I suppose one could make an argument that startup crowdfunding might be a potential option here; put a limit on how much folks can lose, give them a team they can root for, and keep the ecosystem *relatively* free of outright predation.
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I have a generalized belief not widely shared among my friends that one is much more likely to create value with a large number of relatively small investments in firms than a small number of largest investments in Prestigious Projects (TM).
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Are these bets supposed to work like prediction markets, or would have equity in entities pursuing the research (the OpenAI model)?
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There's a conflict here between "people like to gamble" and "society has an interest in people not losing their retirement savings". Hence accredited investor rules.
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I wonder however if you could work around accredited investor rules by saying "people can gamble $5k on startups provided they lock another $95k into broad market ETFs" and tell the SEC "look, 95% of their money isn't being gambled; it's safe enough for retail investors".
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Dude there is no reasonable solution to this non-problem.
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"Is it a deadweight loss?" *shrug* It's probably a subsidy to options market makers, since substantially every retail options trade crosses the spread, which is higher for most options than for most equities, without being motivated by market-superior knowledge regarding price.
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I guess if you were an options market maker you could say something to the effect of "Liquidity in the options markets is societally beneficial because cheap hedging is a nice thing to have. We can offer that, in part, because some participants send us free money daily."
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Huge insatiable demand there to be channeled for the right cause. Microlending in EM regions perhaps. People like to take -ve NPV risk for hopes of an outsized return.
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There is a demand for gambling and there is a demand for putting money on gamblers.
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