Hello our cypherfans, we love you!  Thanks for every digital inch of taking the ownership of money away from the paper hanging fiat printers and giving it back to the people!  And thanks to the genius of the crowd sourced and crypto powered Publish0x,  looking better every day, long may the 0x's business model thrive!

Our (exclusive to the Publish0x) tirade / coverage of the Financial Times last Friday gave up two articles clearly  continuing their soft power war against crypto.   TL;DR yes, we read 'em so you don't have to ! Let's focus on the funny parts! 

The first headline calls out for more regulation, more power over stablecoins, penned by former FDIC chair and current Paxos board member Sheila.  Sheila ( who looks like a Sheila ok in her new Paxos/FT headshot) says one would think a US regulator would have prevented the Luna disaster, but, "Alas" ( alackaday?  what century is this??)  it is not clear who has the regulatory authority.  Sheila thinks the gummit should force stablecoins to be government money market funds,  thus treated as securities ( which even she admits is horseshit since stablecoins offer no returns. ) Alternatively,  Sheila's OK with slamming  stablecoins with banking regulations, but admits that would force the Fed to offer deposit insurance AND would boost already excessive money creation (M2 etc. )  So, the only way forward she sees is to use  New York State "trust banks" like Paxos ( which must invest in only in cash & short term Treasuries)  for stablecoins.  To her credit, she does not think yet another regulator should be created.  But "people are getting hurt," & we must act now!!

OK, let's zoom out to level one hypocrisy first.  What's the best model? WHAT a coincidence. The one used, and pushed,  by Sheila's  company!  Who'da ever thunk it!??!!  Especially since most of us cannot even REMEMBER Paxos.   Let's look - oh there it is, they renamed Paxos to Pax Dollar, USDP ( hoping to confuse fast typing folks looking for a stablecoin to use for ten minutes we reckon. ) ROFL, today the Gecko has Pax trading less than HALF of the volume of the cruel joke that is TerraClassicUSD!!!   Yeppers, Pax, picking arse at under a billion market cap, what's that - 1% of Tether, 2% of USDC, even Binance is 20x larger and even ( the horribly named ) DAI and TrueUSD ( whoever they are ) rank Paxos  ( with Neutrino and USDD breathing on Paxos' neck - in case for unknowable reasons anyone is looking for a smaller, lesser known stablecoin these days. ) 

Zoom out to level two hypocrisy- in an article dithering all about stablecoin regulation, it WOULD be apropos to mention the big daddy Tether, which not only 1) just about matches all the rest of the stablecoins put together !!! but also 2) was heavily "probed"  by the New York AG already and settled, paying  ~20MM USD (dear readers will remember lol if Tether really did print stablecoins to buy bitcoins, then the fine amounted to a sunk cost of  two thousand dollars ;-}. ) AND of course, Tether has recently blown out CASH redemptions to the tune of > 10x of all the Paxos in the world.    Also Sheila could mention this is a Korea problem, and the  Korean regulatory solution is Grimly hot on the trail.  The bottom line?  Regulation in search of a problem.  The market has ALREADY decided, Sheila, be happy to be paid for New York State locals only protectionist regulation and go back to sleep.  

Next up - The D'oh Kwon story, which is pretty vacant, we think the FT ran it because it had the worst, most depressed picture of D'oh we have ever seen.  Well, until we just checked, and saw this one The story - South Korea has revived their old financial crime investigation team, specially for D'oh to do some 'splaining.  But the FT refuses to be splashy and doesn't even mention that they are called "the Grim Reapers!"  C'mon to the fun, FT.     All we can think of is the stunning, extraterrestrial hubris of D'oh's last quote before he went radio silent for a while - basically " I am so sorry ( not sorry ) if my CREATION caused anyone any pain."  My god you arse, keep your ego out of it for one minute.   D'oh, you were never an innovator, you created nothing new, just ran a classic monomaniacal Ponzi offering  20% return,  and did a much weaker job than any number of other Ponzis.  

And that's it - for the FT's crypto week. Again, we search back for the rant material - and aha! hidden in the "Intellect" column last weekend, we missed Gillian's "American experiment" bit on El Salvador's "madness!" 

TLDR yes, trust us.  First, from Gillian's "moral money" viewpoint, millions of  cryptonauts are "reeling," in a "brutal" wipeout of "losers" - including Vitalek!! OK we feel your hate G, but spare us, please, Vitalek is a billionaire who last year BURNED SEVEN BILLION DOLLARS worth of Shiba Inu for kicks!!  Don't cry for V, G!!!!  he's still richer than your wildest ink stained dreams.  Next, G snidely states that Nayib's tweets seem to "fundamentally misunderstand how bitcoin and GDP work."  Ah yes, journalists, talk down to world leaders and world changers, don't worry about credibility. 

Gillian speaks to Nayib’s / El Salvador’s rep, Suecy Callejas.  After not so subtly smearing her as an ex ballerina, G tries a lovely misframing / false choice exercise, and  asks Suecy  if El Salvador is willing to dump BTC.  Suecy tells her no, and Gillian ever so graciously agrees "her points are worth noting, even if you disagree."  Gee thanks!!   Suecy's points remain pretty damn strong -  1) 70% of Salvadoreans are unbanked - but over 50% of them have cellphones!  2) 25% of El Salvador's GDP comes from remittances !!! of which Western Union et al rip off 20%!!! and 3) the west has boned LATAM over and over and over and OVER and is doing so again as we war with Russia.  But hey, latin merica AND the rest of the world is getting foul with this treatment, and maybe a large cost is OK to get out from under the thumb of the petrodollar!  Frankly losing 25% of BTC's value ( which could come right back) doesn't look so bad compared to that 20% of Western Onion  fees  that fer shure AINT NEVER coming back, or the stunning fiat devaluation crimes that span the southern continent.   A bit more of the old “tut tut children” kand Gillian retires, thinking she's undefeated. 

All great, right?  What's the dog that did NOT bark THIS time, FT?  Gillian, we KNOW you know this, but visit El Salvador.  Then, hop in a yacht with one of your global homogenous friends, and sail on down the coast to the south.  Either go round the horn if your friends are brave, or thru the canal, or short cut through Chile but don't stop until you hit one of the LARGEST countries in Latin America, Argentina.  OR JUST PICK UP A NEWSPAPER. Argentina is in the death throes spiral of a just amazing confluence of fiat problems,  maybe even G could see they are related.  It's pretty simple.  Point one - Argentina is printing a unimaginable amount of money, like around 50% of GDP every damn year.  Point two - Argentina has around the world's worst inflation, around 60%  per year.  Maybe more - Bloomberg says no one in Argentina even knows how much anything costs anymore, and this year is still accelerating.   The Argentinian situation is a poster boy for the IMF, which should have a top YouTube FAIL video out now - in recent times, Argentina has failed to repay creditors around ten times, more than most any other country.  Perhaps THAT is worth a mention when p-ssing on El Salvador trying something other than the same old fiat and crony Cantillon positioned kleptocracy of  elites???

Teaser - last weekend's FT had ZERO crypto articles.  Which is in keeping with the current elites' thinking as they crash the US and the world's economy - nobody cares about Crypto bucko!!!   

Tune in tomorrow for the punishment the FT ( rightly ) gives crypto in today ( tuesday's) issue!!

love, peace, and zoom WAY out, 

Dave