This blog post can be summed up in one word: “frustration.” It shows how tired the market is of technobabble euphemisms, and how much people outside of Coinland want to see some enforcement to level the playing field for businesses that choose to *not* raise with noncompliant ICO coins.
Ethereum tokens (ETH) are often considered commodities but not securities, like Bitcoins.  But I think that ETH meets any common sense definition of “security” and that the ETH ecosystem needs to be closely examined by securities regulators. I’m not a lawyer, and not the right person to be making this argument, but it seems important and urgent — so I hope you’ll forgive any errors. 
The Ethereum Project was announced on the bitcointalk.org forum in January 2014 by cofounder Vitalik Buterin. The announcement solicited “investors and evangelists” who would be protected by a “fiduciary team,” and linked to an announcement blog post titled “Ethereum: Now Going Public,” which said:
We will be able to develop fully functional and robust Ethereum clients with as little as 500 BTC funding… To that end, we would like to be able to invest a large quantity…
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