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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"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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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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So I get this point of view, but it seems really screwy that you can trivially put your Roth into Robinhood and have an app start sending you push notifications about Tesla weeklies [0] and yet we're scandalized by a startup investment sized like a wedding dress.
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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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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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