Bottom - I agree 100% w your math. My conclusion is more positive. ETFM has something PTOP doesn’t have - all the upside and the opportunity to instantaneously turn the PTOP into cash whenever they want. I don’t know PTOP - there must be a lot more to this - Grover was PTOP’s banker: https://finance.yahoo.com/amphtml/news/peer-peer-network-announces-exclusive-141500206.html