FT Crypto watch July 18th


Crypto people, we love you.  Y'all make the world a better place with every breath.  The blockchain love we all spread around the omniscient, ever-vigilant crowdsourced Publish0x is a rising tide for all boats that want to take the crypto  journey to the promised land.    Thank all y'all so much for joining in every day.  It will all mean more than any of us know at this time. 195559abaf7dbf0766234de3d5223865e497aad6e29d44081c248ef625cc6837.png

We just read on the everloving 0x that now blockchain can help fix charities!  Smart contracts mean money given can't be taken until an oracle agrees milestones were hit!  As opposed to  charities that decide to give loads of funds to salaries, or good old fashioned cash skimming.    Love it, that's a bright light for the future!  One we do not expect to see in the FT. 

Anger management sez turn the other cheek to the FT.  LIke Wee Radge Joe, we gotta let it go.   FT, next time y'all beat us over the head with the Terra Ponzi,  plz don't say Terra USD lost 40  Billion - it only hit 18 ever.  And please say fully centralized algo stablecoin, but we will try to ignore that crucial, definitive description.  Act like ya know - ya can say that LUNA 1.0, aka LUNC, and TerraUSD, aka UST, together created and DESTROYED over fifty billion! in total market cap.   There, there's some love, FT.  Which we bet will warm the cockles of y'alls Latin loving /crypto dissing hearts.   

Our name is legion, and we are  rageaholics for crypto love!!!  Can't help ourselves!  But we must,  also promise to give up hope of an FT correction for the Vauld  40% interest lie.  OK FT if y'all wanna  cheeze out behind the  "up to" clause.  The FT offers crypto news "up to" normal standards of decency!! LET IT GO.... 

But we are holding firm, thanks to Bloomberg, WSJ, WaPo, NBC, Coindesk etc etc ad nauseam.   We mark the 14th day of the FT Nexo Vauld news blackout.  Principles ya know.   Free the crypto lending good news for Darshan,  Sanju!! and their clients!!!! 

so, MONDAY!! Yow, the FT left a big hole where the crypto prices go, again,  on the front page.  a95d9994c6f72b977c691485a8545380fbba98800e300615d23c956b70a9a2de.png OK,  deep breath, strive to never attribute to malevolence what is probably simple incompetence!!!  But it's hard. It does look like it's a Monday thing.  WHY THATS A DELIBERATE SLUR ON BTC & ETH WHICH TRADE 24/7/365 !!    Easy, easy. 

Those $(&$(#*@&$!! just didn't want to print ETH jumping up around 50% in the last five days!!!!!  Oopsie, in w/ the good air, out with the bad air, somatic, that's the key... don't let the FT rile up the vagus nerve into fight or flight... let it GO!! 

Front page crypto news not mentioning crypto - London tries to save the City with  post Brexit "big bang" deregulations.  Not a mention of alpha generating, City saving  mutualcoins that the FT taught us about, tho.  BUT THAT'S OK TOO!!!  We STILL love ya, FT! 

Inflation inflation everywhere, and not a drop of hard (bitcoin) money to drink.   PM candidates blaming the UK Fed for losing it on inflation.  Hungary is going for 15 billion euros of EU brrrrrrrt moneyprinting.   Fed banks joining in a "feeding frenzy" to raise rates, because "soaring" inflation.  Sri Lanka already owes the IMF ~50 billion, maybe  just a lil more would really help the PEOPLE this time.   Maybe even get to some of them. 

China is raising money to pump GDP through local gummint funding vehicles, or LGFVsfe2cd004b4092e2348331c72b32a7c0ca4093517f9100db257bf5fe0d48a89e0.png Analyst Andrew of Orient Capital Research in HK calls it " the last gasp of a desperate economy trying to paper together growth".   LOL chestnut #5 - quit holding back Andrew, tell us how ya really feel !! "  Pretty sure we have heard this before somewhere, sometime, if ya hum a few bars we bet we can fake it along with ye Andy baby. 

Columbia's new pres, the "most leftwing in history"  is fiddling with tax rates as he faces the people's capital flight.  His new finance minister, a retread from the 90's, is feeling good.   This time  the gummint will be responsible.  We will NOT get mad this time, but oddly not in the FT story, same old same old.  Bloomberg put Columbia's inflation rate at a 21 year high. Bitcoin is all over Columbia, 6% of adults own crypto, second highest in Latam, some of the highest peer to peer BTC trading in the world, new exchanges like Bitso  launching in. b5a3e0386178280df2ed7d43ab1903f3ab0c72efa83234acdf832c2340099838.png

Not for nothing, but Wiki has the Colombian cartels in 1996 controlling ~80% of the drug trade in Latam AND the same in the USA, raking  ~12 billion per year ( in today's money) profits.  So probably Jose DID have a good time then and will again!! 

Onwards, intrepid cryptoteers!!  let's see: Food inflation > fuel inflation, growth outlooks tanking....

An article that mentions Crypto!  The quota for positive FT crypto articles musta been filled yesterday, though. 

TLDR,  "Deepening crypto crash and the ruin of global investors "  at one of the industries most important conferences in Tokyo.   More than 1,600 attendees.   But enough of that, there is a spiraling regulatory crisis!!!!  

A bunch of unnamed sources "interviewed" by the FT rain doom.  One nameless, but oh so important source, who rules gummint AND industry says everyone said self regulation would not work, and now it doesn't.   The Japan Virtual Currency Exchange Association, the body for self regulation, is "in the grip of a crisis that threatens its entire purpose."   The Japanese Financial Services  Association is complaining.  In a stunning (for Japan) act of defiance, the JVCEA has unionized!! 

Japan used to lead the world in Crypto with Mt. Gox in 2014 before THAT cheezy  baseball card trading system retread imploded.

In 2017 Japan was the first to recognize crypto, and the FSA tried to set up the JVCEA to help.  Now the FSA wants to progress AML, and gives "extremely stern warnings" to the JVCEA. The JVCEA is supposed to be composed of go-getters on secondment from the 32 licensed exchanges, but in reality it is filled with retirees from banks, brokerages and gummint.  The JVCEA isn't doing chit, directors & secretariat offices, and members won't communicate with each other.   

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TBF one guy Masao puts his name on a quote, and one thing is happening, it takes a YEAR to approve a new coin!!   The pres of big dog CoinCheck is the chair of JVCEA.  Slowing the process greatly helps incumbent exchange leaders, like, umm, CoinCheck.  Denials all round, they are working very hard, Japanese yes. 

The Real story:  OK, we know we are gajin, and the Japs can't curse, so we will help them.   First off, WTF is this important conference?  Maybe the blockchain and IoT conference?? In any case who gives a chit, if they only had 1,600 attendees then they could not fill a single large party at the Bitcoin events in say, Miami or the Netherlands, pulling 20,000 or 35,000 people.  How the eff is that "most important?" 

Next, FU FT for the "deepening crypto crash and the ruin of global investors."  A ten year old can look at CoinGecko and see BTC and ETH hitting their recent lows a MONTH ago.  STFU, things are on the rebound, as was clear by last week.  Yeah, we know, FT spreads crypto FUD as a default to win drinking expense account money. 

After that, five gets ya ten the first nameless source is DROOLING to swing the banhammer, just like he always wanted to.  Who cares what he thinks?  Go ahead, ban bitcoin little big guy, let us know if it works as well as it did NOT in China. 

Yeah yeah yeah,  the FSA wants to move on AML.  But do they really?  Dear readers know the US Gummit spooks were recently pressuring the FSA to shut down Irkutsk mining and exchanges. Smells like a smokescreen to us!  Oh look, the FSA tried so hard, so sorry,  nothing more anyone can do.  

It's biz as usual at the JVCEA, it's been that way for, well, forever!! OK, fire them all.  Whoops, can't do that ha ha !! Japanese giving a Japanese yes to Japanese.  Where's the crisis?  WILL ANOTHER STERNLY WORDED MEMO BE SENT!!???? lol.  Tokyo is filled with zombie companies stuffed with salarymen doing diddly squat.  The JVCEA just had no specific corporate umbrella to shield them, so they unionized!  Dollars for non-production of crypto regulation!  It's very funny, but zoom out, tempest in a teapot. 

The Japanese light touch experiment has NOT failed at ALL!!   it is proceeding just as planned!!  We love it, and the Japanese love crypto!!

Just like smart contracts yanking BACK a heart before it is broken, sometimes NOT doing something is, really, doing something right.  Nothing good is easy.  Except loving y'all, and even that takes more than we know we have so far to DO IT RIGHT!!!

Peace, love, and light touch crypto regulation for prosperous nations, 

Dave

 

PS BONUS FUNNY!!  If the FT was really doing an honest article on the most important crypto event in Japan, WHERE THEY REFERENCED Mt. GOX,  guess what?  they would have included the au currant story that Mt. Gox is finally settling.  H-ll, they would have been GLOATING to say that over 100,000 BTC were gonna hit the market and maybe CRASH IT ALL!!   Which is not really true, payouts will be staged and some paid in cash.  Nevertheless, sorry but judges now insist on giving the SUPER nothingburger of an article a stinky 2 out of 5 FUs.  

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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