Cipher likers we love you!!! Thanks for being here shaping the future on the transcendent Publish0x!! 

Rough riding in crypto humor these days, boots n saddles, more like helmets & wrist guards really ar ar ar !! 

Here we ARE changing the crypto fabric of the FT one red click at at TIME Watch Army!!! We missed 777 and 787 but caught  797!!!  that's yall, thanking you!!! TLDR:  oh man, the 797 was never produced, it was only supposed to replace the 767 and instead they revamped the 737 MAX.  Ah well!!  A concept plane!! 

Today's pink lady!  Wait wait reading music please TLDL:  detector!!! 

OK we ride!  All the recent bad news crypto bashing makes print, we stand by our push backs.   The story about fraud is all about crypto only, hey, the UK just said they busted the biggest scam EVER this week - Ispoof.  Not crypto, bank scams from trusted phone numbers. 

Blockfi going down remains funny once you realize it was all down to Kyle, ar ar ar.  Also funny - mabye BlockFi had TOO MANY backers.  Looks like Silbert is TRYING to keep Genesis alive.   

The story about Gongresswoman Cynthia wanting to pass MORE laws makes print.  Laws that will STILL have NO STANDING and no effect on any situation like Sammy's.  And the inside baseball auditors calls for more money for auditors makes print. 

Oh wait this is new!!! what a shock - regs call for regulation!!! TLDR:  Wake us up when there's news.  Regulator Liz calls for regulation, as did congresswoman Cynthia.  Rinse & repeat until we are brainwashed. 

Coinbase could never legally do what FTX did.   Yet these regulators call for MORE regs, knowing perfectly well the island regulators don't really return their phone calls.  Ever. 

The REAL story:  LIz & Cynthia are doing Kabuki theater, their every move a meaningless existentialist dead-end.   There will ALWAYS be regulatory havens, crypto makes this just clearer than ever.   NO new laws are needed to make it illegal for Sammy to steal client funds, it's just that he's like Jon Corzine, too political to ever go to JAIL, that's for little people.  

Online!! LOADS of fun!!! TLDR:  it's funny, first we heard Sammy shielded the shell company that held the HOOD stock from bankruptcy filings!!  Cuz he was gonna steal the whole stack, but the custodians stopped him!!! Now we hear that the stack was already sworn to another despite Sammy trying to sell it till the last second, ah ha ha ha!!!  

Join us for a belly laugh with the bankruptcy lawyers, it's ALL THEIRS NOW!!! Yes, the same idiots who got paid to ok accepting Sammy's money will now get paid to do the same thing all over again.   We are sure the execs and lawyers paying each other with clients' funds will have a stern performance review with each other.  YEA RIGHT AH AH HA HA HA HA!!! 

The REAL story:  it's really funny, dear readers know it!!   Blockfi agreed with us laughing at Sammy taking the collateral, leaving the credit and running!!   Now BlockFi hates the custodians too!!   The fund was called Emergent Fidelity Tech, isn't that SWEEET!!! 

Unhedged comes in, thinking about Defi and CEXs. TLDR:  Rehash, but ya gotta admit it is true, - the three largest CEX lending services have bit the radish, they have ceased to BE!!!

CEXs promised crazy yields, then had to do crazy chit to cover those yields.     Doing crazy chit means yer maybe  illiquid and exposed when the winter hits.  Bailout or bankruptcy!!! 

Defi, on the other hand, keeps chuggin along. Yields going up.  Defi don't hold funds, just match them up with others.  Vivek Ramaswamy, another nutter activist investor, weighs in.   Defi is by definition fully auditable/ audited. Code is law, there is no trust.  Why trust an FTX when ya don't NEED to??? 

Dex's are not quite there yet, rehash dear readers remember  Nik from JPmorgan whinging / spinning about that. 

Here we now see the $#($&*#!!  BIS dump some agitprop.   There's a link below, but trust us, it's like bad pop music, you know what's coming next!! The BIS says Defi has a decentralization illusion.    There IS control to make operational decisions!  And, the old chestnut, governance structures tend to give power to whales.   Futher, Defi is risky, with leverage, and the lack of "shock absorbers."

Blah blah blah, crypto does little legitimate. Hopefully noone will ever need to know the diff between Defi and Cexs !  oh ho ho ho. 

The REAL story:  Vivek is right, DEX's time is coming FAST!!!   The BIS story was born old.  Defi is plenty defi,  Tornado cash is still working!!! Here lookit the two week print of TORN a ha ha ha !! The BIS is fulla chit.  AAVE has what, twenty five billion locked right now!!  SO tired of the GOVERNANCE IS CENTRALIZED bull chit.  Not if enough people don't WANT it to be?? Is BTC governance centralized?? Bite a big stack of FUs, FT.  We say five but judges will only give three.  

And that old tired talking point lie, "shock absorbers."  Oh, don't you mean "guardrails?"  Whatever the poorly masked grab for moar power looks thin.  Unlike Augustinit's funny, bank regulation just took the shock absorbers out of the banks' legal Tbill holdings.  Make up yer mind, regs!!

NEXT !! let's take our lumps from the mighty LEX.  Or, not so much ar ar ar !!! TLDR: BlockFi was exposed to FTX.  Blockfi says they can reorg and pop back open.  Not likely, talk to the flying lawyers.  Plus crypto is so weak it can't support a Blockfi reorg. 

Rehash 3AC, Voyager, Celsius, FTX, now blockfi.  Others must be teetering, and noone can IMAGINE the crypto ecosystem is sustainable in current form!!  

The REAL story:  Blockfi was only exposed to FTX because evil flying monkey bankruptcy lawyers did absolutely BUTKIS for due diligence!! Tho we are SURE they were well paid for their oh so professional opinions to take money from FTX.  BlockFi was exposed to Kyle and SU.  Just like Voyager, Celsius, and actually FTX too.  This is still an old story from 3AC.

Go ahead and say it, the FT is hoping Genesis and even DCG and Coinbase and Grayscale are all cracking up!

But even if they all fail, the crypto ecosystem is still alive and well, in fact healthier.   The largest exchange by far is just peachy, with plenty of competition.  Nexo is now the biggest lender left, except for DeFi.   Attacks are underway, but Nexo says they mostly earn by lending on secured deposits, we will see but even if THEY crash, the DEXs will just kick up & in.   Of COURSE crypto will continue to evolve, that's a GOOD thing!! 

One last story:  TLDR:  the UK orders six non-uk exchanges to give up customer details to the long arm of the law.  2 million was stolen from a seventh exchange who shall remain unnamed, along with two more, as if the hackers did not know. 

Noone responded to the FT.  

 why not!! Maybe the thieves do NOT know the law is still after them, if they used places like Coinbase and Kraken to launder funds.  This only is a story as it makes crypto look bad. Remember  Ispoof stole way over 10X this amount - but THAT stories not in the FT cause it isn't anti-crypto.  

We love y'all, gotta hit the sack!! Sleep well when you do, we need you.  Thanks for being here! 

Peace, 

Love, 

Dave 

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