> Ah yes, it’s completely fair that the only people who should be morally allowed to participate in the financial apparatus that sometimes leads to getting rich, are the people who are already rich.
I agree with your overall point, but to be clear, we're talking about day trading. There's a lot of arguments you could have about banning casinos, pro and con, but "hey, some poor person might win big on the quarter slot machines" isn't a good argument.
Also, the median "accredited investor" is a dentist from Topeka who's about to get suckered by an advance fee fraud. Being an accredited investor doesn't automatically give you access to good deals. There just isn't a pool of amazing investments out there hungry for capital but being stopped by investor protection laws. (But there is a pool of scams...)
(Note that I'm not saying that the system is good or fair or just; I'm just saying mechanically, accredited investor laws aren't the part of the system stopping you from getting rich.)
I agree with your overall point, but to be clear, we're talking about day trading. There's a lot of arguments you could have about banning casinos, pro and con, but "hey, some poor person might win big on the quarter slot machines" isn't a good argument.
Also, the median "accredited investor" is a dentist from Topeka who's about to get suckered by an advance fee fraud. Being an accredited investor doesn't automatically give you access to good deals. There just isn't a pool of amazing investments out there hungry for capital but being stopped by investor protection laws. (But there is a pool of scams...)
(Note that I'm not saying that the system is good or fair or just; I'm just saying mechanically, accredited investor laws aren't the part of the system stopping you from getting rich.)