Cryptonauts, we love you!!
Been a scary week, but the Watch Army rolls on baby!! Reading music for today's foray into tradfi wonderlandTLDR: that's right, put a little love in your heart, baby!! We are gonna NEED it!!!
Crypto that won't say crypto!! Member last week Peter Thiel & the gang said GTFU of Silicon Valley Bank? Turns out he was right yet again!! 
The S&P 500 went down the most in a year, the bank stocks in the world, even in Eurrip, tanked around 7%, most in three years, which is a BFD right there!! What did Bitcoin do?? well it did NOT have the worst day in a year nor three years!!
Meanwhile in Argentina, the official inflation rate is hitting 100%!!! So the gummint is playing games with exchange rates, creating the Malbec Dollar to follow the Soy dollar to try and keep some industry going in the face of this massive gummint fiat eff-up !! Oh ya what COULD go / BE wrong wrong wrong??
Tradfi corruption funnies - private equity firms are jamming thru a loophole that is costing 600 million pounds a year to the taxpayers!! They pay 25% cap gains, they should pay 45%. Of course, this is available to anyone !! Anyone who can prove they have 2 million liquid to invest!!
A fun letter points out the FCA has only been around since 2013, and has destroyed the London Stock Exchange with their rules and fees. In only ten years !! Ah HA HA HA HA HA!!!
Oddly, no real crypto in pink print today!! Oh, two paragraphs about SIlvergate closing. A sentence saying the penalties on the Isa gummint savings plans are so bad, play money sitting out to trade in crypto with slight LOSSES did better!! And one article sneering at kids being allowed to go into crypto. Which points out that people who invested in TIPS, "inflation protected" securities, LOST THEIR ARSE !!! Even tho inflation RIPPED !!! Cause TIPS are based on long term bonds which TANKED under inflation AH HA HA HA HA!!! There's a theme there... but no crypto.
Online, tho, that's where the tradfi overlords allow a bit of crypto.
We used to LOVE FT Alphaville!! Back in the day, they were uber hip & smart!! Then, dear readers know, they started eating their own feet with their hate for crypto. FTAV hit an all time low contradicting Mikey Novogratz about how many fiats have tanked, especially versus BTC. TBF, they were big enough to admit it, which is more than a lot of the FT can say ( SAY THE LINE FT - the SEC cancelling BUSD will hurt BINANCE market share AH HA HA HA HA HA!!! )
Anyway, FT AV rises to the occasion today, skewering the fall of USDC. It's a masterpiece!! We LOVE them again!!
FTAV cuts to the chase. Circle needed the world to believe they would have cash to redeem, yet Circle also wanted to earn interest to cover costs ( & buy yachts, ar ar ar!! ) If Circle kept cash in a vault, they don't get a 50 billy valuation. If Circle bought long dated treasuries & chit, then hell ya they are exposed to a liquidity crisis!!!
So, ever so cleverly, Circle decided to outsource their liquidity to a second-tier bank. & that BANK promptly decided to put 100 billy into long dated treasuries and chit!!! ar ar ar ah HA HA HA HA!!
The FT gets a good long belly laugh at the situation. They feel like the CSO of USDC, Dante, should have maybe noticed the share prices of SVB doing a #$(#$$ face plant after a YEAR ago putting 100 billion in 30 year bonds paying 2% in the face of massive inflation 
The FT prints a cheezy graph with no timestamps. Instead, not in the FT let's go to the Gecko!! Cause we want to notate an event!! 
Finally, to their credit, FTAV prints a tweet from a REAL Bitcoin OG, Robert Breedlove!! LAUGHING at USDC!!! It's the BEST!!!
The FT offers links off to stories talking about the CEO of Circle being kinda sketchy. The best one is linked below. It's by Matt Taibi, from almost a YEAR ago. Matt back THEN says Circle is "the mother of all black boxes, and God help anyone invested in them " ar ar ar ar ooo000000!!!
says a lot of other fun stuff. Like when a company starts giving "nuanced" answers to yes or no questions ( "will you loan out your billions for interest? Or NOT??) then said company is lying their ass off. Matt also reminds us that USDC chairman Bobby Diamond was forced out at Barclays after paying a (then massive record) 100 million fine for the LIBOR scandal. Also, Bobby got sued by Lehman creditors, who claim Bobby stole 5 billy that should have gone back to them !!
That's it for the Tradfi bible today, boys & girls!! We love you!!
Take care of yourselves and each others!! & please refer a friend!!
Peace out,
Think of your fellow man, lend him a helping hand
Put a little love in your heart
You see, it's getting late, oh, please don't hesitate And the world will be a better place for you and me
You just wait and see Another day goes by, and still the children cry
If you want the world to know, we won't let hatred grow Take a good look around and if you're lookin' down
Put a little love in your heart, yeah
I hope when you decide kindness will be your guide
Put a little love in your heart
A great big face of love in your heart
