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Agreed. Like I said IF you consider ETH a currency. If you don't then that's an argument against all cryptocurrencies in general.

Correct, and the USG does not. IRS guidance calls all cryptocurrencies property.

I'm not a fan of cryptocurrencies myself but I am trying to argue the spirit of the transaction which considered ETH as a currency.

Legally I am with you 100% that the investors are out of luck. That's the price of "investing" in a highly speculative vaporware "currency".