Doomscroll News

Tag: fraud

  • While Politicians Play Games, Cryptocurrency Threatens Our Financial Future

    While Politicians Play Games, Cryptocurrency Threatens Our Financial Future

    Our nation faces a profound and immediate threat from a predatory, globalist financial scheme. This is the real crisis. I am talking about cryptocurrency. My opposition is not rooted in partisan politics, but in a firm belief that we must protect the United States from this clear and present danger.

    These digital tokens, propped up by nothing more than speculation and hype, are a cancer on our financial system. They are the preferred tool for illicit activity, riddled with fraud, and often mined in countries hostile to American interests. The chaos unleashed by figures like Sam Bankman-Fried, whose FTX exchange imploded in a storm of corruption and foreign entanglements, is not an outlier—it is the inevitable outcome of a system with no intrinsic value. So-called “stablecoins” are a ticking time bomb, and the entire ecosystem is a playground for market manipulation that puts the savings of everyday Americans at risk.

    This is the fire that needs to be extinguished. Yet, what is the response from Washington? Political theater.

    Case in point: H.R. 3573, cynically titled the “Stop TRUMP in Crypto Act.” This bill is a perfect illustration of a political establishment that is unable and unwilling to grasp the scale of the threat. It is a weak, performative gesture that tinkers around the edges of ethics for the political elite while completely ignoring the fundamental dangers that cryptocurrencies pose to the financial stability of our country.

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  • Honey, JPM Shrunk the Collateral: Betting on Crypto ETFs Like It’s Not 2008 Anew

    Honey, JPM Shrunk the Collateral: Betting on Crypto ETFs Like It’s Not 2008 Anew

    JPMorgan Chase’s recent decision to allow trading and wealth management clients to use crypto Exchange Traded Funds (ETFs) as collateral for loans is a concerning development that introduces multiple layers of risk. This move, starting with BlackRock’s iShares Bitcoin Trust, integrates a volatile and complex asset class into traditional lending practices, which will have significant negative consequences.

    Custody and Ownership Concerns: “Not Your Keys, Not Your Crypto”

    A primary concern with crypto ETFs is the nature of ownership and custody.

    Lack of Direct Ownership: When investing in a crypto ETF, individuals do not own the underlying cryptocurrency directly (Investopedia). Instead, they own shares of a fund that holds the crypto. This means investors cannot take custody of their share of the crypto assets; they can only trade the ETF shares.

    Reliance on Custodians: Crypto ETFs depend on custodians to safeguard the underlying digital assets. This reliance introduces significant risks:

    Single Point of Failure: Crypto ETFs rely on custodians, such as Coinbase, which holds a significant percentage of Bitcoin for these ETFs. This concentration is concerning, as any major operational issue, security breach, or insolvency at the custodians will have disastrous consequences for the ETFs and their investors.

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  • MAGA F*cked: Astra (ASTR) Elites Win, Retail Loses

    MAGA F*cked: Astra (ASTR) Elites Win, Retail Loses

    April 2025 statements by founder Chris Kemp only deepen my conviction that public shareholders were deliberately misled while insiders ultimately benefited from the company’s orchestrated failure and privatization.

    The buyout price of $0.50 per share represented a near-total loss for those who invested during or after the SPAC merger, when the company claimed a multi-billion dollar valuation. The timing is deeply suspicious: only after the company finalized its take-private transaction in the March-July 2024 timeframe, acquiring valuable assets built with public shareholder funds (including the profitable satellite engine business acquired via Apollo Fusion) for pennies on the dollar through what founder Chris Kemp cynically termed a “Founder Led Acquisition Company” (FLAC) – bullshit terminology for which I have video evidence – did they announce, in May 2024, winning a U.S. Space Force Space Systems Command contract for the ‘Ascent’ mission. This sequence strongly suggests that public investors were used and discarded once the valuable core of the business could be secured privately by the founders, conveniently timed with securing new government contracts.

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  • The Crypto Eradication and Corporate Fraud Retribution Act (Hypothetical)

    The Crypto Eradication and Corporate Fraud Retribution Act (Hypothetical)

    Preamble: To ensure the integrity of financial markets, discourage speculative and potentially illicit activities associated with certain digital assets, and hold accountable high-level corporate executives who defraud investors in smaller public companies, this Act establishes a stringent taxation regime for digital assets and dedicates the resulting revenue exclusively to the prosecution and incarceration of culpable C-suite executives.

    Section 1: Taxation of Digital Assets

    • (a) Capital Gains and Income: All realized capital gains and income (including staking rewards, mining income, airdrops, and interest) derived from digital assets shall be taxed at a rate of 90%.
    • (b) Capital Losses: No capital losses from digital asset transactions may be deducted against gains from digital assets or any other form of income.
    • (c) Annual Wealth Tax: An annual wealth tax of 10% shall be levied on the total market value of all digital assets held by a U.S. person (individual or entity) as of December 31st each year, regardless of whether the assets have been sold or generated income.
    • (d) Transaction Tax: A 5% excise tax shall be imposed on the fair market value of every digital asset transaction, including purchases, sales, exchanges (crypto-to-crypto, crypto-to-fiat, fiat-to-crypto), and payments for goods or services. This tax is payable by the U.S. person initiating the transaction.
    • (e) Reporting: Taxpayers must report all digital asset holdings and every transaction, regardless of value, on their annual tax return with detailed information including dates, values, counterparties (where identifiable), and transaction IDs. Brokers and exchanges must issue detailed 1099 forms for all customer activity.
    • (f) Penalties: Failure to comply fully with reporting requirements or tax payments under this section will result in penalties including, but not limited to, a fine equal to 100% of the unreported assets’ value or unpaid tax, plus potential criminal charges including tax evasion. Egregious non-compliance may result in asset forfeiture.
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