most people are using bitcoin ATMs to get kyc-free sats
The Fed with their new BTFP program wants you to believe time has no value.
Bitcoiners know hard work over time is the source of all value.
made it look easy like always 🔺
people have a path now that they didn’t have in 08. thank you satoshi 🙏
There are less than 60,000 blocks, or about 1 year, until the next bitcoin halving event. Today, 6.25 bitcoin are produced each block, or about 900 per day. After the halving event, only 450 bitcoin will be produced per day.
How many US banks will still exist in 1 year?
very exciting! let me know how I can help you in this effort!
we’ve been working on deeper Nostr support for some new voice/video/chat stuff at #[3]. Seems like this would greatly simplify what we want to do. we could issue nostr events on behalf of users from our server-side using these delegation tokens. am I missing any gotchas besides some clients not supporting them yet?
¯\_(ツ)_/¯ I think they’re wrong, although a lot depends on inflation numbers. Why would they stop when they have now insulated banks from high rate consequences?
we shall see if they continue hiking. i think they will.
If they hold the bonds to term then nominally they won’t lose money. they only have to recognize the devaluation if they sell before term, which they won’t.
very cool stuff! so many interesting use cases
have a proof of concept of this…we generate custom lightning addresses for our upcoming “rooms” product which handles host splits. one problem is that it needs a custodial layer to handle the splits. not so good because i think the splitting address could be seen to function a lot like a mixer. seems like a good use case for an ecash platform like Fedi or cashu #[2]
theoretically yeah…the big issue is term mismatch. these banks need to sell bonds now to cover withdrawals, so they are forced to sell them at a discount which is eating into their equity. if they were held to term they wouldn’t lose nominal money. the Fed could step up and buy them at par and hold them to term.
This is exactly what they are discussing I think https://www.bloomberg.com/news/articles/2023-03-12/us-discusses-fund-to-backstop-deposits-if-more-banks-fail
I think this is something different, but perhaps i’m wrong
Wouldn’t be surprised if the Fed does something like creating an SPV to buy all these bonds at par from distressed banks so they can keep hiking.
my daughter and I played through it together. we are really looking forward to the next one coming out this year!
CBDC trojan horse: “if everyone could have a safe account at the Fed we wouldn’t have these problems!”
FDIC assets cover only 1.26% of total deposits.
The FDIC only has $124.5 Billion on its balance sheet (plus a $100 Billion line of credit).
There are over +$22 Trillion in deposits at US banks. They can’t afford a mass bank run.
Seek safety in sats.
man I love spring and saturday UFC. bugs aren’t out yet. perfect weather. days starting to lengthen. cheers friends 🤙
https://pbs.twimg.com/media/Fq-o5HXX0AEORgC?format=jpg&name=large