This isn't going to help bitcoin. It really isn't. Only in people's silly fantasies is this some kind of boon for bitcoin.
Discussion
These collapses have a little to do with bitcoin. As adoption continues more and more banks will become bitcoin friendly, which still won’t give them a ‘free of a jail’ card in case of insufficient liquidity and theft
If I cannot convert my paycheck into bitcoin anymore I will literally refuse to work for fiat.
I will celebrate your ability to do that, if you manage to do that. Meanwhile, in the real world, those of us trying to catalyze bitcoin adoption have work to do.
Til Tok
What do you do when asking for permission fails? There’s really no more work to be done if this is a premeditated attack on the fiat on-ramps/off ramps. Did we really expect there to be a release valve forever? What do you actually do if you can never get your wealth out?
I think we can probably blame "Web3" more for these failures than a coordinated regulator attack tbh.
I’m not ruling out that web3 is a coordinated attack on bitcoin. I don’t really think the people pulling these stunts are that stupid.
SVB was not necessarily web3 either. It appears the fed forced banks to chase yields and they got wrecked buying the top on the 10yrs, no?
💯
Web420 will save us
Thanks, pmarca!
There’s other places on this planet that bitcoin will survive. If you can’t convert your paycheck to bitcoin, then in a democracy, the work becomes to elect new leadership. If that can’t be done, then US citizens suffer and citizens of free and open societies thrive.
Bitcoin doesn’t need the US. The US needs to humble itself.
They all get a bailout
Good point. And insofar as regulators have been coordinating, it’s been to protect consumers and the broader financial system against scamtastic exchange/web3 shenanigans.
Mike, it seems Jack has me muted.
But he said he never blocked anyone.
I think is a bug.
Please, could you ask him?
Need to chat with him, is important and urgent. Ty
#[6]
So when we make gains do we ever sell? I still need a bank to cash haha
I can help Bitcoin
I have the solution
Can we work together?
Send your CV to the Bitcoin CEO ;-)
no,
1º I'm one of the decision makers
(most people here are plebs, I'm a leader)
2º Bitcoin does not have CEO's, but...
there are people leading different organizations like #[6] / #[7]
I lead mine and I'm the highest level person, so that's why I'm seeking to make partnership with people like me.
Enlightened alliances.
Ah, Jo, we are all plebs here. We are all peasants. Humility is required to become the Bitcoin CEO...
Couldn’t an argument be made that this will help bitcoin in the long term? Exchanges will look to use “safer” banks and make the push for those banks to work with them.
It’s a long-term lesson, not a short-term benefit. People getting hurt doesn’t help bitcoin — people learning how the system is corrupt does.