If you're a bitcoiner and you're being smug or feeling Schadenfreude about the failure of Silvergate and Signature, you might want to consider that these were the two most bitcoin-friendly banks, supporting the lion's share of fiat settlement for bitcoin trades between trading counterparties in the US.
If you're laughing, you're scaring an own goal right now.
*scoring
Man .. you love to take the contrarian view.. you are standing against Satoshi right now .. but working at the Frontline you know what's up... Thank you for your opinions..
I'm just here with my BTC in cold storage..
But it really sucks for those involved...
Thinking having on-ramps and off-ramps from dollars is standing against Satoshi and being "contrarian"? Okay. Got it. Cool. Thank you for coming out.
so it a good time or bad time
There will always be ways to buy Bitcoin, you don’t need banks for that.
Shit, someone could do some light market making on Damus at this point
Be my guest.
I think Mike’s comment were in regards to the liquidity needed to settle large institutional/exchange related trades.
Well, that certainly isn’t ideal, but wouldn’t that just make Bitcoin very expensive and hard to get for large players?
Those institutional trades are powering consumer trading. This could seriously impact Bitcoin's liquidity premium and drive the price down if alternatives are not quickly developed.
The price action of Bitcoin will most likely fall sometime soon for the short term, but I believe it will recover quickly. The current climate will most likely spook those who were on the fence to gain some exposure to Bitcoin, and the market will adapt.
I agree with you though in the short term time horizon.
Didn't Blackrock, Fidelity and a few other big names deploy institutional bitcoin platforms though?
For better or worse
No, he’s correct. If your desire is mass bitcoin adoption, we need existing financial institutions to help facilitate that, especially for institutional buyers.
Or if you want bitcoin to remain niche, then sure, market make on Damus.
My desire is simply to have more Bitcoin.
I see where you all are coming from though.
This is exactly what I mean, it is not a coincidence.
P2P electronic cash without trusted third party exchanged P2P without trusted third party still unaffected.
#[0]
It's true. Cut off the on/off ramps and you will scare away the institutional money, Bitcoin price could drop pretty quickly. NGU drives adoption, our security budget, and pays for development. As much as people like to think we don't need, we need as many developers as possible.
Yes. A lot of Bitcoin's current utility stems from its deep pools of liquidity. Only from extreme ignorance could someone hoping for bitcoin to succeed be amused by this turn of events.
Your post is creating a lot of discussion.
Added to the https://member.cash/hot feed
I think folks are mostly laughing at the hypocrisy
Or the conversation could move back to constructive discussions, like r/bitcoin had years ago.
