[apapli]

Let's take it back to currencies.

You lend me 1,000 USD and then demand it back 12 months later. Can I give you 1,000 euro or 1,000 swiss francs instead? I doubt it. You'll want 1,000 USD back, or at least the equivalent to what $1,000 USD is worth now.

So they should have provided ETH back, but didn't because it went up in value. Super dodgy and very convenient. I bet they would have provided it back in ETH had the value per coin fallen.

[bonesss]

So I have a startup in France, and you think my FooBars will make a mint, so you invest. I get $1000 from you, and convert that to Euros to do business. Turns out my FooBars are not good, and I can't get a business license in France... so after a years effort we call it off, and you want your money back.

Assuming the euro gained 10% value in the interim, are you claiming as an investor before the investment vehicle was realized that you are rightfully owed $1100? Or the corollary, had the Euro tanked to 10% of value, would you accept $100 back without complaint?

I think you are conflating investment and ownership.

That grown value in Euros is value grown inside a corporation and either you own some of it, in which case you will get dividends, or you made an investment with some limited risk in which case it's your investment value that is relevant. I believe if someone lost your money without completing the terms of investment you would have legal recourse.

Had the ICO people given worthless ETH back they could have been sued for the difference, investment terms willing, IMO as a non-lawyer.

[mmarx]

> You lend me 1,000 USD and then demand it back 12 months later. Can I give you 1,000 euro or 1,000 swiss francs instead? I doubt it.

Both EUR and CHF are currently worth more than USD, so that might not be the ideal example to make your point.