smiley face murders

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Have you guys heard about the smiley face murder theory? Basically a bunch of young men, most of whom were college age, athletic, white and fairly intelligent, disappeared after getting separated from their friends on a night out drinking and ended up dead miles away from where they disappeared in some kind of body of water. Here's what's strange about it tho, when they're found in the water the body decomposition suggests they weren't there the whole time they were missing, so if they were missing for like 15 days, their body would only suggest they'd been in the water for like 3 days. Stranger still, in some of the cases the bodies were found in areas that had already been searched multiple times. Many of these young men only left there friends for a few moments. Some were even talking on the phone when their phones mysteriously went dead. The Elisa Lam case even fits the criteria for these other young men's disappearances/murders. I personally don't believe the theory that there is some kind of group of killers out there painting smiley faces at the murder scenes. I think David Paulides has an interesting take on them.
https://www.youtube.com/watch?v=DY55U8fSJmI
http://killingkillers.blogspot.com/p/the-case-of-drowning-men.html