FT crypto watch aug 26th

FT crypto watch aug 26th


People who love crypto we love you!! Even if y'all just like it a lot, we still love you.  Thanks for your help being here, improving the fabric of FT crypto coverage one post at a time, baby!!!   Sorry not sorry we clashed with Alphaville.  Wish we could agree with the  big guns.  Sorry to be LATE!! The 0x wouldna upload for a while last night! e2014aa621308c5ea7218d93b1751a265fb31c42f7bffd5bab20631a40da5042.png Support was on it at 4 am, fixed and notified by 6:30!! And we didn't even have to open a trouble ticket, feeling the love there Publish0x support, bless you people.  

Today's FT feast!  Crypto that won't say crypto - the weak euro will cause EXTRA inflation!!  Cancelling student debt IS inflationary!!  China is dumping $44 billion into stimulus. 

Hedge funds are shorting the CHIT outta the Italian ten year !! EU winding down quant easing is whacking vulnerable Italian debt.   CQS is making bank on the trade. The spread to bunds has almost doubled this year.  When will Christine whip out her magic (inflationary)  checkbook!!??! 

Central Bank Inside Baseball week continues with live coverage from Jackson Hole. 20f8798d60d9f05ba64a3b94c0985d878b83910da74860b74f27f57bac07ba34.png An op-ed tells Powell to say he will control inflation, then do it. Central bank letters!! Paul from Switzerland sez all the central banks should prepare for a huge coming global financial crisis! 

Martin from the UK reminds us central bank independence was given because no one trusted politicians to do the right thing.  What now that we don't trust the fed banks either!!?? 

Desmond from wash dc says the Ft went WAY too easy on the US fed.  The Fed which boosted the broad money supply by 40% in two years, then kept pumping with free money AND quant easing, including snapping up mortgages even while the market was on FIRE!! Now they will overreact the other way.   Speech speech Des baby!!! 

Don't forget Des!!  IT'S HILARIOUS oh wait it's kinda sinister.  The gummint QUIT reporting information on how fast the money supply (M1, M2, M3 etc) is growing, Des!!  A really scary link to seekingalpha below.  M1 is cash, M2 is slightly less liquid.  M1 has increased by 450% in one year WHAT!???!??  Right before the gummint quit reporting it, and then said it won't cause inflation to have M1 go up 500% in a year WAH WHA HA HA HA ha ha ha oh man that's not actually funny, just ludicrous. 

Prof Costas from U. of Liverpool says it takes two years for interest rate hikes to hit inflation.  Moving rates to keep inlation stable would screw up the economy too much.  Huh.  Did he say stop the fed? 

Ah, the FT is so lovely compared to say the WSJ.  One reason - the FT has a GLOBAL view.  Myanmar's junta is going nuts grabbing ex diplomats. Greek politicians are wiretapping each other. Ethiopia's civil war is back on.  The EX PM of Oz did a "me-shuffle," lol,  appointing himself as minister of everything, five titles.  US and Iran forces are shooting each other in the proxy war in Syria.  The (cocaine) drug war was won, by the narcos, throughout Latin America except for Belize and El Salvador, lol yay sleepy Belize.  Call us on the shell phone!!  Germany is too cheap with the stimulus.  It's amazing, thanks for trying to open our Yank eyes, we have no geography. 

CRYPTO in the FT, we get one taste in print: 27e49f186f586ad5d425e80f1d34acdc73f91457030ea05caa8dc80fd69a6e2b.pngTLDR:   Spacs have tanken 90% this year, crypto number go down, but Bitcoin Depot just valued at $755 million in spanking SPAC money.  That's 150 times earnings from a shakey value prop. 

US Reghammers have stopped SPAC targets from publishing insanely positive earnings projections.  BD says volumes are up, despite crash.  The ATMs take a 20% commish, plus 3$ charge, plus the FBI is giving stinkeye to btc atm scams. 

Spac deals are breaking up.  It's an awkward time for a deal like this. 

The REAL story: The mighty mighty Lex looks down from  a great height.    BTW, the flack on Lex is all "most influential, smartest, best connected yet secretive"  lovefest ever.  Today Lex sorta earns it, spotting a funny trifecta bad deal in the marketplace.  

Blank check SPACs are another blazing neon sign spelling out problems from free money, endrunning the SEC to do stupid chit without saying what.  Crypto is here to stay, but a 12 year old with a phone can do better than a 20% ++ bad spread, so it's hard to believe in the BTC ATM biz model.   Our experiences with BTC ATMs consist of noticing they didn't last and not using them as the spread was so horrible.  We see why Lex sayeth it all stinketh. 

We are both wrongo though.  It turns out Bitcoin Depot is telling the truth, volumes are up.  We thought that all ATMs had to do KYC, but the real trend is up to $250 at Bitcoin Depot for example goes into the blockchain free of KYC.  Cash job, no bank account?  Got one now, works to send bucks back overseas too.  Thanks to the 0x for asking, we think this is the real biz model.  Some BTC ATMs allow cash withdrawal up to 10K!!??! TAKE THAT, little no-cash britain. 

No FU's tho which is noice!! Tanks Lex! Nice try, but think we are both wrong on this one -  it's the rule of the market, time will tell. 8602788ef66796c21acea9571b7a469e61f2b47532c5336d09dc813a973867a4.pngHeeeeeere's Barandon !  He teaches on security. Hey maybe he won't be hacked.  Thousands of machines nationwide.   Plentie of hundies, yuppie food coupons to GO!! 

No hating on Brandon this week, go cat go. LMAO We are totally missing the point - a wildly positive story for BTC, Bitcoin Depot AND SPACs wahooo evolution.  Hope it stays nice for this thought, !!! lol

Gotta bounce

peace

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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