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FT crypto counterpoint Aug 9th


Hey y'all crypto people we love you!  So precious to be back together on the mighty Publish0x!!  f9522db37f94dde0ad06694ab180a89ab4e11446d7ba75d7873e3ce2a9c11c69.pngWhat a great day to be alive in a world with you in it, it's just lovely.   Hope y'alls days are filled with sun & fun and good work and exercise!! Or at least a step closer to all that than yesterday.    A sandy, wet step at the beach a3e42004114f96b249ed89f26dcdf2f881e406a5845cd4519a42e272cae5fae9.png

Let's dive into the FT today - the pink lady is gorgeous.  Ethereum is back on the front page with a 3.48% bump from the last dead tree, stunning. 

Here's a thoughtful article. A deep dive into fallout from Apple's semi-monopolistic rent squeeze on Facebook & others. No crypto, well mebbe a parable about rent seeking oligarchs fighting each other over billions.  Who gets hurt?  The little people.138b6bc2ceb220970b5db189230673ac75b8e47fa81a240ffc2201e04aba7326.pngNo, that's just the pro-biz spin of the FT focus.  TLDR, Apple is enforcing user approved data use, like they maybe have to in the EU anyway.  Facebook claims they lost ten billion.  Really they lost data they never should have been able to farm, using sneaky browser tagalongs.   Headline should be spooky ads from Siri listening in will seem to slightly decrease as Meta has to pay and pay.  Of course, Facebook won't quickly adjust their fees to the new reality, so it IS still the little biz people that get hurt

Crypto in the FT!  Miles from a16z makes the print edition with It's all about the collateral, baby.   We stand by our no FU's review, thanks Miles.  Tasty to see rational warnings against excessive stablecoin regulation.  Some maniacs forsee a total ban on collateralized stablecoins in 18 months, involved now in the Tornado cash ban but we'll get to that. 

Lex's raining all over Coinbase and Blackrock going crypto  looks better in print lol!  Dear readers know we hate to be 100% pro Coinbase stock for many reasons, but it IS a big deal that Blackrock has flipped the switch to offer institutional grade crypto services.  It's funny & tired of pretending  it's not erm sorry.  We could take an FU off the stack but nah. 

But the BOOMING story today - INCLUDING in the FT - it's Tornado Cash and a STRING of questions & fallout. 

A huge new player in the crypto crackdown!! enter the Dragon - the Treasury - in the name of the Office of Foreign Assets Control!!  415a19ebe1b0037bd8d4b1e108f6226dacba63c97e0ac0cd048146cde39c9412.pngTLDR: Tornado was used by North Korean state cybercrime Lazarus group regularly.  Ofac already nailed Blender.io with sanctions for the same offense of fencing for Lazarus, who is already under sanctions.  David at Elliptic thinks it's great the US has stopped this criminal cash out.   Tornado cash had no comment(sic) but had this year blocked all Ofac sanctioned addresses.  The [email protected]$!&(!! unnamed sources chime in: it's a critical message writ large designed to inhibit mixers.  Officials won't say where Tornado cash is. 

The REAL story: David from Elliptical makes all his money from crypto crime as a whitehat.  Let's skip the FT promoting critics of crypto / fans of crypto crime as neutral THIS time tho. Cause we love y'all, we're BUSY.  

Dare we say of course, the REAL real story is not in the FT.  Namely, USDC Circle just locked every "stable"coin that was in TornadoNot in the FT:  Tornado DID have a big fat comment!! They  went on a giant dusting spree, a liberal shower of not giving a eff - they sent 0.1 Eth to every famously doxxed wallet they could think of, it's hilarious.  TV hosts, sports dudes, influencers, will the feds take sanction action??? LOLNot in the FT - big crypto API servers Infura and Alchemy banned API calls.  That's how Metamask shut off Iran etc.  Github pulled Tornado's creds!!  All US firms have to kill services and contracts.  

Not in the FT; Some argue OFAC is using tools meant for baddies on servicesVitalek says HE used Tornado to send ETH to the Ukraine!!  Cause, Russia!!!  WE bet Vitalek used Tornado lots for other contributions just to not have everyone watch his every single move.  

OK Wannacry exchange rolling Lazarus is very nasty.   5a0b479c569e2f7d827f88e2a2ae8b315471aa638f442d5949fa23551ea6cc26.png  But Vitalek is very good !!!!3c8d631a81c725930b3d6d8402f86296eb001ab74b9c5df650d9c3f4d89cde4f.png It's a moral & ethical dilemma for the ages baby.  Some say not Lazarus nor Tornado is on trial, privacy is.   Others say like guns, real crooks will still reach privacy, just now the regular little people cannot have it.  Others say eff it, Tornado was a fence.

Tough call.  Real libertarians say courts prove code is speech, and banning privacy to speak anonymously is unconstitutional.  Real criminals say GTFO of Circle lol!  Farsighted ?? say this is the end of collateral backed stablecoins??  Rofl USDC  just turned into CBDC's didn't they ?????  Ah hah ha ha ha ha

Judges say at least an FU or so  is approved, for not a single word of PRIVACY, or USDC Circle lockup, or services, let alone libertarian, or free speech, or constitutional.   Is distributed code illegal now??   API calls can still be made directly to Tornado, did all this make any diff to the real baddies?  

Who knows.  We do know another coolish space themed crypto graphix meme BIT THE DUST. 884fe9e831c9ce4eaefb979677c9c0e82f831e92a6789388d640e1a8e486d4e4.png 
Torn dumped, but really, what else is new? 2b9c574bd2cf20f5d9b6f41504c82421ed37c720a4fbef01640cf8ee7f0df8dc.png

There's another FT Online story bashing Coinbase some more as revs and profit numbers go down, we will leave that for now, and focus on love.  And.... the beach.00781c8f5eb8e7439b132c618859ae04d404be442fef2b67e7cd232f07e8556a.pngCause love and surf music may be all we need. b75aca132d9f9af8d3a79fa8ac22617ab603c66b3fb019fc2ce38c9f2121660e.png

Cause it's clear we're in gear, Publish0xers.  We love to be here with y'all, thanks for every click. 

Love, 

Dave

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Dave Sawyer
Dave Sawyer

National Merit got this punk rocker to Oberlin, and Wall Street fintech gave up world tours and an NYU MBA. I am a Bitcoin true believer. Bitcoin is deeply revolutionary in a way we always prayed tech would be. Keep the baby Faith!


FT WATCH - the Financial Times on Crypto!!!
FT WATCH - the Financial Times on Crypto!!!

The WSJ turned into USA today - which leaves the FT at the top of the heap for serious financial news! Join us for a semi-serious monitoring of the FUD & hate the FT now showers on crypto. Dear readers know we love that pink newspaper but boy howdy does the FT despise crypto--- it's funny. The old guard always fights the new guard. The FT does it eruditely, with misleading comments, fun graphs, and outright lies (usually) attributed to crypto's greatest enemies!

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