Tag Archives: Bitcoin

Crypto-fascist history & propaganda

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The financial press is buzzing over bitcoin’s performance as compared to the bond & stock markets since Trump again took office. Banks and other corporate institutions are looking to cash-in on the new crypto gold rush. What a story, blah, blah, blah…

Meanwhile, there is virtually no mention or analysis of crypto-fascism in the fake media. Any sensationalist crypto tidbit is fine to report in the corporate media, but the dangers of Trump-Musk crypto fascism must be kept quiet. Crypto-fascism is an issue that could topple the entire economic & political house-of-cards, it is that murky-murky. Crypto is probably tied into ICE disappearances of visa students & even US citizens to Central American prison hellholes. Constitutional rights and due process have been thrown out the window by the crypto-fascists, while traditional finance & the CIA Democrats sit on their hands and do nothing.

There is massive popular resistance to fascism in any form, but it is being marginalized & politically suppressed by the corporate-union apparatus. Polling data can’t be relied upon, as all their numbers are clearly faked upwards to boost whomever is US President. As a rule, I cut all “in favor” or “support” poll numbers in half– at least. Corporate polling has class bias favoring the upper-middle-class & ultra-wealthy, meaning it doesn’t accurately reflect popular sentiment because it excludes working class & the poor, ie- the great majority. There are plenty of non-voters who are disgusted with Trump & the Democrats, but their voices are silenced by the two-party straitjacket.

Corporate America installed Trump in 2024 and therefore they must bow to his wishes, unless he goes too far as he did with his steep tariffs, then Trump zig-zags somewhat. To illustrate who is in charge, just two days ago Amazon threatened to post the cost of Trump tariffs online, provoking a tantrum from the führer who immediately called Jeff Bezos to demand a retraction, which happened. In this vein, favorable reporting of crypto is primary for Trump. Crypto connections to murky fascist third-world prison camps is NOT on the White House agenda for the corporate press. Legitimizing bitcoin and playing up its “benefits” as a ‘reserve currency’ is the crypto-fascist propaganda line.

Crypto exchanges recommended by Google/Investopedia (as of this publication) are: Kraken for lowest fees; Gemini for best experienced traders [!]; Coinbase for beginners [!!]; Crypto.com for bitcoin; and Bitmart for altcoins. These listed exchanges are proven frauds, most were given wrist-slap punishments for their malfeasance during the Biden administration. But even that limited government oversight is now deemed too harsh for Trump-Musk and his crypto fascist cohorts.

To correct myself on a bitcoin anecdote I shared yesterday, according to crypto folklore in 2010 a bitcoin owner offered 10,000 bitcoins for two pizzas, which is the first claimed transaction in crypto. Of course, there are no receipts or proof-of-purchase documents, just online hearsay, but Kool-Aid drinkers are very sensitive & particular about bitcoin history so to avoid hysterics I wanted to set the record straight on that. It wasn’t just a “few bitcoins” as I wrote, it was ten thousand– supposedly.

I read now that January 3, 2009 is considered the bitcoin launch date. Color me skeptical there too, as bitcoin price data first became available only in July 2010. Kool-Aid drinkers keep trying to push bitcoin development & historical dates backwards in time (18 months) to give it more longevity. This supposedly helps in selling crypto’s legitimacy. As a side note, I suspect many pro-crypto online comments are now being generated by Elon Musk AI bots.

In terms of crypto history, 2017 was the year bitcoin exploded into popular consciousness, especially on social media. Bitcoin started at ~$1,000 and went crazy from there, maxing-out at over $19,000 by December. But bitcoin crashed (again) in 2018, ending the year at ~$3,700. If there is any single repeating trend in bitcoin history, it’s its boom-bust cycle. That keeps getting overlooked by crypto proponents, as does the FTX/SBF crypto fraud of 2022, etc.

Satoshi Nakamoto conceived a maximum of 21 million bitcoins ever being created or “mined,” which is crypto gospel. This fixed supply creates an ever-increasing demand among Kool-Aid drinkers (who don’t understand where money comes from or how it is a store of value), which perpetually inflates the crypto bubble. Libertarians all believe in supply-and-demand as a store of value, while entirely ignoring commodity use value, which means bitcoin goes to zero when the crypto bubble bursts.

As of this publication, the total number of bitcoins created is 19,857,590.625. This means there are over 1.1 million bitcoins remaining to be mined. Crypto whales own all the bitcoin, and here are the numbers to prove it. The top 8% of crypto wallets own ~99% of all bitcoin in circulation. The top 1% of crypto wallets control over 90% of the bitcoin.

Currently, it costs ~$137,000 in electricity for a small-scale operation to mine a bitcoin. Gizmodo estimates the most optimal cost for whales mining a bitcoin to be ~$82,000, up from ~$56,000 last September. Rising interest rates and/or energy costs put all bitcoin mining operations into the red, no matter how large their scale. Then you have to store bitcoin on a slow & bulky blockchain which is another energy hog in terms of computer use. The costs of crypto never end.

The only way bitcoin can remain viable is for its price to keep rising. That is the definition of a pyramid scheme. The pressures on bitcoin are immense, as it is requiring huge flows of billionaire capital just to keep the crypto Ponzi scheme from collapsing. There are plenty of fascists with nine zeros in the bank accounts, so lack of capital won’t be the direct cause of the final bitcoin collapse. It will more likely be a mass public awareness of the dangers of crypto-fascism that eventually brings down bitcoin. In any case, the big crypto crash is inevitable and it is coming soon.

Investigating basics & tips: When following & investigating crypto, you have to do an initial deep dive into the subject, then pull yourself out of the muck while learning to see macro-trends over time. Don’t take your eye off the ball, which is bitcoin. I’ve posted all the crypto shortcuts you need (and you need them), so start here, here & here. For the record, my first article on crypto was in December 2017, so I’ve been following long enough to know what goes on.

A seminal event in the Trump-Musk administration was the White House crypto summit on March 7, previewed the week of here & here, then reported here.  One can’t understand crypto-fascism without understanding the importance this recent political event, which most of the media ignored or at best only took lightly. Now they are rushing to catch up.

By mid-2023 US crypto banks Silvergate, Silicon Valley Bank & Signature had collapsed (reported here & here) and as a consequence, Coindesk cut their staffing dramatically. Since then their crypto reporting has turned into headlines only or bland AI-generated content. They even limit the number of free articles per month now, something they never did in their prime. For years before that, Coindesk was the best place to go for anything news in crypto. Now it’s probably Cointelegraph. What I learned at Coindesk is that you definitely need to be young to survive in crypto, as I believe the speed of it all is part of the addiction. When crypto was dead-in-the-water by mid-2023, every Kool-Aid drinker looked towards Donald Trump as the white knight who would ride in and save crypto, when he is actually the conman who rides away with all the loot.

Things happen at such dizzying speed in crypto, and everything is mutable, especially its history. For instance, I typically use Coindesk’s bitcoin tracker, but sometimes I’ll use bitcoin data from another source, as I did above. Often when I compare historical tracker data, there is a significant difference in bitcoin price. Kool-Aid drinkers always rattle on about ‘secure blockchains’ and their ‘immutability’ yet I’ve seen & reported bitcoin tracker data manipulated. Bitcoin falling to $26 on Coindesk’s tracker on July 2, 2019 was proof positive that crypto is entirely a scam. Coindesk covered up their own blockchain tracker data meltdown with generic garbage and pretended that no one noticed– and most didn’t. That’s how crypto has gotten so far.

Understand you don’t see that level of blatant manipulation & fraud with any fiat currency or exchange-traded commodities– these exchanges all list the same prices, always. There are ‘reputable’ trackers for different crypto, and it’s been boiled down to a few (Blockchain Explorer & Coindesk) since Fed interest rates were lifted, but now they mostly share their data to maintain “industry continuity” which (in their mind’s eye) burnishes their public veneer of legitimacy. In other words, crypto Kool-Aid drinkers assume you are too stupid to ask questions and brazenly go ahead from there. Once confronted with facts & rational understanding crypto fascist Kool-Aid drinkers can be neutralized by their own poison.

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Real gold & “digital gold”

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Bitcoin is a modern day Jesus story. Divined by Libertarian ideologists post-2008 crash, it was a murky conception in online forums where its creator shared his vision with computer programmers. From this starting point, over an indefinite period of years, bitcoin became an online presence. The first bitcoin transaction anecdote (it’s all anecdotal in crypto) I read about was a few bitcoins being used to pay for a pizza delivery around 2011 or so. Is that story true, who knows? But the point was to establish a comparative market value for bitcoin, and from there it could be pushed up by Kool-Aid drinkers on social media. That’s how crypto started.

It feels very similar from what I’ve read, to the way Paul preached the gospel of Jesus in the first-century CE. At first only a few believed such amazing tales, and early Christians were persecuted as heretics by the Romans, but eventually Paul’s apostles founded the Catholic Church becoming the most powerful institution in human existence through the Middle Ages, only yielding somewhat during the Enlightenment and the rise of capitalism out of medieval guild, trade & manufacture.

Eric Trump in Dubai today: “If banks don’t watch what’s coming, they’ll be extinct in 10 years [!!]… The modern financial system is broken, it’s slow, it’s expensive,” lauding decentralized finance (crypto) as a way to bypass the supposed ‘inefficiencies’ & ‘lack of privacy’ with traditional banks.

Crypto is the ‘alternative’ to the US dollar that the Trump-Musk administration is planning. A ‘bitcoin reserve’ is completely hare-brained, and entirely for the self-enrichment of these crypto-fascists who are moving forward on this at warp speed as red flags pop-up everywhere.

Gold is the ‘safe haven’ for traditional finance, while bitcoin/crypto is where fascist billionaire capital is now pouring into, and it’s a life-or-death struggle between these two camps of late-stage capitalism. Trump-Musk are insisting on crypto as viable money to be used as a mechanism to achieve police state fascism, and as long as bitcoin is price-surging the de-fi crypto-fascist camp has juice.

I have been routinely Googling “crypto” since the Trump summit in early March. At first, I turned-up only the usual-type industry stories on Cointelegraph, Coindesk, etc, with little connecting to Trump. But in the past three weeks (& since the Trump tariffs were announced), I’ve seen an explosion in Trump-connected crypto stories from heavy-weight financial publications– Barron’s, Bloomberg, WSJ, etc. The NYT just did another (not very revealing) in-depth piece on Trump-crypto, and it had over 1,100 comments as of this publication. Crypto is the unreported story people are most-interested in knowing more about, because it has so much of Trump’s attention and is being kept so secret. This is why bitcoin/crypto deserves more investigation & serious analysis.

Crypto Kool-Aid drinkers consider bitcoin to be “digital gold.” With Trump now sipping the crypto Kool-Aid, bitcoin compares to real gold in this economic struggle among the bourgeoisie– traditional finance vs de-fi crypto-fascism. The most frequent comment I see (& infer) from readers is how difficult it is to understand crypto. I’ve done the best I can to explain crypto in basic terms without getting too bogged down in details or leading into rabbit-holes which the industry tries to do to investigators.

To simplify, bitcoin rules crypto, so only follow that price– which is all-important in crypto. The rest, from etherium to all the stablecoins, memecoins, etc, are second-rate & third-rate crypto, as they all follow in the wake of bitcoin. Trump crypto is ‘third or fourth rate’ value by industry standards. Most crypto isn’t “mined” as tokens are usually made up with computer code and dumped onto a blockchain to prove legitimacy. If only Karl Marx had known how easy it is to make money, he wouldn’t have needed to write Capital (1867).

With bitcoin being the ‘gold standard’ in crypto, everyone in the industry creates their own tokens, which they pump & dump turning them into bitcoin whenever possible, which they can always cash out for dollars. Crypto is always about pushing up bitcoin, which is the only crypto that is coveted. Manufactured pseudo-events such as bitcoin halving, token unlocks, etc, are nothing more than money flowing to the person at the top of that crypto pyramid. Understand that Kool-Aid drinkers who own bitcoin are all on the Trump train.

Real Marxists have published valuable essays critical of Frankfurt school post-modernism. The central tenet of this fraudulent philosophical system is that there is no objectivity, everything is subjective in the “mind’s eye,” etc. The ideological implications of post-modernism are now stretched to their most extreme limits when de-fi crypto fascists claim bitcoin to be “digital gold.” Gold, perhaps the most ancient & still-valuable commodity extracted from human labor power is now compared to a Ponzi scheme built on super-computers solving complex mathematical puzzles to “mine” bitcoin. Bitcoin/crypto under Trump-Musk is post-modernist thought applied to capitalist political-economy.

As far as who will be the next Fed chairperson in May 2026, since Trump gets to pick, the key question will be: What is their stance on crypto? Reuters reported today the Fed has already signaled a one point rate decrease by year’s end, which is crypto-friendly Fed policy that keeps Trump happy. Recall that Trump appointed Jerome Powell in February 2018. So what has fundamentally changed since then to cause such White House animosity? Answer: Trump’s stance on crypto.

What this means as far as White House economic policy goes is the strength of the US dollar is still the most important macro-economic factor for Trump, with the bond & stock markets secondary. Trump has a very poor understanding of all this economic inter-relatedness, which means his ‘crypto vision’ is analogous to a child playing with matches. Note that bitcoin is always denoted in US dollars, and therefore is intimately connected to it in the mind’s eye of all crypto Kool-Aid drinkers. The US dollar can take a small hit in the process of Trump building his crypto empire through a policy of legislative deregulation & industry manipulation, but ultimately he needs the US dollar to be stable to convert his crypto gains into cash. That’s crypto-fascist economic policy.

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Crypto-fascism & police-state fascism

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Steve Witkoff is crypto-connected, serving Trump-Musk as US Special Envoy to the Middle East. What isn’t being reported in the media, but crypto fascist theory predicts, is the establishment of a global network of crypto-fascist back-channels with governments, NGO’s & powerful international institutions such as FIFA.

Trump-Musk crypto-fascists are using bitcoin for its black ops, dirty tricks, etc, in the same lawless manner as the CIA. No US President has ever acted this way before, not even first-term Trump. Trump-Musk crypto-fascism is being kept secret to the public, but its blatant bias is practically out in the open now. To not see & understand these invisible tentacles of crypto-fascism is political blindness & revolutionary negligence.

The global hubs of crypto are Singapore, Hong Kong, Dubai, El Salvador, and now the US– which is the qualitative change. Another qualitative change is how quickly Trump-Musk arguments have moved out of the legal realm and into the arena of combat to defend workers & students against ICE snatch & grab goon squads.

To defeat Trump-Musk crypto-fascism, this murky phenomenon must be ruthlessly exposed & politically attacked for all its criminality & social pathology. Crypto is surely being used by Trump-Musk to fund the Proud Boys, etc, as crypto-fascism is now the open (& dirty) secret that no one in Washington or the fake media wants to discuss.

When Hitler took power in Germany in 1933, police state fascism was the form of Nazi government that terrorized the population with its Gestapo & SS. ICE is a limited form of that power in the US today under Trump-Musk, but it doesn’t have complete Nazi reach– yet. To achieve a fascist takeover, nefarious means are required and a chief vehicle for that end is crypto which allows fascism is slowly creep-in without too many people noticing– until its too late. That’s the Trump-Musk crypto-fascist plan which must be countered & defeated.

Crypto-fascism 101: The US dollar is under pressure along with the bond & stock markets. In the wake of the extreme Trump tariffs, gold & bitcoin have become the “safe havens” for excess capital, which is becoming divided into two camps: traditional finance & crypto fascism. As of this publication, bitcoin is now over $94K as crypto is entirely supported by billionaire fascism– an objective social phenomenon.

The financial headlines today should read: “Trump calls off Fed attacks as bitcoin rises again,” but every economist & financial journal overlooks it for some unexplained reason. Serious economists understand the bond market freeze of March 2020 as a significant event leading to a massive taxpayer bailout, but bitcoin’s recovery in 2020 was just as remarkable, although more hidden so let’s review.

COVID infected the world by March 2020, as bitcoin sank to under $10k and was going nowhere. Then in October 2020, bitcoin began a meteoric rise to ~$60K that took six months to achieve, where it then yo yo-ed for about a year until it crashed again in March 2022 to ~$16K as crypto ventures began to fail left & right, culminating in the FTX collapse in November 2022. SBF & Silvergate, etc, crypto bank failures in March 2023 should have been the deathblow for crypto, but in September 2023, bitcoin began to skyrocket again and now it’s at $94K. What accounts for bitcoin’s resiliency & spectacular rise? Billionaire fascism.

Note that it was rising interest rates which started bankrupting crypto firms in the spring of 2022. It started when “stablecoin” TerraUSD fell to US$0.10, losing its peg overnight and never regaining it. The Fed halted its interest rate increases because capitalists were screaming bloody murder, none louder than the crypto fascists. The Fed’s idea was to cull the economic weaklings in order to save the whole, but the biggest weakling (crypto) found political support when Trump teamed with Musk which happened around this time. Coincidentally that’s when bitcoin took off and Grayscale beat the SEC in the US Supreme Court, etc.

At the March 7 summit, Trump proclaimed the crypto gospel, “Never sell your bitcoin.” He’s repeated that a few other times since, much more than any rational on the strength/weakness of the US dollar, I’ve noticed. Crypto Kool-Aid drinkers all know you don’t sell your bitcoin, because if you do, the price goes down. That’s how Ponzi schemes operate. It’s about inflating a very fragile market, highly manipulated by a few whales. One large bitcoin dump at the wrong time will crash crypto and Trump tends to panic when stressed, so… In revolutionary terms, taking down bitcoin is part of how to win.

The war between Trump-Musk crypto fascists and Federal Reserve Chairman Jerome Powell is a life-or-death struggle among the decrepit bourgeoisie. If the Fed decides to raise interest rates another point or two, then bitcoin death spirals to zero– meaning the end of crypto. Bitcoin-to-zero is the dagger that kills Trump-Musk crypto fascism.

Congressional legislation related to crypto and all the related political angles needs to be explained & analyzed. As far as tracking of crypto transactions goes, Trump-Musk and all their known crypto associates need to be tracked for wallet & blockchain activity– particularly El Salvador’s president who is deep into crypto. That murkiness exposed becomes raw meat for an angry public.

Classical Marxist economic theory must now be augmented with this dialectical conquest because the US government is now controlled by Trump-Musk crypto fascists, which is a qualitative change from what came before. Be aware there is a faction (flavor) of original crypto Kool-Aid drinkers who are upset over their ‘de-fi’ dreams becoming a Trump-Musk fascist monopoly. ‘De-fi Kool-Aid drinkers’ are the people most likely to be helpful to left-wing crypto detectives, but be careful about making noise when going into their forums. That’s the dialectical double-edge on that.

What I’ve outlined in the past weeks is how we got here with crypto, how to get through the looking glass dialectally, and where to go from there. It’s not easy gaining a historical materialist understanding of something as immaterial as crypto, so take any shortcuts you can find. Researching crypto is to enter the heart of darkness. This is naturally scary & daunting to humans, so to be effective in this domain, learn to behave like an arachnid. The idea of the crafty spider is to connect nodes by casting a web in the dark. Silently hone in on suspicious activity, while interconnecting and learning to interpret crypto web vibrations. This is how to achieve success at crypto investigation. Stick with the process, do the work, and you will be amazed at what you catch.

Marxist conclusion: The final take-home point theoretically is that Trump-Musk crypto fascism is not a stable regime. Its reliance on crypto makes it a “stablecoin transitional regime” attempting to establish a fascist dictatorship. Crypto is the hidden vehicle being used by Trump-Musk to achieve police-state fascism in America. Crypto-fascism is highly unstable and can blow up at any time so be prepared.

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Trump-Musk crypto-fascism

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The narrative is: Trump is pushing against Fed Chairman Jerome Powell which is weakening the US dollar. But for what purpose? Why does Trump want Powell replaced? Let’s be clear: Trump doesn’t care about the stock markets, the trade deficit, a strong dollar, or the nearly $37T national debt. These are vehicles Trump first appeases, and then uses to impose his will– nothing more. If you asked Trump to explain his tariffs and what impact they have on the US dollar, etc, he would just mumble more garbage, because he doesn’t really understand or even care.

The all-mighty bond market only gets Trump’s attention when it is under duress and JPMorgan Chase CEO Jamie Dimon speaks out. Apple complains about China tariffs hurting iPhone sales and the tariff gets withdrawn, etc, but that’s as much as Trump will acquiesce. He still holds a gun to all their heads and no one knows what he will do next. How is this to be explained?

Historically, Donald Trump only invests in his own ventures (real estate, casinos, airlines, reality TV, etc), and currently the Trump family is all-in on crypto. This is revealed in two separate, but related macroeconomic processes: the rise in the price of gold & a surge in bitcoin.

Gold is anti-crypto. Gold has had material use value for eons and thus will continue to retain its value. Gold can be used for dental fillings, jewelry, conductors & semi-conductors, etc. Gold doesn’t tarnish or rust, and it highly malleable, having many industrial uses. Gold is where wealthy crypto skeptics are putting their money now, which accounts for its increase, as the stock & bond markets continue to be under pressure from the tariff policies of Trump-Musk crypto-fascism.

Trump calling for the removal of Fed Chairman Jerome Powell is nothing less than a power struggle to control the global money supply. In simplistic terms, Powell & the Federal Reserve Bank represent the CIA Democrats & Warren Buffet, ie- traditional capitalist finance. Trump-Musk crypto fascism is something new, a bankrupt attempt to redefine what money is. It’s a struggle to the death between these two camps of elite capital, and it’s still undecided.

If the Fed decides to raise interest rates another point or two, then bitcoin death spirals to zero– meaning the end of crypto. Bitcoin-to-zero is the dagger that kills Trump-Musk crypto fascism. This is at the heart of the current Trump-Fed conflict.

Trump tariffs are provoking the most serious conflicts among elites, most of which are kept behind closed doors. Media leaks are become prevalent on White House crypto policy as the crypto-fascist character of the Trump-Musk administration becomes more & more clear to everyone.

Crypto-fascism is a secret & murky form of political-economy where foreign/domestic policies & intentions are kept hidden from the public and are increasingly paid for through illicit crypto back-channels. Trump-Musk connections with El Salvador’s president are among the most striking examples, yet to be fully uncovered. Crypto is now seeing massive inflows of billionaire capital to prop up the flagging industry, which entirely accounts for the rise in bitcoin.

Crypto elevates fascism to an extreme level of unaccountability, which is the political danger. Traditional financial paper-trails are eliminated by virtual wallets & private blockchains. It is extremely difficult for investigators, who aren’t familiar with computer coding, etc, to follow the money in crypto– and that’s by design.

Trump-Musk crypto-fascism is what follows the Biden-Harris plutocracy. It is the next logical step in the illogical process of late-stage capitalist degeneration. Today we exist in a fake economy that produces little innovation & value in every sphere: education, healthcare, art, film, music, sports, manufacturing, technology, etc. What is valuable, such as AI technology, is monopolized by big capital and used against the workers. The economic wasteland, created by decades of bipartisan class war, has opened up the terrain for Trump-Musk crypto-fascism.

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Trump’s crypto playbook

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Donald Trump bankrupts everything he touches and that is a business fact– casinos, airlines, online universities, even football leagues have failed under his control. Then came reality TV, where Trump re-branded himself as a shark entrepreneur which helped him win the US Presidency in 2016. He lost in 2020, tried to overthrow the Constitution in 2021, then retreated to his Mar-a-Lago compound and hatched a new plan which included re-taking the Presidency & crypto.

Trump needed money during his inter-presidential years. He faced lawsuits of every type and was virtually bankrupt until he was once again bailed out, this time by his Truth Social IPO, which attracted billions from venture capitalists & hedge funds. Basically it was a ruling class tithe to Trump on his political future.

This is when Elon Musk became more & more tied to Trump. After buying Twitter, Musk allowed Trump back onto the platform which he had been banned since 1/6, which Trump then refused because he was now invested in Truth Social. Elon Musk was the primary economic force that rescued Trump from financial ruin after his electoral defeat in November 2020 to Joe Biden. That’s why he’s now Trump’s closest White House advisor.

Not coincidentally, Elon Musk, the largest bitcoin/crypto whale in the world, has turned Trump onto crypto. A bevy of legislative efforts are currently under way federally and in individual states meant to provide a regulatory framework that ensures no consumer protections while providing institutions federal bailout protections in case of industry insolvency. These are the purposes behind the GENIUS Act and other rubbish Libertarian nostrums currently being moved through both houses of Congress. The purpose of the Trump-Musk crypto campaign is to raid federal & state treasuries and replace their dollars with crypto. There is virtually no reporting or analysis of any of this in the mass media.

Meanwhile, SEC & FTC investigations & prosecutions into crypto criminality are being halted & abandoned as an economic policy of the Trump administration. Examples include:

Justin Sun, the Chinese-born crypto billionaire, inventor of the TRON crypto token and the USDD stablecoin. Justin Sun recently donated $75M in crypto tokens to World Liberty Financial (WLF)– Trump’s crypto platform. This made yet another SEC crypto investigation disappear, and WLF now owns huge stashes of TRON, etc. Take a look at this WLF portfolio screenshot:

Here’s an interesting reader comment I read on Yahoo: “Imagine if President Obama and his daughters were being funneled 75 million dollars from a Chinese national through crypto mined for and held in an account the Obama’s owned, so the Chinese national could have an SEC investigation in to his company scuttled. It would be on Fox News 24/7 and there’d be an immediate impeachment inquiry, likely with a few Dems on board. But when Trump does it it’s expected and tolerated. His diehards probably think it’s edgy and cool. The rest of the GOP is essentially complicit in this open crypto-corruption. It’s a pay to play admin and nobody will do anything about it. Notice how this story has zero traction.”

Recall that Justin Sun is the clown who bought a piece of “conceptual art” consisting of a banana duct-taped to a wall in late November 2024 and then ate the fruit a few days later. This “artwork” sensationally claimed to have sold for $6.2M, was paid for entirely in crypto, which was ridiculously overvalued then with bitcoin at ~$95K. So in crypto terms, Justin Sun paid 65.25 bitcoins for a duct-taped banana, not 6.2 million dollars as was widely reported. In terms of gauging the modern art market, 65 bitcoins is what a duct-taped banana is worth.

Gemini faced SEC allegations that the crypto firm offered and sold unregistered securities through its Gemini Earn program. In February, Cameron Winklevoss stated that the regulator had closed an investigation into a separate matter involving Gemini. Additionally, the company agreed in January to pay a wrist-slap $5M FTC penalty over “false and misleading” statements related to 2017 bitcoin futures contracts. Tyler & Cameron Winklevoss’ Gemini crypto exchange just opened a Miami office, as the lure of Florida for crypto companies is clearly linked to its ‘Wild West’ regulatory environment under Trump stooge governor Ron DeSantis, along with the absence of state income tax for residents. According to Bloomberg, Gemini filed confidentially for an IPO earlier this year.

Binance, is the largest crypto exchange in terms of daily trading volume. Binance was founded in 2017 by Changpeng Zhao, a software CEO who served four months in prison last year after pleading guilty to violating U.S. laws against money laundering at the world’s largest cryptocurrency exchange. “CZ” is still considered one of the most powerful players in crypto.

Coinbase was founded in 2012 by Brian Armstrong and is the largest U.S. based crypto exchange and biggest bitcoin custodian, holding 12% of the total supply. The SEC has agreed on February 27 to dismiss its lawsuit against Coinbase alleging that it was operating an unregistered exchange and facilitating the trading of unregistered securities. This signaled a major shift in US government policy on crypto.

David Sacks is Trump’s AI & crypto czar. Co-founder of Paypal, David Sacks has been a key figure in the tech industry for over two decades and is reportedly close with Elon Musk. Both Sacks & Musk surely helped Trump in taking over the crypto platform World Liberty Financial in 2024-25, finally getting the Donald a ‘respectable’ foothold in the crypto industry.

Everything in crypto now is moving towards stablecoins, which are tokens pegged to the dollar or some other currency at a 1:1 ratio. A recent Bank of International Settlements study of 60 stablecoins revealed they all lose their peg at some point, meaning they are the opposite of stable.

‘WLFI’ is Trump’s latest crypto token, and what is it worth you ask? Google AI has an answer: A World Liberty Financial (WLFI) crypto token is currently US $0.00000000000007093, with a 24-hour trading volume of $N/A. A Trump stablecoin (USD1) is in the works, with tokens to be minted on the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains– all owned & controlled by all DJT’s crypto cronies.

The Trump family gets 75% of net revenues from World Liberty Finance token sales, and WLF tokens are non-tradeable with holders not able to share in the profits. It’s the craziest disclosure agreement you would ever want to review, basically telling the buyer to “fuck off” after their money and/or crypto is transferred to WLF. Basically, the Trump empire will take whatever you want to trade in return for his worthless made-up crypto tokens.

What happens then? Since Trump was inaugurated, the TRUMP and MELANIA memecoins (Melania above) have lost 83% and 95% of their value, according to Coindesk. If you are looking for an indicator for which way things will go in crypto, Coindesk reported yesterday, “The TRUMP memecoin will undergo a major token unlock next week, with the team behind the project set to receive $320 million, around 20% of the circulating supply. The unlock might be another blow for the thousands of investors who reportedly lost a collective $2 billion after purchasing the token in January… Token unlocks are typically bearish events, as they involve flooding the market with fresh supply without providing incentives to drive demand.”

Apparently on April 9, Trump panicked and sold off large holdings of ETH at a huge loss just as his tariff hikes went into effect and as the financial markets were melting down. The Coindesk headline read: Trump-Backed World Liberty Financial Begins Selling ETH as Losses Top $125M– It sold ETH at $1,465 after buying it at $3,259. “Great time to buy,” was what Trump posted on Truth Social the day he was dumping ETH at a heavy loss. The next day (4/10), the Trump team denied their crypto dump publicly in order to restore investor confidence in crypto. What will the Trump position on crypto be tomorrow, who knows? It depends on which way the wind is blowing.

On February 5, 2025, Anthony Scaramucci, former Trump White House communications director tweeted, “Now anyone in world can essentially deposit money into the bank account of the President of the USA with a couple clicks. Every favor — geopolitical, corporate or personal — is now on sale, right out in the open.” The entire press media has resolutely declined to comment on this state of affairs.

The Senate Banking Committee is expected to soon mark up the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a Republican-led bill co-sponsored by Sen. Kirsten Gillibrand (D-NY). Gillibrand has worked for years to push crypto-friendly legislation through Congress, and reportedly now has a critical mass of Democrats (bribed with millions from crypto PACs) ready to collaborate with the Trump White House.

Final thoughts: Crypto is the perfect vehicle for a billionaire mafia heist of treasury funds, 401K pensions, etc. Trump, Musk, Sacks and the rest of these crypto-criminals want everything for themselves and they now have the keys. This executive bourgeois criminality must be exposed & punished collectively by an organized international working class armed with a revolutionary socialist program. Historically speaking, crypto will be seen as the most extreme distortion of economic reality in late-stage capitalism. Materially speaking, most things that are fake actually had something real at some point, but completely bankrupt from its inception, crypto is unique in that it NEVER had any legitimate use value. To understand how & why we are where we are now is to understand crypto.

The half-baked Libertarians who contributed to the original bitcoin ‘white paper’ post-2008 crash have seen their de-centralized finance (de-fi) dream turn into a Trump regulatory money-making monopoly. Irony? Not really, these pseudo-revolutionary pencil-necks can’t see past next week– politically & economically speaking. This is the bitter end of a reality that began for the crypto industry when interest rates started going up after 10 years at near zero created an incubator for crypto. ‘De-fi communities’ once thrived online, spreading their bitcoin gospel incessantly on social media which became the primary grassroots driver for crypto legitimacy. Elizabeth Warren (D-MA) has reluctantly & all-too-late taken up the torch of liberal resistance in Congress, as she is about to be swallowed whole by crypto PAC money. Leading CIA Democrat Mark Warner is among those supporting Trump on crypto.

** Asterisk comments on the duct-taped banana Justin Sun purchased last fall. First, he ate the banana (not the original banana duct-taped to the wall because that one had rotted), but the question remains what did Justin Sun do with the duct-tape? He paid a lot of bitcoin for that, and there’s no mention of the duct-tape in the media reports I’ve surveyed. It’s all about a replacement banana and artistically speaking I can’t understand the duct-tape disconnect. Isn’t art supposed to be about the whole? Justin Sun has got a roll of duct-tape from which he can make a shitload of memecoins and what is he doing with it?

More importantly, does Sotheby’s accept bitcoin for their auctioneer fees? The actual sale price (in US dollars) was ~$5.2M, payable in crypto, which translated into 55 bitcoins. I suspect Sotheby’s doesn’t accept crypto for their cut, so the artist gets paid in bitcoin from the buyer, while the art house gets paid a million US dollars– a crystallization of capitalist art market economics.

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Crypto crooks congregate & conspire in the White House

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The Trump ‘crypto summit’, the first event of its kind was held this afternoon at the White House. Trump led the press conference afterwards, leaning on crypto czar David Sacks for legitimacy or whatever. Crypto kingpin & bitcoin whale Elon Musk has been conspicuously absent & silent on Trump’s new crypto policy since it was publicly announced with great fanfare last week.

Trump started the public live-streamed part of the ‘crypto summit’ by going completely off subject in mumbling about the World Cup which is to be held in North America in 2026. Apparently the idea of the World Cup being a shared host event among Canada, the US & Mexico was to be overlooked, as was the fact that the World Cup is the largest foreign visa event in the world which happens every four years and people love & demand that diversity. The inherent message of sportsmanship & international brotherhood cuts across Trump’s anti-immigrant campaign, so it was omitted.

A new World Cup trophy has been constructed with Trump’s approval, and frankly it is an abomination in comparision to the standard set by Jules Rimet. The Jules Rimet Cup was the first FIFA World Cup trophy, used from 1930 to 1970, named after Jules Rimet the third president of FIFA. It was stolen under murky circumstances and its whereabouts are still unknown. Documentary movies have been dedicated to this fascinating sports story with political intrigue throughout its history. In this context, Trump explained to the current FIFA kingpin how much better his new trophy is.

Apparently FIFA was part of the ‘crypto summit’ so Trump actually didn’t go off message, but it was an extended diversion and how was the viewer to know? How many people know bitcoin & FIFA well enough to figure out this corruption when it is presented in front of them? And then, how many of will speak & publish publicly against this corruption when it is safer & more profitable to stay silent? The entire corporate media line on crypto right now is complacence.

Anyway, this new FIFA World Cup trophy is designed to easily become a memecoin, so look for FIFA commercial tie-ins with bitcoin & crypto during World Cup 2026. That was the opening crypto message from Trump, and it was very clunky & bizarre to witness. Trump then called upon people sitting around him to thank him for his leadership & genius, which they all did.

It barely lasted an hour, told the public nothing, and no questions were allowed from the media afterwards as the livestream was ended. How much bitcoin & crypto does Elon Musk hold? How does establishing a ‘federal bitcoin reserve’ from the confiscated digital wallets of indicted & convicted criminals create a viable sector for economic growth? Is this the first step towards making bitcoin redeemable in US dollars? How much does Elon Musk stand to gain in all this?

Politically & economically, there are major concerns about a ‘bitcoin reserve’, both on the right and the left. Bitcoin is a Libertarian Ponzi scheme that has been embraced by Trump. Even with all this political support from the highest office, bitcoin is barely hanging on and that is a reflection of the true opposition to crypto that Trump-Musk seek to silence– meaning the vast majority.

Since FTX & SBF became widely known in November 2022, what was remaining of the crypto buzz has worn off. FTX was endorsed by Tom Brady, Steph Curry, Shaquille O’Neal, Naomi Osaka, Larry David, etc, and was still semi-legit up until the FTX collapse. But tolerance for crypto is no longer a public sentiment. Everyone sitting around Trump at the ‘crypto summit’ was hyping FTX, until November 2022. So what does that say about crypto industry expertise?

Trump even admitted near the end of his ‘crypto summit’ that he doesn’t know what will happen with bitcoin, turning to the camera, “Do you? We’ll just see how far it goes… and do everything we can to see that it is a big success,” etc. Trump claims the US Treasury would benefit from a ‘bitcoin reserve’ gained from the digital wallets of convicted pornographers, drug cartels, sex traffickers, gun runners, etc. The idea is: the more bitcoin reserves the US government builds, the stronger we’ll be as a country and it will Make America Great Again…

It is public awareness that Trump-Musk are attempting to swindle the US Treasury into elevating bitcoin and other named cryptocurrencies largely owned & controlled by Elon Musk & David Sacks. As I discussed last week here & here, stablecoins (crypto pegged to the US dollar at a 1:1 ratio) are being pointed to by industry leaders that gathered around with Trump as a gateway into crypto becoming fiat currency & US legal tender. That is the objective of Trump-Musk-Sacks in this ‘crypto reserve’ scheme.

As predicted here last week, the Gemini twins, Tyler & Cameron Winklevos, met with Trump at the ‘crypto summit’ and spoke to him fawningly & with great excitement. Trump referred to Tyler & Cameron Winklevos as “high-IQ individuals”, both of whom Trump just saved from a SEC criminal indictment of the crypto fraud Gemini, which is owned by these two high-IQ individuals. Everyone seated at the ‘crypto summit’ table appeared happy & pleased.

Among the masses, crypto has the support of no more than 5% of the population. Crypto is split more broadly among the ruling class, with perhaps up to a third in support of bitcoin. In objective terms, what this ‘crypto summit’ left out were the voices of over 95% of the population and that is why this isn’t going to get very far politically. In many ways this ‘crypto front’ emboldened by Trump’s public embrace is an ambitious and far reaching projection of presidential privilege into dictatorial power. It reveals the extent of Elon Musk’s influence on Trump which is immense.

Elon Musk is so influential in crypto that his name was NEVER mentioned by any of the high-IQ speakers in front of the media– before, during and after the ‘crypto summit’. Elon Musk is unquestionably the Black Hand controlling Trump policy on crypto and just about everything else.

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The Trump-Musk ‘crypto strategic reserve’ swindle

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Trump announced late Sunday (3/2/25) that he wants to establish a strategic reserve of cryptocurrency. This will be done in the name of economic growth & national security for America.

It’s quite remarkable how Elon Musk’s name isn’t mentioned by Trump or in any of the press articles recently published on Trump’s crypto summit or his plans for a “strategic reserve” of crypto. The acronym of DOGE was taken from Elon Musk’s proprietary crypto coin [!], yet the lapdog corporate media pretend they don’t know Elon Musk is by far the largest holder of crypto in the cyberworld.

Liberals grumble about conflict of interest, etc, but don’t connect it here as it’s happening. The bourgeois press, including its liberal wing, are now reporting much more favorably on crypto, which was surely a Trump edict to the corporate press. Cryptocurrency is fake money, created largely by Elon Musk’s “magical money computers” which is now being floated as a “strategic reserve currency” more valuable than gold [!] due to its uncanny ability to always rise in price.

Of course, all this “value” was created by manipulation of Ponzi scheming supercomputers, but that is to be overlooked. The crypto industry is extremely wasteful as far as electricity consumption goes, thus crypto is a Libertarian environmental disaster that is vulnerable to energy price spikes and other real-world economic forces. Crypto has no store of value, and is only priced in relation to other fiat currencies, mostly the US dollar. Its only use value is to conceal illicit transactions, making it useful to pornographers, criminals & state intelligence agencies.

Crypto depends entirely on near-zero interest rates and a constant inflow of new money. The federal funds rate is currently 4.33% and projected to stay in that range. This is the biggest obstacle to another crypto boom. Trump can’t dictate to (or fire) Federal Reserve chairman, Jerome Powell, at least until next spring which makes that his biggest institutional impediment in Trump’s bid to establish a presidential dictatorship and a US “crypto reserve.”

Trump’s “reserve of crypto” could only come from the biggest crypto whale anywhere: Elon Musk. This “strategic reserve” plan is simply a swindle by Trump-Musk to bilk the US taxpayers into buying hundreds-of-billions of dollars in worthless crypto from Elon Musk. This is how Musk plans to cash out his worthless crypto empire and turn it into billions of US dollars, and he’s being enabled do it with presidential complicity & immunity. If Trump-Musk are allowed to do this, the US dollar will become grossly devalued, and fewer workers will be able to afford the inflated cost-of-living expenses, etc. The Trump tariffs are already creating this effect.

Trump & Musk have executive power, which they abuse at will, but the bond market is infinitely bigger than either of them. The bond market runs the world because it owns the world, especially the US government. That $36T in federal debt is owed to ultra-wealthy bondholders who demand redemption. These debts are owed to the Black Hand and can’t be cancelled, for if they were, the very foundation of modern capitalism would come crashing down. If that happened, a reorganization of the global economy would be required, meaning an international socialist revolution. This is why federal debt must be re-paid, no matter how much it hurts the working masses & youth.

The billionaire bond market is split on crypto. As I’ve explained in earlier cryptocurrency articles, particularly in my SEC v Grayscale reporting, there is a ‘Warren Buffet faction’ of capitalism that recognizes crypto as a fraud and wants it banned. Their argument is that crypto is too unstable to be an institutional pillar in monetary economics and has the potential to bankrupt the entire system. That analysis is fundamentally correct. But the Elon Musk pro-crypto faction opposed this thinking and has won out for the moment.

Typical Yahoo pointed comments on Trump’s ‘crypto strategic reserve’ plan, which the corporate press is too complacent to seriously criticize include:

— How you going to justify making crypto holders rich with tax dollars?
— Trump steals our money to buy fake tokens. Typical.
— We have witnessed why cryptocurrencies are far too volatile for any country to establish a reserve of any consequence. For BTC to go from almost $110k to the upper $70s and then bounce back to about $91k in a handful of days is just ridiculous. [This happened in the past week]

— So the plan is to invest real money into fake money… What could go wrong?!

Conclusion: It’s time to take these Nazis by the throat and make them cough up all their personal & financial information, including exactly what & how much crypto Elon Musk owns. You don’t get to declare an answer and insist it is correct without showing proof. The teacher downgrades lazy students for that in school, or at least they used to. Trump & Musk can’t be bothered with such meticulous work & proofs, they were never good that sort of stuff. These conmen sell you dreams– from Riviera casinos in Gaza to the colonization of Mars. None are economically, scientifically or materially possible but they keep selling and too many keep buying because they see no hope anywhere else.

The Trump-Musk koolade is starting to wear off for his working class voting base. The right-wing militias such as the Proud Boys are still solid, but young working men & women with high school & college degrees that need good jobs & fulfilling career opportunities are already feeling bitter disappointment in Trump. This creates a political vacuum for the SEP/WSWS to grow in numbers & political force, by offering a leftist solution to war, inequality, genocide & dictatorship.

The Democratic Party koolade is weak piss that has been rejected by the masses. Bernie Sanders is still trying to corral the left, but all he gets are upper-middle class philistines who want to record some camera-phone soundbites then post to social media. Celebrity worship meets vicarious activism for fake left Democrats. Their strategy is to reach out to Republicans disaffected with Trump’s oversteps, particularly his cutting off US military aid to Ukraine after the Trump-Zelensky shouting match in the Oval Office last Friday. That Ukrainian military aid cut-off announcement was made official by Trump yesterday. Media pundits pontificated whether Ukraine military aid could be ended by Trump, or if it needed Congressional approval, etc… and while these scarecrows babbled about that, Trump went ahead and did it. Fait accompli.

The pace at which humanity is being hurled towards WW3 has quickened. Only a politically conscious mass movement of workers linked internationally can stop imperialist fascism from destroying us all. We need a global sitdown strike organized & led by the most class conscious rank-and-file workers to bring capitalism to its knees & slay the dragon. It is a dialectical process, meaning the seeds of revolution are sown in all this capitalist madness, so make sure to take an increased class consciousness & seriousness in your words & actions as this movement towards world revolution culminates. This is a chance for the youth & workers of the world to unite & express their historical voice, so tell your friends & don’t miss it.

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The Trump-Musk White House crypto summit

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Elon Musk recently stated on a Joe Rogan podcast that Social Security is the biggest Ponzi scheme ever. Will anyone from the press ask Elon Musk before, during or after this upcoming crypto summit how bitcoin, NFT’s & the rest of cryptocurrency aren’t a Ponzi scheme?

The new Trump administration has already dropped SEC lawsuits against crypto frauds Coinbase & Metamask, while killing SEC investigations into Robinhood, Gemini & Open Sea. Many of these pardoned criminals will be welcomed at the first White House “crypto summit” to be held this Friday, March 7.

Trump-Musk talk big about “fighting fraud, waste & abuse” by cutting Social Security, Medicare & Medicaid, and that’s why Elon Musk needs access to every American’s information, etc. But Elon Musk is the world’s biggest holder of Bitcoin, the most overvalued of all the cryptocurrencies. That’s a serious conflict-of-interest in allowing the largest crypto tycoon to dictate government spending & monetary policy.

Crypto is fake money, worthless to its ethereal essence. You still can’t buy a Big Mac with it and for good reason, but Trump-Musk are seeking to change that. These fascist crypto fanatics have no real imagination or ingenuity, so they want to make bitcoin and other select crypto currencies (surely controlled by Musk), into US legal tender. That is a MAJOR shift in White House economic policy, and it wasn’t even discussed on this Sunday’s Meet the Press on NBC.

The FTX collapse in November 2022 and the criminal exposure of its ‘genius boy wonder’ Sam-Bankman Fried proved to most of the world that crypto is a fraud. It was the most damaging event that hit the crypto industry since in the onset of the COVID pandemic, along with the raising of interest rates.

By December 2008, the Fed had lowered the Fed funds rate from 5.25% in September 2007 to near zero. Rates were kept near zero until they were increased back to ~5% during the Biden administration. The entire crypto boom, from inception to today has been fueled by low interest rate speculation and political favoritism, now in the form of Trump-Musk.

When the Supreme Court ruled on the SEC v Grayscale case in August 2023, crypto became sanctified as a valid tradable commodity that can be backed by the US government if an industry crisis occurs. This has set the stage for Trump’s crypto con as US President.

Elon Musk is also the whale for most of the other leading crypto industry staples including Dogecoin and probably stablecoins such as Ether, Etherium, etc. Only Musk knows all the answers here, but no one will ask him and demand a serious answer.

All this crypto is worthless, so Musk’s true worth is probably negative with all his debt, but no one is allowed to audit him or ask him such questions. Fascists don’t allow themselves to be insulted like that, and that’s why they surround themselves with yes-people & armed security loyalists. That’s how fascism works, with collaborative help from the imperialists (CIA Democrats) which extends through the corporate media.

Bernie Sanders did appear on Meet the Press the Sunday as the Democratic Party has rolled him out again to bellow his fake left anti-oligarchy message to anyone who will listen. Bernie is set to tour Wisconsin & Michigan this week, holding rallies in districts where Republicans unexpectedly beat Biden-Harris in 2024. In Wisconsin, this meant skipping working class Milwaukee for a UW venue in Kenosha & then moving on to wealthier areas west of Madison. This is where liberal leader Bernie Sanders believes he can be most effective.

Trump has pledged to make the U.S. the “crypto-capital” of the world. The Trump family now has various crypto ventures in the works and others that are delivering revenue. Eric Trump delivered a keynote address at Bitcoin Mena 2024 in Abu Dhabi, stating “You’re going to have the most pro-crypto president in the history of America.” In response to the deluded Trump-Musk crypto faction, historical materialists reply, “The history of America is infinitely more significant and of weight than the advent of bitcoin ~2010.”

This is where the “American economy” is heading: more Trump tax cuts for the ruling oligarchy, more anti-immigration propaganda & enforcement– all paid for through massive cuts to Social Security, Medicare & Medicaid.

Trump’s heated argument with Zelensky in the White House on Friday has CIA Democrats & EU imperialists in crisis. Trump is being criticized for telling the truth to Zelensky publicly, where everyone saw it. Trump told Zelensky that he is losing the war (which he is) and can’t last for a week without US support (he can’t). This exposure of such truths to the American & working people everywhere infuriates CIA Democrats who privately advocate hostility towards Russia above all else. “Humanitarian intervention” & “defending democratic rights” was always a lie and now is worn out propaganda to the Trump administration.

This Trump shift in Executive priority on US foreign policy has evoked a virulently hostile reaction in the corporate press, particularly from the liberals. Trump doesn’t see Russia as an enemy, he prefers to launch a world war against China instead. Not seeing Putin as the primary enemy is an unforgivable betrayal to strategic CIA imperialists. The Democrats insist on unending war with Russia, and that is the difference between the CIA Democrats and the Trump fascists. It’s his racial hatred of Asians that fuels Trump’s foreign policy shift, and he did this during his first administration so it’s no surprise. Of course, all this is covered up in the media, who want to claim they are being blindsided and that US foreign policy is being wrecked & compromised by Trump.

The idea for Trump is to keep attacking immigrants & Palestinians as neither have an army to defend themselves against imperialism and a fascist police state while no bourgeois politician will defend them. Defending the democratic rights of Palestinians in Gaza would be “antisemitism” according to the Orwellian semantic inversion of the US corporate-government propaganda machine. This messaging keeps the coming world war distant to most Americans, so people aren’t completely discontent. The message is: Things will get worse as far as jobs & inflation goes, but Trump will magically make it better in the end. Just continue to believe in our fuhrer.

It should go without saying that fascism needs to be exposed for its inherent evils & then ruthlessly opposed through its defeat, but unfortunately it still needs to be stated & repeated. NBC’s Meet the (Lying) Press is filled with collaborationists, fascist sympathizers, and fake leftists who are the most dangerous enemies of the working class. It requires total war from organized & disciplined working masses internationally to defeat fascism which has now developed into an international phenomenon of the bourgeoisie.

Musk accuses the US government of having “magical money computers” that has led to its $36T debt. This debt, mostly owed to billionaire bondholders has ballooned since the 2008 federal bailout of the banks & financial system. This bailout for the rich gave rise to bitcoin, the first cryptocurrency created by magical money computers into instant wealth.

He started with Tesla & SpaceX, but crypto is how Elon Musk became the richest person on the planet and able to overpay for Twitter & buy his way into the White House. Musk calls government fraud “sheer madness” that must stop, without showing the American people any proof, as he continues his semantic inversions, big lies & distortions of facts, particularly in terms of the value of the US dollar based on an economy that produces goods & services and collects taxes on its GDP, versus the crypto Ponzi scheme of which Elon Musk sits atop the pyramid.

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Sam Bankman-Fried trial update: Where’s the money?

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The SBF trial finished last week with the boy wonder himself testifying, as his attorney Mark Cohen comfortably led the defendant through a benign & naive narrative they are trying to spin to the judge & jury. Below is a courtroom sketch of Mark Cohen, the completely incompetent, ineffective & overpaid defense lawyer for SBF, as depicted by CoinDesk courtroom artist/reporter Nik De.

The SBF trial was paused Monday through Wednesday last week (Oct 23-25), because Mark Cohen was testifying with lots of press, cameras, reporters, etc, in another Manhattan courtroom– specifically in the Donald Trump v. New York fraud trial. That is a civil trial in its punishment & compensation phase, as Donald Trump has already been found guilty of fraud.

DOJ prosecution cross-examination in the criminal trial of SBF is expected to begin Monday (tomorrow), with the trial possibly ending next week, allowing the jury to deliberate a verdict. If convicted, the judge is going to come down hard on SBF, with an appeal highly unlikely to change anything, meaning SBF will need a Presidential pardon to get out of jail. SBF spread a LOT of money around into dark places and Trump loves NFTs, so it could happen. The other murky, unanswered question is, “Did SBF already cut a secret deal?” Its answer is unknowable to the public, but known in inner ruling circles.

Trump pardoned dozens of criminals (pic above) at the end of his Presidency simply because they paid his under-the-table extortion money, or they pledged their undying loyalty to the Donald.

Over $8 billion in customer funds is still missing from the FTX/Alameda fraud. Everyone in crypto assumes SBF has the stolen crypto stashed away in hidden wallet(s) somewhere in dark cyberspace. SBF was allowed plenty of time to do that– as FTX collapsed last November, as he was extradited back to the US from the Bahamas, and surely after he was allowed more-than-generous bail terms by a lenient Manhattan judge who let SBF stay with his parents in Palo Alto, California and work online, even after repeated violations of his bail terms.

Obviously US intelligence was monitoring & scrutinizing SBF’s online activities, but none of this (or its findings & conclusions) have ever been revealed to the public. What was SBF doing online during those months he was out on bail?

Without question, SBF moved massive crypto transfers from the time he was held by the Bahamian police, up until his bail being revoked after he published the personal diary of key DOJ witness (& former girlfriend) Caroline Ellison, who was SBF’s partner in crime. She pleaded guilty, as did a few others at FTX/Alameda, so their prison sentences will be much lighter. But the question still remains, “Where’s the money, SBF?”

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Financial establishment rules in favor of Grayscale in SEC lawsuit

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I’ve characterized this Grayscale vs SEC legal battle on social media in the past weeks as Musk (crypto) vs Buffett (traditional finance), which is an oversimplification. The CIA is also big on bitcoin, and that matters.

Bitcoin is used to funnel funds to ISIS militias (formerly Al Qaeda) in Syria & Iraq for the purpose of regime change in Damascus & Tehran, etc. Since the US-German intelligence-backed Maidan coup of 2013-14, large amounts of crypto have been funneled to leading fascists in Kiev. Those were the ‘greater forces’ in play at Jackson Hole last week, which keeps crypto alive– for now.

Every major bank CEO & financial player at Jackson Hole was consulted & listened to while this legal ruling was being decided. It was intentionally kept airtight from the corporate media, which is why you heard no reporting or analysis from any of them the entire time. Rising interest rates & working class interventions loom large over crypto’s long-term future.

If this was a ‘landmark legal decision’ (and it is), then why was there no serious reporting when policy was being debated during these past weeks? It’s because the ruling elites wanted to conspire in complete privacy on this highly sensitive matter. Elite class forces were battling one another to influence this legal ruling, and the corporate media smokescreened it, keeping the public ignorant– until they were told exactly what to say earlier today.

Sam Bankman-Fried, co-founder of FTX Cryptocurrency Derivatives Exchange, departs from court in New York, US, on Thursday, Dec. 22, 2022. Bankman-Fried was released on a $250 million bail package after making his first US court appearance to face fraud charges over the collapse of FTX, the cryptocurrency exchange he co-founded. Photographer: Stephanie Keith/Bloomberg

A bitcoin exchange trade fund (ETF) has now been US government approved, that’s what all this means. The crypto industry plan is to have a centralized bitcoin exchange, where different wallet holders, blockchains, bridges, etc, can buy/sell bitcoin & convert into dollars, etc; and (eventually) add ‘ether’ & a few top stablecoins to this exchange. That’s the crypto vision. It’s no longer ‘de-fi’, which divides a segment of crypto purists. That’s the latest in crypto news & analysis.

This essay below was published concurrently in response to the Vatican supporting Russian tsarism.

Tsarist Russia was a brutal absolute autocracy, dating back to the mid-9th century. Historically, Napoleon couldn’t conquer Russia, so it remained a backwards, in-bred monarchy, in an era when the rest of Napoleonic Europe formed into bourgeois representative republics, or what we now call nation states. Germany was the last of these 19th century powers, formed in 1871 through wars, revolutions, and finally counter-revolution– like all the rest.

All the tsars were hated by the peasants throughout its history, from Russia/Ukraine, all the way to Siberia, where dissidents (industrial workers, revolutionists, etc) were exiled as criminals. This eventually led to the Russian Revolution of October 1917, when the Bolshevik Party galvanized workers in St. Petersburg, the industrial capital of Russia, and led a workers’ revolution which turned a broken 3rd-rate world power (about to be carved-up by imperialism after WW1), and transformed it into a powerful workers’ state!

It also ended the Great War, as each imperialist nation ceased its European-theater hostilities, and turned their militarism on the newly-formed Soviet government in Moscow, along with a propaganda & police campaign targeting perceived revolutionary threats in their own countries– see J Edgar Hoover. US imperialism (& the rest) aided the Whites who were led by tsarist generals, admirals, fascist Black Hundreds & other terrorist/anarchist scum. Trotsky formed and commanded the Red Army, the fighting force of the oppressed workers & peasants, which defeated the tsars reactionary forces backed by imperialism. The political leaders of the Russian Revolution were Lenin & Trotsky, who after this bloody Civil War from 1918-22, were politically isolated and eventually killed by reactionary forces in the apparatus– led by Joseph Stalin.

That is a brief history of the formation & early political degeneration of the USSR. The Vatican unapologetically endorses Russian tsarism because BOTH are remnants of feudalism & the Middle Ages, which makes for sticky politics in 2023.

The intention of Lenin & Trotsky was for this to be the FIRST workers revolution, followed by others in Europe– particularly Germany with its powerful working class & industrial might. Revolutionists, Karl Liebknecht & Rosa Luxemburg, were murdered by Wiemar secret police immediately after WW1, while Adolf Hitler was enabled– even after his failed coup attempt in November 1923. Hitler scribed his racist anti-socialist manifest Mein Kampf in prison, and then on release for good behavior, established the Nazi Party which terrorized Europe, exterminated 6 million Jews, and attempted to annihilate the Soviet Union in WW2. This wasn’t just one madman who got out of control. Hitler, like Trump, is historically cultivated by powerful reactionary forces to do its dirty work in defense of capitalist inequality in times when liberal reforms aren’t possible.

Lenin died in January 1924. It was always Trotsky’s suspicion (which he could never prove), that Stalin poisoned him. Trotsky formed his internationalist Left Opposition in 1923, to counter Stalin’s reactionary ‘socialism in one country’ theory he presented as gospel in 1924– after Lenin’s death. Stalin was better than Trotsky at forming murky alliances with reactionary politicians, since that’s who he was. Bourgeois subterfuge & laying traps was how Stalin hijacked the Bolshevik Party and defeated Trotsky to attain complete political leadership of the Communist Party. Many of the best Bolsheviks had died in the Russian civil war, and by 1929 with his Left Opposition politically isolated by a reactionary bureaucratic apparatus, Trotsky was exiled by Stalin. Trotsky would never return to the Soviet Union. He was murdered by an agent of Stalin (with help from J Edgar Hoover FBI agent, Sylvia Ageloff) in Mexico City in August 1940 at the outset of WW2 in Europe.

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