I had one of those funny juxtapositions visiting Vegas one year: 6 PM: Walk past friends playing at craps table, which has an ATM next to it. Highest allowed chip (and bet) at table: $5,000. Can buy that chip for cash with no questions asked. 9 PM: $5,000 investment to startup. https://twitter.com/BullyEsq/status/1231301801355436032 …
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Similarly, have you seen the user experience or marketing for Robinhood? "Are you an unsophisticated investor with high risk appetite? Would you prefer to contribute capital to startups but are denied for being unaccredited? Then do we have a proposition for you: weekly options"
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Robinhood: "Naked calls on Tesla with a 5 delta expiring this Friday!" Investor: "What does that mean?" Robinhood: "I dunno dawg are you man enough to figure out?" Narrator: It means sophisticated investors assess 95% probability of that position going to zero on Friday evening.
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Robinhood: combining crypto's attitude regarding compliance and risk-taking with public markets' presumed legitimacy in the eyes of all stakeholders.
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Same. And now 5 years later, AngelList fails to produce a schedule K each year that just says I earned $8 in interest (because in year 1, the fund took so long to close that I earned interest in the clearing account that's still there b/c the investment was fixed at $5k)
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Meanwhile I'd already been mercifully allowed to forget about the $5k I blew on craps 5 years ago
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There are systemic concerns at play with investments that are not present in gambling. If you want a healthy tech ecosystem instead of a crypto-style anarchy, the rules are a new positive for society.https://twitter.com/SuperMugatu/status/1231303586543538176?s=20 …
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(Also,
@supermugatu is great and you should follow him!)
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