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I've been around the block a few times, and I've had people over the years tell me about an "investment" or a fund, or their brother-in-law who could get me 15%

I've been around the block a few times, and I've had people over the years tell me about an "investment" or a fund, or their brother-in-law who could get me 15% or more on my money. And every time I've been smart enough to say "no thanks." I must admit, I don't have a lot of sympathy for Madoff's victims. Especially the charities! If I donate money to a charity, I'd expect the money to go to help people or to further their cause -- not to be invested in a high-risk ponzi scheme.

ec109685 4y ago
There was a constant drumbeat of high interest promises by these crypto companies, even the supposedly “safe” ones. And so many people thought it was a no lose proposition. E.g. 8% APR at FTX.us: https://mobile.twitter.com/ftx_app/status/1417497465574539277?lang=en https://mobile.twitter.com/ftx_app/status/141749746557453927...
- TedDoesntTalk 4y ago
  Why haven’t they deleted this tweet by now?
  - zone411 4y ago
    What difference would it make?
- alasdair_ 4y ago
  Lol at the first comment from over a year ago: “ Make it so I can withdraw like a normal wallet and I'm in”
akiselev 4y ago
The irony! > In 1992, Bernard Madoff explained his purported strategy to The Wall Street Journal. He said his returns were really nothing special, given that the Standard & Poors 500-stock index generated an average annual return of 16.3% between November 1982 and November 1992. "I would be surprised if anybody thought that matching the S&P over 10 years was anything outstanding." The majority of money managers actually trailed the S&P 500 during the 1980s. From https://en.m.wikipedia.org/wiki/Madoff_investment_scandal https://en.m.wikipedia.org/wiki/Madoff_investment_scandal
wmf 4y ago
The Renaissance Medallion fund made over 30% per year, so people who had heard of that would be primed to believe that 15% was possible.
- fortran77 4y ago
  Yeah, but anyone who thinks about it realizes that a rate that high simply isn't sustainable.

ec109685 4y ago

There was a constant drumbeat of high interest promises by these crypto companies, even the supposedly “safe” ones. And so many people thought it was a no lose proposition. E.g. 8% APR at FTX.us: https://mobile.twitter.com/ftx_app/status/1417497465574539277?lang=en https://mobile.twitter.com/ftx_app/status/141749746557453927...

TedDoesntTalk 4y ago
Why haven’t they deleted this tweet by now?
- zone411 4y ago
  What difference would it make?
alasdair_ 4y ago
Lol at the first comment from over a year ago: “ Make it so I can withdraw like a normal wallet and I'm in”

akiselev 4y ago

The irony! > In 1992, Bernard Madoff explained his purported strategy to The Wall Street Journal. He said his returns were really nothing special, given that the Standard & Poors 500-stock index generated an average annual return of 16.3% between November 1982 and November 1992. "I would be surprised if anybody thought that matching the S&P over 10 years was anything outstanding." The majority of money managers actually trailed the S&P 500 during the 1980s. From https://en.m.wikipedia.org/wiki/Madoff_investment_scandal https://en.m.wikipedia.org/wiki/Madoff_investment_scandal

wmf 4y ago

The Renaissance Medallion fund made over 30% per year, so people who had heard of that would be primed to believe that 15% was possible.

fortran77 4y ago
Yeah, but anyone who thinks about it realizes that a rate that high simply isn't sustainable.