I wouldn't want to ride it in anger.
I reckon you should sell it on.
But don't give it away - if you can't get a fair price (or what it owes you) then mothball it.
After all, junk or not, it is new, and that counts for a bit.
In the 90's there were all sorts of generic frames kicking around. Some were badged up as Prolite, and some were Standard Shorty ripoffs. They crop up from time to time.
But this type of frame (your one with the looptail) is not in the same league as those frames. Sadly yours is the basis for a "BMX Chrome" that you would get at Toys R Us, or in a catalogue with a snakepost and the stem up high.
Skyway TA sticker set and ebay