“Why are you so down on crypto, Patrick?” Because when Michael Lewis inevitably writes a book on the largest metafraud ever perpetuated, substantially encouraged and enabled by our industry, I would like him to be able to report “Not everyone in tech was blind to this.”https://twitter.com/CasPiancey/status/1133585910161821697 …
Current regulations give you a choice: raise money which we allow you to assume is smart money (accredited investors), raise money privately, or raise money at scale from retail. We gate door #3 on formidable reporting & disclosure obligations because of scaled fraud.
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I had vaguely live-and-let-lose sympathies regarding the accredited investor rules when I was younger, but then I saw what crypto specifically did with them: it created optimized predation machines designed to extract the maximum amount of money from retail w/o value creation.
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Interesting. I believe one of the most important things we can do to improve financial literacy/numeracy is lower the income/net worth threshold for investing in registered securities.
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