reply guys

I posted about this years before the IPO but Coinbase has never been our ally in as much as they never let us early crypto folk, who built their platform for them effectively, invest 

Instead they let professional basketball players in

It's pretty much illegal to allow retail to to invest meaningful amounts in private companies. 

I was in charge of this fundraising round (Series D, the one that Kevin participated in). We looked into a bunch of options but there are were too many complications.

Special purpose vehicles? Accredited investors?

So you get to invest $250 in a company at an $8B private valuation. 

Best case (<10% of outcomes) it's a 10x.

Most cases is it's 1.5-2x.

Years of illiquidity. No investor updates. Money seems trapped / gone.

Yeah that’s kind of what I mean though

If CB really wanted to let in these kinds of people they could have, but didn’t feel like it was worth it to them

SPVs are pretty extractive in most cases, especially at later stages.

Accredited investors is a thing, but Rule 12g has a bunch of reporting requirements if you have too many shareholders. So companies that aren't public are disincentivized to have a wider shareholder base.

The system is designed to create classism