Avatar
John Balkam
666550187bfb456289cbe00d0d5177d2d70b69b8c4c80b6c76329e03cf66e08f
CMO at Sovreign | Bartender at PubKey DC

Serious question, is making and hosting a relay relatively easy for non-technical noobs?

Replying to Avatar Aubrey Strobel

Nic Carter just dropped new information behind Silvergate’s collapse. I read the 8,000-word piece so you don’t have to (but you should!)

Key points: At its height, Silvergate held $14.2B in crypto deposits—99.5% of its total. Its SEN network was crucial for fiat-to-crypto settlements.

But in 2023, a 15% cap on crypto deposits quietly strangled its ability to operate, leading to a rare ā€œvoluntaryā€ liquidation—the first of this size since the First National Bank of Keystone in 1999. *It basically never happens.* šŸ’…

While FTX and Alameda used Silvergate, the bank had no direct knowledge of any wrongdoing at this time. The bank simply processed transactions as it would for many other major firms.

It’s important to note: Silvergate was never found guilty of any illegal activties. Zero.

Regardless, Senator Warren’s public criticism and tweets created panic, triggering a bank run.

Deposit outflows + rising interest rates + new 15% deposit cap caused Silvergate to sell its long-term bond portfolio at a loss, and contributed to its liquidation.

What makes this story and Silvergate’s collapse ~unique~ is that it chose ā€œvoluntary liquidationā€ (again it’s v rare/hasn't happened in 25 yrs) instead of the usual FDIC receivership, suggesting… operation choke point behind the scenes.

According to this piece, Bharat Ramamurti, a key Biden advisor and former aide to Senator Warren, is *rumored* to be behind the 15% deposit cap.

This is more than just one bank. It’s ensuring that regulation is fair & transparent, not a tool for dismantling US industries in the shadows.

Must-needed piece of journalism.

https://www.piratewires.com/p/inside-biden-admin-plot-to-destroy-silvergate-and-debank-crypto-for-good-nic-carter

Seems like an execution so that the big boys could get their claws into crypto with less competition.

Did I see BNY Mellon is about to start holding BTC for its customers?

Yes, the weak men lead to hard times saying coming to life in front of our eyes.

I suppose we will see who the strong men and women are in the coming years who will lead us to a stronger, more accountable society.

Feels like the Bitcoin and Nostr communities are a good start...

It's frustrating to see my dear fellow humans fall into the same ideological traps that have been so common in history.

Nationalism

Racism

Sexism

Xenophobia

Anti-Semitism

Etc.

(To be fair, I see much more examples of these on X than on Nostr at the moment.)

Can we all agree that there are both wonderful people and horrible people in every race, religion, nation, gender, and creed?

Can we agree that we all have the capacity for good and evil? That there is a dark and a light side to every individual?

Blaming society wide issues on one group just exacerbates our problems. It solves exactly zero problems.

To dole out justice and right the ship, we need to pinpoint individuals who are responsible for doing harm, and we need to hold those individuals accountable for their actions.

It doesn't matter what the color of their skin is, or what religion they practice. It doesn't matter who they sleep with, or where they are from. An individual who purposely does harm to others needs to be punished and deterred from doing further harm.

Perhaps this is too tall an order right now, but one can only hope.

If El Salvador can do it, the United States can do it. The UK can do it. The EU can do it.

The "Free World" has a lot of work to do to live up to its title. For starters, perhaps we should drop all the awful ideological, tribal thinking.

The "crazy" brother or uncle in Mandibles who dipped out for the autonomous zone in Nevada would've been a bitcoiner. Based af.

The darkness of this world can be pretty overwhelming sometimes.

Has anyone else felt the heaviness of just living through recent times? That sense of dread about the violence, corruption, decadence, and evil that's becoming more apparent by the day?

Thank God we have the light of "a fire in cyberspace" to give us hope for a brighter future.

#Bitcoin

Good morning.

Rates ā¬‡ļø

Trump BTC usage ā¬†ļø

Bull Run šŸ”œ

Why does the Establishment have such a hard on about censorship on the internet?

Maybe because autists all over the world are exposing them as criminals and traitors, by doing their own research, connecting the dots, and publishing their findings.

This is existential for them. You don't see anyone this desperate unless their back is against the wall.

#m=image%2Fjpeg&dim=680x609&blurhash=%3BAELsmvf%5EkE%2500IBM%7B-%3AD%25%7D%40ibM%7BXTS%24sp%252%25MbH0LXnE2sm-oeSnijZxu4nJAjFni%25M%25MRkNHof9F%24%2B%252jF%251%251V%40Iog3J7%3DyWUxt%24*WB%252WBNGIUxus%3Aaysnt7oMM%7BkCRjs%3AofNGRjSNRPf5t6&x=339821957c4db9267a892b052369fc41be921d8a35daf8611455c7b0d21d4e3c

Just call it Twitter but run it on the Nostr protocol šŸ˜