DANGER: Housing Scam Backed by Jason Calacanis from All-in Podcast [Lofty.Ai]

[@MeetKevin]

I think every employee at the company is starting to try to reply to my video with their excuses.

[@EarlCo]

I'm not an employee. I am a member of the LLCs that own the underlying assets. It's not an excuse, my and all these other comments are literally just us trying to fix your math. Stop using the total supply as the circulating supply. The lender tokens are escrowed and cannot be used in your calculations except for cap rate and market cap purposes. COCR is LEVERAGED cashflow, cap rate is DELEVERAGED cashflow. You should know that, but your viewers might not. Lofty only has 7 employees. The rest of your viewers commenting here are most likely other co-owners. There's several thousand of us.

[@mbshawaii]

Unlikely

[@MeetKevin]

LOL OMG you're reiterating this is a scam. "Stop using total supply as the circulating supply." If you're selling shares on the TOTAL supply at $53 a share/token, then you're getting massively diluted! You're getting a slice of TOTAL supply - It doesn't matter if some are escrowed at all! 10% of a company can be public. If those shares sell for $1m in value, then the company is worth $10m. The other $9m can be "in escrow," but that doesn't change the fact that the 10% that floats/circulates creates the market cap. Scary!

[@EarlCo]

@@MeetKevin You have a point about the 10% of company's shares publicly traded. Yes, the company would be worth $10M. That's pretty much the structure, yes. "The 10% that floats/circulates creates the market cap." This is correct. The loan getting paid down DOES dilute the owners, which has the effect of reducing the COCR down towards the cap rate. That's outlined in the description of every leveraged co-ownership deal. Where exactly is the scam? Jerry Chu (CEO) and Max Ball (COO) may have to see if there's a UI update they can do to make that clearer to those unfamiliar with leveraged COCR vs deleveraged cap rate.

[@nategipson3463]

Everyone you disagree with is a paid shill?

[@chrisg8995]

Never trust the SPAC king Chamath

[@libertybelllocks7476]

Racist.

[@higherlearning9386]

@@libertybelllocks7476huh?

[@tanner9956]

@@libertybelllocks7476you think he said that because he’s Indian 😂 mf you’re a retard the dude literally backed all these spacs losing 100s of million for his own gain

[@alexh1954]

I thought you were also in the housing market. We need a disclaimer at the beginning of the video. Otherwise, it doesn't look good on your video

[@dropshipincanada]

Chamath is a known scammer

[@dudeshiya]

Chamath is not a scammer. He sells products and you are the one that should do your own homework whether is product is market fit or not. If you lost money because you didn't do your homework but blindly following Kevin, then that's on you and no one else!!! For the record, Chamath is not invested in Lofty LOL Come on don't follow blindly dude, do your homework, use your brain to think for once. It's made for that.

[@webdesigntutz]

@@dudeshiya how does his meat taste 🤡🤡

[@devlij]

Tell your lawyers to start getting ready to be sued Bro

[@IprokingI]

Are you suing little boy?

[@flakgun153]

​@mike-2275free speech doesn't protect against misinformation

[@mbshawaii]

​@mike-2275to be fair, suing is all the ex-President-who's supposedly-for-free-speech knows what to do

[@Ashketchum1990]

@mike-2275he called it a scam. He is definitely getting sued. Lofty has been on CNBC twice

[@higherlearning9386]

That company is deathly afraid to go to court, discovery would be interesting.

[@JT__Media]

I’ve been an investor through lofty ai for years and have interviewed the CEO. Kevin, I can put you in touch with him if you’d like. Please reconsider labeling things as a scam that are very clearly solid businesses

[@xR00K]

SCAM

[@BlueEyeVisuals]

Call it a scam or don't call it a scam, the math doesn't lie.

[@JT__Media]

@@BlueEyeVisuals well, it kind of does actually. Many of the numbers he used were assumptions that were wrong. The math is not right. Lofty is working on a detailed write up tackling the claims made in this video. Keep an eye out for it.

[@webdesigntutz]

@@JT__Media you fell for a mans slick talk, pathetic cuck 🤡

[@areebmianoor4449]

​@JT__Media is there any update on this document/video by Lofty

[@DanielMurrey]

Why don't you invite Jerry Chu on your channel? I bet he'd be happy to discuss your concerns. Maybe don't call other people's businesses a scam as that implies criminality via defrauding investors. (also not an employee at lofty, but I do own tokens there).

[@Koofythe]

He obviously wants Jason. Jerry who can answer all questions won’t get clicks. I’d like to hear Jerry’s response

[@webdesigntutz]

maybe you are panicking because your low IQ got you to invest in a dud again 🤡🤡

[@Jeffrey050711]

This "scam" has been around since 2021 and has continued to grow. They must be doing something right.

[@markjason4432]

Who needs house hack if you can tokenize.

[@EarlCo]

BINGO, Lofty the startup is a threat to his startup.

[@webdesigntutz]

@@EarlCo aka you drank the Koolaid 🤡

[@3xBBigBam]

Its ok to say u were wrong Kevin, cause u were. And gives u an opportunity for more content, get the founders on one of your vids. They are legit, and seeing on Twitter that they want to.

[@YoungProdigy95]

I wonder if Kevin plans to make a hit piece like this for EVERY HouseHack competitor? Criticizing their model is one thing, calling it a scam is disingenuous

[@EarlCo]

Pretty much that's what's going on, yup.

[@webdesigntutz]

@@EarlCo found the clown

[@alec_vanbeek]

You are posting my properties in your video. 440 Louden Ave. and 1580 Andover Dr. Thank you for the free PR. Your math is all off and you did not fully read the property pages. The sellers who choose to list their properties on Lofty keep the mortgage against the properties in their personal name. The leverage lowers the amount of equity available to sell to investors and compensates them for taking on the extra risk. Ex. A property is valued at $100,000 and generates $2000 per month in rent and there is a $50,000 mortgage against it. This would mean there is only $50,000 available to sell to the investors but the rental income remains the same at $2000 per month or $24000 per year. Now let's deduct the the taxes and insurance which are $2000 and $2000 in this cash. You have $20000 of net cashflow per year. If you divide the net cashflow ($20000) by the available non-leverage equity ($50,000) $20,000/$50,000 and you get a 40% Cash-on-Cash Return despite the Cap rate being 20% without leverage $20000 annual net cashflow / $100000 property value.

[@EarlCo]

Thank you for the proper math!

[@zerohecks4864]

No one cares

[@FreddyFermin]

There's no way your lender is going to allow you to do all this without calling the loan. Once your lender realizes you create an LLC in Wyoming claiming ownership of that property, you're going to be in big trouble.

[@EarlCo]

@@zerohecks4864 A lot of people care. Evidently, Kevin cares enough to make a video about @alecvanbeek2835's properties. So maybe it's just you? But you care enough to comment too, apparently.

[@MeetKevin]

Thanks for coming on the live stream Alec and Earl!

[@CloudieDev]

The answer: ... -> Report -> Misinformation. Job done.

[@conquerunderstanding7517]

Good advice I agree. Also in most cities and states any contract with the word “venture” is illegal and voids the contract.

[@Joe-wk4hz]

Real Estate Agent Kevin is raking in the $$ from these videos criticizing his competition that don't pay huge commissions to Real Estate Agents named Kevin.. Follow Kevin's money if you're looking for scammy mcscamsters lol. Real Estate Agent Kevin is quite a good salesman I suppose. Just please do your own research before taking a salesman's word for something.. for almost anything honestly. Salesmen are always after the sale/money and not focused on the truth... that's really just common sense. Keep on sellin' Salesman Kevin.

[@dudeshiya]

Why don’t you invite Jerry on your channel instead of throwing accusations like that???!!! You lost my respect already but now you are not even worth my attention. Actually I think you are the scammer

[@wjrobinson11]

Lofty posted a response on their Twitter page, thoughts Kevin? Looking forward to your response to their response!

[@dougellis2216]

If chamath is in it say No thanks

[@coolhypedmovies]

In every of Chamath’s IPO’s he sold out 100% around the top and left his All-in Podcast fans holding the bag, without warning, as the stocks crashed afterwards. 😅

[@burgsymalone8269]

They are DAOs Kevin! You are acting like the banks that are scrambling bcos defi is disrupting them. The idea of lofty is to eliminate all the middle men involved in buys and sales of assets. It gives people without money an ability to purchase fractions of a property and it pays like clock work. Your video is misleading and your math don't take into account the obligations of the lister. 😅😅 Kevin kevin kevin

[@MeetKevin]

Eliminate the middle man by becoming the middle man and charging excessive fees on excessive valuations?

[@EarlCo]

@@MeetKevin 2.5% ACTUALLY on each side is not excessive, according to the NAR. I personally think it's expensive, but NAR says not excessive.

[@libertybelllocks7476]

@@MeetKevin excessive valuations? Kinda like HHs? LMAO

[@relaxsleep2712]

@@MeetKevincheaper fees than US estate agents.

[@brandon_youtube]

I doubt this video will last long. On here. It gets me thinking is this a play to take out competition or raising a consumer concern? I think it's the latter of course but it gets me thinking 🤔

[@gilbertmiao5229]

TBH this is less scam than some real estate buyer club. They charge membership fee, they use your money to buy, they charge ridiculous fees and they take 50% of property. lol

[@EarlCo]

This isn't a buyer club. There are no membership fees. Lofty just provides a marketplace like eBay for buyers and sellers of membership shares.

[@BlueEyeVisuals]

If I was going to invest in a scam, I would definitely choose the less scammy scam of the scams.

[@Frankd24875]

Hmm UCLA protest video down so soon?

[@MeetKevin]

yep

[@5818fa1]

I wanted to see that. I like this video also. Call the grifters out.

[@gayrobot79]

It seems like the numbers could be cleaned up by showing the actual number of shares available. By including the shares "held in escrow/loan" the numbers are way off. My biggest concern is the lack of risk disclosure. What happens in the event of a default? Owner dies? Needs to sell? A home market values drop?

[@EarlCo]

💯agree and I hear Lofty's on it with the next UI update. Risk disclosure is outlined in other documents that will require more than the cursory scrolling that Kevin did. Nothing happens when home market values drop unless you sell. It's a rental property, just keep it performant.

[@EarlCo]

The "owner" is a DAO LLC, it cannot "die" because it's not a natural person. As for the seller/co-owner/mortgagor, they ALREADY need to sell some of the equity, that's literally why we're on Lofty in the first place. This question necessitates a fundamental misunderstanding. What happens if ANY member of ANY LLC needs to exit? Typically the Operating Agreement says the Company has to buy out that member. What happens if the other partners don't have the funds to buy the disassociating partner out? Well then you're screwed. Not on Lofty. If a co-owner needs to sell, they just place a Limit/Market Sell Order for their shares and wait for it to be bought at the desired price. Ta-da!

[@webdesigntutz]

@@EarlCo this guy is compromised !!

[@EarlCo]

@@webdesigntutz I hope not me?

[@shawn2789]

Don't start defending regulators because they are competing with your business.

[@feriateam8074]

Is Grant Cardone real estate a SCAM ?

[@jonlee6114]

Kevin said Jason from All-In called him today threatening to sue him, and refused to address any of Kevin’s claims. Those ALL-IN guys always seemed shady to me.

[@Koofythe]

I really want to hear from Jerry and not Jason.

[@galatasarayca]

Wow another youtuber who cant read - did you ever try and ask

[@SlayAtHomeDad311]

Why did you delete your video from a few minutes ago?

[@MeetKevin]

HAMAS video I will address with a remake; I was getting rekt

[@SlayAtHomeDad311]

@@MeetKevin I had a feeling that crowd is trash

[@wesleydrake8472]

The same Jason Calacanis that claimed $XRP IS DEFINITELY a security, right before Judge Torres ruled that it indeed IS NOT a security, so he should know what he's talking about.

[@tokyoposted]

underrated comment

[@adrianalvarez3968]

That decision is going to get overturned 100%. Book it.

[@LiveLeveLeviL]

Not so much an outright scam, but more of a complicated Fees play on unsophisticated investors… there is an actual product being offered, just not on the most favorable terms for the end users/ participants…. It’s always interesting how the legality straddling businesses find ways to make money lol great breakdown

[@MeetKevin]

thanks!

[@EarlCo]

It's 2.5% on each side, literally identical to a real estate broker's standard commissions. I don't like it either, I think the NAR sets fees too high. Yeah yeah, "everything is negotiable" but the market standard is 2.5-3% on each side, AND the SELLER pays BOTH sides! The NAR already got a judgment on that recently. It's just not fair to sellers. At least Lofty is actually transparent about 2.5% on each side.

[@Ashketchum1990]

$5 says this video will be deleted in 1 month. Let’s see how embarrassing this becomes for Kevin. Lofty is a flagship project on algorand.

[@MeetKevin]

embarrassing to algorand.

[@CaptSparkyIII]

Dude, lofty is not a scam. Choose your scams wisely. The government has even recognized them in a paper not to long ago about tokenization of assets. Lawyer up

[@algorandculture]

This could possible be one of the biggest baseless claims with the title scam for clickbait. In the first 30 seconds he says “I could be wrong but” Proving again that people are doing everything they can donFUD Algorand and the projects built on top of the blockchain. Bullish on Fud from someone who made zero factual claims. “Imagine if tried to buy 100% of the tokens” lmao who does that.

[@EarlCo]

It's actually not even possible to buy 100% of the tokens unless you simply take title by buying the property from the DAO LLC entirely. Lofty caps each owner at 15% of shares so no one has a majority. That said, theoretically one could open and KYC multiple accounts under different "owners" (like your kids, your spouse, siblings, etc.) and place a limit buy order at a sufficiently high price that at least 60% of other owners WILL exit at, then control those shares and trigger and force a capital transaction or other governance decision, but that is probably against Lofty's TOS. Can't say Lofty or the other DAO LLC members can or can't stop it, but you're also assuming people even have their shares listed for sale. Good luck executing that at a reasonable price!

[@pankajsirwani1316]

Could be wrong with my analysis? LOL! So much for having conviction in your own analysis.

[@montuna4686]

I call Cap. Daytona is a tourist trap and airbnb is illegal. I was looking to purchase a hotel near the beach in daytona and day rent was like 100 a night.

[@Grownmetimbers]

30 seconds in and I can already tell you this guy is a joke

[@sirenmuscle]

Now do..Island Project. ..same stuff..fractional RE..$30,000 start up...amtv

[@robreviews227]

You should do one of these on that scammer Ryan Pineda

[@alfiozappala8798]

You have it backwards. You are the scam. I hope you have good lawyers.

[@michaelking9568]

Tell me you don't know while telling me you know

[@gerardomeza8451]

Where's the ucla video??

[@MeetKevin]

gone soz

[@FilmFactry]

How is this any difference than the property I bought next to Snoop Dogg in the Metaverse?

[@spldrong]

The token idea seems like it could be an idea.... but not this way. Isnt the whole point of tokens free and fast transactions??

[@EarlCo]

They are free (

[@llundber]

Sounds like crypto but with houses. I like the All in guys but this seems like low key speculation play.

[@BlueEyeVisuals]

If I were to sell my Lofty Tokens now, would I get all of my money back?

[@EarlCo]

Minus the trading fees, and depends on how much you set your limit order to and depends on how much it settles for from another buyer. That's the whole point of an exchange providing liquidity.

[@webdesigntutz]

@@EarlCo ignore this comment people, this guy is compromised!!!

[@HOC242]

👍🏾 could it be under gigastar market participant regulations; like a KZbin channel influencer that shares profits?

[@FamilyofFour30]

Ha, I was out at “tokenized”

[@EarlCo]

Bye!

[@FamilyofFour30]

@@EarlCo buy tulips instead of any “investment” that involves tokens. Free advice.

[@patrickpaquette3750]

In my Opinion.

[@jacobsrevenge5515]

Houses in block will make it easy for renters to short lol aka they’ll destroy the house

[@JasonWalter1]

When was the appraisal done? Just wondering if it was not recent and the property could be worth more now(?).

[@JasonWalter1]

Cancel that. The appraisal was done last Dec. Great breakdown, Kevin!

[@ArthurLouis1957]

Taxes

[@mrjojotheman]

UCLA video?

[@sirlucius3016]

Amtv has been trying to pull the same shit for 2 yrs now

[@TomsRebelHealth]

Lol the protest video looked important from what I saw but it went private. I wanted to listen to the rest of it. Must have been too divisive? Hope you didn't lose a bunch of dumb subs or something.

[@MeetKevin]

omg so divisive like a firing squad

[@oldjockmcscroat]

Can’t have gone down too well methinks. The only violence I have seen has been from the Zionist counterprotesters & the police. Kevin should follow the money that’s behind the political elite’s double standards on Israel/Gaza! ……I’m sure it would be pretty disgusting 🤔

[@TomsRebelHealth]

@@MeetKevin well I appreciate you prospective and opinion on all these things, but I get you have a business and family to look after. Thanks for trying!

[@higherlearning9386]

@@MeetKevinThat’s annoying, wish people could just agree or disagree with you and move on. I’m sure it gets very toxic , fast.

[@srezeik]

I missed it. What was it about in short ?

[@petergeddesrensen6567]

Seems like a scam wham

[@Donna1Type]

Hey Kevy

[@TiagoRamosVideos]

😱

[@darrylmyles3771]

Apologize to lofty

[@Mabelabal2k1]

great breakdown, wish your membership was a bit more affordable $500+ is out of my budget

[@hard107]

What if they pay the debt down with your token purchases? Then you would be getting the complete profit of the rent.

[@EarlCo]

You're already getting the complete profit of the rent. Debt service is paid by the mortgagor, not the tokenholders. Paying down the debt only dilutes everyone's equity as escrowed tokens are released back to the mortgagor proportional to the principal balance paid as time goes on.

[@Chrisss_0315]

Someone told me the SEC has been sniffing around Lofty already.

[@siriuswake705]

this is a paid hit piece

[@Dave-vk7fi]

I thought bro was in the middle for the Israel Hamas war

[@SFX_714]

Bro focus on your own business start up and your investors. No one cares about all this mumbo jumbo and maths for a biz you’re hating on or threatened by or whatever the case. That was a really bad video. Possible scam yes we get it. Could have just tweeted to be cautious. 😖 shit hurt my head to listen to

[@AK88.]

You know you don't have to watch if it doesn't interest you right ? Speak for yourself next time.

[@jcorrea6515]

I highly disagree. I loved the video, It’s interesting if you have the mental capacity to keep up with the content, totally understandable if it’s too much for you to comprehend, but don’t speak for everyone please.

[@bendover2425]

Hurt your stupid little head? Click off. Real estate is not for people that can’t handle basic math

[@SFX_714]

@@jcorrea6515 lol Ok Mr mental capacity. I am speaking for myself wtf do you think a “comment” is? I watch a ton of his videos and enjoy his perspectives on many things. Just voicing MY opinion on this one. It’s not that deep

[@jcorrea6515]

@@SFX_714 understandable, but be aware when you say “no one cares” you’re speaking for a group, as opposed to “I don’t care”.

[@TheAllison3331]

Wow this is quite crafty!😮

[@brandon_youtube]

Financial innovation. Is this AI or crypto lol

[@EarlCo]

There's zero AI despite what the Top-Level Domain suggests.

[@challenger07151]

Is pace morby legitimate?

[@EarlCo]

Yes but he only focuses on subject-to deals, not the dozens of other creative acquisition methods.

[@DrFatPinguin]

Landa

[@rushminute]

But Kevin…😂

[@RobinFlips]

Thank you for exposing!

[@blipblop92]

With Chamath's track record, I would believe Kevin

[@RyanChipps]

Kevin never stop your a gift to retail

[@flickboogers9325]

Crypto is not the greatest scam?

[@tokyoposted]

when theres no regulation or clarity it is a feeding ground for scams, it is the wild west and it is people to blame, not crypto itself. and lets not pretend printing fiat currency isnt a scam

[@dg1h1t]

RealT was doing the exact same thing first and you do have to be an accredited investor in order to invest in their tokens . However, their yield is lower and around 9 to 10%.

[@EarlCo]

Because they were manager-managed rather than member-managed. The crucial difference is member-managed shares are explicitly NOT securities, per SEC.

[@raze1918]

ya man , it is right what u saying kev, but it is the ai in the name i buy it :) now we have to recherge if that coin is serious or they staying behind it.

[@yamitf77]

NOBODY can pass by Kevin! smart, its a pleasure watching you catch these companies red-handed and expose them openly, thank you on behalf of everyone.

[@XavierV37]

This is genius for squatters. They now have evidence they paid for and own a portion of the property they are squatting in 😂

[@EarlCo]

That is definitely something we all have to think about, as it is legal equitable interest.

[@xicor333]

@@EarlCo pretty sure it says in teh lofty dao paperwork that you're not entitled to any sort of ability to live at the property

[@EarlCo]

​@@xicor333thanks, you are correct, it is in the LLC Operating Agreement

[@jcorrea6515]

Interesting! Thanks for keeping us posted on this stuff, love the breakdown of how to analyze things like this. 👏

[@EarlCo]

This "due diligence" is incorrectly done and needs to be re-done.

[@jcorrea6515]

@@EarlCo how so?

[@EarlCo]

@@jcorrea6515 Check my multitude of other extensive paragraphs of comments.

[@EarlCo]

@@jcorrea6515 Check my other paragraphs of comments.

[@eenzturano]

Everything from the all in bois is a scam

[@AK88.]

Thanks for the expose, never trusted those all-in guys. I wish you kept the Vivek expose up too!

[@EarlCo]

It's probably taken down because of the misinformation.

[@rostyloco1]

learn something from gaming.... don't use tokens or anything that fudges the numbers..... fk microtransactions...

[@EarlCo]

The whole point of tokens on a public ledger is so that it's immutable and the numbers cannot be fudged. I'd trust an immutable ledger operating on a smart contract, over a traditional contract that can be falsified and doctored by any of the partners acting in bad faith.

[@MrSiddji]

Thanks for the video and breaking it down. This helped me to stay away.

[@mysticv7177]

SPAC scam

[@costafilh0]

Normies: AI in the name, so it must be good! Me: AI in the name, so it must be hyped crappy scam!! lol

[@TG-rf2iu]

Do $dxyz next

[@hombrenuevoacts1728]

Numbers reveal!

[@BlueEyeVisuals]

There's a lot of math deniers out there.

[@EarlCo]

Particularly Kevin himself.

[@webdesigntutz]

@@EarlCo low IQ is visible on you

[@enginecrm]

Primero

[@VeronicaDavidson-jm3kx]

Tell it like it is boo boo forevermore sweetness sweet 😋 🫛 pea pooh bear 🐻 🐻‍❄ guarding her cub alone always me love ❤️ 😍 💖 ❣️ 💕 💘

[@adrianalvarez3968]

The SEC is coming...

[@EarlCo]

Let them come! These are member-managed shares in a Wyoming DAO LLC (with legal backing). I WANT them to come, but they won't, because they know these aren't securities and they don't have jurisdiction over member-managed LLC shares which are not securities by definition and default.

[@hombrenuevoacts1728]

Its safe from the sec because its a TRUE scam! 😂😂😂😂

[@zuagarna]

Lofty AI is absolutely not a scam! Per the SEC regulations, the way it is organised makes it DAO managed

[@asrafilgh609]

You are definitely getting attacked left and right. Some dude said that he mentioned that it’s like robinhood and you took the idea. If what u say is true, then they’ll all be proven wrong (followed by finding smth else that’s wrong lol)

[@chrisg8995]

Kev! Love ya man! What makes people think you’re a scam is when you take credit for Tesla advertising and put weird self fellating montages at the end of your vids. You’re way too good for all the queso. #stopthecheese

[@ryanraines1469]

Hh 🚀

[@artaviusferguson4985]

Nice break down, I’d like to hear your thoughts on the Arrived real estate platform(backed by Jeff Bezos) similar to Fund rise

[@NikoJ10]

🤦🏼‍♂️ why you do your own DD Thanks again for helping idiots not be idiots! Always great content Kevin!

[@MeetKevin]

Thank you!!

[@NichoD3]

Totally has rug pull written all over it

[@Pararara12]

How would you rug pull a property investment?

[@EarlCo]

You can't rug-pull membership shares unless the asset is illegally sold off out from under you. Capital transactions can only be done with a 60% supermajority vote of the members. 1 token = 1 vote. If you owned let's say 10% of a partnership LLC, can the other 90% vote to sell? Sure. Is that a rug-pull? It depends on the LLC operating agreement. I'd argue no, you just got outvoted. Can your equity go to zero? Extremely unlikely. Even raw land still has value, even if the improvements were to burn down without insurance for some reason.

[@MichaelDillin]

Brother, preach preach it brother preach it

[@JerryPena]

Good research! Where you find this?

[@EarlCo]

TERRIBLE research. It's borderline irresponsible, to be honest.

[@YoAdrian305]

It is very simple. If you "fractionalize" something, advertise those fraction of shares on the internet to strangers, and those strangers buy those fractionalized "shares" or "slices of memberships", it's very very very likely a security my friends. NFTs avoid this issue by being "unique" collectibles. It's specifically to go around that rule. These guys are not doing things the right way and it's going to cost them and the investors.

[@EarlCo]

Member-managed LLCs governed by the members directly as in a direct democracy are explicitly NOT securities. This has been backed up by case law. You can ask a competent lawyer for citations, because I am not one but I've done enough reading and research and education with regards to securities laws to be confident in my decision to partner with this platform to list and democratize ownership of my existing portfolio.

[@YoAdrian305]

@@EarlCo not if they generally solicit the public with offers to sell the membership interest. Brother, I AM a competent attorney. If it were 5 people sharing a house it's one thing, if it's 50 of them and they're constantly changing because there's a secondary market, it's a completely different animal. It's a security and your vehemence makes me question if you're just a passive user of this thing and actually more involved. But either way, good luck.

[@EarlCo]

​@@YoAdrian305 Take it up with the SEC then. It's not my fight to fight. I just listen to MY attorneys and Lofty's and do my own research on top of that. I'll just be eating the popcorn. No, I am not a "passive user", I literally said in my very first comment on this video that I am a member-owner-manager-mortgagor of two properties listed on Lofty. The point is exactly that as a member, I have a right and a duty to make decisions on what the DAO does with its underlying asset. These kinds of shares with their direct-democratic voting rights are the kinds of shares the SEC explicitly excludes from their purview.