TLDR: Token is less likely to be a security when: 1) it launches on a fully developed product/protocol/network, 2) token is meant for consumption and use within that product, 3) token value stays the same over time instead of appreciating. One of the key things federal courts examine when deciding…

TLDR: An investment contract is a type of security. Many securities exist, and they don’t have to be typical stocks and bonds. When selling an investment contract in the US, companies and DAOs are subject to federal securities laws. …

TLDR: If you sell someone an instrument or a contract that promises future returns because of the work you’ll do with their money, you are selling a security. An investment DAO’s “governance token” would be a security if the DAO promised or implied that the token’s price would increase because…

To talk about what makes designers great, we first have to talk about what design is — On a fundamental level, design is meant to show the intent that exists behind an action or an object in a clear way. Great design strips away all possible interpretations of intent, leaving only one. Great design is unambiguous, meaning that it’s not open to more than one interpretation. For…

TLDR: The purpose behind the instrument determines the type of security it is. 1933 Securities Act outlines every type of security in the first paragraph. We provide concise descriptions for each term that means “a security”. Eventually, everyone gets to the point where they want to protect their investments. The…

Reflect on 2019 with stats about startups, founders, and culture (quotes and data via First Round Capital). Three things stood out to me: 1. When employees lack faith in their CEO, they are 3x less confident that their company will see a $1B+ exit, 5x more likely to leave within…

Wind the clocks back to 1961: the year NASA commissioned MIT to build the guidance system for Apollo 11, the spacecraft that landed the first two people on the moon. The team that wrote the code for the guidance system, led by NASA’s programmer Margaret Hamilton, wrote every line of…

I want you to think about why you use apps and websites. I bet that you and I both use them in similar ways — to start and complete some task. In other words, to do something we want or need to do. You might open your calendar to check…