Cryptonauts, you know we love you! Cipher kinfolk, thanks so much for helping the revolution by being here on the endless Publish0x, we love y'all for heading for higher ground in the great fiat struggle of the third millennium. You are HERE, baby, welcome back, we missed you did u miss us?? lol
Today, crypto news in the FT!! well, crypto news that doesn't SAY crypto news - the Bank o England goes FULL YES MINISTER! Andrew at the BoE tells WHATEVER new PM may come- THEY are not in charge!! The BoE is!! Mere politicians cannot claim "public interest" you little people! The FT passes the message: Go play your little politician electoral games, it doesn't matter. Oz has spoken.
Wow we need that millennium love thing again already Well, that Falcon'll have to do, let us boldly go on forth to far, far away, with love.
Crypto in the FT print edition!! Huh, we won't go hyperspace to get there, there is NONE in the print edition today, that's sad. Guess we are supposed to focus on Andrew's power. Sir Frederick Barclay's powerful lawyers got him another three month alimony extension.
Inflation monster in Germany, and still the US.
Tradfi corruption? Check - JP Morgan already PAID $920mm for spoofing metals and govvie futures, now Mikey and Gregg go down on wire fraud, etc.
OK ONLINE crypto in the FT - hey, it's all GOOD news!! very disappointing for the FT narrative. TLDR, 508bn AUM Abrdn went crypto. Blackrock's starting a BTC spot trust vs. Grayscale. Abrdn and Archax will face off Blackrock and Coinbase. Schwab is going paper BTC. Schroders is going in, Fidelity already there. Analyst Chris from DA Davidson says it's major after years of being ridiculed. Charlie the ex CFTC staffer says it's a vote of confidence.
David from Schwab says speculative but long term trend. Russell from Abrdn says the next big disruption is moving from electronic trading to digital securities, and being there is strong.
Where is the FT crypto hate? oh HERE it is, Dennis from Better Markets. Not a good thing to do, red flag warning. The FT reprints Larry from Blackrock's 2017 quote hacking crypto money laundering ONE MORE MORE TIME.
Finally, the FT helpfully points out Abrdn lost 320MM so far this year, with AUM down as well.
The REAL story. Sorry, FT narrative, this is all good news. OK we are sick of Larry's quote. It's a copypasta lie that a selloff HAS cut crypto to under $1 trillion. Dear readers know we don't care about non-blockchain Charlie trying to remain relevant. Dennis is a BNY Mellon lifer who is now non-profit consulting, he's a crypto hater who thinks the CFTC can't handle the massive reghammer he wants to swing, reviewing EVERYTHING. Or, how about eff off, Dennis, BTC can't hear you. Review away.
That's small beer by FT crypto hate standards. Chris is actually a normal voice !! Still judges allow giving one full FU out of five for making the headline crypto negative on an all good news all the time crypto story, plus the 2017 quote (let it go, wee radge joe) plus the market cap under $1tn lazy copypasta LIE. All in all, not THAT bad despite best practices negative spin efforts from the FT.
The other story online. Will it be crypto negative ? don't bother askingof course it is. The Dutch FIOD arrested a mystery 29 year old Tornado dev. This follows the Blender sanctions.
Bill from SonicWall sez all the gummint is doing is "inserting itself in the crypto supply chain" to say look, this could be bad."
Marta from the good ol EFF (yay Electronic Frontier Foundation) points out that tech is not wrong just because criminals can use it!! Criminals use cash.
The REAL story: Don't say that Marta, lol, the gummints are out to ban that nasty cash. It's scary the dev was busted for AML, but so was Charlie Shrem, and from personal observation of Charlie, THAT was OK. We don't know what the dev knew or did yet.
Bill is a lifer from Dell who was handed a security spinoff to run. He knows some ransomeware, thinks THAT is crypto, and just woke up to cryptojacker miners last month>. We don't care about his deeply flawed view of gummints JUST inserting in the supply chain.
Marta is right, or else all privacy coins and therefore all distributed free speech is illegal as well, but it's a tough call. If the 29 year old was part of Lazarus he needs to go down, if he just wrote dapps it's really hard to say.
Judges say NO FU's allowed, one Bill vs one Marta is fair play. We squirm as the FT already covered Tornado, and there are SO MANY POSITIVE crypto options out there, but aiight.
Finally, dear readers know we are usually impressed with the newish FT Cryptofinance newsletter. Today, not so much, alasTLDR: Rehash, Tornado, Blender go down. Rehash Marta says Treasury thinks privacy is a crime. Libertarian Erik Voorhees of ShapeShift gives a new quote, open source software cannot be sanctioned nor subpoenaed.
Rehash Github and Circle cutting Tornado. Maybe code CAN be sanctioned? Former CIA Mike says sanctions will be enforced. Rehash Tornado arrest. The (#($#$#!! unnamed Treasury source rehash, more trouble coming. John, former SEC internet enforcer, sez " you might have that libertarian desire, but you've lost. "
The REAL story: Thanks for the quote from Erik. A big fat funny - the picture semi-references Tornado's ACTUAL response, which was to shower the world with 0.1 ETH dust, laugh, and wait for regulators to attack every wallet that received T-cash. That's still not printed in the FT, even funnier.
It's funny, the FT is proud to get real calls ! Directly from real people!! "they called ME!! "Use your powers for the forces of good, FT.
Of course ex CIA Mike thinks sanctions will be enforced. But are they really? Github is nothing. Not in the FT, but privates have already offered Github clones to Tornado, any three man dev shop ran make hubs for decades. Not in the FT - FT either is too dumb to mention, or thinks we are too dumb to tell that API servers Infura and Alchemy have dropped Tornado. Interesting, some sources say RPC calls are banned, smarter ones say only higher level API calls are banned. All agree that only the Tornado front end is affected, anyone can still do command line calling to Tornado's distributed code.
Infura cannot "ban" a bitcoin RPC call. API servers are nice to have, but not essential.
Anyone in Iran that wants to use Metamask can do so with a cheezy free VPN or TOR etc. No distributed code was actually stopped, or even noticed the ban.
Devs can be arrested, unless they are underground, which can happen anytime. We'll give Mike a dollar if he can enforce sanctions on Satoshi. Who cares that ex SEC John thinks it's all over for libertarians, did he stop BTC or even Iron Fish? Vitalek can still use Tornado any day of the week.
We want to dish FU's, but judges say it was balanced, we hear the FT cheering on the wrong side but won't fight this time.
In other newsletter items, a couple of funnies. One is news, to the FT anyway, Hotbit ( oddly NOT in the FT - in Singapore) is getting busted over something, hilarity with bad anime tweets.
Another funny - Larry Fink has just broken the FT's heart. YET AGAIN in the SAME ISSUE they quote Larry hating on BTC in 2017, again in 2021. Now what Larry!?!? you don't call, you don't write. Please, the FT is begging ya. Hey it's not you, it's Larry ROFL. He's just not that into your narrative, anymore, FT Ah har har har ha ha ha !!!
Another funny - no correction #$(*&#(*!!! but while rehashing Coinbase's woes, the FT FINALLY acknowledges that Coinbase is being probed by the SEC. Thanks, sorta.
Unintentional funny: the FT mouthpieces the BofE inexplicably reminding us that if the metaverse grows, folks holding crypto and employed in crypto could be affected by risks from crypto. WTF was THAT!!??!
Pitiful, sad funny- the FT trots out David from New Constructs. Dear readers remember that sleepy "research" shop trying to glean inside baseball info from boring ass financial COMMENT papers? Now we are supposed to listen as David tells us Coinbase COULD GO TO ZERO!!! Sweet grilled Cheezus the FT loves to say could go to zero. Anyone wanna BET on that?? David has discovered attention for crypto hate and he WANTS MORE. & the FT gives it to him. SCRAPE SCRAPE SCRAPE the bottom of that barrel, pals. Coinbase is earning three billion a year and paying half of that out in stock to employees. New Constructs total revenue is ~3mm with 25 staffers. Who's going to zero!!
A last kick at privacy & we're done. Ya, Vitalek uses Tornado for the Ukraine, but MOST of the T-cash comes from "illicit" sources. Does that include baddies who want to give to Canadian truckers?? And every single one of those hundred million Iranians, regardless of, ??
OK that's it, all caught up. There was a GREAT review of "Nope." We agree, a great film tho it went "Priscilla of the Desert" shark jumping for a bit. But that's OK. Peace,