OK. I'll show my ignorance (or my bad math)

Earnings from a license
3,375,000/60,000 = 56.25 SPS/month = 56.25 * 0.12 = $6.75
20,000/60,000 = 0.333 vouchers/day = 10/month = $15
Total = $21.75/month

Presale cost = $1000 in SPS + $750 for vouchers = $1750

PRESALE ROI = 1750/21.75 = 80.5 months = 6.7 years or 15% interest rate

Why would anyone want to buy a license rather than just staking SPS?

Potentially, it would be because they don't expect 60K licenses to be sold -- but, in that case, why is the team offering so many?

The first tranche 4 would have earnings of $65.25/month for a cost of $5500 (assuming vouchers at $1). Again, an ROI of 5500/65.25 = 84 months.

Assuming that tranche 3 sells out, the PRESALE ROI is cut down to 2.2 years but that is still less than a 50% interest rate -- without considering the running cost of a node.

What am I missing here?