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Comment by morelandjs | Hacker News Reader

I like how you have to be an accredited investor to get involved with riskier investment instruments but you can be a total moron with no money and lose whatever you have left betting on sports and prediction markets.

Btw it’s not just those two, add iGaming into the mix which is cell phone gambling glammed up in Candy Crush form. Leeches, all of them.

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I believe there are "casino games" on Apple and Android stores that are similar to actual gambling, you just buy "tokens" that can never be redeemed for cash.

Proof if proof needed of the complete pointlessness of casino gambling. Some people will still do it even when they know they can't win anything.

Have you ever heard of gacha? This is the entire shtick as I understand it

Yep, check out PlayTika's slew of games for an example. They're a pretty large company specializing in this kind of stuff.

To be fair, those "investor knowledge" checks are self-reported knowledge.

Some brokerages are more strict, but plenty just let you check boxes.

"In the United States, to be considered an accredited investor, a natural person must have a net worth of at least $1,000,000, excluding the value of one's primary residence, or have income at least $200,000 each year for the last two years (or $300,000 combined income if married) and have the expectation to make the same amount this year, or must otherwise be a holder of a specific license in good standing."

Of course you can still lie but legally there is a line.

The accredited investor standard is higher then a basic test.

The standard may be higher, but the implementation is "This is what it means to be accredited: are you accredited? By the way if you say no, I can't sell you the thing I've been trying to convince you to buy."

If you had to take and pass a test, that might filter out more people; although I'm sure the seller would help you pass the test, so maybe not.

Is there really no enforcement? That seems, uh, bad?

GP didn't say test. They said "self-reported knowledge [about yourself]". Which is correct.

the accredited investor standard is, a checkbox

its purpose is simple. if you lose the money of sufficiently powerful people, as a middleman, the standard exposes you one more kind of legal jeopardy.

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