Further, I'm a sophisticated investor, I've done very well with complex derivative investments. I knew there was going to be a housing bubble in 2001 and profited from it until 2007. How many people were saying there was no bubble at that time?
I'm the very definition of a successful sophisticated investor, but I've been kept out of investing in startups-- the industry where I've worked for nearly 30 years-- because people like you think its "dangerous"?
Requiring me to have $1M in assets does not measure ones sophistication. Make it a $50k a year salary and a swear-under-penalty-of-perjury type form to cover the startup's butt and I'm ok with "accreditation".
Until then, it's just yet another way regulations give rich people better opportunities than regular people.