China's Central Bank Bans ICOs
Why don't rich people need protection? Here's the answer: this is their protection. It reduces their competition.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'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's seed round and Uber's right to have me as an investor (if they consent), whether I am "accredited" or not.  This is basic "Freedom of association" which underpins everything from gay marriage to the right to refuse service to barefoot people.Also, of course, I've lost my own $10k on more than one occasions starting companies. (And I'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't know what SHA256 is.No, these regulations mainly keep the middle class and the not-quite-wealthy-enough from investing in the highest upside opportunities.   I know it's better to put $10k into 10 different seed rounds than $100k into one seed round.  I don't need to be accredited to know that.And I'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'm the very definition of a sophisticated investor........ but I can't be trusted to give a startup $10k?This is what regulation tends to do, which people don't seem to get -- it raises the bar keeping the little guy out.Once again, the rich get richer and the poor and middle class have less opportunity.PS-- To those responding: Yes, I have heard "but what about the grandmas? won't anyone think of the grandmas???" before.  I'm acutely aware of the history of this type of regulation in the USA.  Ultimately this stuff keeps grandmas poor.You should all read G. Edward Griffens "The Creature from Jekyll Island".  It's a history book about money, but it's not in the least dry.Government always has an excuse, usually a claim to be helping or protecting people, when it violates our rights.Keeping me out of Uber's seed round is a violation of my rights.