this because retail investors don’t know what they’re doing. Someone’s going to get burned. Someone’s going to lose money. The public needs to be protected, so we’re going to have to have rules that prevent this kind of thing from happening.

Chamath is saying sure of course some will get burned. Some hedge funds have always gotten burned too and nobody cares. It’s not like anyone actually cares about traders getting burned. These rules you’re talking about will just protect the institutional guys and prevent competition from retail traders. It’s a great synopsis of how this always goes - rules will get passed that are framed as protections for the public but which are actually just designed to shield the big players from competition so they can keep crushing it.