The debt that all men pay.
Bernie Madoff has died
31–40 of 406 posts
Re: Bernie Madoff has died
#32The scapegoat. The only one who ripped off the rich instead of the poor. I would like to see people like Paul Singer die in prison, who made the lives of millions of people miserable, but I guess it's all legal what he did...
If you're talking about this guy: https://en.wikipedia.org/wiki/Paul_Singer_(businessman) I don't get any clear understanding of why someone would wish to see him die in prison.
I think this is about the "pari passu" saga. It's one thing to hound individuals for their debts, quite another to hound an entire country - and in some cases there had already been a creditor resolution which he overturned.
Still I feel that asking him to die in jail for doing legal if nasty things is going a bit far.
Re: Bernie Madoff has died
#33Madoff made his ponzi scheme last 17 years with a limited network. Imagine how long a ponzi scheme accessible by the whole world could last.
Possibly forever (or at least longer than my lifetime). I am thinking about Bitcoin here.
Re: Bernie Madoff has died
#34> clients entrusted him with more than $19 billion in principal > Irving Picard, the trustee appointed to unwind the accounts, had recovered more than $14.3 billion Wait WHAT?? That's only a 25% loss. Not the 100% loss I assumed. Does anyone know more?
does this account for time? They might get their $10m back but if they invested it anywhere else it would be $30m now and inflation has eaten a chunk.
I do know some people that pulled their fund before the collapse had their gains taken back to the principal amount.
Re: Bernie Madoff has died
#35Madoff made his ponzi scheme last 17 years with a limited network. Imagine how long a ponzi scheme accessible by the whole world could last. Possibly forever (or at least longer than my lifetime). I am thinking about Bitcoin here.
Why is Bitcoin different than gold though? Is gold also a Ponzi scheme?
Re: Bernie Madoff has died
#36Madoff made his ponzi scheme last 17 years with a limited network. Imagine how long a ponzi scheme accessible by the whole world could last. Possibly forever (or at least longer than my lifetime). I am thinking about Bitcoin here.
Is a ponzi scheme that lasts forever... a ponzi scheme? Because if it lasts forever, there's no loser!
Re: Bernie Madoff has died
#37Madoff made his ponzi scheme last 17 years with a limited network. Imagine how long a ponzi scheme accessible by the whole world could last. Possibly forever (or at least longer than my lifetime). I am thinking about Bitcoin here.
Why is Bitcoin different than gold though? Is gold also a Ponzi scheme?
Gold has material use. You can make things with it.
Re: Bernie Madoff has died
#38Madoff made his ponzi scheme last 17 years with a limited network. Imagine how long a ponzi scheme accessible by the whole world could last. Possibly forever (or at least longer than my lifetime). I am thinking about Bitcoin here.
Bitcoin is not, in any way, a Ponzi scheme.
It may be the subject of a bubble, it may be subject to market manipulation, it may still play a part in any number of scams or frauds beyond the ones that have already been identified, some of which themselves may be Ponzi schemes. But, even if, for the sake of argment, all of those and more were true, Bitcoin itself would still not be a Ponzi scheme. It is and would still be just a digital commodity.
Re: Bernie Madoff has died
#39The same day of Coinbase IPO.
Re: Bernie Madoff has died
#40Earlier quoted context omitted.
Why is Bitcoin different than gold though? Is gold also a Ponzi scheme?
Gold has material use. You can make things with it.
Okay, but the value of gold has basically zero relationship to it's industrial or commercial uses, so that isn't really relevant here.