https://x.com/i/status/2038842907466334550
Shit Punk Says
Oceans of Wisdom
20,234
matching drops
#1521332
2026-10-14 11:44
there is one actually
i think we can do a time lock in SAFE
@[punk6529] would there be an intermediary not as complicated as time lock for entire affialite collection step.. of just allowing me to time lock memes and gradients?
and then TBD to the network museum
you could do internal to the other card holders to start
but ROFRs are good
for obvious reasons
they are not likely selling to an unrelated party
that if someone is selling way under market
it is just an assumption
there is no way to know who is a related party onchain anyway
solves majority doing stupid deals
no dude, just ROFR in general
ROFR for related parties?
classic minority protection
it is the obvious answer
i don't know why were we so dumb
no obviously not for that - for related party sales in the other ones (the ones people affiliate with the NFTs they own and sell stakes)
@[punk6529] which problem do you think the ROFR solves? Or did you mean the not for profit entity - i would not have thought the latter bc we were already assuming no expectation of profit and not necessarily an entity
as discussed before
come on
gul
GUL
can wait
the affiliateed stuff needs work
an a great idea
fun
is easy
not the affiliated stuff
i think the network museum itself
Do you think the network museum is a distraction vs stream and the consensus stuff but it is very interesting to you so you focus on it? Should we maybe figure it out later or you think it needs to be now?
obviously, I am capable of doing this all by myself ;)
i am not going to complain to the SEC that you tricked me out of my life savings by selling me worthless JPGs
i am not going to complain to the SEC that you tricked me out of my life savings by selling me worthless JPGs
:)
i am accredited
again don't worry
and if you are swapping with me personally
and it is not
bc either it is the network
don't worry abotu this case
this is fine
if we can have confidence it is not
i can't be everyone's global securities lawyer
how to handle themselves
i think we have to leave it to everyone to decide
1/ too small to matter
2/ non-USA
3/ USA and larger but decentralized
4/ USA and larger and not decentralized and check KYC, etc etc
I think will fall into one of these categories
the affiliated network museum collections
the blockchain should fail on #4
The network museum fails on #3 and that is the end of that
The **Howey Test** is a U.S. Supreme Court framework (from the 1946 case SEC v. W. J. Howey Co.) used to determine whether something qualifies as an **“investment contract”** (and therefore a security).
It has **four parts** — all must be satisfied:
---
**1) Investment of money**
There must be some form of value contributed
• Not just cash — can include crypto, assets, or services
---
**2) In a common enterprise**
The investor’s fortunes are linked to others
• Typically horizontal commonality (pooled funds)
• Sometimes vertical (tied to promoter success)
---
**3) Expectation of profits**
The investor is expecting financial returns
• Capital appreciation or income
• Not just consumption or use
---
**4) Derived from the efforts of others**
The profits depend primarily on someone else’s work
• Promoter, issuer, or third party
• Not the investor’s own active efforts
---
**In practice (quick intuition):**
If people put money into something, expect to make money, and rely on a team to make that happen → it’s likely a security.
simplistically
I dunno, probably a security
GPebbles Great JPG Selector
1/ raising $100M
2/ GPebbles make all the decisions
3/ Gpebbles gets 2/20 and controls the SAFE
4/ gpebbles told everyone in writing that he expects we are going to make a lot of money
Network Museum
1/ you don't get any money back ever, you don't sell anything
2/ TDH is in charge
3/ there is no manager
4/ there is no fee
this is not a security