One such cryptocurrency taking birth in 2013 was Dogecoin featuring the unassuming face of a Japanese Shiba Inu dog which was a viral meme in the same year. (Image: Bloomberg)

By Subhash Jangala

On 14th April 2021, Bernie Madoff, the mastermind behind the largest ponzi scheme in the history of human civilization passed away at the age of 82 in a United States federal prison while serving his 2009 sentence of 150 years in jail. He was accused of “not just a bloodless crime that takes place on paper, but one instead that takes a staggering toll”, in the words of the US District Judge who awarded him the maximum jail-time that federal prosecutors had requested.

Quite remarkably, at the same time, in a different part of the same continent, a bizarre bull-run kicked off for Dogecoin, a meme-based digital currency surprising financial experts and commentators across the globe.

A brief background however on Madoff’s ponzi scheme merits attention. “One big lie” was how Madoff himself described the asset management arm of the firm a day before he was arrested by Federal prosecutors. Pretending to be trading in securities, using his “unique” strategy of picking winning bets, Madoff promised his investors a steady return on their investments. Investors did receive a steady return for a surprisingly long amount of time. However, the returns were not earned. They were fictitious. Older investors were paid off from the investments made by newer investors. As it is obvious,…

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