Crypto World, Buckle Up for the Rug-Pull of All Time | Drudge Retort

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Monday, October 13, 2025

Crypto World, Buckle Up for the Rug-Pull of All Time

Jonathan Russo: There is no doubt that fraud and theft are at the heart of digital currencies. Not a day goes by without an article about some scam ruining the lives of the deceived.

Posted by Corky at 10:31 PM | 8 COMMENTS | permalink | Comment on This Entry |

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Crypto ATMs are a hotbed for scams targeting vulnerable people like seniors. In fact, some experts say they are "specifically designed to appeal to criminals." From James Baratta:

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-- The American Prospect (@prospect.org) Sep 11, 2025 at 2:30 PM

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"The mighty crypto visionary kingpins, Sam Bankman-Fried of FTX infamy and Do Kwon of the Terraform fraud, once venerated by their "crypto bros," are now in the oldest non-digital place: jail.

Yet the beat goes on, with the largest Wall Street institutions doing what they do best, devising ever more opaque leveraged vehicles for their retail customers to put money into, like Perps. This casino-like financial instrument allows for 100X leveraged bets in an endless loop.

Another new game is to "tokenize" every asset. Remember how well "synthetic" debt instruments worked out? "

Lots more at the article link

#1 | Posted by Corky at 2025-10-10 04:24 PM | Reply

related?

"The trade war is back: Stocks plunge on Trump's 'massive' tariff threat

US stocks sold off on Friday as President Donald Trump threatened to revive the trade war with China. The S&P 500 saw its steepest loss since April.

In a post on Truth Social, the president said he believed China was "becoming very hostile" in trade talks, and that there now seemed like there was "no reason" to speak with China's President Xi Jinping in South Korea as planned later this month."

www.businessinsider.com

#2 | Posted by Corky at 2025-10-10 04:32 PM | Reply

PEDO DONNIE is a ------- imbecile

#3 | Posted by LegallyYourDead at 2025-10-11 02:05 PM | Reply

Crypto that doesn't attempt to achieve anonymity doesn't really extract the true value proposition of crypto, which is being able to do deals in secret, away from the tax man and the regulators and the press.

Crypto is caught in a wrestling match between government and private moneyed interests. It would not meaningfully harm wealthy people if crypto failed catastrophically. It could substantially benefit wealthy people if crypto succeeded.

It's the financial world's version of AI taking your job.

It's Danforth's fear of MP3s putting artists out of jobs, except it's the government put out of revenue because the tax base is making taxable transactions behind Uncle Sam's back, so bye bye social services.

What does "monetary policy" mean if crypto ever actually gets used as a medium of exchange like the ol' Greenback.

That being said, I don't see how it can't be a rug pull, because the moment crypto becomes a stable currency, there will be massive outflows of investors seeking above market returns.

But they'll try.

#4 | Posted by snoofy at 2025-10-11 02:37 PM | Reply

As I keep telling people who call 911 after they've been defrauded for thousands of dollars in a crypto scam, there is a reason it is the favorite financial product of terrorists, drug dealers, and other criminals it's basically untraceable, make better decisions.

#5 | Posted by _Gunslinger_ at 2025-10-12 10:11 PM | Reply

One needs to look no further than Pedo47's bear hug embrace of crypto to know that it is 1000% a scam.

#6 | Posted by Nixon at 2025-10-14 06:58 AM | Reply | Newsworthy 2

To repeat: cryptocurrencies are not an investment. They are vehicles for naked speculation and criminal activity, no more, no less. Anyone who puts their money into such vehicles should be prepared to lose all of their money...

#7 | Posted by catdog at 2025-10-14 08:24 AM | Reply | Newsworthy 2

He's not wrong. Crypto was a fantastic idea when it started. It was all about decentralization and deregulation, and it worked for a time. But, as usual, the wealthy took control of it and now it's no different than any stock or ETF. 10/10 proved this beyond any doubt now. There was no reason for BTC to dip. In fact, its entire existence is due to the want of creating a currency that operated outside of markets and economies. But, sure enough, enough wealth got their hands involved and tied the asset to their companies, making their stocks react proportionally to the economy. People like Saylor and others destroyed any hope for crypt being the answer to fiat.

#8 | Posted by humtake at 2025-10-15 11:36 AM | Reply

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