I havent looked into it but I think synthetic assets are an amazing idea. It will really lead to the day when we see decentralization take over. The question is how decentralized is it.

These are certainly securities by the legal definition. However, if out of the reach of the regulators, then it is good to go. I just dont know enough about Thorchain to comment on that. I hope it is decentralized to the point where it can be out of the scope of regulation.