How the fuck did this guy scam people unnoticed for years?

You don’t have to be an asshole bro

no shit fucking dumbass. that doesn't explain how he got away with it for so long. it was the biggest ponzi scheme in history.

He cooked the books. lied and paid off the S.E.C
when to many people wanted to cash out at once and this faggot did not have enough to cover, game over. it was proven he was insolvent and a con artist.

fucking chocfags

He was the chairman of NASDAQ. He had a lot of pull to convince people.

1. He was known but SEC didn't care.

2. Lots and lots of structuring. economist.com/news/business-and-finance/21737446-almost-decade-after-ponzi-scheme-collapsed-trustees-are-still-returning

Reading his book now, holy shit the SEC is so incompetent it's maddening

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he made his returns modest like 8% per year so no one beiieved it was a ponzi for a long time, they just thought it was a smart investment. it also required invitation and turned down people etc so had good reputation that way.

Further proof that traders and investors are turbo brainlets who don't understand basic math.

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Underrated, just like Markopolous

It's ran a lot like bitcoin, the people who chose to cash out made a few bucks just so madoff could make it seem legit. But most people stayed in it for greed, and when everyone wanted to cash out, everything crashed.

Bernie was trusted by everyone. They literally had to. It’s like if Bloomberg had his own investment firm and was selective about who he allowed in, no one would question him Bc it would be understood that Bloomberg probably knows what he’s doing. Also Bernie’s son in law along with other people close to him were in charge of the SEC so not only did they not prosecute Bernie but they even had Bernie on speed dial to consult with him what the best course of action would be in their decisions.
Also Markopolous was some math dude who figured out it was impossible for Bernie to be doing the returns he promised, given market changes. Markopolous was shunned by the SEC for 10 or so years until Bernie himself came out and said that the whole thing was a ponzi.

how the fuck did this guy scam people unnoticed for 2years?

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he was one of the most respected people on wall street and

The key was people bought shares (coins) of his operation and he always told them they were going up and things were good. As long as no one wanted out (to sell their coins) the price would go up forever and everyone would be rich.

Only because people were afraid of losing money during/after the 08 crash started, did people decide to cashout from bernie (sell their coins). When they went to cashout, it turned out their coins were actually worthless.

Bitcoin is the biggest ponzi scheme in history

He was too "big" to fail, if you know what I mean ;)

pastebin.com/ZUxTmR99
1. BITCOIN HAVE LIMITED QUANTITY, IN DIFFERENCE FROM TULIPS, DOLLARS AND Ethereum

Markopolous was a regular analyst protecting the sector's interests. He didn't need to do anything crazy to figure out that Madoff was running a ponzi, in his own words (watch the hearing on youtube, makes for some great tv) "when graphed, his returns followed a perfectly exponential, perfectly straight growth curve with no reaction to regime changes. nothing in the financial word behaves like this"

What's the point of this scheme? How does a ponzi end besides being caught? Eventually the money is going to run out. Who does this and has an actual outcome that doesn't involve them going to jail or losing all the money?

/thread

Markopolos had Madoff by the balls all the way back in 2000. But the SEC are fucking retarded and ignored him.

Fractional Reserve Banking is the same as what Madoff was doing. Social Security is also a textbook ponzi scheme.

Not only that, but it's illegal to opt out of it. The king of ponzi schemes.

Boomers.

Rich people are massive brainlets. To not even get into the philosophical pitfalls found throughout economics and finance, they seem to think money=intelligence. Some guy is making 8% when everyone else made 5%? He's a fucking genius and you might as well give him all your money.

millions of americans are getting their 401k robbed and arent aware of it
youtube.com/watch?v=eNo9HLgbax0

>normies getting wrecked
Boomers are brainlets. They actually thought the money would be there despite them all getting out of the market at the same time.

AKA Ponzi scheme

This is why you diversify with ETF's, during the 2008 crash diversified portfolios were down only 20% and regained the losses the next year, these boomer cucks were probably 100% in US stocks and paying some Jew 3% management fee

He only gave out 10% a year. Even if some people cashed out as long as new people kept investing he would never get caught. The problem happened when in 2008 too many people wanted out all at once and he pulled a bitconnect.

Just a reminder that Rachel Maddow is really Rachel Madoff.

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That's why it always makes me laugh when I see SEC fud about crypto.

Bernie told them to HODL just like brainlets are doin in biz till they get btfo

He was taking money from people, and instead of investing it he literally just deposited it into an account where it sat. He made up fake statements that he sent out to the investors showing their "returns" on paper. It wasn't a problem until a significant percentage of the investors wanted to cash out, but lo and behold their paper gains didn't really exist

He was able to continue sourcing more and more capital up until the recession, based largely on his reputation and network. The beauty of it is that he never promised the sky. He only ever estimated earnings of 10-15% for his clients. Had he gone around guaranteeing 30% annual returns, he never would've made it.