Some of the obvious properties of security is:

1.ico

2.hard fork or changing code

3. Management team

4. Pre mined tokens

5. Foundations

BBS can definitely is a security because of ico , management team,dao and evolving code or web application.

Does it matter that BBS is security:

Given that 99% of crypto projects including ethereum would qualify as security it really doesn't matter for BBS and holders.We can just stand under the umbrella of ethereum for example 🙂

Implications of buying BBS tokens:

Just like any crypto projects there is a whole lot of uncertainties and risks involved and one should always put in what we can afford to lose.