Matt Levine on accredited investors: https://www.bloomberg.com/view/articles/2018-09-24/earning-the-right-to-get-swindled … My rough feeling on this:
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rules codify existing structures. It’s likely true that only VCs should invest in VC-type co’s, and retail investors would get smoked. Hidden cost: blocking creation of new models we can’t even imagine. Some will be scams (eg ICOs). But we’ll never know what upside we’re missing.
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I never liked that line. If you can be worth more than your checking account, you can be worth less. Actual value is multiple people acting towards a common goal. All you can do with money is select different people with a different goal. Or nobody, no goal, value destroyed.
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