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NickCJ in reply to @slippers

Yeah, agree with andy above. In the US they have the Howey Test, which is as good a definition as any: "investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others."

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itsbruce in reply to @NickCJ

Isn't @slippers point that only in the very first transaction does the money go to the common enterprise? Or at least that's part of the point.

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NickCJ in reply to @itsbruce

But that's a bit like saying a remortgage is a meaningfully different transaction from a house purchase from the bank's perspective. It's totally fungible.

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