To me this is exactly the kind of thinking that lead to the financial crisis. People selling shonky investments to people who trusted in them and justifying it

To me this is exactly the kind of thinking that lead to the financial crisis. People selling shonky investments to people who trusted in them and justifying it the same way that you are. I believe that the fairer and more transparent systems are the most efficient. The 'no rules' system you describe would quickly degenerate into a scamfest with far less participants and far less liquidity. Better to actually enforce the rules that exist to reduce the 'rampancy' of insider trading in my opinion. Oh and I don't think I'll be investing in your startup.