Holo creating an easy way for ICO participants to cash out of Holo fuel would legally classify it as e-money, creating legal complications and potentially hurting the value of the project. Though Holo can't create an exchange for this ICO-bought Holo fuel, we expect the ecosystem to have demand for this. We will be glad to help current exchanges list Holo fuel, and we are excited to see community-based Holo fuel exchanges be created.

Holo Reserve Accounts (see pages 16–18 in the Green Paper) enable Holo fuel to be "cashed out" for crypto or fiat currencies. However, these Reserve Accounts only cash out fuel that was earned by a host for providing hosting on Holo.

The reason for this is that Holo is a hosting company. If anybody could cash out Holo fuel for fiat it would render Holo fuel e-money, a classification that comes with a great deal of legal and regulatory hassle. We don't think that getting caught up in that hassle would benefit the project. It might even make it much more risky. Same would be for including an exchange offered by the Holo organization. We can't promise any of this as part of what we are going to deliver because it would jeopardize our efforts to produce a working product and create value for everyone involved.

Even though we can't accommodate an exchange like this, we are committed to creating an ecosystem big enough that there will be many ways for you to use Holo fuel, including selling it to people who have a demand for it. This could happen through external exchanges that, with guidance from Holo, list Holo fuel; or it could be through truly distributed exchanges built on Holochain by the community.

We would definitely help exchanges to list Holo fuel. It is technically possible to do so, though it's more effort than listing an ERC-20 token: the exchange would need to run a Holo node, just as they need to run a Bitcoin node to exchange Bitcoin, an Ethereum node to exchange ETH, etc. And a decentralized exchange built on Holochain is technically possible as well. Anyone with a positive balance of Holo fuel can transfer it to any other Holo account, so only an infrastructure to facilitate trading would need to be created.

But we believe not putting all this on the plate of the Holo organization is very well in the interest of ICO participants, because being stuck in legal limbo is not beneficial to creating that thriving ecosystem we aim for.