Trading Real Estate on the Blockchain has begun. Opinions?

[Nicholas Lohr]

Here we go! (i guess?)

This company is slicing up commercial real estate and giving investors the option to trade it on the blockchain!  They are "unlocking liquidity" as they say.  

https://harbor.com/investors

https://www.bisnow.com/national/news/technology/no...

I'm curious what people think about this?  I personally could go either way but it kind of rings a bell back to 10 years ago.  (Slicing up mortgages and selling them off)  A new fancy derivative yes?  

How is Harbor going control the potential mis-pricing and mis-accounting of these derivatives so that they don't become the next "financial weapons of mass destruction" down the road? 

I own a building that probably has a market value of 1.2 million. But that is market value. I bought the building last year for 875k. What if I "unlock" the value at 1.2 million, sell it off, investors leverage it, everyone accounts and books the profits, and then the real estate market crashes?

And what if this happens on this scale? This is straight from the Harbor White paper.

"the value of professionally managed global real estate alone was $7.4 trillion[14] and all developed real estate globally amounted to about $217 trillion."  Any thoughts out there?

[Nicholas Lohr]

I also wonder how they are getting past the SEC rules and the Howey test one this one? 

Regulation A+ maybe, but it's so expensive to run a reg A+ offering.