I don't believe "THEY ARE ALL FRAUDS". Not for one minute.
Those generalizations aren't helpful-
I think we should be looking for ways to spot companies that have a higher chance of being the real deal- maybe coming up with a screener based on various criteria (dilution, passing 10-K on first round, auditor strength, etc.).
I'm looking for a few needles in this haystack.
“The 19th century belonged to England, the 20th century belonged to the U.S., and the 21st century belongs to China. Invest accordingly.”
Warren Buffett