What is more important time or money?
BH spends a lot of time, but investor spends a lot of time and a lot of money, it's a bif difference
In the case of an investor, you lose money that you already had. In the case of BH, you don't lose money, if you lose, you've just lost your time. You can't lose what you don't have. In both cases it will be unpleasant, but in my opinion it is more difficult to be an investor, because in case of loss, he loses what he already had and time also, in case of BH he lost only time
Risk for BH: We actually don't know if the coin gets listed or not, will the new project distribute the coins as promised or not. There is always the possibility of wasting time, but it's not the same with risks for investors