Between SVB, BTFP, and SBF, I’ve had my fill of financial crisis acronyms for a while

If you’re buying through an intermediary like Signature, the intermediary has to clear the trade

How would bitcoin liquidity be negatively affected? Not following

It’s not a bank bailout. It’s an uninsured depositor bailout. Depositors, not shareholders.

Isn’t the issue not that they were under-capitalized, but that they had a lot of capital in long-dated agencies and didn’t hedge interest rates?

I’m sure they’re very aware of what’s going on and lots of conference calls are underway. The budget stuff had already been planned (this is when the President shares his budget proposal). I agree it could be a wild week, but I expect officials will do whatever necessary to stave off contagion / panic

#Bitcoin node runners: what version of core are you on?

I feel like there should be a 4 hour “don’t bother me” allowance after coming back from vacation just to let you catch up on emails and slack messages

Great paragraph from #Bloomberg journalist Matt Levine summarizing what happened with #SVB:

“And so if you were the Bank of Startups, just like if you were the Bank of Crypto, it turned out that you had made a huge concentrated bet on interest rates. Your customers were flush with cash, so they gave you all that cash, but they didn’t need loans so you invested all that cash in longer-dated fixed-income securities, which lost value when rates went up. But also, when rates went up, your customers all got smoked, because it turned out that they were creatures of low interest rates, and in a higher-interest-rate environment they didn’t have money anymore. So they withdrew their deposits, so you had to sell those securities at a loss to pay them back. Now you have lost money and look financially shaky, so customers get spooked and withdraw more money, so you sell more securities, so you book more losses, oops oops oops.”

https://www.bloomberg.com/opinion/articles/2023-03-10/startup-bank-had-a-startup-bank-run?sref=wOrDP8KX&utm_source=substack&utm_medium=email&leadSource=uverify%20wall ($)

From Matt Desmond’s article on poverty in the #NYTimes:

“In 2020, Americans spent $1.6 billion just to cash checks. If the poor had a costless way to access their own money, over a billion dollars would have remained in their pockets during the pandemic-induced recession.”

My reaction when TradFi bros try to tell me failures of centralized exchanges and crypto banks mean that #Bitcoin is dead

Anyone know why WoS defaults to 50 sats even when I set a custom amount of 1 sat in Damus zap screen?

Yeah. They should really Bach down from that approach

I’ll see myself out…

Just bought a few head of cattle for the farm. They were surprisingly sheep.

#punchain

#dadjokes

Joking aside, to own the only truly scarce digital asset that exists

To get a bit o’ coin obviously

🤨

I believe in philanthropy that gives all stakeholders a seat at the table. I call it “chair-ity”

#punchain

#dadjokes

And you can do direct deposit to buy DCA #bitcoin buys with no fees if you’re interested in doing that / work for a company that has direct deposit

Not positive, but I think Coinbase used them as a fiat on/off ramp and now that’s over