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Comment by seaourfreed | Hacker News Reader

The US Congress sells out all citizens, via lobbyists. Populist rage comes a rigged economy, where they are losing money.

Rigged pharma. Unethical medical billing. Out of control healthcare costs. 2008 mortgage crisis. High Frequency trading firms front running trades. Panama Papers. Libor. And a million more.

Citizens won't have it any more. Fixing congress (so they don't sell us out), and congress CAN would WOULD fix this.

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I'd add the rules around being an accredited investor. The US government cuts off early stage investment opportunities to non-high net worth individuals "for their own good". The same US government that happily allows for state run lotteries.

This is mostly due to the dangers it poses to old people, who are by and large defenseless against scammers. If you don't put barriers in place to prevent old people from making the choice to throw their nest egg away, bilking old people becomes an industry.

There are plenty of old people buying lottery tickets.

All of these justifications are just an excuse to erect artificial barriers around the early stage market (aka where all the upside is). People should be free to spend their money as they see fit, even if that means shoveling it into a campfire.

The lottery isn't a scam, it won't call you at bedtime threatening devastating legal action unless you take care of this very urgent business matter.

If that's the criteria for scam, investing in GameStop or early stage companies is also not a scam.

No, but the Jordan Belforts of the world very much are.

Fraud and extortion are already illegal. It's totally possible to allow non-accredited investors access to early stage deals and continue to disallow fraud.

At least with the lottery there are odds published and audited... ICOs maybe not so much.

That said nothing preventing kick starter for seed rounds with a cut for said audits of at least good faith intent to build business value in some way.

Odds are something that you want with gambling, you can't calculate odds on company success.

> That said nothing preventing kick starter for seed rounds with a cut for said audits of at least good faith intent to build business value in some way.

To the best of my knowledge accredited investor laws are preventing this.

The problem is that populist rage won't fix anything.

It does. Citizens today are distracted purely by partisan fights. Citizens need to build a discipline to vote for congress people who do not sell us out.

Citizen's will not ever fix this until they pick non-sellout congress people over only caring about their partisan fights.

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