It appears that whether the users think it is an investment or not, has nothing to do with the classification as a security.
No.
One and only one link on this thread. I'm getting back to work now.
"According to the Howey test, an instrument is only a security if it involves an investment of money or other tangible or definable consideration used in a common enterprise with a reasonable
expectation of profits to be derived primarily from the entrepreneurial or managerial efforts of others."
http://www.legalandcompliance.com/securities-resources/securities-glossary/howey-test-to-determine-if-an-investment-is-a-security/That is why crowdfunding a movie does not violate securities law, or even a toy, watch, etc. where you get the item as a reward. Coins not so much.