As much as I may agree with the sentiment, the banking rules, woeful as they may be, should at least be enforced uniformly.

here’s the first draft: edit like the wind!

***

*Make SVB Depositors Whole - 1 of ~120*

On March 10th, Silicon Valley Bank went out of business. This has left thousands of tech startups and venture capitalists unable to make payroll, to manage their billings, and to make the world a better place.

The Tech industry is the beating heart of American dynamism and it is difficult to imagine the extent to which working people across the US - and possibly across the world - will suffer if the depositors of the bank are not made whole.

With interest rates at staggering decadal highs, there seems to be little possibility of financing a restructuring of the bank on the open market. The scope of world-changing innovation supported by SVB and brought about by its depositors has consequences so profound, and so far in the future, that it is frankly unfair to try to value it using the politically questionable discount rates cruelly imposed top-down by the government in recent weeks and months. The only solution is a bottom-up effort to save this vital engine of growth, prosperity, opportunity, progress, and change.

This is why we are asking for $1bn to ensure the tech startup and venture capital community is not made to suffer unnecessarily for the sins of the credit markets. Please note this is the maximum GoFundMe will allow and so we expect to need to do this around 119 more times. But we have to start somewhere. We have to try. We have to be the change we want to see in the world.

Thank you for your time and consideration.

Save Tech. Save the VCs. Save America.

I think about this stuff all the time, and very carefully. The world does not work in these narrow economic ways. Culture and politics play outsized roles.

Because once it starts, it becomes a race for everyone to get their money out at the same time. In reality, there is no objective reason to panic other than the fact everyone else is panicking. That's the point. Arguments about the merits of fractional reserve banking are kind of besides the point right now. That's academic right now. This is people's lives and livelihood in the here and now.

Yeah, SVB failed because of an deposit duration/asset maturity mismatch, which couldn’t be corrected due to the cost of rolling those assets, which was a result of terrible risk management on their balance sheet. Their completely loss of liquidity was a function of that. Not a function of the bank being insolvent.

explain more?

no. 😃 please provide more info or link…? 🤩

Had no idea they were coding for Nostr already.

Another big brain academia midwit judging by some quick looking up of other articles.

Can’t keep the grants grace train coming in if you actually solve the problem.

Love this Stu

I had 2300 followers on Twitter on Feb 1st. One month later I have 1500 followers on nostr. You’d be surprised

I like that people take it seriously, but they’ve been saying the same stuff for like 75 years and nothing really changes?

Thoughts:

A second icon seems more discoverable than this.

People seem to value speed when making zaps, 5 seconds of waiting is an eternity.

The whole ordinals thing seems to be largely driven by people provoking maxis because they can in the knowledge there’s nothing maxis can do about it.

If it provokes Nostriches then I’m sure someone will do it.