Parsing where crowdfunding belongs

Jonny Sandlund has tweeted what amounts to a telling, if concise, report of an event that appears to have taken place at Stanford Law School Thursday last.

Couple comments:

• That there are two kinds of crowdfunding, one for a accredited investors and one for the general body public, now seems commonly understood; this was not always so.
• I think Naval Ravikant is right about the need for secondary trading. I don't know the reasons Naval cited (I wasn't present at the event), but at least one obvious one is the pressure for individual liquidity if and to the extent the number of shareholders in a typical private deal multiply. Means for partial liquidity are important to allow ventures more runway before selling out.