Maybe. But Madoff investors are likely very different than cryptocult investors. If you suddenly realize your religion is fake, it can have much more serious ramifications.
Yes they did. Quite a few in fact. Suicides[edit] René-Thierry Magon de la Villehuchet[edit] On December 23, 2008, one of the founders of Access International Advisors LLC, René-Thierry Magon de la Villehuchet, was found dead in his company office on Madison Avenue in New York City. His left wrist was slit, and de la Villehuchet had taken sleeping pills, in what appeared to be a suicide.[305][306][307] He lived in New Rochelle, New York and came from a prominent French family. Although no suicide note was found at the scene, his brother Bertrand in France received a note shortly after his death in which René-Thierry expressed remorse and a feeling of responsibility for the loss of his investors' money.[305] The FBI and SEC did not believe de la Villehuchet was involved in the fraud.[307] Harry Markopolos said he had met with de La Villehuchet several years before, and had warned him that Madoff might be breaking the law.[308] In 2002, Access invested about 45% of its $1.2 billion under management with Madoff. By 2008, Access managed $3 billion and raised its proportion of funds invested with Madoff to about 75%. De la Villehuchet had also invested all of his wealth and 20% of that of his brother, Bertrand, with Madoff.[309] Bertrand said that René-Thierry did not know Madoff, but the connection was through René-Thierry's partner in AIA, French banker Patrick Littaye.[310] William Foxton[edit] On February 10, 2009, highly decorated British soldier William Foxton, OBE,[311] 65, shot himself in a park in Southampton, England, having lost all of his family's savings. He had invested in the Herald USA Fund and Herald Luxembourg Fund, feeder funds for Madoff from Bank Medici in Austria.[312][313][314] Charles Murphy[edit] Charles Murphy, a hedge fund executive with Fairfield Greenwich Group that invested more than $7 billion with Madoff, including nearly $50 million of personal wealth, leapt from the 24th floor of the Sofitel New York Hotel on March 27, 2017.[319] https://en.wikipedia.org/wiki/Madoff_investment_scandal
This is how you destroy a bad argument, 101: The average Madoff investors were way older. Also the general investment advice is not to put all your eggs... The average crypto kid's age is probably early 20s. Puts everything into crypto. This generation just can't handle adversity. The number of crypto investors are hundred times more than Madoff's. They also had someone to sue. They got back like 60+ cents on the dollar, so there was something to sue for. You forgot to mention whom am I supposed to sue for my crypto losses? All in all, your analogy is worthless. As an extra, your assumption is wrong too, there were suicides in the Madoff scandal: https://en.wikipedia.org/wiki/Thierry_Magon_de_La_Villehuchet "had lost 1.5 billion, including his and Littaye's personal fortunes" -------------------------- "A well-connected hedge funder with ties to Bernie Madoff plunged to his death at a posh New York hotel, according to reports. Charles Murphy, who most recently worked with hedge fund heavyweight John Paulson at Paulson & Co., was pronounced dead shortly after 5 p.m. Monday at the Sofitel building in what authorities are calling an apparent suicide."
Ponzi, mania, insanity, whatever. I'm just suffering from ROMO - regret of missing out. If only I'd had the balls to pull the trigger after the 2018/19 80% drawdown. Is it just me, or does it seem like these days the crazier an investment is, the better the return? Some of the stocks that have skyrocketed the past few years seem just as mad as bitcoin.
I know it’s fashionable, especially if you missed all of this, to call crypto a ponzi. Surely some are frauds, and some won’t make it, but painting this broad brush is dumb. Surely you don’t think BItcoin is a ponzi do you? How can something that’s is 100% transparent, where you can see all the hard coded rules and even download the entire code to your computer be a ponzi? isn’t that the opposite of a ponzi?
Anyone calling BTC a ponzi, just does not get what it is. It is obviously not a ponzi. What is a ponzi is it’s current price. The only reason it is this high is Tethers and wash trading. Without Tethers and fake wash trades the whole crypto market would be a small niche thing.
It always has been like that. No need to feel left behind, plenty of stock opportunities around. AMD was just above $10 3 years ago, currently 140. As a motivational thread check out my The race to 10 MM. The dude went from 35K to 8 MM in 2 years without using options... Bitcoin, eat your heart out!
Funny thing is, 10 years ago one of the major selling point of cryptos was the opposite of this, 100% secrecy. Mind you, neither is true. For grammarians like you, I invented the word cponzi, just so you can feel good about investing in cryptos...