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FT crypto watch Sept 23

Cryptonauts, we love ya.  Keep on sailing over that event horizon to a better future for us all. free from our fiat printing kleptocrats. 

Crypto in today's FT!  The crypto news that dare not speak its name! 

Kwasi is doing a "shock treatment" on the UK   CLEAR!!!  The UK is also printing a half billion for a NHS funding. 

The Yen, the canary in the Modern Monetary Theory coalmine, is looking VERY sickly.  Japan sold dollars for the first time since 1998. 

The Bank of England is fighting with their Treasury, unable to agree on rates decisión.  THAT's funny, it mimics the general fundamental analytic incongruence !! Consumer confidence hits a 1974 low, man that's low.   

Turkey cuts rates ahead of an election despite 80% inflation.  What could go more wrong? 

The US Fed says gonna be a hard landing. 

OK, THIS is cool - Damien Hirst, an artist who comes and goes in favor, sometimes photorealistic.  a5f4160e5a5edacd42990b28de0828a982950047c0c2337d3adcbaf340a2efdf.pngDamien made 10,000 banknote shaped NFTs.  Buyers can keep the NFT or take the physical work.  When the NFT's are kept, the physical work will be burnt at the gallery!!  Plus we reckon if they keep the physical work, the NFT gets burnt in cyberspace. 

Crypto that says crypto!  Sammy's scuffle with the strange FCA attack on FTX AND  on phone numbers that have nothing to do with FTX. ae023884059d1a0b9497d2cbc9c970ba3d8838e8ea447639d4b1fee60e6da64f.pngTLDR: if possible, an even worse hair day for Sammy.  Reflecting overnight on the FCA so viciously attacking the phone numbers, and the FT backing them up, we are still struck by the rabid, frothing anti-crypto bias shown all around.   We reckon the UK ain't gonna give up their fiat anytime soon, no matter how bad it crashes.  Or rather, how bad THEY crash sterling !!! Why right now what their fed and their central bank are fighting for control of the ship's wheel!!  LMAO a DAO might be a BETTER IDEA AH HAH HA HA HA hah ha

erm.  Sorry.  Not sorry. 

That's about it for print crypto in the FT.  The real story is as always, online.  Hey it's FRIDAY!! we get the cryptofinance newsletter.  First up:  Jesse from Kraken resigns!!: e3f7a4a37f496a12ac0a1c09b29f7e0a953a00aeded38e64d71c48274432492f.pngTLDR: The crypto industry isn't as young as it's supporters would have you believe (sic.)   Rehash of layoffs.  Jesse steps down, plus Mikey Sailor, Mikey Moro from Genesis, and Sam Trabucco from Alameda.   Rehash Alex the machine of Celsius, and SuZhu and Kyle of broken arrows. 

Powell was an outspoken critic of "woke" politics.  The Kraken culture pledged cult-like allegiance to the Mission.  Jesse once said Kraken employees had first world problems - like if ya identify as a different race, can you then use the N-word??  

Trabucco bought a boat, plenty of jokes about was it Su Zhu's "wow plenty" yacht.  Not in the FT: e14e196d065ef1718d008a7234670a02785ff9fffa8c61051d74e269bb8ff650.png Mikey is still buying BTC. Moro kinda took the fall from lending 2.4 billion to Kyle, then 3AC collapsed after its brave bets on bitcoin turned south (sic.) 

Kraken is under investigation about Iran sanctions.  Jesse called Ofac's attack on Tornado Cash "unconstitutional." 

in tradfi, exciting CEO's are replaced by boring ones.  But Jesse is gonna keep talkin. 

Who is still leading on social media?? Sammy Fried, Coinbase Brian, and Lunatic Mikey Novogratz & Galaxy. 

The REAL story:  Not as young as supporters say?  FU, many crypto players love the history, crypto is an idea bound to happen.  E-cash started in 1990, FT.  

Dear readers know the FT can FO with criticism on kraken having a biz only political focus.  Citibank under Sandy Weil made us all sign letters to Congress to repeal Glass Stegal, the Chinese wall rule, that’s WAY more intrusive than anything Kraken did.  

Jesse was a lot of fun.  Reading just his RECENT quotes, he is flinging red pills like a crazed monkey, firing at Fauci rewriting history, upset over  porno for two year olds, and saying the big picture of ESG shows Bitcoin is a lot better than governments.  We really hope he DOES stick around, dragging that Overton window as hard as he can. 

The FT misses the traditional tech point - Pioneers who can run, build fast and change, are NOT the guys ya want running the place once things settle down.  TradFi hasn't had anything like that ever.  It is totally natural for Jesse to step on.  Jesse visited Mt Gox while they were going down and then started work on Kraken, talk about wearing a coonskin hat on the frontier!!! 

Jamie Dimon is famous for having execs step in for him while he does an emergency heart operation.  Write an article about how $#(*$&#@$(*#&!!! NUTS HE is to go back to work so hard.  What will he gain beyond what he has?? 

We don't care about Moro going down over the sloppy multi billion loan.  11ec2894339729460f7e47bc176aa97cc21d58b6e32c9f8e398bc2e5b0ccb6d2.png

We DO care about the FT lying about why 3AC went down.  Hint: it wasn't their brave bet on Bitcoin.    Cause they never made one!!!!     FU indeed for that lie, which was deliberate. 
Dear readers know that 3AC made three hilarious giant wrong bets.  Big #1 was LUNA/ Terra,  big #2 was staked ETH, and #3 was a regulatory arbitrage FAIL that Greyscale's fund would gain approval and move up.   Broken arrows  complicated the bets by leveraging them with EVERYONE they could, plus they actually ran the stETH through degen loops like on AAVE to lever EVEN MORE.  Don't pin that monkey biz on BTC, FT.   Two out of 5 FU's just for the BTC slur and the youth lie. 

Next item: Wintermute 160 million hack, but they have 320 million left and will keep going. 

 The FT just copypasta's the story from web3isgoing great.   Which is a shame, as dear readers know we love the funnies - and they are HERE baby!!  Not in the FT, two big funnies.  Wintermute are apparently total fumblebucks!!!   in July WM sent the WRONG ADDRESS to Optimism, who then sent 20 million OP to the wrong address.  Some intrepid hacker found out first and took all of them, then gave most  back. 

THIS NEW hack only happened because Wintermute used a vanity address, namely starting with 0x0000000.  Oh that's cute, like working in NYC in the 10001 zip code!!! Sort of.  Except vanity addresses may be generated by a tool named Profanity.  And the REAL head of security over at Poly, Mr. Gupta, plus smart folks at 1Inch, say Profanity generated wallets can be brute forced.  Slowmist, the security experts, confirm they think the Wintermute wallet WAS generated by Profanity.  Let us note that Profanity and Wintermute are lousy brand names, attracting bad news. 

Next, a rehash of the SEC case against Ian the influencer, who ran his own personal ICO and is going down, even as the SEC claims that PoS means they ARE the law in these parts.  The FT quotes commentators being worried about ETH's "censorship resistance" credentials.  The real story:  we read a LOT of ETH papers today.  We now firmly believe ETH's security and censorship resistance is NOT an issue.  Smarter people than ALL of us have thought a LOT about it. 

Next, Binance announces a new board with bigwig ex-reghammerers. CZ sez this is a "testament to our focus on compliance."  The FT links to their previously massively biased stories about Binance having trouble with regulators.  Our fav - dear readers know Binance paid the Netherlands chump change in a fine and became legit with the Dutch at that time.  Somehow the rabid crypto haters at the FT view that as an argument with a regulator.  Funny, it was a win

The Crypto Council for Innovation gives out an award, boring. 

Binance printed a warning against trading Terra 2.0.  The FT thinks this is very funny, just like eating Fugu fish.  FU, FT, heed the Japanese - those who eat Fugu fish are crazy, but those who do NOT eat Fugu fish are crazy too, and sad.   Elsewhere in the FT, most UK health problems come from poor diet, so STFU. 

Finally, Tether is under more pressure from NY courts, along with Bitfinex, to provide more backing docs.  On the up side, trading on the pair for USDT/BTC has almost tripled this quarter.  Great joy, the FT says USDT briefly lost their peg this year.  THAT's a CORRECTION compared to the usual FT lie that USDT "snapped" the peg.  Still a lie, tho.  USDT redeemed every red dollar ever asked for.  The price of USDT sagged on some exchanges ( who may have just been profiteering.) 

Overall, meh, but TBF thanks, we are hungry for ANY crypto in the FT.  Still, the neggy headlines - censorship woes for ETH and "interesting" warning for Binance, just bother us.  ETH is secure, more now than ever.    The Binance warning is totally normal. 

And 3AC did NOT go down from "brave bets on bitcoin."   And Wintermute is FUNNY!! 

AND, we love crypto people.  AND, we gotta pass out now. 




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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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