FT Crypto watch Sept 22

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Open LEDGER lovers, we love you. Thanks for being here in the cathedral of the PUBLISH0X grinding through THIS crypto winter. 

Judging by the agitprop coming out of the pink lady today, some are hoping for the BIG winter, as in BTC and crypto should take the deep sleep. 

 Old home week with the New York Dolls.   Bad video but the best audio combo. There's gonna be a showdown....Crypto in the FT today! 

Crypto that won't say crypto, light & lively: bought THREE UK companies yesterday, the pound is SO weak. 

Germany just printed up 30 billion to buy Uniper the utility. 

trying to make London the leader in finance - in the past, Liz said crypto and smiled, lately, nothing.  Not a peep here. 

Tradfi corruption watch:  there was a 1,200%, yes 12x, increase in Westminster properties registered to Russians since 2010. Opaque ownership means all those high street candy stores are washing money like a flood. 

, visiting prof at , writes a smoking hot op-ed skewering the TPI, t new powers to backstop the euro without limit.to be beneficial, the TPI must not undermine sound fiscal and economic policies.  In this case, the absence of effective conditionality leads to ATROCIOUS incentives for countries, politicians, right now, voters." 

Luis SI, TPI NO!!! Luis states all of the four conditions supposedly required for TPI  aid are suspended, not effective, free rides to all countries. 

Tell it like it is!! Luis says it doesn't MATTER WHY the EU is doing this, even if for supposedly good Keynesian intentions. 

Wow baby - Luis points out the ECB has already dulled all desirable market signals and incentives   (read: destroyed price discovery and fundamental analysis and behavior) replaced by no credible conditionality!!

The funny part soon begins. The know a sucker when they trap one.  Mario lost control of Italy the Italy knew the backstop for bondholders was coming!!   No need to now - cut taxes, increase pensions, pay for energy for allBig Mama EU gonna foot the bill!! & buy ALLL that bad Italian debt. 

Hilarity continues - of course the EU will be trapped  into recurring, long term commitments.

During the distraction, the EU gives up the ghost of ever making an FDIC insurance for the EU, a long standing stated goal.  .  No need to even pretend to continue the architecture of the euro with this full insurance. 

Luis sez the current euro construction is unsustainable.

The REAL story:  THANKS FT for such a great narrative, we know it hurt's yall to let someone say all that!! 

Gonna be a show down.  Here, appearing directly in print, is a THROWDOWN: The current pro crypto meme is most crypto is immoral /scam/Ponzi/ morally reprehensible, but Bitcoin is good. 

Jems steelmans for pro BTC, ya gotta love her.  BTC:

1) has a unique, organic first mover advantage,

2) bitcoin gained value not for profit but belief in political change  and

3) PoW is the only way to be decentralized. 

plethora of scams and failures

1) origins don't matter, now those pushing BTC are in a pyramid shaped structure relying on new recruits. BTC fulfills none of the necessary criteria of money. 

2) BTC is NOT decentralized, Mikey Sailor owns almost a point!

3) First mover advantages don't always last, could be the flippening. 

For extra bonus funny hate, "there is not even agreement as to what bitcoin is (sic.)" What about BCH?? 

We then circle around to the non-scarcity red herring.  21,000 chitcoins prove no scarcity, therefore no value.  Yes, some tokens are better than others, but bitcoin is still crypto. 

story:  Beauty in motion!!  LIke a little nest of vipers!! The state of the art ritualistic anti-crypto war dance, a Capoeria of well rehearsed spins and kicks!!!   Lovely, she waves the mighty steelmanning flag, we shall return the salute if we can.  Nope just can't. 

Missing from the tinmanning: any mention of  Cantillon paperhanging fiat war machine empires. 

Let's try it from the funny angle!!

1) BTC is not a pyramid!  Doesn't need to be to be bad - look at the examples of the Nordic countries, or Lloyd's of London - the game has reached the place where insiders can just trade round and round to drive the price up before letting one of their own fail!!   OK bad joke.

A Ponzi / pyramid / scam has a head.  BTC is no more a scam than gold.

We've heard the BTC fails as money argument.  

Sources, link below, say there are only four qualities of money: durability, divisibility, ease of transport, and impossible to counterfeit.   No serious person can say BTC doesn't ace these to the max.  So this talking down point, hoary with age, always goes like this: BTC has lost value and therefore is not a store of money.  2) BTC is not accepted by everyone, so therefore it is not widely accepted.   This is complete horsechit.  Unless - wait -is the pound sterling no longer money?  It lost value!! It has failed to account for values, that's why French companies are buying UK ones yesterday!!!  Try and spend some old Sterling notes in the US - OH they are no longer legal tender!! Just as easy to turn BTC to USD as it is sterling, baby. 

BTC is NOT decentralized, but we wouldn't want to have to get it all together to do a *($&@(#$*&# thing.  Everyone knows that, by definition, or someone WOULD have dramatically proven that point. 

We DON'T CARE if the flippening, or a different one, happens, it's all crypto!! 

"noone agrees what BTC is" tripe  there is a clear answer. From COINGECKO!! lol!! 2.5 billion bucks of people believe in BCH. 358 billion bucks believes that BTC is bitcoin.  Is 99:1 enough agreement for y'all there?  

It's hard to take this hate as seriously as we should.  Reading the links back to before we read the FT daily, we see some humdingers of hate for crypto.  One notable guest author last year was hoping for a stablecoin crash so bad that there would be no bid whatsoever for BTC.  We should be happy, noone will print THAT one today.  

We love the debate, and don't want to fire FU's.  Judges are tired of the BTC failed as money line, very tired of the there is no scarcity to BTC line, even more so of the BTC is a Ponzi.  Once inspired, we add the very large number of people trapped in countries with hyperinflation and dollar shortages, who have been massively helped by crypto, we don't care which coin it was, it was fulfilling basic requirements of money for the millions of new crypto exchange clients in hosed political systems.   We must lob at least an FU and a half to this Kabuki theatre of hate for crypto.  That noise you hear is Paris grabbing first mover advantage over London as crypto hub of the Euroworld. 

Last late breaking online only story:  Rehash, yes, the FT reported the FCA's hate for FTC basically correctly. : Sammy says the FCA action was a surprise, as they had been in discussions for a while.   The was criticized for being hostile, and has sought to make London more attractive  for international crypto.  They said oh yea, we wanna make London a global crypto hub. Then they do this. 

The phone numbers cited had nothing to do with FTX, and the FCA in fact took them off their website.  So we guess this is our cheezy correction, thanks!! Called that. 

has also tried hard to crack London, buying a FCA regulated entity, but has given up lately. 

The REAL story: Well, we got our correction, the numbers were just a lie.  But the FT was right about the hate.  It's very funny, the FCA can't not be hostile even when they are trying.  Eighty % of people that try to work with the FCA give up.  Funny how the FT echo chambers that hate like a nasty little dog, even when the FCA WERE wrong about the numbers.  Still Judges won't let us lob any F bombs at the overall clarity of the article.

The illusion of balance was maintained, YAY!!!  We love that. 

And we love the punk rock Dolls, and we love y'all crypto believers.  Have a great night, whenever that is.  Peace

Regulation and Society adoption

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