Crypto people, we love you.  To us, y'all are like the perfect snack food - ya know, the one where they got the chemicals just right?  Thank you for helping us all climb higher here at the towering Publish0x.  Changing the fabric of crypto in the FT one click at a time, brothers and sisters, let us gather.  

Today's print!!!  MMmmmmmm it's the weekend!! Chess problem gives a mystery non-update on the latest championship intrigue! We had to look up Westphalian (basic total internal) sovereignty AND the Rawlsian veil of ignorance  (evaluate a social structure assuming you don't know which role YOU will get.) 

The unholy marriage of FTX and Skybridge makes dead trees.  It's funny, the PRINT people finally get the one-time-only pic of Sammy in a suit to testify to the US Gummint!!  Dear readers know this is an upgrade from the online -the Mooch doing Miami Vice!! Place yer bets ladies & gentlemen. "Despite the bear market!"  This time it's " the crash!! The Crash!!  Tokens down 70% from peak in autumn!!”    Judges say no retroactive FU's but we say in Autumn, crypto market cap was 2.9 trillion at the very peak.  Right now it's 1.1 trillion.  Maybe the FT has a different calculator than us poor folk, our free calc says that tokens are down 62%, which rounds to 60%, not 70% in the real universe.  

Ahh, let's stick with the funnies.  A Mooch is a measure of time, defined as the TEN days the Mooch lasted in the white house!!!!! 

Tradfi corruption?  Crypto that doesn't say crypto?  We know what this is.  Wait, WTF is this??? Energy producers run hedges in the power market.  New levels of insanity are hit as energy producers now need a trillion dollars from banks, gonna have to be state sponsored, to be able to meet margin calls to keep those hedges.  But wait, it's OK, the energy companies will get all that heavy coin right back when ALL THE LITTLE PEOPLE PAY & PAY !! and small biz trying to keep going. 

Zoom out for a minute, really WTF.  The energy market warps different countries different ways, but right now euroland uses 3,000 terrawatts a year.  Total power traded is 15,000 Tw / year, 70% of it is OTC but that still leaves exchanges, mostly the EEX in Leipzig, trading 50% more power than is used. 

We know this should make more sense to us than it does.  No it shouldn't, this is all nuts.  One more time: Joe's Electric has a hedge, if power prices go up, Joe has to meet margin call, so Joe is SHORT power.  We guess Joe can't terminate the contract.   It's still an epic mess.  Giant gas companies Uniper and VNG are already lining up for full bailouts.  

We know friends who say the DTCC commits securities fraud in not really settling when an epic short squeeze goes down.   Something is equally wrong somewhere here. Or else it should be!! 

Online, we get one weird taste, sort of, of crypto, from our blockchain bashers, Alphaville. 

This is a sprawling mess of an article.  Coming from US, THAT'S saying something!!   Barclay's put out a report on Esports.  Esports rev is gonna go way up, from crypto and gambling.  This puts the Ville in a tizzy, knickers in a full twist.

Crypto is pure evil!!??!   AV inexplicably says "sleep is the cousin of death" and sneaks in a Nas video!  We say NO, if we are in Nas videos, don't go with his sub-par NY state of mind ( not to be confused with JZ's.)   In THAT vein, do "I gave you power" (i'm a gun) but skip that too, go for If I ruled the world.  And even then maybe skip the first 35 seconds. 

Anyway, AV says sleep is good, then inexplicably says crypto is controversial, while linking to the boring story about Sing's biggest bank DBS opening an exchange after watching clients flee to crypto.  Next a random link to Les Cousins Dangereux, who cares?   A full random link to every story in the FT that says NFT (why dear lord? We are losing the plot watching the FT lose the plot!!)  A link to a year old story where crypto is growing faster than crypto crime (??? so? )

The sloppiness gets excessive, the next link claims to be a snark about crypto wallets, instead is a link to that staple of the FT crypto haters, Web3is going great.   The article that comes up is about Algo losing <3% of their bucks on Hodlnaut.   That's not about crypto wallets.  If we search back, HEY !! Coinbase is suing treasury !! that's cool news!!  Calling free speech illegal violates the 1A and due process of the 5th amendment!!  Pretty sure THAT's not what AV meant to link to either, sorry - dunno, the first WALLET web3 article is about Poolin suspending payments from their wallet.  AV MIGHT be dumb enough to think THATs about wallets, but it is about pool miners, so we are at a loss WHAT this typo is SUPPOSED to mean!! 

We are getting bored here.  AV rants on down about how loot boxes are horrible.  Esports gambling is bad for the youths and all. Skin gambling, trading skins, is maybe a scam, often underage.

The REAL story:  DBS having a crypto exchange is NOT controversial.  Les Cousins Dangereux   has nothing to do with crypto.  Loot boxes have NOTHING to do with crypto.  Esports gambling has nothing to do with crypto.  Skin gambling barely has anything to do with crypto.   Gambling is a huge part of the EU way of life, it's kinda deadend disgusting, so many bookie shops.  Depending on what state yer from it is striking.    But  real the house has the odds gambling - THAT has nothing to do with crypto.    WTF is this mess??  Two FU's on general principle for the unfounded random crypto hate,  and for sloppy links. And non sequiturs.  Too much like us!! 

Peace, 

Love,

Dave