[mschuster91]

> Limiting direct investment to the very rich (accredited investors) is going to do massive damage to the investing public in the long run.

There's a difference between investment (everyone can go via an online broker and trade with stocks) and dangerous speculations like IPOs or ICOs.

> That's why the market adapts over time to be less gullible.

"The market", if such a thing exists, does not learn. For an example, look at the tulip mania - in 1636 - and look where society is today, where people devise more and more elaborate fraud schemes and people are still believing it and sometimes invest their entire life savings into fraud, despite everyone and their dog blaring that they are investing in a fraud.