You haven’t really addressed liquidity, Jamie. I’ll be surprised if this model takes off. WHY would an investor want to convert to tokens? To use them? No. To get liquidity. And there’s a one-way game here — only accredited investors can purchase equity tokens. So who gets the equity after the trade? Does it “undilute” all shareholders equally? I haven’t studied this deeply, so I may be jumping to a conclusion, but it seems like you’re trying to allow fungibility between two VERY different things to create liquidity for one of those things. My solution is a private equity-token market called the Whitelist exchange. We’re building it now. That will give investors liquidity without disrupting the cap table or messing with the “money supply” of tokens. An equity seller (for whatever reason) could have a serious negative impact on the price of tokens — an exogenous shock you can prevent by providing liquidity to other equity buyers. Respectfully — David

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