FT crypto watch Oct 7

Blockchain believers, we believe we love you!!  Thank you for joining the teeming futuristic masses here on the interstellar Publish0x.  

If any of y'all were getting ready to get a mortgage, we feel for you. Y'all just got WHACKED by fiat going nuts.    It's funny, we just realized the norwegian hardcore band "rise above" ( no, not five finger death punch, not you will know us by our trail of dead, not the mighty Mastodon, not Lamb of God, just good old rise above) probably got their name from the Black Flag song.  For anyone who just got gazhumphed on a mortgage product, here is Henry & Black Flag in their classic, covered hundreds of times, turned into a meme!!  Lousy audio, but y'all know the words, plus  hilarious dog-piling on the stage:

We are tired of your abuse

Try to stop us; it's no use!

Society's arms of control

Rise above! We're gonna rise above!

Think they're smart; can't think for themselves

Rise above! We're gonna rise above!

Laugh at us behind our backs

Rise above! We're gonna rise above!   And we ARE gonna rise above, crypto folks.  There's crypto mortgages in Miami!!  Crypto in the FT today !!

The love that dare not say it's name - or hate, in the case of the IMF - our overlord Kris from the iMF tells us shrinking real incomes and rising prices will make it FEEL like an inflation.  Oh thanks Kris, many say the IMF CAUSED inflation.

The ECB says inflation for years as the gummints stimulate and the euro weakens.   Tell Corporate it's the SAME PICTURE, many say the ECB caused inflation.   

Germany fights inflation with stimulus, hey there's an echo in here!!!!   It's GROUNDHOG DAY!!! 

Yesterday's semi-update on D'Oh makes print.  Given that CZ just said BINANCE is on track to invest around a billion this year, the dig about capital fleeing crypto seems even more ridiculous today. 

That's it for print FT crypto today.  Oh, the whole section on watches skips how Brietling, Tag Heur, Heublot and others accept crypto, and many watches display NFTs, but the FT only manages to mention how the crypto crash hurt the watch market.   OK fine. 

Online, we get two stories - a hack on the Binance hack, and a hack on Solana leading the newsletter. 

TLDR:  this story prints at the same time the excellent TechCrunch story prints.   By the time the FT used the QUOTE FROM CZ THEY DID USE, everyone knew the number was not 570MM. 

The HEADLINE is a LIE, we wanna CORRECTION!!! lol.  The Binance blockchain was NEVER hacked, it was the BNB token bridge.  Dear readers know cross chain hubs have massive attack vectors, even if run by Binance.  NOT the same as a BNB blockchain hack at ALL, and the FT damn well knows this. 

Next, 568 BNB were stolen.  But , who knows, says when Binance froze the chain, the hackers promptly lost access to the 430 mm of the haul.  Further, BNB is gonna hard fork the hackers beyond a doubt.  Plus Binance has a half billion in the SAFU fund. 

SAFU is not needed, cause no clients lost funds, the hackers tricked the bridge into generating new BNB. 

Buried in the bottom, the FT sort of obtusely hints that only 100MM is still missing. 

NOT in the FT, CZ went public to brag about how BNB prices dipped only about 5%, cuz everyone loves BNB. 

The REAL story- binance was right with the original 100mm estimate.   The real number will come down.  It was NOT a blockchain hack, just a cross chain bridge.   Have a couple of FU's FT.   Y'all knew the real story and spun it HARD to the point of lies.

Finally, the cryptofinance newsletter, starting out as it means to go on, with a nasty hack on Solana!!

, Solana was once at 250, now 33.  Solana was supposed to rival VISA, but the chain has been down for four days this year.    Thousands of Solana crypto accounts were drained in an apparent hack. 

Pyth is a fun Solana distributed data for trading play backed by Jump Trading and others, the mighty CBOE just agreed to give PYTH data.  Somehow this shows how far Solana has to go to be VISA.  But new systems must be better than what they replace. 

story - the FT knows good and well that the account draining was a specific wallet effup, NOT a Solana hack, "apparent" or otherwise. The (*$#(@$&!! FT ALSO knows that gas fees on Solana are negligible compared to the mighty whack VISA takes for using their rails, Solana IS way better.  Noone is building a new trading data system on Visa, we don't even understand the FT's hack there.   Have a couple more FUs.

Next in the newsletter: rehash hash.  Kim K's bust. rehash. rehash (linking to a story in the same paper, is that a thing??? WHY?? )

clampdown of Europe on Russian wallets.  This could only be enforced to stop Russian crypto wallet companies from making money?  even then unenforceable??? 

The FBI plants an anti crypto story, "pig butchering."  It's a new agitprop name for catfishing, where your imaginary friends get you to start trading and string you along as long as possible.  Man, those last five news items were not news, not interesting, and just anti-crypto copypasta.  

Rehash of D'Oh Kwon,  The FT does add one quote we had not heard, D'Oh says " Reap what you sow, revolutions start from within."    OK we agree THAT's funny.  Dear readers know D'Oh's ego cannot STFU, but is D'Oh now threatening to bring down the Korean gummint because the authorities wanna talk about his Ponzi!! LMAO!!! 

The FT rushes to their usual last exit bit of getting the boot in on crypto.  Feeling strong about winning employee of the week for progressing the anti-crypto narrative. Or a rotten pub meat prize, whichever is cheaper. 

The last story is a WHOPPER of lies erm, deliberately misguided analysis desperately searching for a crypto victim.  Let's unpack!

: USDC has crashed 20% while USDT and BUSD went up.    Somehow, the FT says that this shows fiat is more attractive than stablecoins (sic) we wanna NOTHER correction!!!

story:  Again, have some FU's.  The FT is covering up the real story.  When USDC censored the market by seizing anyone that touched Tornado cash, they hurt themselves dramatically.  Look at Aug 1, before the tornado kerfluffle.  Not in the FT here's USDT gaining 2 billion plus,(right after losing a LOT as cash flowed out of crypto.  and here is BUSD gaining four billion plus.

So nice and slow, let's walk through that pack of lies, FT.   USDC lost NINE BILLION in market cap.  Meanwhile, in the SAME PERIOD USDT and BUSD GAINED over SIX BILLION in market cap.  And somehow, in this steaming pile of #($&#$(*&!!, this means that Fiat is more attractive.   

Clearly, censorship is bad news for stablecoin token economics.   There could NOT be a more obvious transfer of stablecoin wealth if you ASKED for it.  The market is chanting loud and clear, "we hate censorship!!"  but the FT is like an announcer saying " the crowd is saying they love FIAT!!!"  

And THAT's funny.  SAD, but funny.  So the newsletter - exaggerated lies about Binance blockchain being hacked, boring rehashes, echo chambering anti crypto agitprop, followed by pretending to totally miss the story about Circle going down, down, down after eagerly censoring.  

Have four out of five FUs for this predictable dog's breakfast of anti-crypto narrative.  We don't CARE what the judges think. There was so much positive crypto news this week that it must have actually taken WORK not to allow a single upside story in the crypto newsletter. 

Henry Rollins from Black Flag came out and sat next to us outside the Rock Island, a proto punk club in Houston.  Things got so rough there they just quit serving anything in glasses.  A couple of years later the Rock Island lost their liquor license.  The Island then had a show that counter intuitively turned mean!!  We ended up in some Houston hospital's  trauma center getting a lot of (small, neat) facial stitches, thanking our lucky stars that a plastic surgeon happened to be on triage call that night.  

Slam dancing, or circle dancing, before the word 'mosh pit' arose, varied a lot depending on the city.   Dallas and Austin used to have very fast moving zombies on the dance floor, but they avoided real contact, more like up-rock dancing.   Houston, on the other hand, was like a three-quarter speed full contact football practice.   I am gonna throw your ass over three rows of the crowd!!!! Oh yeah bud, here I come, try it pal!! 

The night was calmer after the Black Flag concert, but we were kinda beat from slamming & dog piling!!  Bruised, light bleeding, tired and kinda stunned, and so alienated that we freaked out when Henry approached us to try and talk.  WTF Henry, WE have nothing better to do than sit on the curb outside a closed club, but YOU are a STAR, man, YOU should have something better to do!!   Leave US alone!! LOL.  Just don't touch me man.  Poor Henry LOL GET IN THE VAN!!! 

Peace out, love

We are born with a chance

Rise above! We're gonna rise above!

And I am gonna have my chance

Rise above! We're gonna rise above!We are tired of your abuse

Try to stop us; it's no use!