FT crypto watch Sept 7


Cryptokin, we love you!  Cryptonauts, we ARE your Huckleberry, baby!! We are so proud of you.  We just love you and are so happy with how far we've made it.  61776bf294698aabc44a31b1295d447898544074999b39147f0ae1110972e5f2.pngEven if the whole thing blows tomorrow, which it won't.  The much happier future thanks you for your help changing the crypto fabric of mankind.  Free the fiat oppressed!!  Imagine a world without inflation caused by fiat printing and misallocation. 

The salmon lady print baby!! Crypto news that won't mention crypto:  Liz is the new PM.  First act:  print 90 billion to cap energy costs.  Gilts and the pound are dive bombing!!  Boosting spending while the B of E is trying to dampen demand with rate hikes.  James at Citi sez fiscal and monetary policy pulling in opposite directions.  Fundamental incongruity in the analytical framework, gotta love it!!  Tell us more. 

Zambia just got another > billion of fresh IMF fiat printed up.  They still owe 17 billion, what a game!! 

Tradfi corruption watch: tax officials in 138 countries agree the big accounting firms help clients exploit loopholes. 

Great tribute to Kazou Inamori, the "god of management" !!43dfa7d41d6b15f5454c2e469392212d6e5ff21d053b252dc625f0a657df539b.png TLDR don't be greedy, be honest, do the right thing as a human being!!! 

AND that's it.  Not a drip, drop nor even a little humidity of crypto in today's FT print.  That ain't right!! f098d39a084ff68ba78a701b8350f9f60e8f76bf221345bc60ba9a3ab64c7b5d.png

Online maybe?? 

There's a podcast on crypto and carbon credits.  There's a transcript, thank god.  It's an internal interview with Camilla, the climate reporter at the FT.  Camilla knows the deal.  Carbon offsets are flakey at best, it is kinda weird that Klima,  biggest buyers snapping up carbon credits are just tokenising them, and that might not really help transparency.   Kind of the same recent story watered down for podcast. babfa22b3a17e85dd0e89221664d9d15405e820031729743576a657487dc65fe.png

Not in the FT,  Klima is a mess.  Their token dropped 99%.  Mark Cuban is involved.  KlimaDAO forked from OlympusDAO, considered a Ponzi.  Self referential and opaque tokens, depending on all the other carbon tokens Klima can buy and throw into the carbon black hole,  sounds like a lockbox hah.   Toucan ( formerly C02Ken, lol)  produces BCT, basic carbon credits.  Klima and Toucan maybe hide circular investments.  Klima offered four figure interest rates for a while, maybe THATs why they crashed.  

The Real story:  We hear Camilla saying it's a chocolate mess.  We also remember Camilla back in 2017 when BTC was 12K, proudly announcing how the Queen's bank would never buy BTC, it's pure sentiment.   Yeah, that plus genius. 

We agree carbon credits are a mess.  But there is a dream in there, where cryptos can auto buy meaningful carbon credits against their operations.   And there will be a way where low emission ETH can create a decentralized system that really records how the carbon credit sources are doing and spins money towards meaningful ESG.   Don't throw the baby out with the bathwater, Camilla!!

A late breaking online crypto entry yay!! Oh no, it's more classic FT crypto hate from Alphaville. 7163ce3b71b5bee403a84039c1ff0676864e087022b0d7dde412391717f10fe7.pngTLDR: here we go, blockchain snake oil.  First, a rehash of the FDIC telling Voyager their accounts are not FDIC insured.   Next, a Tether blog post points out stablecoins are now the biggest buyers of all  (sic) US  debt, and could actually help recover the same power once held by the Petrodollar.   Then, a rehash of how Alphaville is all p-ssed that Tether did not freeze Tornado secondary addresses, even though Ofac never asked them to. 

Alphaville ain't buying the Tether is the new Petrodollar, though we like it. 

The FT goes in for round two of being mad at Tether for not freezing Tornado clients. Tether sez  1) we are not in the US 2) Ofac never asked us 3) US based Paxos didn't freeze BUSD.  The FT says Paxos said they WOULD freeze funds in wallets.  Then calls Tether the dollar sub of choice for Ponzi's and ransomeware. 

The FT jumps on a typo in Tether's blog: Tether claims stablecoins bought 2% of the Treasury market, more than Berkshire Hathaway.  That's a typo, should read 2% of short term treasuries, T-bills.  The FT savages Tether on this - oh yeah, ya own 466 billion in Treasuries??  Need a citation on that, buddy.  Plus HSBC has a lot of US debt so does Fidelity, more than Tether. 

In closing, the FT makes fun of failed dollar subs the UAE Dirham, the Aruban florin, and the East Timor Centavo. Look, square coins!!76a5d59e13b66fc2b74d3e68029654ebdf1f3a4a09fffb45c5f87c0962cd3699.png

 

The REAL story:  OK now we are mad.  Snake oil, yeah, y'all are selling it. Voyager never said clients accounts are FDIC insured, they said cash accounts in dollars held in Metropolitan bank are FDIC insured.  Which it turns out they were, that 270MM was approved to go back to clients, not get sucked into the greedy monkey lawyer paws.  Let it go. wee radge joe, Alphy.   Sick of that one. 

We read the PAXOS response, they actually said nobody freaking used Paxos, BUSD doesn't even work on Tornado cash ( wrong blockchain you morons) and is not in any sanctioned wallets.  That's a big twist to turn THAT into Paxos will freeze wallets.  On the other hand, a bit too cute for Tether to invoke no Paxos freezing as an excuse. 

It was WIDELY reported, Cointelegraph  below, that stablecoins now buy more short term Tbills  than Warren Buffett. 637e13a582c128d50d82826ba7dae28a6e6b9751f0686580e516d08cafd81872.png Hey that's a major milestone.   We know the FT knows that, they are just playing dumb, exploiting the typo in righteous fury!!  Why that's the kind of lowball trick dear readers would expect from us!! But on Alphaville, it's a bad look.  Buffett is one unit, that's a big milestone for crypto, HSBC and Fidelity are holding that for others, NOT one client. FU, FT.  Quit lying, what, y'all never heard of a JP Morgan report??!!??! 

Finally, WTF does the pegged Dirham, Florin, and Centavo REMOTELY have to do with the discussion?  What, is East Timor buying 2% of short term fed debt?? FU!!   More importantly, in a world of the petrodollar losing it's grip, there is some truth there, if stablecoins own boatloads of USD debt, that helps keep the greenback on that long free ride, does it not?? f3d8f54e8d602945771ea11d73b1f56879722657d5111291b234d4a5f8ac6213.png

A half FU for the ancient FDIC news, now proven not an issue if not actually false. A half FU for the Paxos twist.   We want to give two FU's for the nonsense about Tether's typo.    A half FU for comparing HSBC to Buffet / Tether, apples to oranges.  A half FU for invoking the Aruban Florin for ANY reason, really. And a big fat FU for ignoring the only large positive trend for US debt / petrodollar in a long time.  We know y'all are too smart to miss the point, so just being vicious. 

Judges blame Tether and only allow one FU over the 2%  even though ya DO know Alphaville read the original report and is just exploiting the typo.  So that's still FOUR out of FIVE FUs.    Boos FT we all expect better. cb5d284c1d1e9dabf07bb081b1ae8f811acf88e8160cba7e789f4be2b1bf13e5.png

Just like we love and expect your help, people.  Please keep it coming!! 

Yes, it's our virginal referral link,  someone, anyone:   https://www.publish0x.com?a=WZdPKv2bKg

 

Peace out, 

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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