USDC:
i had a good amount of usdc sitting in a great app
it pays high interest
they sent me a credit card
i can use the app to make payments online
i follow all real news but yesterday, for some reason, i missed the connection between silicon valley bank and usdc. i was not aware that circle had 3 billion usdc deposited in svb.
even in all bitcoin videos i watched yesterday, this connection was never mentioned.
thanks to twitter, yes old messed up twitter which is inferior to nostr, i saw the connection. i panicked. it was 10 at night already. the usdc charts showed usdc, a stablecoin which is supposed to be redeemed 1:1 to the fiat scam usd, trading at 96 cents to the dollar. what will happen when the banks open monday and real panic sets in ? more institutions will redeem their usdc. it could be wiped out.
the app allows to convert usdc and send it to my local bank. i got the exchange rate (which is very bad because the local currency has gained a lot of value against usd) and executed the transfer. then i checked and saw the transfer pending. what if everyone withdraws monday and the app goes belly up? where do i go to get my money back? i would have no recourse.
i was very nervous, my heart was pumping fast, i saw a large amount of money say goodbye. i could not fall asleep for almost half an hour.
the first thing i checked this morning was the app. now it said: executed. i went to my local bank and saw the converted amount already sitting there....
what a beautiful day today
pura vida
