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"I would simply protect myself by not spending cash on things that are scams"

Even professional investors have a hard time telling scams apart from legit operations. Just look at the Madoff scandal.

And when even the professionals fail to see scams, how is the general public supposed to do so?

Bernie Madoff's victims were mostly high net worth individuals (dumb money), not professional investors. While professional investors do occasionally get scammed that's much less common.

The list of Madoff investors is mostly institutions.

And sadly a lot of charities.

https://en.wikipedia.org/wiki/List_of_investors_in_Bernard_L...

Apparently I didn't make it clear enough that I wholeheartedly agree

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