We've got the emPHAsis on the wrong sylLAble when it comes to crime in this country. The FBI says burglary and robbery cost U.S. taxpayers $3.8 billion annually. Securities fraud alone costs four times that. And securities fraud is nothing to the cost of oil spills, price-fixing, and dangerous or defective products. Fraud by health-care corporations alone costs us between $100 billion and $400 billion a year. No three-strikes-and-you're-out for these guys. Remember the S&L scandal? $500 billion.
With Bitcoin, every transaction is publicly verified, so many risks are eliminated, including chargeback fraud or 'friendly fraud.' This is when a customer purchases something online with a credit card; waits to receive the goods or service, then requests a chargeback refund. The bank then forcibly takes the funds out of the merchant's account.
It is ludicrous to believe that asset bubbles can only be recognized in hindsight, ' he wrote. 'There are specific identifiers that are entirely recognizable during the bubble's inflation. One hallmark of mania is the rapid rise in the incidence and complexity of fraud... The FBI reports mortgage-related fraud is up fivefold since 2000.' Bad behavior was no longer on the fringes of an otherwise sound economy; it was its central feature.
Fraud is common when you give away billions. Fraud related to Hurricane Katrina spending is estimated to top $2 billion. In addition, debit cards provided to hurricane victims were used to pay for Caribbean vacations, NFL tickets, Dom Perignon champagne, 'Girls Gone Wild' videos, and at least one sex change operation.
They look upon fraud as a greater crime than theft, and therefore seldom fail to punish it with death; for they allege, that care and vigilance, with a very common understanding, may preserve a man's goods from thieves, but honesty has no defence against superior cunning; and, since it is necessary that there should be a perpetual intercourse of buying and selling, and dealing upon credit, where fraud is permitted and connived at, or has no law to punish it, the honest dealer is always undone, and the knave gets the advantage.
The fraudulence paradox was that the more time and effort you put into trying to appear impressive or attractive to other people, the less impressive or attractive you felt inside - you were a fraud. And the more of a fraud you felt like, the harder you tried to convey an impressive or likable image of yourself so that other people wouldn't find out what a hollow, fraudulent person you really were.
David Foster Wallace
Media bias in editorials and columns is one thing. Media fraud in reporting 'facts' in news stories is something else. ...The issue is not what various journalists or news organizations' editorial views are. The issue is the transformation of news reporting into ideological spin, along with self-serving taboos and outright fraud.
Is it fair to be suspicious of an entire profession because of a few bad apples? There are at least two important differences, it seems to me. First, no one doubts that science actually works, whatever mistaken and fraudulent claim may from time to time be offered. But whether there are any miraculous cures from faith-healing, beyond the body's own ability to cure itself, is very much at issue. Secondly, the expose' of fraud and error in science is made almost exclusively by science. But the exposure of fraud and error in faith-healing is almost never done by other faith-healers.
But if in the pursuit of the means we should unfortunately stumble again on unfunded paper money or any similar species of fraud, we shall assuredly give a fatal stab to our national credit in its infancy. Paper money will invariably operate in the body of politics as spirit liquors on the human body. They prey on the vitals and ultimately destroy them. Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice.