Ask HN: What's your experience with high-risk investing?

Some of my friends and I have been toying with the idea to make high-risk investing available to retail investors. I'm curious what's everyone's experience with high-risk investing / your portfolio is like beyond just "S&P 500 buy and hold" - especially the parts where you're investing with the hopes of making an outsized return.

Just looking for some personal opinions and experiences here.

For me: I try to keep it simple with some crypto buy and hold, QQQ+TQQQ holds, and a $5k "gambling play" each year (green energy stocks in the 2020 election run up, crypto swing trading in 2021, etc).

The former I treat like a long term hold I expect real upside from in exchange for short term larger swings (100% investing). The latter is really more like a fun game I play (wouldn't really call it "investing").