Quote Originally Posted by Market! Market! View Post
It depends on your answer.
If you provided some proof that they are scams or maybe a good enough reason to believe they are, then I could share the same answer to anyone who would ask me.

Anyway, several of my friends are into AXIE. I didn't participate because the entry fee is too large.
If the entry fee is cheap, perhaps I would join even if they are scams just to see the interface (Curiosity). And I mean DIRT CHEAP!!

Edit: I am currently playing a Facebook game that cost me about $2.00 per week. I've been playing it for 3 years now. If Axie is as cheap as that, I might have join to see if I will enjoy the game. If game sucks then I would stop paying.
MM, thanks for your reply. All you need to know is whether or not these programs meet the definition of a security investment as established by the Howey Test case. The Howey Test says it is a security and investment if it is, and I quote:

1. an investment of money due to
2. an expectation of profits arising from
3. a common enterprise
4. which depends solely on the efforts of a promoter or third party

It makes no difference what you call it, i.e. loan, sharing of profits, widgets, crypto-currency, cash gifting, membership, gaming, etc., it is a security and therefore if the program is not regsitered with the SEC in the US it is operating illegally. The program could be a Ponzi or a Pyramid Scheme, but no matter which one it is, it is illegal if not registered with the SEC.

If the program is operating as MLM, the FTC governs the registration of the MLM company and the company must meet the FTC requirements to be considered a legal MLM program.