When I read this comment I thought, how does this guy not realize that crowdfunding whole companies from unsophisticated investors isn't new, it's very old.
And in fact, the regulation we have around it is because the problems didn't disappear after starting, they grew, as fraud in such a market is incredibly easy to commit, incredibly hard to improve, and extraordinarily lucrative.
Perhaps enough has changed with improved distribution of reputation to make it work this time, but... it's not new. It's old. It's widespread. And it's a common vehicle for fraud in every time and every place that it's existed.
Thus, I find myself thinking that yours is the kind of comment that people will link to in 2021 as a "can you believe this guy" comment, about how naive it was for you to believe that this time was different.
And in fact, the regulation we have around it is because the problems didn't disappear after starting, they grew, as fraud in such a market is incredibly easy to commit, incredibly hard to improve, and extraordinarily lucrative.
Perhaps enough has changed with improved distribution of reputation to make it work this time, but... it's not new. It's old. It's widespread. And it's a common vehicle for fraud in every time and every place that it's existed.
Thus, I find myself thinking that yours is the kind of comment that people will link to in 2021 as a "can you believe this guy" comment, about how naive it was for you to believe that this time was different.