The best argument for the accredited investor rule is that, in the absence of it, promoters will manufacture companies which are difficult to cost-effectively distinguish from actual businesses but which functionally are not and use them to pick middle class' pockets.
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good point. i wrote a short oped in the WSJ last year. an early draft & the one I preferred said towards the end: "... the retail public wants seductive narratives and fantastial returns. The supply of fraud will therefore grow to meet that demand." h/t
@codedlogic for wording -
Endorsed, although I think we might be slightly overly harsh for retail here:https://twitter.com/patio11/status/1066866093048778752?s=20 …
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I missed that part of the ICO scam cycle! Holy cow
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One of the major changes that happen in the law, accounting, and IB industries is when states allowed them to convert into LLCs or public companies instead of being general partnerships. IMHO this causes a lack of personal accountability.
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"We'll never need lawyers again," the delusion bag holder continues muttering to himself, only the padded walls and straightjacket keeping him from further harm. The attendant brings food. "Doing okay, bud?" "I have two words for you," Baggy says, "smart contract."
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