Cryptokin, we love you!  Thanks for taking time from your busy day to give up some altruistic blockchain love here on the unstoppable Publish0x!! Future generations will thank y'all for your efforts when they live a life free of fiat arbitrary Cantillon NON positioned cruelties.   We thank y'all personally for every single click, tip & comment.  The universe will thank y'all in many other ways. Crypto news NOT in the FT!! sometimes stopped love, lol.  It's day 45 of the FT's Nexo/Vauld news blackout.  The 60 day lockup is running out.  Bad news is coming in - Vauld was DBA  FlipVolt in India.  Flipvolt just got busted for laundering ~$50MM.   Maybe the FT was right to skip this ticky tack BS.  But then they should have skipped kicking Vauld while down! 

Crypto news that won't say crypto!!   Inflation driving massive borrowing for the UK gummint.   Smelters will shut down, as Europe enters a power-starved winter.  Puff piece on the new BoE head. 

Crypto that says crypto in the FT!! 

Andreesen Horowitz has raised heavy coin for crypto funds.  

Crypto's  crash puts the focus back on really sensible places to invest!!!! - like fine wines, and fractional ownership of diamonds and baseball cards.  OK boomer.  Oh yeah, that makes perfect sense.  Sneakers are just so much better than crypto, totally the future. 

Here's a funny- Citadel leverages up to go Crypto baby!! TLDR: Ken sold a billion worth of Citadel to Sequoia & others, and has borrowed a half billion to start trading crypto.  The REAL story:  it's funny, Ken used to HATE on crypto, calling it a Jihad against USD.    The FT tries to  bury  the Sequoia and crypto part here.  Funny, Not in the FT,  Citadel is working with Virtu to build out a huge low latency crypto trading desk.  TOTALLY not in the FT, lol, Ken flipped over to crypto last year, now believes ETH will beat BTC in market cap.   Also funny, Ken was the dude who hosed ConstitutionDAO's efforts to buy a rare copy of the founding paper.  Ken did it in a snotty way, bidding a dollar more than the DAO had, and implying the crypto DAO folks were a bunch of punks who could not keep the document safe.  And now Ken is one, lol. 

Alphaville weighs in with a downer graphic and details of the crypto crash!! TLDR:  Equities bounced, bonds are down, along with consumer confidence.  Inflation and war is up, China is down, stagflation is on, and crypto is in disarray.  What to do?  Well, wait till dog days of August are over.  Many believe the Fed will cave and stop raising rates. 

Alphaville's Alexandra finds some research that watched what happens when the Swissquote stock platform gave crypto access to investors.  Looks like investors go risker, in crypto and stocks, but then pull back in both when one crashes.  The BTC correlation to the S&P started in 2020, maybe when many gambling outlets were covid closed.  Alphaville thinks the more people try to use crypto to diversify, the less it will work.   

The REAL story:  Yeah, maybe, or maybe it's just a phase.  Maybe ETH is about to keep on flaming on.  Lot of negative hairsplitting. 

Finally, in print, we have an agony aunt column. TLDR:  Crypto divorcee gave away his pension and tradfi investments, kept the crypto.  Now he is crying.  Judges are probably gonna say too bad, unless maybe the portfolio crash was 100% and it and the agreement happened like last week.   The REAL story:  what another coincidence.  The FT finds an article to print that says BOTH number go down AND makes crypto guy look like a dirt bag.  Which he is, don't get us wrong on that.  Eat it in silence, pal, you made your bed, lie in it. It’s cheaper to keep her!! 

Lordy, the FT weekend is a gorgeous paper.  Light on crypto this time, but lovely.  Insights into Salman Rushdie.  DEEP insights into Lenny Cohen's awesome "Halleleujah," it's about King David playing the lyre.   Travel, books books books, spies, chess. 

The most excellent "Life of a Song" column this time on "Stay."  Maurice wrote it when he was 15, talking his girlfriend into breaking curfew, lol.  Record execs years later removed the "yer mommy don't mind/ if we have another smoke" part, and the song was UP UP AND AWAY!!  The shortest song to top the Billboard chart, "(why don't you) Stay (just a little bit longer)" also charted top 20 with the Four Seasons and the  Hollies.  It became Jackon Browne's greatest hit.  Springsteen covered it, as did Cyndi Lauper ( who we will forever love.) The secret seems to be someone in the band has to have a screaming falsetto to come sailing in and nail the "Oh, won't you !!??!?) " line.  What a great series, it's a hit. 

That's it for crypto in print. Online, we get one article about boring ass stablecoins. TLDR: Tether and Circle now own 80bn of T-bills.  Tether's peg briefly snapped (sic.) Yellen yelled about growing risks like USDT.  Terra was an algo stablecoin.  (!!!!)  Cynthia and Kirstens' proposed bill calls for stablecoin reserve disclosure.   Tether and Circle moved off commercial paper to ultra low risk T-bills.  Circle is gaining on Tether. 

The REAL story:  no mention of how much Blackrock loves to collect fees rolling over all that lovely short term debt for Circle.  = 

Dear readers know how much we hate on the FT for saying Tether's peg snapped.   This is just evil spin, and a $(#&#$(*#$#&. lie.  Tether always, without fail, redeemed about ten figures, that's ten billion in cash, of Tether for USD.  Tether's price sagged on some exchanges some of the time, but NEVER even came CLOSE to "snapping."   This is total offensive crap.  The UK pegged sterling to the ERM, a Euro forerunner.  George Soros shorted the chit out of Sterling, and made his first billion when the sterling ERM peg snapped, cause the UK couldn't afford to pay to hold it anymore.  Tether paid every red cent ever asked to hold the peg.  FU, FT.    There is no "brief" snap, there is snapped, and did not snap. 

We are so foul about this.  We should be all happy, the FT finally admitted Terra was an algo stablecoin, not like fully backed stablecoins.  Great day in the morning, truth will finally out.  FT, now give up the Tether snapped BS, or else convince us by comparing Tether's performance with the Pound vs ERM and Soros.  We will wait. 

Judges say give credit for the Terra algo moniker we waited so long for.  We say hush, Judges, one FU out of five for the Tether snap spin lie.   Sad, as otherwise an innocuous article about the inevitable growing power of crypto, could have been one or two thank yous.  Let it GO wee radge joe!! 

 The love for crypto is coming, though, slowly but surely.  Larry flipped over, Ken flipped over.  Soon enough the FT will be lonely and will come along.  Hey, today was a GOOD day for calling an algo stablecoin what it is!! 

Peace, 

love

Dave