US banks sitting on unrealized losses of $620 billion at the end of 2022. I’m sure that’s much higher now.
https://amp.cnn.com/cnn/2023/03/12/investing/stocks-week-ahead/index.html
Supposedly Etsy stopped payouts to sellers on their platform. https://reddit.com/r/wallstreetbets/comments/11nzl4i/cant_short_sivb_anymore_short_a_basket_of_stocks/
That’s huge
It’s a legal, government backed ponzi
I don’t watch MSM either but as I’ve talked with friends (especially my non-Bitcoin friends), they are clueless about any of the SVB stuff.
What’s the likelihood of a Black Monday tomorrow?
Right. It doesn’t work for other countries and regions. Also, the biggest problem is that it just doesn’t work. Who’s funding it?
So, do you think Universal Basic Income is more likely advocated for because of deflationary tech improvements?
I think the US Government is opening up the path for a Bitcoin standard through the terrible economic policy we have been accustomed to in with fractional reserve banking. However, it is most likely going to be a very bumpy road. Expect to see the US, and the rest of the G7 countries, fight this tooth and nail. They don’t want to give up the fiat ponzi that they’ve gotten rich off of. We’ve already seen this with Operation Chokepoint 2.0.
We will see major regulation against #Bitcoin and attempts to eradicate Bitcoin (although they are futile attempts). Senator Warren and other will lead the charge.
What I wonder is how does it all shake out eventually? Progressives and other establishment Republicans will most likely fight a Bitcoin standard all the way. A few bold senators and congressman will lead the charge toward a Bitcoin standard, but they will be seen as conspiracy theorists and crypto opportunists.
I do think that we do get to a Bitcoin standard, but the options are fuzzy to how we get there. Is there a divide in the country where the only two options is statism (socialism and CBDC) or libertarianism (Bitcoin standard)? Or do we stay together as a country and eventually move to a Bitcoin standard as one unified country? Universal basic income seems like a real plausible option to the progressives even though history has seen the failed socialist experiment again and again.
What are the options I’m missing? I’d be curious to hear the other possibilities the other plebs in the #nostr universe are thinking.
#plebchain
So, looks like we are choosing the hyperinflation route instead of the credit default route. Predictable.
“Power corrupts. Absolute power corrupts absolutely.”
It looks like it could really hit the fan on Monday.
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Are they connected to SVB or are they in a similar situation as SVB with their assets being in a large chunk of long maturing treasuries?
I think we will hear a version of Step 3 next week.
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If you’re running LND, check out Tailscale. I use that with Zeus for mine and it’s much, much faster than Tor.
How quickly will Gemini let you get funds off their exchange? If they’re about to go under, you’re playing a game of chicken.
Have you tried using a vpn with your node? That way you don’t have to connect via Tor but keeps your connection private between your device and your node.