Tight Fit! PHOTO: MARK SCHOCKEN, U.S. - THE COMEDY WILDLIFE PHOTOGRAPHY AWARDS 2022
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If you want to understand the liquidation of Silvergate and also why BTC is below 20k today
After a troubled few months, Silvergate has finally given up.
In an announcement yesterday, the crypto industryâs principal banking provider said it would âwind down operations and voluntarily liquidate Silvergate Bankâ.
Despite the fact that the plan âincludes full repayment of all depositsâ, this blow demonstrates just how hard 2022 has been on CeFi, as well as the shock and awe tactics of the USâ ongoing regulatory assault.
Silvergate finally succumbed after a week of uncertainty which began with the bankâs notifiication that it would be late on filing its annual report to the SEC.
The filing contained a warning, stating that Silvergate was âevaluating the impact that these subsequent events have on its ability to continue as a going concernâ.
The following day, Coinbase dropped Silvergate as a banking partner. Then, the bankâs own payments network, SEN, was shut down.
But even before last week, Silvergate had been struggling for some timeâŚ
How many more institutions will this bear market claim?
Though initially set up in the late eighties, Silvergate went all-in on crypto in 2013, establishing itself early as the go-to bank for crypto companies.
Partnering with CEXs such as FTX and Coinbase, and developing the Silvergate Exchange Network to service round-the-clock transfers, it saw huge growth through the recent bull market, with shares hitting their ATH of $219 in Nov 2021 along with the crypto market top.
At the time of writing, SI is worth less than $4.
rekt.
Silvergateâs demise can be linked in large part to its close ties to FTX and Alameda.
Despite claiming to have lost less than 10% of deposits to the collapse of SBFâs empire, doubts have been swirling over Silvergateâs stability ever since.
Messari was quick to give a public, hopium-induced vote of confidence (after all, who would they sell their institutional-grade insights to if potential customers had been scared off?) whilst simultaneously denigrating DeFi stalwarts in the same report.
Others correctly predicted how the FTX contagion would spread.
As details began to come out in early January, things werenât looking goodâŚ
Silvergate reported net losses of $1B in Q4 2022, as well as a drop in deposits from $12B to $7.3B.
The announcement also revealed that servicing the above withdrawals came at a heavy price, with the liquidation of $5.2B assets incurring a $718M loss. In addition, 40% of the workforce would be laid off, and $200M written off which had been spent on Metaâs abandoned Diem stablecoin one year previously.
Not only were the numbers bad, but Silvergate was receiving attention from US senators over its lack of due diligence in FTX, and the fact that FTX was running customer deposits via Alamedaâs Silvergate account.
Facing such rough financials, and mounting regulatory pressure, it seems Silvergate have decided to call it a day before they end up like their former business partner.
We are still paying the price for the excesses of 2021âs bubble.
This bear market has been especially punishing because of the rampant, up-only shortsightedness of the last cycleâs bull run.
Pretty much every big player of the last bull market is gone. The industry is weakened, and US regulators are going in for the kill.
This is unlikely to be the last target, US regulators wonât be satisfied with just the one sacrifice - and Senator Warrenâs intent to sever the relationship between banks and the crypto industry is abundantly clear.
Who will be next to fall?
Regulatory pressure seems to be eternally mounting for Binance, who wonât want to show their hand unless forced.
Only time will tell where the bloodbath ends, but more established banks are already showing nerves about some crypto firms, with JP Morgan reportedly cutting ties with Gemini, though not Coinbase.
A house of cards will collapse when shaken.
CeFi overinflates itself based on the trusted business relationships it is built on.
But when the chips are down, and billions of dollars are on the line, trust is worth little.
Despite months of bad news and crackdowns, the crypto market remains relatively stable, suggesting there is still plenty of belief in the future of what this industry can offer in both the medium and long term.
As CeFi is hammered over and over again by regulatory backlash, more and more users will be drawn to truly autonomous and decentralised alternatives, over which the SEC has little power.
The fall of Silvergate, while painful in the short term, is simply part of the natural selection process which will hopefully bring the market to some more robust foundations.
Whoâs next?
A Look at Mintlayer: Layer 2 Sidechain for the Bitcoin Network
Mintlayer is a Layer 2 sidechain for the Bitcoin network that aims to bring decentralized finance, NFTs, dapps, and smart contracts to Bitcoin. The protocol uses the UTXO standard and has a token classification for NFTs that will run on the sidechain without bloating the main network.
https://hackernoon.com/a-look-at-mintlayer-layer-2-sidechain-for-the-bitcoin-network
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Bitcoinâs Biggest Hack In History: 184.4 Billion Bitcoin from Thin Air
On Aug. 15 2010, an unknown hacker nearly destroyed Bitcoin. The hacker generated 184.467 billion Bitcoin out of thin air in what has become known as the Value Overflow Incident.
Satoshi Nakamoto quickly hard forked the blockchain to remove the 184.467 billion Bitcoins, which is the only thing that saved Bitcoin from dying an early death that day.
Essentially, the code for checking Bitcoin transactions did not work if outputs were so large that they overflowed when summed, and a hacker figured this out and took advantage of it. There is supposed to be a fixed maximum supply of 21 million Bitcoin, but the hacker, in a single transaction, created 8,784 times more Bitcoins than ever should exist.
If this hack hadnât been rectified, Bitcoin would likely have died then and there, which would mean the entire crypto space as we know it would not exist. The price of Bitcoin would have plummeted to zero instantly once users realized that it could be minted at will. Bitcoin would have lost all of its trust and reputation.
Satoshi Nakamoto, Bitcoinâs infamous and anonymous creator, created a code fix within 3 hours of the incident first being reported on Bitcointalk. Early Bitcoin developer Gavin Andresen worked alongside Satoshi to bring about a quick resolution.
Within 5 hours of the incident, Satoshi released version 0.3.1 of Bitcoin, which prevented future printing of Bitcoins via this exploit and rewound the blockchain to erase the hacked 184.467 billion Bitcoins.
This was a hard fork, so two different versions of Bitcoin existed in the immediate hours after version 0.3.1 was released. Satoshi monitored the competing blockchains closely and urged miners not to mine the bad chain because doing so would make it take longer for the good chain to become the dominant chain.
Just 19 hours after the incident began, the good chain became the dominant chain according to Satoshi.The bad chain still existed and disrupted some users for at least the next day, but ultimately, the good chain generated from version 0.3.1 became the Bitcoin blockchain everyone uses today.
Plant trick - Wilted Plant x Hair
Whenever you clean your hairbrush, you probably grab all that hair and throw it right in the trash. However, you can actually reuse that hair⌠yes, really. Rather than throwing out your hair, you can actually use it to cure a wilted plant, making it perk right up!
Why does this work, you ask? Well, since hair contains nitrogen, and nitrogen promotes nutrients in plants, your hair will give your plants a nice boost. Itâs almost like giving your plants a sweet snack to help boost their energy throughout the day. Because nothing is worse than a plant thatâs looking super sad.
The best part is that you donât have to go out to buy fancy fertilizer or plant food â or worse, watch your new plant slowly wilt away. Instead, you can just walk into your bathroom, grab that hairbrush of yours, and clean it out. Itâs essentially free plant fertilizer that you already have right in your home.
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