If Patrick had only classified his investment thing as a managed hedge/mutual fund, with returns based on his investment skills as opposed to fixed interest "savings account" style returns, none of this would have been a problem. Losses would have had to be taken by the customers instead of Patrick, and his returns would have been consistent with the average hedge fund (lesson: don't invest in bitcoins, people. You'll save time by just flushing your money down the toilet).
the "average" hedge fund managed by a well-educated, certified professional typically grow at 3% per
year.
Bitcoin "investments" claim to be capable of 5-7% per
week, then typically collapse a month later with the 'manager' disappearing with all the 'investors'' money.
If you are getting 3% from your hedge fund, you ARE throwing away money. Also, Patrick was wrong: although managed funds might outperform index funds 1/3 of the time (closer the 1/4th), hedge funds do WAY worse. Even if they do as well as index funds, the ridiculous fees they charge you will likely eat up all your profits (the ones you'll earn 1/4th of the time). Hedge funds are overly glamorized BS investments that rich people who don't know a thing about money use to make the hedge fund managers rich.
So, yeah, you would definitely be way better off putting your money in Bitcoin.
BTW, FYI, I invested in
bitcoins, even buying at $20. The thing is, the amount of time it spent at $20 was very short to the time it spent at $3, and I've been investing continuously through the drop and the subsequent rise. Now my investment is worth thousands more than what I originally invested, even including the few grand I bought at $20. Long story short, you're an idiot.
So how does this work? Every success story is worth one point, and every failure story is a negative point, and whoever has the most points at the end wins? I mean, if your anecdote means that in every situation you are right, someone with an opposite anecdote in the same situation would then prove the opposite, right?
Is this some dank style "Thinking defines reality" shit, or do you think maybe anecdotes aren't the same thing as data and are useless when discussing a large scale topic?