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A Ponzi scheme is a zero-sum enterprise. But bitcoin is a negative-sum phenomenon that you can’t even pursue a claim against, argues Robert McCauley.

State-endorsed blockchain awareness courses and NFT diplomas: how France’s deprived are pushed into crypto

‘Deeply insolvent' and ready to yield

Forever is a long time to forecast

“Does this seem like fair journalism to you?”

What happens when the SEC, auditors and investors wake up?

A history in the faking

In fast and furious markets, a stablecoin drifts

Truly one of the most shocking bits of “research” we have ever seen from an investment bank.

“Several guests are unwelcome at Pontins”. (And they all happen to have Irish surnames.)

How Much a Dullard Cost

Pension plan plumbing problems forced the Bank’s hand

sometimes it really do be like that

This looks a little… unhelpful

Still, keep an eye on the Japanese bond bid

Whoops

Morgan Stanley’s new fave EM

Sam Bankman-Fried explains “yield-farming” to Bloomberg.

Across the multifactorquantiverse with AQR

Theory rather than data will determine what central banks do next 

Internet backchat rattles Paradeplatz

“Hidden poorly internally labled ‘fiat@’ account . . .”

A Q&A on what went wrong with liability-driven investing

An accidental FT Alphaville experiment

It’s called the Fed’s foreign RRP facility. And it feeds on curve inversion.

Compliance FTW

According to Morgan Stanley’s Adam Jonas anyway.

A deep dive into run dynamics and liability-driven investment pools

Howling at the moonshots

Shoplifting; commodity markets; market timing; federal debt; auction psychology; Dumb Money; families; and brunch

Expensive sandwiches are flawed economic indicators

Alphaville examines the investment case for the Norwegian sovereign wealth fund adding the finance industry’s hottest asset class to its mandate

Sacked ‘whistleblowers’ launch California court action against Europe’s biggest bitcoin-miner-turned-AI-datacentre-builder

It’s close to midnight . . . and something evil’s lurking in the dark.

A much anticipated announcement brings yet another round of lay-offs.

Who owns Waystar? What are the Roys worth? WTF is going on? And other pointless questions, answered

Peak oops

Goldman Sachs doubts the impact on growth and inflation will be noticeable

‘Elon, pls come back’ ~ Tesla shareholders

Around $54.20 per Twitter share, it seems

Iceman says so

Upside down markets return.

Is David Einhorn right to be suspicious about the company’s accounts receivable?

No, but there are some interesting issues surrounding their QE P&L

Money’s tough

If central banks can print money out of thin air, why can’t the rest of us?

But it does make for a good narrative, granted.

The NY Attorney-General’s ruling on Tether and Bitfinex stands to destabilise the way dollars flow into the bitcoin value system. But Bitcoin’s meme warriors are buffering up their defences.