Agree. Banks weren’t negligent in their duties in searching for yield, but 100% in their risk mgmt approach.
They’re insolvent in liquid terms, but doesn’t insolvency mean their assets are smaller than liabilities? Which I’m this case isn’t true as the treasuries are still worth what they were backing in the long run, just not liquid like cash and providing less yield than the market rate. The Fed/Tres/FDIC backing just staved off depositors from calling their margins and gave the banks precious time.
I don’t disagree. I don’t necessarily agree with the approach the Fed/Tres/FDIC took in backstopping this, but they seriously might’ve (temporarily) averted the entire crisis by going for the bandaid and Motrin approach instead of straight to surgery to fix the root cause. Powell may just weasel his way out of all this. He’s not a dumb man. He’s playing the game well, I have to respect that.
I’m Nostromo-ing so hard right now!
Some bomb ass Bacon and Gruyère egg bites too! However, they can also lose your account and all the stars you accumulated and the manager with purple hair just says 🤷♂️🖕.
This is true. But it just doesn’t feel like a traditional banking crisis, just a bunch of bad apples who took too much risk and got caught. Meanwhile others are quickly unwinding trades before they get caught staving off a wider market panic.
Are we really in a true “banking crisis” or are we just catching a few bankers out swimming naked with their clients money? I believe there is a difference.
PV! You killed it on the NIPS IRL! 🤙
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Ok good, sorry, some people think it’s two separate things. I’m with you, I’m looking for a way to go to the next level and run a more autonomous node and not rely on a 3rd party’s app. Umbrel is great for beginners or those that want to get started and participate. But for some who want more, there is no easy way yet that I know of.
Followed in case you find a way! 🫡
Stop it…my 💜 hurts enough from missing it.
Can we have Nostrica twice a year? I think that’s reasonable with the pace this is growing at!
So common misconception here. A lightning node relies on the layer 1 chain. You have to run a Bitcoin node to run a lightning node because layer 2 literally creates a transaction on layer 1 to say Fishcake is committing 100BTC in a “smart contract” to open a channel with Doug. When we’re done passing liquidity and close the channel, we each have to write that back to the original layer 1 chain. Without layer 1, your lightning node wouldn’t know where to communicate that info. It is a lot but that’s why lightning is far superior to say solana or any crypto. Bitcoin is fully backing Lightning 100% 1:1.
Unless I am missing a huge part of something, that’s the simplistic version.
I mean…who are you…I’ve never seen you before…what are you doing in my feed? 
#[2] you’re censored here! Worked for Mcshane’s camera. 🤣
New White House Economic Report of the President states: “crypto assets do not offer any fundamental value, nor do they act as an effective alternative to fiat money"
4 billion people living under authoritarian regimes disagree
1.2 billion people living under double or triple inflation disagree
200 million people in Africa forced to use the CFA frank disagree
#Bitcoin offers hope
WH report: https://www.whitehouse.gov/wp-content/uploads/2023/03/ERP-2023.pdf
I guess the good news is that they said Crypto and not Bitcoin 🤷♂️
Sadly, they don’t know the difference and Biden wouldn’t know a Bitcoin if it smacked that dumb smirk off his face.
They’re scared. We’re at the “then they fight you” stage now.
Pretty sure they saw that coming and didn’t want to risk a nice little letter from the FCC lol. But it was “educational” of course! Art!
I’m a HODLer!!! Haha
Jack just trolling Jaf on the Nostrica live stream. 🤣