TRUMP'S CRYPTOCURRENCY SCAM
Money Laundering for the Rich to Get Richer by Hurting Us
(youtube.com/watch?v=MXSFXzEHf8w)
CONTENTS
{Underlined terms are clickable.}
RODGER MITCHELL ON CRYPTOCURRENCY
TRUMP ADMINISTRATION SUPPORTS CRYPTOCURRENCY
AI’S SUMMARY OF CRYPTOCURRENCY DANGERS
TRUMP’S PLANS FOR CRYPTOCURRENCY
BILL HARRIS CRITICISMS OF CRYPTOCURRENCY
MILES MATHIS CRITICISMS OF CRYPTOCURRENCY
MONEY LAUNDERING & TRAFFICKING ETC
CONCLUSION: CRYPTOCURRENCY IS A CONSPIRACY
RODGER MITCHELL ON CRYPTOCURRENCY
Rodger was asked on his blog at https://mythfighter.com/ about cryptocurrency. Here are a couple questions and his replies.
__Q. What are your thoughts on the viability of bitcoin and its potential as a replacement for the dollar system?
__A. I don’t know about bitcoin specifically. The long-term acceptance of any currency is based on full faith and credit (See: https://mythfighter.com/2010/02/23/understanding-federal-debt/) and so far, bitcoin comes closer to being a commodity than to a form of money. Today, it is more similar to gold than to the dollar. I do not see it replacing the dollar UNLESS the federal government supports it. It lacks the 8 features of full faith and credit.
__Q. Wouldn’t this mark the end of counterfeiting and make drug deals difficult?
__A. There are problems with all forms of money:
As for drug deals, I should imagine the non-trace aspect of bitcoin makes them ideal for drug deals. It has a built-in money-laundering feature.
TRUMP ADMINISTRATION SUPPORTS CRYPTOCURRENCY
Donald Trump, Elon Musk, and Robert F. Kennedy Jr. have promoted or shown support for Bitcoin and cryptocurrency:
_ Donald Trump has pledged to make America "the crypto capital of the planet" and plans to establish a strategic Bitcoin reserve3.
_ Elon Musk has publicly stated that he holds "a lot of Dogecoin" and that SpaceX holds "a lot of Bitcoin"2. Tesla, Musk's company, reportedly holds 11,509 BTC valued at approximately $1.11 billion2.
_ Robert F. Kennedy Jr. has declared himself a "staunch supporter of Bitcoin" and stated that most of his wealth is invested in Bitcoin2. He has also praised Bitcoin as a hedge against inflation and criticized the Biden administration's regulatory measures on cryptocurrency2.
These high-profile figures have demonstrated their support for cryptocurrency through public statements, personal investments, and policy positions, indicating a trend of promotion and endorsement within Trump's political circle.
AI’S SUMMARY OF CRYPTOCURRENCY DANGERS
The main dangers of cryptocurrency include:
Financial Risks
_1 Volatility: Cryptocurrency prices can fluctuate dramatically, leading to significant losses3,4. For example, Bitcoin's value dropped from nearly $65,000 to just over $20,000 in about 18 months3.
_2 Lack of Regulation: Cryptocurrencies operate outside traditional financial systems, with little to no governmental oversight1. This lack of regulation makes them vulnerable to manipulation and fraud.
_3 Irreversible Transactions: Unlike traditional banking, cryptocurrency transactions cannot be reversed or canceled once sent3. This means errors or fraudulent transactions can result in permanent loss of funds.
Security Threats
_4 Hacking and Theft: Cryptocurrency exchanges and digital wallets are prime targets for hackers1. Several major breaches have resulted in millions of dollars worth of cryptocurrency being stolen.
_5 Cybersecurity Vulnerabilities: The technology and platforms used for crypto trading are susceptible to cybersecurity threats, putting users' funds at risk4.
_6 Lost Access: If users lose their private keys or passwords, they may permanently lose access to their cryptocurrency holdings1.
Fraud and Scams
_7 Pump and Dump Schemes: Especially common with lesser-known cryptocurrencies, these schemes artificially inflate prices before insiders sell off their holdings2.
_8 Fake Projects: Many cryptocurrency projects turn out to be "rug pulls," where scammers create hype to lure investors before disappearing with the money2.
_9 Phishing and Social Engineering: Scammers often use sophisticated tactics to trick users into revealing their private keys or sending cryptocurrency to fraudulent addresses5.
Legal and Regulatory Challenges
_10 Uncertain Legal Status: The regulatory status of cryptocurrencies remains unclear in many jurisdictions, which could lead to sudden crackdowns or restrictions3.
_11 Lack of Consumer Protections: Unlike traditional financial products, cryptocurrencies typically don't come with legal protections or insurance for consumers5.
Technical Complexities
_12 User Error: The technical complexity of using and storing cryptocurrencies can lead to mistakes that result in permanent loss of funds3.
_13 Scalability Issues: Some cryptocurrencies face challenges with transaction speed and costs, especially during periods of high demand2.
TRUMP’S PLANS FOR CRYPTOCURRENCY
The Trump administration is likely to pursue several pro-cryptocurrency initiatives following Donald Trump's recent election victory. Here are the main anticipated actions and policies:
Pro-Crypto Stance
_1 Strategic Bitcoin Reserve: Trump has expressed interest in establishing a "Strategic Bitcoin Reserve," similar to the U.S. gold reserves. This plan involves the federal government potentially buying up to one million Bitcoins over five years, with a minimum holding period of 20 years before any coins could be sold or disposed of1,5.
_2 Regulatory Changes: The administration is expected to push for a revamp of the Securities and Exchange Commission (SEC), particularly in light of its current chair, Gary Gensler, who has taken a stringent stance on cryptocurrency regulation. The crypto industry hopes for a more favorable regulatory environment that could include less aggressive enforcement against crypto products2,4.
Legislative Support
_3 Support for Key Legislation: The Trump administration is likely to back significant legislation aimed at providing regulatory clarity for cryptocurrencies. Two notable bills include the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Clarity for Payment Stablecoins Act, which aim to establish legal frameworks for cryptocurrencies and regulate stablecoin issuers4,5.
_4 Creation of a Crypto Advisory Council: Trump has proposed forming a crypto advisory council tasked with developing transparent regulatory guidance for the digital asset industry, which would signal strong support from the highest levels of government5.
Industry Engagement
_5 Investment from Crypto Sector: The cryptocurrency industry has heavily invested in Trump's campaign, raising millions in donations. This financial backing is expected to translate into favorable policies as industry insiders anticipate a more supportive environment for digital currencies during Trump’s second term2,3.
_6 Potential Appointments: Several key figures within Trump's administration are known to have vested interests in cryptocurrencies, which could further influence policy direction and promote pro-crypto initiatives3,4.
In summary, under Trump's leadership, the administration is likely to foster an environment conducive to cryptocurrency growth through strategic investments, regulatory reforms, and direct engagement with industry stakeholders.
BILL HARRIS CRITICISMS OF CRYPTOCURRENCY
In his discussion at youtube.com/watch?v=fyFTYZ8QD-E, Bill Harris, former CEO of PayPal, outlines several dangers of cryptocurrency, particularly Bitcoin, which he describes as "the greatest scam in history." Here are the key points he raises:
_1 Volatility: Harris emphasizes that Bitcoin's extreme price volatility undermines its effectiveness as a stable means of payment or a reliable store of value. He argues that this volatility makes it difficult for people to use Bitcoin in everyday transactions.
_2 Lack of Intrinsic Value: He asserts that Bitcoin does not have intrinsic value and questions what underpins its worth. According to Harris, if Bitcoin isn't an effective means of payment or a stable store of value, its value becomes questionable.
_3 Pump and Dump Scheme: Harris characterizes the cryptocurrency market as a "pump and dump scheme," suggesting that it is manipulated by those who promote it for their financial gain at the expense of ordinary investors.
_4 Comparison to Gold: While acknowledging gold as a non-productive asset, he contrasts it with Bitcoin by pointing out that gold has a long history of stability and trust as a store of value, which Bitcoin lacks.
_5 Skepticism Towards Adoption: He expresses skepticism regarding the idea that Bitcoin will become a widely accepted currency, arguing that existing currencies (like the dollar) are more practical and reliable.
_6 Technological Misunderstanding: Harris believes there is confusion between the technology behind cryptocurrencies (like blockchain) and the cryptocurrencies themselves. He argues that while blockchain has valuable applications, it does not necessitate the creation of new currencies.
Overall, Harris presents a critical view of cryptocurrency, focusing on its speculative nature and questioning its viability as a legitimate financial instrument.
BILL HARRIS KNEW ELON MUSK
{I suspect that he knows Musk is a fraud and a crook.}
Bill Harris was indeed a co-owner of PayPal, but his role was more complex than simply being a co-founder alongside Elon Musk. In March 2000, Harris was the CEO of X.com, an online financial services company founded by Musk and others. X.com merged with Confinity, which was known for its money transfer service called PayPal.3,4,5. Harris played a significant role during this merger, advocating for a partnership rather than a takeover, which allowed both companies to combine their strengths in the burgeoning online payment market. However, his tenure at the company was short-lived; he left in May 2000 due to internal conflicts and disagreements with Musk regarding the company's direction and management style3,4. After Harris's departure, Musk took over as CEO….
Bill Harris has indeed criticized Elon Musk, particularly regarding Musk's management style and leadership during their time at PayPal. Harris, who served as the CEO of X.com (which later became PayPal after merging with Confinity), has described Musk as being overly controlling and dismissive of other executives' contributions. He has characterized Musk's approach as one that stifles collaboration and creates a challenging work environment. In interviews, Harris has reflected on his experiences at PayPal, suggesting that Musk's decision-making often prioritized his vision over the input of his team, which led to internal conflicts. This criticism highlights a broader concern about Musk's leadership style, which some former colleagues have echoed, noting that it can lead to high turnover and a lack of cohesive teamwork.
Securities Fraud Charges: In 2018, the U.S. Securities and Exchange Commission (SEC) charged Musk with securities fraud for misleading tweets about taking Tesla private at $420 per share. The SEC alleged that Musk had not secured funding and that his statements caused significant market disruption. Musk settled the charges without admitting or denying the allegations, agreeing to pay a $20 million penalty and step down as Tesla's chairman for three years1,2.
Recent Sweepstakes Lawsuits: In November 2024, Musk was accused of fraud in connection with a $1 million daily sweepstakes he promoted through his political action committee, America PAC. Plaintiffs alleged they were misled about how winners were chosen, claiming that the selection process was not random as advertised. Lawsuits filed in Texas and Michigan seek damages for deceptive practices related to this sweepstakes3,6.
MILES MATHIS CRITICISMS OF CRYPTOCURRENCY
In some of his papers at https://mileswmathis.com/updates.html, Miles Mathis has expressed several criticisms regarding Bitcoin and cryptocurrency. His critiques primarily focus on the following points:
_1 Skepticism of Value: Mathis argues that Bitcoin lacks intrinsic value and is fundamentally a speculative bubble. He suggests that the perceived value of Bitcoin is artificially inflated and not supported by any tangible assets or utility, making it susceptible to significant price volatility and potential collapse.
_2 Concerns Over Centralization: He raises concerns about the centralization of mining operations, suggesting that a small number of entities control a significant portion of the Bitcoin network. This centralization could undermine the decentralized ethos that cryptocurrencies claim to uphold.
_3 Critique of Blockchain Technology: Mathis is critical of blockchain technology itself, questioning its efficiency and practicality for everyday transactions. He suggests that traditional financial systems may be more efficient than blockchain solutions, which can be slow and cumbersome.
_4 Historical Context: Mathis often places cryptocurrency within a broader historical context, suggesting that it is part of a larger trend of financial manipulation and control by elites. He posits that cryptocurrencies could ultimately serve the interests of those in power rather than promoting true financial freedom.
_5 Potential for Regulation: He warns that as cryptocurrencies gain popularity, they may attract increased regulatory scrutiny, which could stifle their growth and lead to greater centralization.
Overall, Mathis's criticisms reflect a deep skepticism about the long-term viability and ethical implications of cryptocurrencies, positioning them as part of a larger narrative about financial systems and control.
HUGE CONSUMER LOSSES
Investors have experienced substantial losses in the cryptocurrency market, particularly during the recent downturns. As of late 2023, estimates suggest that the total losses incurred by cryptocurrency investors exceed $1 trillion since the market's peak in late 2021. This figure encompasses a wide range of factors, including declines in asset values, failed projects, and the collapse of various exchanges. The volatility of cryptocurrencies, coupled with regulatory scrutiny and economic conditions, has contributed to these significant losses. Many investors have faced challenges such as hacking incidents, where billions of dollars in crypto were lost due to security breaches. For instance, reports indicate that over $3.8 billion was lost in hacks during 2022 alone5.
Investors have suffered significant losses from cryptocurrency theft and scams in recent years. Here are the key figures:
Total Losses in 2023: According to the FBI, cryptocurrency-related fraud resulted in estimated losses exceeding $5.6 billion in 2023, marking a 45% increase from the previous year2,4,6. This figure encompasses various types of scams, with investment scams being particularly prevalent.
Investment Scams: Investment scams alone accounted for approximately $4 billion of the total losses reported. These scams often exploit the fear of missing out (FOMO) and promise high returns with minimal risk, luring victims into fraudulent schemes3,4.
Types of Scams: The most common scams include "pig butchering," where scammers build trust over time before encouraging victims to invest in fake platforms. Additionally, call center frauds and impersonation scams also contributed to the losses, accounting for about 10% of the total4,6.
Reported Incidents: The FBI's Internet Crime Complaint Center (IC3) received over 69,000 complaints regarding cryptocurrency fraud in 2023, which represented nearly half of all reported financial fraud losses5.
MONEY LAUNDERING & TRAFFICKING ETC
Rodger Mitchell's assertion above about the potential for cryptocurrency to facilitate money laundering, particularly in relation to illegal activities like drug trafficking, is supported by several characteristics inherent to cryptocurrencies and how they are utilized by criminals. Here’s an explanation of how this process typically works:
Characteristics of Cryptocurrency That Facilitate Money Laundering
_1 Anonymity and Pseudonymity: Many cryptocurrencies offer a degree of anonymity, allowing users to conduct transactions without revealing their identities. While transactions are recorded on public ledgers, the identities behind wallet addresses can remain obscured, making it difficult for law enforcement to trace illicit funds back to their original sources4,6.
_2 Cross-Border Transactions: Cryptocurrencies can be transferred across borders quickly and with minimal fees, bypassing traditional banking systems that are subject to regulatory scrutiny. This feature makes it easier for criminals to move money internationally without attracting attention4,7.
_3 Use of Mixers and Tumblers: Criminals often use services known as mixers or tumblers that combine multiple transactions from various users into a single pool. This process obscures the trail of funds, making it challenging to trace the origin of the money once it has been mixed5,6. For instance, these services can blend illicit funds with legitimate transactions, further complicating tracking efforts.
_4 Crypto Exchanges and Conversion Services: Illicit actors frequently convert cryptocurrencies into fiat currency through exchanges that may have lax compliance with anti-money laundering (AML) regulations. This conversion process allows them to integrate their illicit gains into the legitimate financial system1,4.
_5 Emergence of Criminal Networks: Reports have highlighted organized crime networks leveraging cryptocurrencies for laundering operations. For example, a Russian-speaking network was found to facilitate the laundering of drug profits by converting cash into cryptocurrency, which could then be used for further criminal activities without detection1. Such networks often charge fees for their services, functioning similarly to banks but without regulatory oversight.
_6 Exploitation of Vulnerable Platforms: Criminals exploit vulnerabilities in cryptocurrency platforms, including those that do not require stringent identification processes. This allows them to create accounts and conduct transactions with minimal risk of exposure2,5.
Real-World Examples
A recent investigation by the National Crime Agency (NCA) in the UK uncovered a multi-billion-dollar money laundering scheme where drug gangs exchanged cash for untraceable cryptocurrencies through Russian criminal networks. These operations allowed them to launder drug profits effectively while avoiding detection by authorities1.
Chainalysis reports indicate that since 2019, nearly $100 billion has been funneled from identified illicit wallets into conversion services, demonstrating the scale at which cryptocurrencies are being used for money laundering activities related to various crimes, including drug trafficking4,7.
In summary, the combination of anonymity, ease of cross-border transactions, and the availability of mixing services creates an environment where cryptocurrencies can be exploited for money laundering purposes. This makes it easier for criminals involved in illegal activities such as drug trafficking to conceal their profits and reintegrate them into the economy without detection.
CONCLUSION: CRYPTOCURRENCY IS A CONSPIRACY
It appears that Trump, Elon Musk and maybe even RFK Jr and others plan to promote cryptocurrency for the purpose of making it easier to launder money involved in illegal activities to further enrich the rich. Which illegal activities? Probably illegal drug trafficking, human trafficking, and possibly even worse crimes, like secret murder, similar to the Covid scam, or even worse than that.
Yes, Donald Trump did promote the separation of illegal immigrants from their children as part of his administration's immigration policy. This approach was primarily implemented under the "zero tolerance" policy announced in April 2018, which aimed to deter illegal immigration by prosecuting all individuals who entered the U.S. unlawfully. As a result, children were separated from their parents when the parents were detained for prosecution.
The policy led to widespread public outrage and condemnation due to the emotional and psychological toll it took on families. Reports indicated that thousands of children were separated from their parents, with many remaining unaccounted for even after the policy was officially ended in June 2018 when Trump signed an executive order to halt family separations amid mounting pressure.
Trump has defended the policy, stating that it served as a deterrent against illegal immigration. In a recent interview, he reiterated that family separation had effectively reduced the number of families attempting to cross the border illegally, claiming that the fear of separation discouraged many from coming to the U.S. illegally1,3,4.
Despite the legal and humanitarian implications of this policy, Trump has not ruled out the possibility of reinstating family separations if he returns to office, indicating his belief in its effectiveness as a deterrent1,4,5.
The Clinton’s were largely responsible for making CPS (Child Protective Service) a child trafficking scheme. And Trump perhaps has done similarly with his Immigration Policy. Where did those immigrant children end up? Will cryptocurrency money laundering make it easier for the traffickers to hide their illegal activities?