FT Crypto GAZETTE!! Friday, July 8th. US asks Godzilla to flatten Urkutsk BTC!! Ark grows 15% W/ CRYPTO! BlockFi correction came home halfway. Crypto in luxury watches!!!


Cryptonauts, Whitney sang it beautifully, Dolly wrote it amazingly before her - we love you!! 0d14837875c71cb54dab877391ca67c5074a1d85e55788e4a0eb2beb46dcc028.pngEven if the FT sends a "cease and desist" letter today and we die of a heart attack while laughing, we will STILL love y'all.  We will haunt y'all with crypto love, lol!!! Thank y'all, and the omnipotent Publish0x,  for your existentialist support of freedom from our fiat overlords, including their servants at Brecken House!  

It's Friday in the salmon paper!  Crypto STAYS on the front page  World Indices. "The kid stays in the picture!!!"  What other crypto today?  Lots n lots of non-hard money stories all about fiat printing woes...lol the FT prints Nomura echoing us yesterday, "dead cat bounce" for sterling of 0.8%, laughable in crypto terms.  Inflation at a 40 year high in the UK, wonder wonder why,  UK debt at 96% of GDP.  Turkish kids can't afford fruit as inflation hits 80%.    A Frankfurt dateline says the ECB is will "stop printing more money for bond purchases."  ( well thank the lord for small favours. ) The EU is stressing out: Hungary hits double digits inflation, worst in 20 years.  Italy, with debt at 150% of GDP,  highest inflation in 23 years.  France, 113% of GDP, Greece  119%.  The French minister of finance wants to print more, cause other countries are lol.  Hard money would help the EU stay together.  BUT NOONE TALKS ABOUT HARD MONEY IN THE FT.  

Here's an article about crypto where they say Crypto!! Yay!! Is it  for or against crypto!! Three guesses! 38713a2bebe4ef81d3df776ff0bb724a8dcc03713ea5146de17ebdf92310210d.pngTLDR: The US went directly to ask Japanese exchanges to not deal with Russia, and to stop mining operations using the cheap power and cool climate of Irkutsk. Japan's FSA asked exchanges to sever ties.  US spooks gave specific data about miners to Japan.  Back in March the FSA already asked if exchanges were dealing with anyone under sanctions, and several exchanges & some miners maybe shut down.  "Many" of the exchanges contacted this time by the FT said they had no operations in Russia.   Other exchanges, and miners, have just hidden everything in a "network of subsidiaries" so they could go on working.  

The REAL story:  Dear readers know rising sun brothers and sisters love crypto!   Japan has 31 official exchanges, god bless em.  Here we see the US trying to force Tokyo to pay attention, guess they got tired of the "Japanese yes" (means we understand what you want, but no. )

We met the chain-smoking CEO of the Tokyo Stock Exchange for work.  Loved him, straight forward.  Still, he was the most gangster exchange official we EVER met, including questionable execs in Shanghai and Mexico City.   We did some OK biz in Japan  but soon hit the Keiretsu / Zaibatsu wall.   Finally a kind honest local tried to explain.  We heard " Company A works with B who works with C who works with D who works with E.  You did a deal with company A and company E freaking HATES A, so B, C, D, and D sub 1,2,3 etc  for that mattter, now must refuse to work with you.   So sorry, not sorry.  Barbarian." 

Once on a Tokyo airport shuttle, a tattooed guy shoved an elder lady out of the seat next to us.  We stood up on him, gave him stinkeye, which he seemed to relish.  Then we noticed his pinky finger had been cut off and replaced with one of his toes.  So we said "sorry granny" and walked to the back of the bus!!!  We are confident the US intelligence will help Japanese cover their tracks better, but bet that's about it.  Miners gonna mine with cheap power and cold air, exchanges gonna exchange, and ya know the Yakuza did not exactly stop high level operations when the US occupied Japan, let alone now. Judges want to give a single FU based on style, we can't justify that.  0 FUs,  Thanks, Louis et al.  

What else?  Cathie Wood's ARK saw a billion and a half inflows this year.  That's a crypto story!! Ark's published crypto strategy, link below,  is  "neutral,  open source networks" will win.  ARK's AUM is down from 28 billion to 9.  So this represents over a 15% increase, that's positive for crypto!!  A month ago Ark was in the news, buying 30 million bucks of Coinbase on the dip.  Ark owns a boatload of Grayscale.The FT mentions Ark owns Tesla, and Tesla owns TWO BILLION in bitcoin.  b9a02010125a96f543f3292dd9ed737efa92a1dbada8292ffdb1ecccaa7f3305.png  Does the FT even once mention crypto in this article? HELL NO!!  Guess we can't give Emma a FU for NOT mentioning crypto here, but we want to...ah we will.  That's 1/2 FU out of five.  The story uses the "it's all over without low interest rates" copypasta  to bash tech - usually the FT boilerplates that  meme to bash crypto. 

OK, scanning BINGO!  Dear readers remember we said the FT  would retract that BlockFi locked withdrawals?  Well thar she blows!! but check out the weaselly, sorry not sorry way they did it!!7f0078f84dc78c805ee8e22e922c6536a5d329ad6c32e594d4798b0da754b029.pngOhhhh, just a typo, meant to say Babel.  Hey they both start with B, huh?  Innocent mistake!!   we call bullshit. Babel locked almost a month ago and the FT, correctly, didn't stoop to noticeBlockFi : over 5x Babels deposits, way more capital, high profile execs, backed by Coinbase, billboards across America, the first Crypto  rewards credit card,  lost a $100 million fine to the SEC, loans from Sammy,  FT coverage dozens of times. 

Babel was a unicorn in HK, traded very few coins, only 500 clients,  had maybe 3Bn under management, lost control loaning to three arrows.  Few native english speakers know their management, nor ad campaigns etc. 

That's worse than, say, writing in Car & Driver, that   General Motors Corporation went bankrupt in 1988.  No they didn't, they lasted till 2009!  OH WE MEANT TO SAY American Motors Corporation, THEY  went bankrupt in 1988.   Except BlockFI and Babel don't even rhyme, AND one locked and one did not!!!  Only an innocent mistake if the person that made it doesn't care or know anything about car companies AT ALL.   Someone who thinks a Javelin is interchangeable with a Sierra 1500 pickup truck lol! Except given the 500 clients part, make it a Gremlin vs the "Jimmy" GMC pickup. Someone who hates cars has no biz writing for auto rags then.   Noone, not even Lex, thinks Vauld offered 40% interest.  

FTYer the BIG financial dawg.  People, like, BELIEVE you.  Especially class conscious New Yorkers, like, um, well New York rag!  Don't believe me? Here's a regurgitation of  the FT's mistake ( TBF, we can't call it a lie anymore since they retracted it.  ) 768833aeaca042c94e3e5db4d158f78724836b9aad08d9db63127e6a16219ddc.pngYep, dateline yesterday ( Pre FT correction) July 7th,  New York mag's Kevin, at the Intelligencer, link below. Fresh from reading the Vauld article in the FT, Kevin clearly thought he was edjumacated but he was edumacated.     OH WE GUESS KEVIN JUST HAD A TYPO TRYING TO SPELL Babel TOOOO!!  LOL!!!  Be more careful when you drink the salmon coloured Kool-aid, Kev baby!  The FT is running Jonestown for crypto evangelists!! 

Back to the Vauld 40% interest lie, er, extremely prejudiced misstatement. Tho since Lex said 12% is a very high interest rate, we stick with lie.  Here's the funny part, watch that smear job whip round the interweb: c3d5b0db347bcccc5613f352c04bbf1b76a8248de25086e6ccba334a86f84911.pngCheck the date.  Ya man, pymnts.com, blind faith in every wag of the FT's tail in the Vauld article.  

C'mon FT, yes, up to 40% is technically true.  But that's not your brand!!  The FT has UP TO five zillion readers!  NOT a good look for the pink lady. 

Honesty makes us admit (post Google Hindu translations) Vauld was running chitcoin specials.  For a couple of weeks/< a month,  like Binance, get a boosted rate on CAKE or AXIE.  Now, if ya can tell a soccer mom's hot rod coupe from a pickem up truck, ya know dang well  defi farming ain't interest bearing deposits.  And a few weeks special is more like a free toaster than an APR  interest rate.  But I'm just a country doctor, Jim!  Then get the hell off the bridge of our starship/ financial pub. Folks don't hold chitcoins like that cuz they prolly drop 2x the "interest" rate while the special runs.   Just the offer brands them as a chitcoin, being minted as the "deposits" come in.  Apparently Lex would agree since they called 12% high.   Along w/ ANY NUMBER of cheezy websites comparing  "interest rates" out there, here's one from India.  Not hard to find.  No 40% tho.  bdcb9a4af4bc6b502b021278b451797f9998e19346e046b4f58be5e3273b7b5f.png

Ah, y'know, feck it.  Lex helped defray the 40% mistake, we are gonna hold it against em.  Retract the Vauld 40% lie, FT!!!  don't you feel bad as New York mag follows y'all out the window??  3 out of 5 FU's for this half retraction!! 

 

That's it for today.  Except, like the crypto sneaking in the letters section, CRYPTO SNUCK IN TO THE WATCH SECTION LOL!!! In the stuff they write to keep the ads from sticking together!! TTTL, DR:  Metaverse was coined by Neil Stevenson, in his excellent cyberpunk "Snow Crash." Now all luxury brands are trying to explore/exploit NFTs and the metaverse. A Citibank report (the chitty never sleep, my friend Ziperski used to answer her phone) says the target market is 10 billion around 2030. Bulgari is crabby cause people's avatars are chitty. Tag Heur will take crypto and pop your ape on your watch.  0f17d545740283163e059d7e533b64b2c2eb5fcf921dc70c9b7cd05c3b89e594.png  All the paperwork ya used to lose will be on line, plus ya won't have to worry if it's a times square knockoff anymore with NFTs.

50,000 people in Seoul played in Bulgari Colors virtual reality.  Four million people played Users of Drest, the sadly named fashion game, with a Kate Moss avatar rocking some new high end jewelry collection.

Neal Stevenson's NEW books can be hard to plow through with a much lesser payoff.  Especially compared to say his  diamond age  Young Ladies Illustrated Primer which pretty much nailed iphones today ~ 30 years ago.   FT NFT's are CRYPTO, say it d-mn you!!   Can't keep us out with a shotgun, pals.   Toldja we are borg.  Judges want to give FU crypto dust but cannot find a reason. 0 out of five FU's,  One TU Star Thank you, Kate. 

Peace love and love of Web3, 

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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