Weird, so Sam the Bankman is not Fried?
Related to the topic of the SVB failure:
Wait, I thought the reason cryptocurrency is better than âfiatâ currency is because it is not subject to being devalued from monetary policy and failures in financial markets⌠
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A lot of the companies in coin biz were startups. The coins have value because those companies are operating. Just like WoW gold has value because Blizzard is operating. If Blizzard shuts, WoW gold loses value even if someone else keeps operating the game. If those crypto startups fail, the coins go down with them.
And of course, those crypto startups arenât paying their employees with crypto. Theyâre paying employees with real money that they keep (kept) in SVB. And if that fact alone doesnât show that coins are nonsense, I donât know what does.
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Yes, of course. I should have applied the /sarcasm tag, I thought it was implied.
Also, Silvergate, a bank that did a lot of business with Crypto companies, announced on Wednesday that it will wind down and liquidate.
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Matt Levine is a finance writer for Bloomberg. His column is often funny, if youâre here and interested in finance things itâs worth a read now and then:
if the moral of SVB is âyour uninsured transaction-banking deposits can vanish overnightâ then those businesses will do a lot more credit analysis, move their money out of weaker banks, and put it at, like, JPMorgan. This could be self-fulfillingly bad for a lot of weaker banks. My assumption is that the FDIC, the Federal Reserve, and the banks who are looking at buying SVB all really donât want that. If you are a bank looking at buying SVB, and you do a detailed analysis of its assets and conclude that they are worth $180 billion, and you come to the FDIC and say âI will take over this bank and pay the uninsured depositors 95 cents on the dollar,â the FDIC is going to look at you and say âdonât you mean 100 cents on the dollar,â and you are going to say âoh right yes of course, silly me, 100 cents on the dollar.â
https://www.bloomberg.com/opinion/articles/2023-03-10/startup-bank-had-a-startup-bank-run
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Iâm still not gonna use this crap, but good for them.
Dan Olson is back, and heâs tearing into another crypto scam, powered by the Metaverse!
Two failures in one!
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I am only halfway through the video and I am cringing so hard that my brain is trying to escape my skull.
How the fuck do any of these people look at this bullshit and think âyeah, that is THE FUTURE!â
To steal a line, âMetaverse is built on the premise that the multibillion video game industry doesnât existâ,.
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A new charge against Sam Bankman-Fraud.
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Dudeâs doing his level best to try to overload the counter on mycrimes_longint.
Cryptominers now have to pay high taxes.
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No they donât. This is a proposal of what the administration wants but until a law is actually passed itâs just that, a proposal.
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Republicans are blocking any real action against crypto"currencies" with the gerrymandered House and unrepresentative Senate.
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Translation of this French news Tweet: ââ95% of NFT projects are no longer worth anythingâ: 2 years after the boom, many owners have given up on their investments.â
Thatâs like saying â100% of all lottery tickets are worth nothing 2 years after they were boughtâ. NFTs and crypto bullshit served their purpose perfectly, if you consider their utility to be transferring money away from many rubes to the pockets of a lucky few.
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