Earlier quoted context omitted.
The crypto grift isn't limited to FTX, it's nearly everywhere in crypto. My great-uncle (who's constantly trying to find the one big break that'll make him rich) was working on starting a crypto token before everything collapsed. He is in his seventies and knows nothing about tech or finance, but he knew crypto was the place for people who want to make quick cash. The whole industry has become a haven for grifters. T…
The government made this thing called "accredited investor" which is just code for not one of the poors. I wish it wasn't necessary for the poors to use crypto to moonshot on various grifts.
I won't speak specifically to the current reglatory definition of "accredited investor" which is certainly worthy of some criticism, but the "investments" that being one opens you up to are—on the whole—significantly worse than just parking your money in a whole-market index fund. The few opportunities that are actually worth investing in are rare and generally require being on a first-name basis with the right people. Not to mention, of course, knowing a priori who those right people are.
Merely having a bunch of dollars in the bank and wanting outsized returns puts you squarely in the realm of suckers who will be soon parted from their money by both hucksters and well-meaning idiots. Having almost no dollars in the bank puts you at an even worse disadvantage.