Crypto people we love you!
The print version of the FT maintains radio silence on crypto today, the total cold shoulder. Stories about school heads banning corduroy make dead trees, but not crypto, other than (even on Monday mighty Watch Army!!!) Bitcoin prints over 24K on the front page.
Online, we get some action. Is it about FTX?? then the eds love it!! TLDR: Here the FT celebrates the final fall of the Galois hedge fund. Dear readers remember Galois called the crash of Luna, then had all of their funds on FTX and got half out before Sammy closed the doors. Kevin Zhou is now giving up, and selling his ownership of the trapped funds for 16 cents on the dollar, expecting bankruptcy to take ten years to pay out. The FT says Galois was one of the largest quant crypto funds at 200 mm AuM, and that FTX was considered "one of the most reputable trading platforms" in a lightly regulated industry.
The REAL story: This is about the fourth time around for this story in the FT. Let's rebuke the anti-crypto lies & spin. First, a hedge fund by definition should never have all its eggs in one basket, that ain't hedged. Really, though, 200mm is a small hedge fund, at that size and below they get piffed all the time.
Calling Galois one of the largest quant crypto funds is close to a lie. Only around 20% of all crypto funds call themselves quant focused, link below to a PWC report from last year. More than 50% of crypto hedge funds call themselves themselves market neutral, including all the big boys & girls like DCG. This is cause it sounds more professional, even when they have ARMIES of quant traders beavering away. Brevan Howard raised over a billion to invest in crypto just a few months ago.
Saying that FTX was considered one of the most reputable trading platforms is a blatant, stinking lie, and the FT $##$(&#)* knows it. Some one is trying to make themselves & pals feel better for getting fooled by Sammy's schmoozing!!!
Coinbase would be reputable, along with Kraken, Binance, & many others WAY above FTX. FTX was well known for fluffing volume with bots trading against each other (just like Gemini) and even MORE well known for running pump & dump schemes for insiders, even reimbursing them in many shady situations when things went wrong as part of the reindeer games. And calling a Bahamas regulatory haven firm "most reputable" is a massive lie!!! Try a crypto exchange with an HQ in Merica or really ANYWHERE else. Judges agree, two out of five FU's for this hatchet job rehash.
Buried at the very end of the article, Kevin bows out saying "I, even now, remain hopeful for crypto's long term future." For this type of thinking, FT Alphaville jumps down Kevin's throat. Once again, AV reprints every crypto company going down last year, adding Galois to the list TLDR: This joke is beyond old. As is the "news" there. Alphaville, BTC is bumping up against 25K, total crypto market cap at 1.1 EIGHT trilion!! & all y'all can see is a tiny hedge fund that went down last year?? Check the numbers - a tradfi nickel trader got ripped for 600 million on one trade of bogus metal. Galois had 200 million MAX all in ??? WHO CARES???
very late breaking reading music for crypto & love fer all y'all yes, Bowling for Soup covering the Eagles. Hey the Eagles started as a cover band!!! TLDR: Sing this victory song baby!!!
We love y'all cryptonauts, keep yerselves alive!! It's a marathon not a sprint
PS thanks so much to every single one of y'all following us, please refer a friend!!
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when you look up in the sky
You can see the stars and still not see the light
(That's right) … And I'm already gone
And I'm feelin' strong
I will sing this victory song
Woo-hoo-hoo, my, my, woo-hoo-hoo … Well, I know it wasn't you who held me down
Heaven knows it wasn't you who set me free
So oftentimes it happens that we live our lives in chains
And we never even know we have the key!!!!!