Web3 failures probably played *some* role given how many of these businesses failed.
I think we can probably blame "Web3" more for these failures than a coordinated regulator attack tbh.
I'm happy for you if you're able to live fully bitcoin native. Most people can't.
I will celebrate your ability to do that, if you manage to do that. Meanwhile, in the real world, those of us trying to catalyze bitcoin adoption have work to do.
Yes. A lot of Bitcoin's current utility stems from its deep pools of liquidity. Only from extreme ignorance could someone hoping for bitcoin to succeed be amused by this turn of events.
This isn't going to help bitcoin. It really isn't. Only in people's silly fantasies is this some kind of boon for bitcoin.
Except for the fact that these three banks were the most bitcoin-friendly banks. Not sure why bitcoiners are celebrating, as this may disrupt fiat on-ramp and off-ramp liquidity, which is literally nothing to celebrate.
Those institutional trades are powering consumer trading. This could seriously impact Bitcoin's liquidity premium and drive the price down if alternatives are not quickly developed.
Thinking having on-ramps and off-ramps from dollars is standing against Satoshi and being "contrarian"? Okay. Got it. Cool. Thank you for coming out.
If you're a bitcoiner and you're being smug or feeling Schadenfreude about the failure of Silvergate and Signature, you might want to consider that these were the two most bitcoin-friendly banks, supporting the lion's share of fiat settlement for bitcoin trades between trading counterparties in the US.
If you're laughing, you're scaring an own goal right now.
Signature alongside Silvergate were one of the two main bitcoin-friendly banks facilitating the lion's share of fiat settlement between trading counterparties in the US. Bitcoiners cheering these failures on are scoring an own goal.
How do you think a lot of Bitcoin-USD liquidity gets settled by exchanges and brokers? There were really two main marks doing that for the whole industry. And they both have failed. Silvergate and Signature.
Well, if you don't care about easy on-ramps and off-ramps for BTCUSD, then you can go ahead and not care.
The collapse of Signature Bank is very bad for bitcoin in the US, to say the least.
Maybe. Or they're telling the truth.
Well, First Republic is putting on brave face, saying they have $60 billion of liquidity, and that they will be honoring all the wires of the people fleeing the bank tomorrow.