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.
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/141749746557453927...
> 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.
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.