FT Crypto Gazette Monday, July 12th!  short and sweet. Tail Wind praise redux, fun with bankruptcy courts, Voyager makes a BIG funny but the FDIC ain't laughing

FT Crypto Gazette Monday, July 12th! short and sweet. Tail Wind praise redux, fun with bankruptcy courts, Voyager makes a BIG funny but the FDIC ain't laughing


Hey Cryptofans, we just love you.  All the time, even when y'all snore.  Y'all are a joy and a wonder, Jesus's favorite critters of beauty for ever and ever.  Thank you for joining us all, united on the stunningly sweet, magically delicious  Publish0x!!! 0055b50a9929c4cdb6aaaea5aa22b42e4dd307ce5f54e91a890cb81e2f2af834.png Together we are here to save the world by slowly but surely saving money from the clutches of governmental overreach and fiat kleptocrats!! AND DON'T YOU FORGET IT!!! BABY WRITE THAT DOWN!!! 

We love all y'all  cryptonauts even more, if possible, after yesterday's transcendental letter the FT graciously printed from David Crook.  David is the UK's answer to Buffet, Templeton, Peter Lynch, pick 'em, David's very arguably the greatest stock picker of all time.  We never could even get close to selling Tail Wind anything, though they were a tempting target.  But David's summary rebuttal to the FT's BIS echo-chamber more than makes up.  Crypto is a kick-ass currency, loose money makes bubbles, blue chip cryptos will survive like NASDAQ, gummints & institutions have destroyed the trust of  crypto loving folks like y'all, and CBDCs won't change chit.  Feels good, man. 

All the pics  of David on Google kinda s-ck.  But David's on LinkenIn like a REAL person, so here's the snazzy headshot w/ super-duper highbrow angel backdrop: 6bc3103dc284584311a94eeaaaa38ea11b604abf11aeabfff99ceca684f13f13.pngWe could NOT think of ANYTHING classy   enough for David's speech bubble.  But dear readers know THAT never stops us!!!

One of many factors that scr-wed our career was repeating OUT LOUD  "There's a lot of people that we're PROUD to have HATE us."  Can you say politics 101   Fail?  Make that remedial summer course Intro to Politics. giant fail.  And it's ALL politics.  Once in an elevator on the 43rd floor, someone asked our big research boss (author of Inside the Yield Curve) "Marty, why don't you give it all up and go into politics?? " He looked at them and said "Why, I DID!!  A LONG TIME AGO!!!"" 

David says things like "I therefore must additionally demur from your columnist in his opinion that Central Bank Digital Currencies could be a viable alternative to crypto."  We say things like "5 out of 5 wholehearted F.U.'s for CBDC's!!”   See the subtle differences?  Ya, we never could either. 

Apparently, despite his deft touch,  David broke the heart of the crypto hating FT!  Just one tiny sniff of crypto articles today!!

Sujeet authors an article on Inside Biz Finance, the only FT footfall on crypto. Spoiler alert: 0 out of 5 F.U.s, but no Thank You's either. 

   dc3a494a5baa681e5a6193fb4e270ea76247555bddb714100c034c73474363fd.png TLDR; Many strange deeds done under the midnight sun of ultra loose free money.   Loads of  corporate debt has turned into total  junk.  Firms raising cash get rug pulls, respectable firms like SAS, Revlon and Voyager (?) go bankrupt quickly, game on for lawyers.   Rehash of Voyager going bust with Three Arrows, and plans to restructure with Voyager coins, which dear readers know we think is s-cky.  

The REAL story: who  cares about TradFi junk & restructures? OK let's care for a min.  Cause WE, dear readers, are HERE FOR THE LAUGHS!!  TradFi Tragicomedy!! 

The FT can claim it's  a sign o the times that 90 year old Revlon's going Chapter 11, but Revlon's history is checkered at best.   PETA caught Revlon animal testing decades after Revlon bragged they quit.  Seeking Alpha in 2019 pointed out issues now going to court; Perelman, the "father of greenmail" owns ~90% of the stock with shady dealing.  Perelman forced creation of the "Revlon Rule" in the 1980's, now it is being used  against him?  Always bad when ya break a rule named for YOU!!  The UK, in 2021, is STILL hearing evidence from when Revlon's pharmaceuticals GAVE PEOPLE HIV AND HEP C.  Lighter comedy please?? Remember the recent TradFi funny when Citibank fatfingered  an accidental payment of $900 million to Revlon creditors?  THAT was AWESOME!!  Chiti later paid a 400MM fine for no risk control!!! ar ar ar ar !!  None of any of this in this FT article tho. 

OK, the 70 year old  Scandi  Airlines went bankrupt fast, did they really?   In the States B-schools teach  no airlines make money, ALL airlines go bankrupt, it's like part of their biz model.  NOT IN the FT article, it's funny, cuz SAS has been restructuring for decades.  The real reason SAS just cr-pped out is the Swedish gummint is refusing to inject still more (insane amounts of) money.  The FT deftly avoids talking about the twisted loser gummint institutional tangle.

It's a total sidesplitter  that the FT (or anyone) considers Voyager worthy of lumping in with Revlon or SAS as respectable.   Voyager went public what, two years  ago??  in a VERY fluid industry, talk about no risk control LOL!! 

The FT misses the real guffaws in the Voyager breaking legal news.  Dear readers remember thinking 🤬 WTF   with us when the FT reported that Voyager had ~$350 million in client's money stashed in New York, SUPPOSEDLY PROTECTED BY FDIC INSURANCE up to 250K per client, right ?  THAT was awesome.  And confusing.   Yes, Voyager did say that, repeatedly. 

Madcap keystone cops comedy plays out!  The F T won't tell ya,but the WSJ and Coindesk & others will, and we will cause we love ya!  Well, mostly cuz it is LUDICROUS.    

The FDIC awoke from their slumber (prolly prodded by the WSJ) and started investigating Voyager crawling thru the wreckage.  The FDIC calls bullshit!!!!  FDIC insurance only works when the BANK goes under, not when CLIENTS of the bank go under.  The FDIC ain't payin CHIT!!   The NYC bank, Metropolitan, also put up a statement saying essentially "TOTAL  B_LLSH_T!!!  We are fine, scr-w Voyager, quit calling us, call the FDIC pals. "   Well, that answers THAT WTF quite noicely.   NOICE, Voyager!!  d7ab307c1d056cf354406cd5d6f7bf8af178eb29da4a4b2cff34d1b4017a0dab.png In the words of the 62 Mets, "Can't anybody here play this game!!??! "  Sin of omission once again, FT, missed a trick in an article about newfangled crypto laws playing out. 

Speaking of which, it's around day eight of the FT's blackout on covering Nexo buying Vauld.  Crypto only leads when it bleeds huh FT?? 

Peace, love, distributed computing, and getting drunk on poetry965ed817a3df42319c32293082f93f880b2ad6e5145ac3da48165091937d42f8.png

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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