Sirwin
Sirwin

FT crypto watch March 13


Cryptonauts we love you!! And the awesome pub0x where we gather, & crypto funnies!!  Thanks for another (rare) $1+ article yesterday!!

Yet for some reason, we love whinging about the biased crypto coverage in the tradfi Pravda, the pink lady!! 

Today's anti-crypto narrative - wait, we need reading music.  Well, here's to bitcoin ripping up & over 24K!!! TLDL, it's a southeastern Michigan thing, nobody understands it, that's OK. 

OK! Today it's all about SVB!!! 3c9b62262a4df7df24d465334d1a0e20e6b2eebc567d95f8b00d5444e39372e5.pngTLDR: Janet sez "no bailout!!"  Rishi sez "no systemic risk".   

The REAL story:   Dear readers know what Janet & Rishi's quotes mean - 1) there WILL be a TOTAL bailout, on both sides of the puddle, and 2) We got MASSIVE systemic risk!!! Yessir!!  plus, the funny part: AH HA HA HA HA!!  Janet's gonna bail out a crypto bank!  After saying "that's not gonna happen" (not in the FT.) fa32eacd4a3c5c634f8dffe1d4bf7cef7488311f16ed1c8cceec0c33fb990307.png

Even funnier, the FT were CHEERLEADERS for the death of Silvergate, article after article.  But ya know what we are NOT going to read here??   Silvergate went out the way they came in, costing the taxpayers exactly ZERO.  Not a PENNY in bailouts!!!  SVB, the home of all the ESG orgs & pop stars like Oprah?? THAT"s gonna cost joe sixpack out the WAZOO!!!  Ah ha ha HA HA HA!!

In other coverage, the consensus is that SVB tried to get an extra 0.5% of interest, and in doing so crashed the entire bank.  The REAL story: the Merican gummint said things like "no serious economist" thinks inflation is a danger ah HA HA HA HA!! 

Circle having 3.3 billy trapped and breaking the peg makes dead trees.  It's notable, because of the constant, stunning, BLATANT spinning!! 740303970ec0df5c9fd077c2d93d256dda033ccb8d5a4f19fd94f2e06fbaf026.pngTLDR: Circle "lost" the peg, and doesn't know where to find it!  ar ar ar!!  It's a temporary pause.  Really it's just a further blow to the crypto market  !!!  There's even a $##($*$# irrelevant quote from ($(&$#!! Chas Cooper of NON blockchain firm R3.  Cryptos are under pressure!! The viability of crypto intersecting with tradfi is in question!!   The spin machine repeats Circle brass saying "it's a black swan!!" 

The REAL story:  This is HILARIOUS!!! Let's unpack!!

Dear readers know the black swan label is a joke - an average of two fractional banks a year have failed since 2000!! SVB was not even required to go thru "stress tests."  

It's funny, Chas uses his "briefly head of staff for the CFTC" title.  Chas, FT, that was back in 2005, that's almost 20 years ago!! Let it GO!!!  Crypto is not under pressure - the US system of fractional BANKING is under pressure!! 77c38809c42ccdf5ff349a5e4ce9dbe896eeddc6a83ec5066e1871a33d269cc3.png QUIT LYING CHAS!!! ar ar ar !!! 

Funnier still!!  Blow to the crypto markets??? BTC just jumped up 20%!! Ah HA HA HA!!

But the REAL funnies?? Member Tether USDT sagged to 98 cents for about half an hour last year on some cheezy euro exchanges, touched 95 cents for about two minutes.   

Yet then the FT  went into an orgy of attacking Tether!!!  Check the difference!! Back then, Tether "SNAPPED" the peg!! The entire industry was SHAKEN!  Tether FAILED!!  Tether was "rotten!" The FT quoted the ECB - no guarantee that Tether could be redeemed at par!!  The FT quoted Letia - it's ALL A LIE!!" FTAV called it a "freakout! " Tether was "withering!!"  an illusion!! c91192f1d5faec4025ea34345879154a10a043284fffe455cb365e38cbf0ae87.png

AH HA HA HA!! Yeah, an illusion that was able to pony up 15 billion in cash redemptions, never pausing once.  When Binance announces a couple of hours down for maintenance, to the FT that's a HALT!!  

But here, for beloved regulatory favorites, it's just a "temporary pause."  USDC didn't snap/fail/lie, just "lost"  for a moment!! ar ar ar R00OOOOO yer bias is showing as usual FT!!! 

Not in the FT - ZOOM OUT for the BIG GIANT funnies!! This eff up by the Fed is not just a one-off.   It's part of an unending SERIES of eff-ups coming down the pike!!  The Fed has borrowed SO much money and given it to ALL their buds for SO long OF COURSE trouble is coming!!  & every bailout just makes it all worse!! EXCEPT FOR BITCOIN AH HA HA HA HA HA!!! 

Not your keys, not your bitcoin - maybe, maybe not, depends on who the custodian is.  96dd7f6d0bda202ca65be99e5934006f67221c49b3e5409055bcfbcfd352f976.png

But money in the BANK!!?? THAT's not YOURS!!! It belongs to the gummint, and they might just print up a WHOLE #$(&$#(* MORE before they decide to give you back some of yours!!!  Which will be worth a lot less by then!!  Every time everyone looks at the central banks, BTC looks freaking GRREEEEEAT!!!! 

Ar ar ar ar ar !!! 

We love y'all !! Gotta be up before dawn tomorrow, time to hit the hay!! Take care of yourselves and each other!!! 

Peace out, 

love

Dave

Please refer a pal!! Thanks!! 

 

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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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