Reading this when I'm 2/3 of the way through writing a book hits different :-|
That Greenpeace sculpture is right up there with calling Trump supporters "deplorables" - it's not convincing anyone that wasn't already convinced, but it gives their opponents some amazing branding for free. Can't wait to see it on a satscard :)
🎶 Everyday another vulture takes flight 🎶
🎶 There's another danger born every morning 🎶
🎶 In the darkness of your blindness the beast will learn to bite 🎶
🎶 How can you fight if you can't recognize a warning? 🎶
They're going to cut Kraken off from ACH, sic the DOJ on Binance, and as for Coinbase:
It's all so tiresome
GM to everyone except fiat apologists https://twitter.com/arbedout/status/1339968110342909953
No words to describe how much Nostrica FOMO I'm feeling rn
Slaves lose everything in their chains, even the desire of escaping from them.
-- Jean-Jacques Rousseau, watching normies scramble from bank to bank in the midst of a crisis (maybe)
Just don't dance.
Last Friday the Chinese government brokered an agreement between Iran and Saudi Arabia to restore diplomatic relations and bring a halt to the years-long undeclared conflict between both countries.
Meanwhile, after spending two absolutely wasted decades in first Iraq and then Afghanistan, the government of the United States spent last Friday cleaning up a regional bank blowup at the behest of members of their political donor class.
Years from now this will be written about in history textbooks as the signpost for when the post-WWII 'rules based order' came to an end.
One down, one to go
Spare a thought for the people in your life stil trapped in the fiat mindset today.
1) The FDIC, the Treasury and the Federal Reserve have decided that SVB depositors will be made whole.
This means that Circle will be able to redeem USDC at par. This means USDC will continue to exist. See Jeremy Allaire's thread celebrating here: https://twitter.com/jerallaire/status/1635059024050937856
2) Last year we learned that, in the event of a contentious Ethereum fork, the 'winning' chain will de-facto be whichever one Circle believes is 'valid' (see screenshot of Circle's August 9, 2022 statement before the merge).
1) + 2) =
3) Circle exists because Treasury has decided to allow them to exist, which means any forks that are recognized by Circle as valid for USDC are - in their judgement - not going to get them on Yellen's bad side and have her reconsider that decision.
So, yeah, Ethereum is officially captured by the State, I don't make the rules.
I'm not certain what the ideal amount of Roku's $487mn of funds - out of a corporate treasury of $1.9 billion - should have been stored away in an m-of-n Bitcoin multisig.
But clearly the answer is not 'zero'. It turns out 'zero' loses you $487 million dollars!
Even for companies with significantly less exposure, if you find yourself not being able to make payroll - either b/c of exposure to Rippling or to SIVB diretly - how can you justify not keeping at least two weeks of payroll in an asset that doesn't require an intermediary between you and your employees, once you dig yourself out of this mess?
We were right about everything - about yield farming, about shitcoins, about fractional reserve banking, about inflation...
...and they will never forgive us for it.
Fuck a bailout, I want to see show trials.
I mean. If you're a stablecoin that has lost it's peg as a result of a run on a fiat bank....
Them: you shouldn't celebrate when banks fail
Me:
If you're a startup that held your deposits at SVB and you are now waiting on the FDIC to make you whole, you've just gotten a crash course in the benefits of self-custodying your own funds.