I think it fails 3 and 4 simultaneously. There is no “expectation of profit to be derived from the efforts of others”. If the contract succeeds then others make an effort but you do not make a profit. If the contract fails you make a profit, but not from the efforts of others.
Not a lawyer, but I’m not sure it’s so clear cut. If I buy because I expect the contract not to tip, I’m expecting profit (3) derived from your efforts in setting up the contract (4).
Maybe we shouldn’t call it a Refund Bonus but something like “Attention Compensation”. I would say that you are expecting to profit (3) derived from your efforts of reading the contract and agreeing to pledge and then not actually getting what you paid for (not 4).
Personally I think it’s irrational to give money expecting a DAC to fail. make-yass made a post about this. I think the long-run social equilibrium is that people realize that it’s dumb to gamble on DACs failing and don’t do it.
This is the Howey test
An investment of money
In a common enterprise
With the expectation of profit
To be derived from the efforts of others
I think it fails 3 and 4 simultaneously. There is no “expectation of profit to be derived from the efforts of others”. If the contract succeeds then others make an effort but you do not make a profit. If the contract fails you make a profit, but not from the efforts of others.
Not a lawyer, but I’m not sure it’s so clear cut. If I buy because I expect the contract not to tip, I’m expecting profit (3) derived from your efforts in setting up the contract (4).
Maybe we shouldn’t call it a Refund Bonus but something like “Attention Compensation”. I would say that you are expecting to profit (3) derived from your efforts of reading the contract and agreeing to pledge and then not actually getting what you paid for (not 4).
Personally I think it’s irrational to give money expecting a DAC to fail. make-yass made a post about this. I think the long-run social equilibrium is that people realize that it’s dumb to gamble on DACs failing and don’t do it.
In traditional charitable enterprises, we just call it “a donor gift.”