Silvergate and Signature were not an accident. They’re popping champagne at treasury tonight over that coordinated effort. SVB was a mistake, hence the bailout.
Discussion
For sure
Recent events, crypto banks closing and exchange blowups, have fortunately reduced the risk that the banking system creates full paper bitcoin like they did with gold.
To me this was a big risk. I was worried that they would create banking bitcoin accounts and then use the exchange blowups to motivate people to transfer their bitcoin to banks for safekeeping.
It would be a short line from there to blocking transfers to unregistered wallets, and starting to sell paper gold to control its price. Once the NgU is suppressed and manipulated, they could delay adoption for a generation.
they turned off our ramps?
good.
more time for us to build the p2p economy.
Prime Trust next?
Good question. It won’t be the feds though. At least not directly. Will need to come from Nevada.