This is the right approach, I believe. However, it has not yet been tested in the courts if an investor in the pool sues when he/she feel wronged when a future

This is the right approach, I believe. However, it has not yet been tested in the courts if an investor in the pool sues when he/she feel wronged when a future investor tries to cram down all these investors in a down round. It's inevitable to happen at some point, and it will probably be an issue given that most investors in the crowdfunding approach will be unaccredited investors. Right now as it stands, Second Market is only available to accredited investors (https://angel.co/help/invest#secondmarket https://angel.co/help/invest#secondmarket) and so the JOBS act crowdfunding rules don't apply here in the same way.