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CannonFodder posted:That's the part that got me. Buy it, put it on the block chain, and then burn it since it's on the block chain and that's the same as having the real thing so...?????
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Mar 12, 2023 20:28
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I really don't see why anyone would get mad, I mean it's ON THE BLOCKCHAIN so it's basically immutable now. Why's this guy with a whip standing outside my house yelling it belongs in a museum?
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Mar 12, 2023 20:30
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Strong Sauce posted:in case you're wondering how these bozos think of normal people dude's name is one letter away from fedora, so on the nose it must be real
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Mar 12, 2023 21:19
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Mumpy Puffinz posted:also, how can you fail at buying a copy of the American constitution? Just CTR-V that bitch It's because the liberals are trying to destroy all copies of ARE CONSTITUTION so that they can reclassify white men as domestic animals in law, please smash that like button & share the truth
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Mar 12, 2023 21:38
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Strategic Tea posted:It's because the liberals are trying to destroy all copies of ARE CONSTITUTION so that they can reclassify white men as domestic animals in law, please smash that like button & share the truth I'm looking at my cat right now a thinking being a domestic animal seems to be a pretty sweet gig.
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Mar 12, 2023 22:42
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Strategic Tea posted:It's because the liberals are trying to destroy all copies of ARE CONSTITUTION so that they can reclassify white men as domestic animals in law, please smash that like button & share the truth the constitution is a magic totem.
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Mar 12, 2023 23:02
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LostCosmonaut posted:dude's name is one letter away from fedora, so on the nose it must be real For some reason nominal determinism seems to be extra strong among crypto idiots. This guy, the guy that's almost named "bankman fraud" etc.
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Mar 12, 2023 23:10
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Looks like Signature Bank got closed today: https://twitter.com/TheStalwart/status/1635043035871428611 Also, rumors that First Republic Bank may get shut shortly. Things looking up for the non Too Big To Fail banks!
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Mar 12, 2023 23:45
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This guy pointed out something really interesting: https://twitter.com/innoc_bystander/status/1634773071923130369 https://twitter.com/innoc_bystander/status/1634773076943724545 I'd never really thought about it that way. Of course you hear all the time that loans against assets like stock holdings, real estate, etc. are how billionaires generate cashflow without selling off their capital. But if SIVB was committed to bringing those same practices down to the class of people with merely six-to-seven figures in stock/options compensation, how much you wanna bet that management (especially with no more chief risk officer) was willing to call that loan portfolio the medium-term portion of their capital base? Their VC buddies were surely constantly hyping that the liquidity events were practically guaranteed and right around the corner, leaving the bank management feeling free to invest in longer-maturity assets on the open market.
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Mar 12, 2023 23:50
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https://twitter.com/JStein_WaPo/status/1635043093522300930 loving useless
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Mar 13, 2023 00:07
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SVB as an entity is done though, so there's that at least. It was always likely that the Treasury would be able to scavenge enough from the carcass to make the depositors whole, by leaving the equity owners with nada.
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Mar 13, 2023 00:11
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Elden Lord Godfrey posted:https://twitter.com/JStein_WaPo/status/1635043093522300930 Why not change the $250,000 limit to unlimited officially then? 
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Mar 13, 2023 00:11
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Horseshoe theory posted:Why not change the $250,000 limit to unlimited officially then? because wingnuts will start screaming about hyperinflation
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Mar 13, 2023 00:21
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Horseshoe theory posted:Why not change the $250,000 limit to unlimited officially then? Because the whole making comes from assets not the insurance?
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Mar 13, 2023 00:41
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yeah the missing piece here is that they’re saving the depositors at the expense of shareholders and unsecured creditors basically - they’re carving up the corpse to pay the depositors
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Mar 13, 2023 00:54
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kw0134 posted:SVB as an entity is done though, so there's that at least. It was always likely that the Treasury would be able to scavenge enough from the carcass to make the depositors whole, by leaving the equity owners with nada. haha
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Mar 13, 2023 00:56
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istewart posted:because wingnuts will start screaming about hyperinflation no it will be what ever is past hyperinflation i guess plad inflation. but no at that point ban banks and just have to goverment provide both the service and guarantee
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Mar 13, 2023 00:58
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Salt Fish posted:haha they've already been zeroed out
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Mar 13, 2023 01:05
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The real question is which of the non-secured creditors who aren't depositors are getting the shaft, and how big those liabilities are. I don't think SVB itself was a big issuer of debt but I don't really want to dig through it all.
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Mar 13, 2023 01:11
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kw0134 posted:The real question is which of the non-secured creditors who aren't depositors are getting the shaft, and how big those liabilities are. I don't think SVB itself was a big issuer of debt but I don't really want to dig through it all. I expect bondholders are unlikely to get paid. I know SVB issued bonds.
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Mar 13, 2023 01:15
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Horseshoe theory posted:Looks like Signature Bank got closed today: SBNY is a big deal though. SBNY was the other gateway for crypto and stablecoins, if I recall per Divabot. That and Silvergate were it.
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Mar 13, 2023 01:21
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https://finance.yahoo.com/quote/BTC-USD bitcoin up 8.5% as of now bank failure is good for bitcoin
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Mar 13, 2023 01:27
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notwithoutmyanus posted:SBNY is a big deal though. SBNY was the other gateway for crypto and stablecoins, if I recall per Divabot. That and Silvergate were it. This is good for Bitcoin. (1/49)
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Mar 13, 2023 01:28
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LostCosmonaut posted:https://finance.yahoo.com/quote/BTC-USD That's just wash trading (i.e, 99% of buttcoin transactions) OP.
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Mar 13, 2023 01:39
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LostCosmonaut posted:https://finance.yahoo.com/quote/BTC-USD everyone wants the gently caress out of stablecoins where else is the "money" going to go?
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Mar 13, 2023 01:46
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Remembering that dumb crypto chart from years ago that had Bitcoin in the "low" risk category that stuff like High Interest Savings accounts usually exist in.
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Mar 13, 2023 01:58
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DAD LOST MY IPOD posted:yeah the missing piece here is that they’re saving the depositors at the expense of shareholders and unsecured creditors basically - they’re carving up the corpse to pay the depositors Well good, the system works (until someone rich calls someone else that’s really rich Monday and then taxpayers end up getting hosed as usual)
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Mar 13, 2023 02:13
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It’s pretty amusing reading cryptobros doing mental gymnastics to rationalise to themselves and others how crypto frees people from the legacy banking institutions, yet it is always correlated heavily with the fortunes of that world. The three banks that have failed have - as far as I’m aware - been very crypto friendly, if not crypto focused. Don’t know how them all failing is actually good for Bitcoin, now and in the future, given what it will mean when the dust settles, but for the moment, apparently, it is.
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Mar 13, 2023 02:31
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Durzel posted:It’s pretty amusing reading cryptobros doing mental gymnastics to rationalise to themselves and others how crypto frees people from the legacy banking institutions, yet it is always correlated heavily with the fortunes of that world. signature bank was known for giving the trumps accounts. haven't read anything that says it had any exposure to crypto. or that crypto caused it. silicon valley bank also didn't have any, other than maybe holding the funds for crypto startups. none of this has much to do with cryptocurrency. just banks doing risky poo poo.
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Mar 13, 2023 02:39
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wilderthanmild posted:Remembering that dumb crypto chart from years ago that had Bitcoin in the "low" risk category that stuff like High Interest Savings accounts usually exist in. you have to diversify your investments. buy bitcoin, bitcoiin, bitcoin2, and bitcoin classic
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Mar 13, 2023 02:41
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Boxturret posted:you have to diversify your investments. buy bitcoin, bitcoiin, bitcoin2, and bitcoin classic This is basically what the chart was iirc.
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Mar 13, 2023 02:45
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kw0134 posted:SVB as an entity is done though, so there's that at least. It was always likely that the Treasury would be able to scavenge enough from the carcass to make the depositors whole, by leaving the equity owners with nada. Looks like they're bailing depositors out with federal money immediately so now it's a question of whether there's enough assets in the wreckage to pay back the government https://mobile.twitter.com/washingtonpost/status/1635045727230361607
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Mar 13, 2023 02:56
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Sort of federal money. Immediate payments from FDIC fund, any shortfall not covered by sale of assets ultimately passed to the banking industry as a whole via special assessment fees
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Mar 13, 2023 03:11
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SVB had a lot of money so I rather doubt that there's going to be a shortfall once unsecured debts and the owners are cut off. I'd have made the big big depositors sweat it out for a bit, but insolvency in actual regulated banking usually means "there's not enough cash right now but will be once the market stops panicking and we can sell the boardroom fixtures for a tidy sum."
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Mar 13, 2023 03:19
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Foxfire_ posted:Sort of federal money. Immediate payments from FDIC fund, any shortfall not covered by sale of assets ultimately passed to the banking industry as a whole via special assessment fees Which I have to assume will eventually be passed onto consumers. Congratulations, your overdraft fees are now $36.50 instead of $35... Here's hoping it has no effect on us credit union members, since the NCUA is a separate agency.
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Mar 13, 2023 03:19
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Mar 13, 2023 03:35
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Horseshoe theory posted:Looks like Signature Bank got closed today: a random cryptobro spread that rumor because he shorted their stock VCs are also perpetuating the rumor because they hope it scares the fed into rescuing the entire bank rather than just the deposits. don't perpetuate the rumor.
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Mar 13, 2023 04:00
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There Bias Two posted:I'm looking forward to seeing how this impacts crypto prices once they catch wind of the news. The answer is in: not at all. Crypto has never behaved in sensible ways.
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Mar 13, 2023 04:21
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Strong Sauce posted:a random cryptobro spread that rumor because he shorted their stock Given recent events, seems like there's pretty good odds on it being self-fulfilling.
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Mar 13, 2023 04:22
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Horseshoe theory posted:Given recent events, seems like there's pretty good odds on it being self-fulfilling. Fair. Also coincidentally, someone just sent me a video of people supposedly lined up outside the bank.
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Mar 13, 2023 04:26
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