China's Central Bank Bans ICOs
Why don&#x27;t rich people need protection? Here&#x27;s the answer: this is their protection. It reduces their competition.<p>Seriously, these securities rules keep people like me from investing in AirBnB and Uber (two that I caught very early and wanted into)... but we can all go to Vegas and lose $100k in a single weekend.  But putting $10k into Uber&#x27;s seed round is somehow a crime I need to be protected from?  Truth of the matter is this is the essence of capitalism-- it is my right to invest in Uber&#x27;s seed round and Uber&#x27;s right to have me as an investor (if they consent), whether I am &quot;accredited&quot; or not.  This is basic &quot;Freedom of association&quot; which underpins everything from gay marriage to the right to refuse service to barefoot people.<p>Also, of course, I&#x27;ve lost my own $10k on more than one occasions starting companies. (And I&#x27;ve made much more as well.)  Why do I need protection from myself?  Especially when the terms of that protection are written by people who don&#x27;t know what SHA256 is.<p>No, these regulations mainly keep the middle class and the not-quite-wealthy-enough from investing in the highest upside opportunities.   I know it&#x27;s better to put $10k into 10 different seed rounds than $100k into one seed round.  I don&#x27;t need to be accredited to know that.<p>And I&#x27;ve certainly lost a lot more than that (and made even more) in the stock market using complicated options strategies involving multiple legs and expirations-- I&#x27;m the very definition of a sophisticated investor....<p>.... but I can&#x27;t be trusted to give a startup $10k?<p>This is what regulation tends to do, which people don&#x27;t seem to get -- it raises the bar keeping the little guy out.<p>Once again, the rich get richer and the poor and middle class have less opportunity.<p>PS-- To those responding: Yes, I have heard &quot;but what about the grandmas? won&#x27;t anyone think of the grandmas???&quot; before.  I&#x27;m acutely aware of the history of this type of regulation in the USA.  Ultimately this stuff keeps grandmas poor.<p>You should all read G. Edward Griffens &quot;The Creature from Jekyll Island&quot;.  It&#x27;s a history book about money, but it&#x27;s not in the least dry.<p>Government always has an excuse, usually a claim to be helping or protecting people, when it violates our rights.<p>Keeping me out of Uber&#x27;s seed round is a violation of my rights.