Cryptonauts, we LOVE YOU!! Thanks for being here saving the world with crypto despite the odds!! & thanks to the infinite horizon of the Pub0x for helping us do so!!
The algo has spoken, & y'all want more funnies, more analysis, and less wallowing in the agony of the tradfi anti-crypto narrative!! But dear readers know we are both not that smart and $#($#$(& stubborn, so here we are with today's love letter to y'all and crypto, and the funnies in the form of humor vs. tradfi!!!
Reading music in that vein. Don't ya want crypto, FT?? Don't y'all want our counterpoint Pub0xers?? TLDL: we guess it's something we just must do!!! ar ar ar
What do we see in tradfi POV crypto today??
In dead trees we got tradfi corruption funnies in SIZE!!! the Lord Sir Barclay, embodiment of all that is British top of the heap, was ordered to pay 100,000,000, plus legal costs, to the Lady Barclay in a divorce settlement back in 2021. Thus far, the Lord has paid exactly zero, and can't find any change in his pants pocket NOW either, winning a fresh delay.
The requisite fiat war machine cheerleading, with articles, letters and bromace pics of Rishi & Moldovor. Tanks AND jets & EVERYTHING is coming!! Even though it will take years to deliver and train even experts on how to USE & maintain them !!! Yee haw, TLDR: is it WWIII yet?
Even funnier Tradfi corruption: the CEO of Wirecard, in a trial expected to last until 2024 AT LEAST, lost 1.9 BILLION in cash, plus HALF the companies revenue. Now he says he don't know nuthin about ANY of that!! ar ar ar AR AR HA HA HA HA!!!
Online, ooh the FT is SO HAPPY!!! The SEC reghammered BUSD!!! TLDR: Lookit THEM nasty tradfi subliminals!!! Blood red bitcoin CHECK!!! dark, evil looking keyboard CHECK!!! Binance logo tilted down like a suicide note CHECK!!! And of course, since Binance WANTS a black background to complete the black n yellow meme, the FT gives them a dark blue one instead out of PURE SPITE!!!!
BUSD is running at 16 billion market cap as the third largest stablecoin. 40% of trading on Binance is BUSD. A Binance statement on BUSD said market cap will only go down.
BUSD was never issued nor redeemed by Binance, rather by Paxos. A UK flying monkey lawyer from Addleshaw says US regs are cracking down at the expense of digital assets. Ilan from Marex says Binance is signaling they want out of the US, and US regs are pushing them out.
Paxos says all BUSD is fully backed 1:1 with USD dominated reserves, and will be serviced for at least a year.
The FT repeats the copypasta lie that Binance faced scrutiny from regulators including the Netherlands. In reality, Binance settled all issues with the Dutch, and as of this month, finder.com and datawallet.com list Binance as the or among the best of 25 exchanges running in the Netherlands.
A final, nasty twist of subliminals hit job??? the FT repeats the copypasta that Binance was a counterparty with Bizlato. The Treasury report explicitly said that Binance and another counterparty were just regular exchanges, while three other Bizlato counterparties WERE rotten. All that is old copypasta. But this time around, the FT would NOT say "BINANCE" said they were committed to working with law enforcement. Instead, the FT says "The group" said they were committed. The last "group" mentioned in the previous, overly long sentence was Bizlato, a chitty little bit of spin and conflation indeed. In some small way, evil was done yet again by the FT against humanity.
The REAL story: The 40% volume is BUSD is a total red herring, a misleading stat, as the #$($*&$#(* FT full well knows. No one is trading BUSD, everyone just uses it to buy something else.
TBF, we did hear that Binance was playing some sausage games with BUSD, adding Tron backed dollar based securities until the peg shifted a tiny bit, then adding higher quality securities until it came back.
This whole story is another fart in the wind anyway. US citizens have been banned from using Binance since 2019, and even non us citizens were banned in many states. This whole brouhaha is about the shell company formed to service non US citizens in the USA. It's nuts to say Binance does not WANT to be in the US, but accurate to say they are getting pushed out.
The FUNNY part: last July, USDC Circle was kicking ass, running around 56 bil in market cap, big #2 behind Tether. Then, unasked, USDC self censored, swiping a lousy 10-20mm from anyone who had ever looked at someone using Tornado cash. Then USDC market cap tanked while BUSD went up 20% and USDT stayed stable. Now, everyone is running from BUSD to USDT, NOT to USDC. In the last 30 days, USDT is up almost three billion, while USDC is DOWN about three billion. Even worse in percentage terms ar ar ar ar!!
The real way to see this power move is the SEC is front running the MiCA rules coming up, the part that says locals only stablecoins!! Don't expect the SEC to say #$(#$& about Bobby Diamond's USDC. Even funnier, there ARE no local stablecoins in the UK, nor will the FCA allow any to start up anytime soon. So we reckon the FCA plan will be to slide into Britcoin the CBDC instead around when MiCA kicks in in 2024.
OK cypherfans, we love ya!! Thanks for humoring us!!! We must sleep, have a great night whenever y'all turn in!!! Take awesome care of you & yours, it's very important, future generations are counting on us!!!
PS follow us on Twitter @davidsawyer!! We will follow you!!!
please refer a friend!!
ambassador link: https://www.publish0x.com?a=WZdPKv2bKg
Ah, the heartbreak of lost love!!!
… Don't. Don't you want me?
You know I can't believe it when I hear that you won't see me
Don't. Don't you want me?
You know I don't believe you when you say that you don't need me
ar ar ar !! love