Replying to Avatar Derek Ross

Coinbase is not allowing USDC to be exchanged for dollars. 😂 Circle had $3.3 billion of its $40 billion of USDC reserves at collapsed Silicon Valley Bank. That effectively puts each USDC at $0.9175 instead of $1.00.
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kyle 2y ago

But as people redeem their USDC the proportion of the remaining supply that is stuck with SVB increases… So… That value decreases with each redemption?

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Derek Ross 2y ago

Right. As a bank run or USDC run happens, it just gets worse and worse.

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Sad 0shi 2y ago

Being right both feels good and terrifying. What will happen to the lemmings… the trapped minds… the sheep in the valley of darkness. 🤨

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Roboto Saith 2y ago

Of course they won't allow withdrawals before the whole thing is sorted if it ever does