[pjbyrne]

I agree it's all debatable. This post deals only with the "common enterprise" prong as that appears to be the prong of the test that Coin Center and others are trying to challenge most assertively.

Centralization of holders makes it look like a more traditional scheme with a central promoter.

[chrisco255]

Well, what do you think about the forkable nature of blockchain technology and how that relates to the definition of common enterprise? Which "common enterprise" are we talking about at this point, Ethereum Classic or Ethereum? The presale tokens apply to both of these forks after all. At this point, the two chains are completely divergent, run by different devs, and have completely different directions. Anyone is free to fork ETH and take it in a third direction if they like.