> It's not important to attempt to eliminate fraud, it's more important to make sure people have enough information to know when they're doing something risky.

> It's not important to attempt to eliminate fraud, it's more important to make sure people have enough information to know when they're doing something risky. I suspect it's at least as hard to do the latter as it is to do the former, and almost certainly harder. At least with the regulatory framework in place, the person you have to con is a professional auditor. Without that regulation, it's going to be trivially easy to con the average investor.