These are usually broken down into four branches to apply them to the purchase of a crypto asset:

This is a money investment
Invest money in public companies
There is hope of profit from investment
Any profit derives from the promoter’s or third party’s endeavors
If these four necessary requirements are met, then the investment in BTG is Security.
Overcome this:
"2. Investment money in the same company "

In security, contracts / shares / tokens come from several companies or companies, and funds from the sale of contracts / shares / tokens are controlled by the company or company.
In contrast, BTG is not and is not sold directly by BGO, in public or private sales. No sales of BTG received or received by BGO. BTG purchases on the open market do not grant rights or control over BGO or Endowment. No ownership rights are obtained through BTG purchases other than purchased BTG ownership, itself.
Both BTG purchases and BTG mining direct any funding to BGO or an ordinary company.
Therefore, Bitcoin Gold (BTG) is not a guarantee.
"3. There is hope of profit from investment "
No interest earned, no profit sharing, no other results coming from BTG purchases.
Therefore, Bitcoin Gold (BTG) is not a guarantee.
Conclusion: BTG fails to meet the 2nd and 3rd requirements of the Howey Test, and therefore is not security.

Family Resemblance Test
In 1990, the US Supreme Court created the Family Resilience Test. This case relates to whether or not certain records may be considered securities. Notes are contracts that establish a kind of payment or payment on request. Some ICOs that feature “redeemability” can be considered Notes and must follow this test. Bitcoin Gold (BTG) does not have such an inherent repayability or repayability feature.
Blockchain Bitcoin Gold supports scripting features that support technologies such as a multi-sig and time-locked wallet, and can be extended to create “smart contracts” and 2nd layer networks (such as Lightning Network). This extension may include a redeem or refund feature that resembles Notes, but the contract is a strict agreement between the parties to the contract. In this scheme, a contract between two parties is best regarded as Notes in BTG, such as conventional Notes in US Dollars or other fiat currencies. Here, BTG resembles US Dollar, not Note. Therefore, Family Resilience Test for Notes is not applicable, and BTG is not a guarantee in this test.

Risk Capital Test
Some jurisdictions, such as the US State of California, use what is known as the Risk Capital Test to identify whether something represents security. This test focuses primarily on the reasons why money or assets are invested and what investment risks for investors to determine if investment is security.
This test is most easily understood by example: the most famous case is the purchase of golf club membership for golf clubs that have not yet been built. People who bought membership in advance did not gain ownership in the club, nor did they expect to profit from club operations. However, their investment in membership and their ability to use membership is risky because there is no guarantee that the club will actually be built. In essence, membership has been sold to raise capital to fund the formation of clubs, like other business ventures that raise capital through a public offering. The court finds that investment in membership is a risk, and that the purchase is an investment in securities, and that the seller of such membership must comply with securities laws in the promotion and sale of their membership.
No Bitcoin Gold purchases were made in the hope that they BTG would be required to access some of the promised future services offered by BGO, nor did any BTG sales be used to raise funds for BGO. Because BTG is not marketed or sold as a way to receive something that may or may not exist later, BTG buyers do not bear the risk. As a result, Bitcoin Gold is not a guarantee under the Last Capital Test

Conclusion
BTG is not a security based on the logic of some well-known formal “tests” used to assess this question in some jurisdictions