Krystal Ball

That's empirical.

You can actually go and look at that.

If you're not a hedge fund, basically trading on quasi-insider information,

with market-moving trades, and you really, really have a real place in Wall Street, the absolute vast majority of you will get crushed and you will lose your money.

That $25,000 limit was put into place after dot-com specifically because a bunch of retail day traders during the dot-com crash in the 1990s were opening E-Trade accounts and got destroyed at a consumer level.

So we've just removed that.

Same with Kalshi.

Why are we betting on oil futures?

Like right now, if you want to trade a real oil future, you need like $20,000, $30,000 in cash.

Even then, I'm not really sure of the utility, but that's the truth is you need high liquidity to be able to make that work.

And the real reasoning behind it is you basically need to be rich enough to be able to afford that level of loss.

Even that makes me a little uncomfortable, but I can live with it from a regulator perspective.

Why open up?

all of this stuff.

The democratization libertarian theory is everyone should be allowed to profit.

And the very, very rich are the ones who are only allowed.

And I understand that.

But the reality is, is you will not win.

It's like sports betting.

You will not win.