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notwithoutmyanus posted:Well.... sometimes these clouds are red. And sometimes, they are green! Sometimes, they are red and green! 
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Mar 1, 2023 21:28
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buttcoins come and go, but everyone needs some duct tape from time to time [tapping_head.jpg]
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Mar 1, 2023 21:44
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putin is a oval office posted:please stop encouraging ghost titty to post ffs Hey!
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Mar 1, 2023 21:45
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Oh, it's that time again already?
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Mar 1, 2023 21:59
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https://twitter.com/Cryptadamist/status/1631076767438979079?t=OCFrrp7_pGSKoivyaWf9pw&s=19 Silvergate going down?
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Mar 2, 2023 01:18
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UMNMMMGGHH gently caress YES
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Mar 2, 2023 02:21
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"Disruptive innovation" appears to mean when you make something bad that goes wrong and wastes everyone's time and money, then say we all learned a valuable lesson but don't really.
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Mar 2, 2023 02:22
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Mindless posted:"Disruptive innovation" appears to mean when you make something bad that goes wrong and wastes everyone's time and money, then say we all learned a valuable lesson but don't really. half the time "disruptive innovation" just means "how can we break into an existing industry and offer a product that turns out to be worse, but only after we've blown a ton of venture capital money to drive the competition out of business by undercutting them on price" the other half of the time it means "how can we soak some venture capitalists by telling them such good investor bedtime stories that they fail to realize we do not actually have a business model" and the other half of the time it just means "what if we just pretended laws don't exist, I bet we could dominate an industry if we just pretended laws and regulations don't exist"
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Mar 2, 2023 03:10
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that's three halves.
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Mar 2, 2023 05:03
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Astrochicken posted:that's three halves. 
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Mar 2, 2023 05:10
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He's *disrupting* fractions.
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Mar 2, 2023 07:20
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orange juche posted:no, its funny watching ghost titty posting, they always come out with incomprehensible graphs and predictions like charlie from always sunny coked up and screaming about pepe silvia it's an obvious zero-effort troll and it derails the thread every time it was funny at first but it's the same joke now told a hundred times titty_baby_ posted:Hey! conversely, titty_baby_'s posts should be afforded your utmost attention and given the careful reading and awed reverence that they deserve do not confuse them putin is a cunt fucked around with this message at 10:03 on Mar 2, 2023 |
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Mar 2, 2023 10:00
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a tale in two tweets https://twitter.com/coinbase/status/1631284093378756611 https://twitter.com/business/status/1631302171126800386
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Mar 2, 2023 18:01
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So what's silvergate? I haven't heard of this one.
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Mar 2, 2023 18:16
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When they say funds are safe, you know they mean it.
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Mar 2, 2023 18:18
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Silvergate is a real bank. Member FDIC and everything. But their customers are mostly crypto firms.
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Mar 2, 2023 18:19
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Cyrano4747 posted:So what's silvergate? I haven't heard of this one. The one american bank willing to let bitcoin companies do business with them.
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Mar 2, 2023 18:19
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Cyrano4747 posted:So what's silvergate? I haven't heard of this one. it's a bank, whose primary business was crypto companies soon it may have been a bank Boxturret posted:The one american bank willing to let bitcoin companies do business with them.  one of two american banks, the other one looks wobbly too
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Mar 2, 2023 18:21
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The fact that not everyone involved in crypto has realized that "your money is definitely safe with us" translates to "any money stored with us will be gone in less than a week" by now is amazing.
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Mar 2, 2023 18:22
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Paladinus posted:When they say funds are safe, you know they mean it.
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Mar 2, 2023 18:23
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Offler posted:The fact that not everyone involved in crypto has realized that "your money is definitely safe with us" translates to "any money stored with us will be gone in less than a week" by now is amazing. You mean gone by last week.
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Mar 2, 2023 18:27
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Bitcoin: Unbanking the Banks
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Mar 2, 2023 18:31
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For a little more info, Silvergate filed with the SEC a notice they would be unable to file their 10-K (annual report) on time. They expanded on why here (bolding mine): quote:As reported in the press release furnished as Exhibit 99.1 to the Company’s Current Report on Form 8-K dated January 17, 2023 (the "Earnings Release"), the Company’s preliminary, unaudited financial results for the fourth quarter and full year ended December 31, 2022, included a net loss attributable to common shareholders for the year ended December 31, 2022 of $948.7 million compared to net income available to common shareholders of $75.5 million for the year ended December 31, 2021. Subsequent to December 31, 2022, a number of circumstances have occurred which will negatively impact the timing and the unaudited results previously reported in the Earnings Release, including the sale of additional investment securities beyond what was previously anticipated and disclosed in the Earnings Release primarily to repay in full the Company’s outstanding advances from the Federal Home Loan Bank of San Francisco. The Company sold additional debt securities in January and February 2023 and expects to record further losses related to the other-than-temporary impairment on the securities portfolio. These additional losses will negatively impact the regulatory capital ratios of the Company and the Company's wholly owned subsidiary, Silvergate Bank (the "Bank"), and could result in the Company and the Bank being less than well-capitalized. In addition, the Company is evaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements. The Company is currently in the process of reevaluating its businesses and strategies in light of the business and regulatory challenges it currently faces. Basically FTX and others left them with huge losses last year, leaving them potentially "less than well capitalized", which is not a statement you want to be making as a bank. "Other-than-temporary impairment on the securities portfolio" is also a masterful turn of phrase since what it actually means is many of their customers recently went bankrupt after losing a massive of money in the course of doing various crimes.
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Mar 2, 2023 18:52
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Your funds are not safe, your funds are safu. Knowing the difference is what distinguishes the rugpuller from the bagholder.
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Mar 2, 2023 18:57
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All that feels like it's pretty good for bitcoin though....
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Mar 2, 2023 19:00
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Satchel and Trunk posted:Your funds are not safe, your funds are safu. Knowing the difference is what distinguishes the rugpuller from the bagholder. Someone once said that safu was an acronym for Stolen Away From Us, which has proven to be accurate Boxturret fucked around with this message at 19:08 on Mar 2, 2023 |
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Mar 2, 2023 19:02
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he's not dead, he just has a other-than-temporary impairment on his cardiovascular portfolio
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Mar 2, 2023 19:04
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You know it's safu when the financial disclosures read like rejected newspeak terms 
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Mar 2, 2023 19:13
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drk posted:For a little more info, Silvergate filed with the SEC a notice they would be unable to file their 10-K (annual report) on time. quote:
Sounds like they had to quickly repay loans that they shouldn't have taken.
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Mar 2, 2023 19:13
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Boxturret posted:Bitcoin: Unbanking the Banks Bankrupting the unbankrupt.
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Mar 2, 2023 19:23
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Imagine having a quasi-monopolistic license to skim real money off of crypto scum just by passing USD numbers to and fro, then losing a billion in the process. They took in funny money and put it on their books as collateral, didn't they 
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Mar 2, 2023 19:50
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there are so many bitcoin endeavours where they should logically just be able to sit back and make money off the nofees, yet bitcoin creates a field that causes people to do the dumbest thing possible
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Mar 2, 2023 19:56
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Boxturret posted:there are so many bitcoin endeavours where they should logically just be able to sit back and make money off the nofees, yet bitcoin creates a field that causes people to do the dumbest thing possible It's very easy all they have to do is not touch crypto. But they're run by degenerate gamblers who decide to hang onto USD, buy crypto with it and call it money, then lose all the crypto and the USD.
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Mar 2, 2023 19:59
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sauer kraut posted:Imagine having a quasi-monopolistic license to skim real money off of crypto scum just by passing USD numbers to and fro, then losing a billion in the process. nah it's a fundamental flaw with their business model remember: how a bank works is it takes "on demand" deposits (you can withdraw at any time) and invests those in illiquid assets that cannot be sold immediately (think home mortgages) but thus pay a higher interest rate. as long as it manages its liquidity and can always satisfy withdrawals without panic-selling, all is well but if a ton of deposits suddenly leave the bank, those illiquid assets have to be sold, they can't be sold for their "true" value, and whoops your solvent bank is now insolvent because you had to sell a dollar bill for 90c to meet withdrawals. this is why a bank run can kill a solvent bank. by being "a crypto bank" they ensured that when crypto went to poo poo, suddenly all of their deposits would vanish in something that looks exactly like a run on the bank, and has the same "whoops and now we are insolvent" effect. any bank that made crypto a significant amount of their deposits will also face similar "whoops, automatic bank run, we're insolvent" problems
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Mar 2, 2023 20:05
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CZ yoinked $400M out of Silvergate 2 weeks ago. He also sold off all his FTX bucks right before FTX crashed. Silvergate laid off 40% of their staff in January. You can probably guess where I'm going with this.
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Mar 2, 2023 20:06
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Trillhouse posted:CZ yoinked $400M out of Silvergate 2 weeks ago. this is CZ yoinking $400m out of silvergate in 2021, it has nothing to do with silvergate's solvency (or lack thereof) today the story you linked is not that it went out of silvergate. it's that it went out of "we are definitely not just a shell company for Binance" Binance.US's bank accounts, without anyone asking anyone at Binance.US or even telling them it was going to happen
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Mar 2, 2023 20:10
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Paladinus posted:Bankrupting the unbankrupt. Bankrupting the unbanked.
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Mar 2, 2023 20:10
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Zero One posted:
I just checked and their auditors (at least as of last year) are Crowe, which is a respectable large-but-not-Big-4 firm that has presumably realized that it no longer wants any part of this poo poo without a whole lot of extra rear end-covering performed in plain view of God, the SEC, and the PCAOB
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Mar 2, 2023 20:17
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evilweasel posted:it's a bank, whose primary business was crypto companies what is the other bank?
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Mar 2, 2023 20:19
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Spazzle posted:The early social media sites (Friendster, MySpace) were so popular they became unusable at peak hours.
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