It’s a magnet for people who want to make a lot more money than they are qualified to get through salaried positions. You don’t need education, specialized skil

It’s a magnet for people who want to make a lot more money than they are qualified to get through salaried positions. You don’t need education, specialized skills, credentials, status, or connections to succeed. But you do have to be savvy because it’s a very complex business with many pitfalls. So it attracts people with few other opportunities for success, and a typical trajectory I’ve seen multiple times is they get successful quickly in a rapidly rising market, overextend and over leverage themselves, start cutting corners and committing small fraud to keep the gravy train rolling, and then lose control and collapse spectacularly when circumstances go against them (due to a softening market, failing marriage, substance abuse, etc).