Wait a second.
A top 20 US bank that was AAA rated last week went bust within 48 hours because they were heavily invested in bonds with a “risk free” yield?
🚩
It’s as if everyone assumed others were doing due diligence, when nobody actually did.
Don’t trust, verify. #Bitcoin
🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨
“You keep using that rating. I do not think it means what you think it means.”
It's almost like, people ignore the risk part of counterparty risk.
#Bitcoin having zero counterparty risk can't be overstated as a massive innovation.
Government Debt is Risk Free
One would think these rating dudes will run out of credibility soon. Maybe the market is waiting for an Enron-style bankruptcy before they perform an Arthur Andersen style takedown of „auditors“, supervisors, and rating agencies.
I remember when trust felt different
If SVB weren't the sole institution to bank so many crypto company start ups do you think the government would be dragging it's feet about bailing them out?
