AlaskaGuy
Posts: 868 +848
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Silicon Valley Bank collapses in biggest American bank failure since 2008 financial crisis
- Thread starter Daniel Sims
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This was predicted or caused by a Byrne Hobart's substack on SVB last month
What are you talking about? The bankers never market bitcoin unless labeling it as rat poison is a marketing for you.
godrilla
Posts: 1,369 +897
A simple Google search says otherwise. From the World Economic Forum outlook on crypto currency.
The Central Banks in the Age of Blockchain initiative has created the world’s first community for central banks to share experiences, ideas and best practices related to blockchain and digital currencies, and to learn from reliable experts. Our global community consists of 45 central banks, four major international organizations and some of the world’s top blockchain experts.
and
Over the next four years, we should expect to see many central banks decide whether they will use blockchain and distributed ledger technologies to improve their processes and economic welfare. Given the systemic importance of central bank processes, and the relative freshness of blockchain technology, banks must carefully consider all known and unknown risks to implementation.
— Ashley Lannquist, Project Lead, Blockchain and Digital Assets, World Economic Forum
questions?
They are talking about CBDC which is the exact opposite of what cryptocurrencies are fighting for.
AlaskaGuy
Posts: 868 +848
Looks like the US taxpayers are on the hook once again. 2008 here we come.
Meanwhile a second crypto friendly bank is about to go under.
The crypto-friendly Signature Bank saw its shares decline 22.87% in Friday trading and drop to $70. The day’s decline, along with the greater fall of 37.30% since Monday, is reflective both of the current concern for digital asset-friendly banks, and the worries for banks more broadly stemming from recent events.
Meanwhile a second crypto friendly bank is about to go under.
Signature Bank Down 22.87% as 2 Banks Collapse in as Many Days | Investing.com
Market Overview Analysis by The Tokenist (Timothy Fries) covering: JPMorgan Chase & Co, Signature Bank, SVB Financial Group, USD Coin. Read The Tokenist (Timothy Fries)'s latest article on Investing.com
www.investing.com
The crypto-friendly Signature Bank saw its shares decline 22.87% in Friday trading and drop to $70. The day’s decline, along with the greater fall of 37.30% since Monday, is reflective both of the current concern for digital asset-friendly banks, and the worries for banks more broadly stemming from recent events.
Don't worry the government announced they'll be bailing out the wealthy again. Nobody will do a thing about it. Then they'll go right back to screwing everyone. Just how it works.
The difference between the rich and the poor is the rich back each other on everything. The poor are too damn dumb, they'd rather also back the rich than each other. Way more regular people than these elites, but the elites are united so they end up stronger anyway.
The difference between the rich and the poor is the rich back each other on everything. The poor are too damn dumb, they'd rather also back the rich than each other. Way more regular people than these elites, but the elites are united so they end up stronger anyway.
Blockchain is a much bigger topic than cryptocurrency, and sure, banks have to pay attention to something involving financial transactions.
Karlos95
Posts: 344 +241
If people understood how their money works and how the banks work, they would of fled to crypto years ago.
Fractional reserve bank, just another word for ponzi scheme.
Karlos95
Posts: 344 +241
Where were the crypto friendly banks that were going under in 2008? Oh wait...Looks like the US taxpayers are on the hook once again. 2008 here we come.
Meanwhile a second crypto friendly bank is about to go under.
Signature Bank Down 22.87% as 2 Banks Collapse in as Many Days | Investing.com
Market Overview Analysis by The Tokenist (Timothy Fries) covering: JPMorgan Chase & Co, Signature Bank, SVB Financial Group, USD Coin. Read The Tokenist (Timothy Fries)'s latest article on Investing.comwww.investing.com
The crypto-friendly Signature Bank saw its shares decline 22.87% in Friday trading and drop to $70. The day’s decline, along with the greater fall of 37.30% since Monday, is reflective both of the current concern for digital asset-friendly banks, and the worries for banks more broadly stemming from recent events.
AlaskaGuy
Posts: 868 +848
Couldn't make this up if I tried.Looks like the US taxpayers are on the hook once again. 2008 here we come.
Meanwhile a second crypto friendly bank is about to go under.
Signature Bank Down 22.87% as 2 Banks Collapse in as Many Days | Investing.com
Market Overview Analysis by The Tokenist (Timothy Fries) covering: JPMorgan Chase & Co, Signature Bank, SVB Financial Group, USD Coin. Read The Tokenist (Timothy Fries)'s latest article on Investing.comwww.investing.com
The crypto-friendly Signature Bank saw its shares decline 22.87% in Friday trading and drop to $70. The day’s decline, along with the greater fall of 37.30% since Monday, is reflective both of the current concern for digital asset-friendly banks, and the worries for banks more broadly stemming from recent events.
You may be right on why they crashed, but it's not the whole story and you're deluded to think traditional and crypto are different. Traditional swallowed crypto long ago and crypto got centralized by organizations that hold more than 50% and control it. In fact 2% of wallets hold 90% of Bitcoin, while everybody else fights for scraps. All that remains is the legend of Defi for the gullible investor. The irony is crypto would have never surged to such hights if banks such as SVB had not supported it. Everyone is under the impression banks fear crypto, which is further from the truth, they support it wholeheartedly and are about to bring another big crush because of holding assets with no value. And even by some miracle, let's say banks are forbidden to get into crypto, you'll only replace a bank with an exchange which will act the same.
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Theinsanegamer
Posts: 5,471 +10,271
Three arrows. FTX. Blockfi. TerraUSD. LUNA. Celsius. Voyager Digital.
Your market lost over 70% of its value in less then a year while enriching the 5% that wish they were the 1%. 97% of crypto currencies are scams.
https://coincodecap.com/over-97-tokens-listed-on-uniswap-are-scams-a-study-reveals
Kindly STFU crypto bro.
That's a half truth. SVB was far too invested in 10 year bonds and in the event of a bank run could not liquidate them for their supposed value in a short time. This is poor financial management.
And given how many crypto exchanges have failed and taken user funds with them, you have 0 room to talk. SVB was one bank, and its depositors will be getting their funds back. Crypto bros, meanwhile, only got one big fat L.
So no losses borne to taxpayers and shareholders loosing their pants is the same as 2008? Sounds like the reverse to me.Looks like the US taxpayers are on the hook once again. 2008 here we come.
Meanwhile a second crypto friendly bank is about to go under.
Signature Bank Down 22.87% as 2 Banks Collapse in as Many Days | Investing.com
Market Overview Analysis by The Tokenist (Timothy Fries) covering: JPMorgan Chase & Co, Signature Bank, SVB Financial Group, USD Coin. Read The Tokenist (Timothy Fries)'s latest article on Investing.comwww.investing.com
The crypto-friendly Signature Bank saw its shares decline 22.87% in Friday trading and drop to $70. The day’s decline, along with the greater fall of 37.30% since Monday, is reflective both of the current concern for digital asset-friendly banks, and the worries for banks more broadly stemming from recent events.
AlaskaGuy
Posts: 868 +848
No losses to the taxpayers? How do you figure that when FDIC maximum amount is $250,000 per customer and the govt. is going to pay all the customers the full amount. Last time I checked the Feds get their money from the taxpayers.
Theinsanegamer
Posts: 5,471 +10,271
Well, if it is like 2008, then the government will assume control over all the bonds that SVB held, whose yeild will be more then SVB currently owes. The government then pays out the people who had bank balances, keep the bonds, and profit from the difference.
The problem wasnt that SVB didnt have enough liquid assets, it was attempting to liquidate said assets too fast, causing their value to fall. The Government is in the position of being able to wait until the bonds mature to profit.
AlaskaGuy
Posts: 868 +848
And here we go ...
finance.yahoo.com
Regulators seize Signature Bank in third-largest US bank failure
Signature Bank becomes the second regional bank to failure in two days as regulators seek to restore calm to the banking world before markets open.
AlaskaGuy
Posts: 868 +848
And it continues ...
www.cnbc.com
Looks like their carbon footprint is soon to be zero ... lolz
First Republic drops 60%, leads decline in bank stocks despite government's backstop of SVB
First Republic Bank led a decline in bank shares Monday that came even after regulators' extraordinary actions Sunday evening.
www.cnbc.com
Looks like their carbon footprint is soon to be zero ... lolz
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MakeMSGreatAgain
Posts: 246 +185
That sort of thing can be more likely to happen when you have an overwhelming amount of corrupt and greedy politicians and CEO's, and this is on both "sides". They have been sending us in a downward spiral for many, many years - likely before many of us were born.
Update (Mar 13): The US Department of the Treasury, Federal Reserve, and FDIC made a joint statement on Monday announcing that all Silicon Valley Bank (SVB) depositors will be "fully" protected and their money will be available on March 13. The statement reads that after taking action by the aforementioned regulation bodies, the FDIC will complete "its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer."
This is the largest rescue package from the US government since the 2008 financial crisis. The White House insists this is not a bailout, and according to Axios, "this is nothing radical or new," as uninsured depositors have been paid out in full in every bank failure except for IndyMac in 2008.
This is the largest rescue package from the US government since the 2008 financial crisis. The White House insists this is not a bailout, and according to Axios, "this is nothing radical or new," as uninsured depositors have been paid out in full in every bank failure except for IndyMac in 2008.
Karlos95
Posts: 344 +241
"Your market lost over 70% of it's value in less than* a year" First off, I don't have a market, I put money in what makes me money lol
2nd, had you had $1000 in the bank in 2013 it is now worth $778, $1000 in bitcoin then is now $20,400.
But sure, bitcoin is the scam here. We here for the long term and the long term decade over decade, history shows USD sucks.
What's your excuse for 2008? People literally lost everything because of banks. Companies failed. No crypto back then. You'll say anything negative about crypto but you are literally throwing rocks from a glass house. 2008 will look insignificant in the coming months and it's all thanks to people like you who do not hold banks and governments accountable.
Bitcoin and gold will always be the safest option when you have headless chooks running the psych ward.
People are not likely to expand their knowledge regarding things they are not interested in. They earned it, and thought that where they put it doesn't matter. And why, why would they be cautious? It was a credible bank which kept hundredth of billions I believe.
godrilla
Posts: 1,369 +897
From what I just found out, that Coinbase was a client of Singature Bank and did a bankrun along other holders with more than $250k in bank. Something is happening in the background that the public is not being told. This is more complex than just blaming crypto I'm afraid. I recall the WEC and others echoed that there will be a transfer of wealth of power soon and in what way other than a risk of uninsured corporations flocking to do bankruns across the board. Oh and all roads do CBDC. In what other ways to introduce CBDC other than on opportunity of a bank bailout? Did anyone know HDBC bought the UK branch of Silicone Bank yesterday for a whole 1 Euro? Another thing I researched is that the fed can't possibly insure everyone's assets at $250k they simply don't have the funds for a bankrun on every bank. Lastly the fed still wants to raise the rates again. The last part is 2 fold in purpose imo. 1 is to quell inflation and 2 is to incentives the public on keeping money in the bank. FYI..
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Bl00dyMinded
Posts: 547 +843
Keep Waiting
godrilla
Posts: 1,369 +897
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