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seha⚡️
e8c73171ccb039e66fb25af2061371a0fbd811a1d38d34e2ceef1132d93b97cf
wannabe shadowy coder

for all the shit we give crypto folk, props to them for taking it on the chin when FTX, luna, and the other ponzis collapsed

they have my respect over whiny cantillionaires that begged for a bailout

on the bright side, a whole bunch of tech bros learned about fractional reserve banking so we may get some more devs taking the OP

unbelievable, the silicon valley crowd memed a bailout into existence.

it’s being touted as costing nothing to taxpayers because it’s being funded by inflation as opposed to taxation.

memes are on fire today 🔥

we don’t know what the next few months will look like but i’m glad we have bitcoin and nostr 🤙

collected some thoughts to share on linkedin. would appreciate some bitcoiner feedback before i ship it there.

https://seha.cc/we-need-sound-banking/

Replying to Avatar cloud fodder

Aw, ya I admire your steadfastness for #marchofftwitter. I spent yesterday just talking to friends in tech world and reading about what might be going on. Some quick summary for you from my POV: SVB is the fourth largest bank in the US and they were handed over to the FDIC on Friday, just in time for the weekend (when banks close). SVB is gone, just like that, a new entity will be created by the FDIC for all future transactions in an orderly shutdown or sellout/aquire.

This left nearly everyone that is running a startup business wondering how they will make payroll as there were many companies that didn't or couldn't get their money out before that. Many many companies in the tech sector had their funds there.

It seems they don't know what will happen but they are frantically going to get in contact with the FDIC next week which the people on YouTube and etc say acts very quickly and efficiently and will get them *some money. There is lots of speculation if big govt will bail out the bank, lots of calls for them to do so and fear mongering about how the entire tech sector is erased if they don't. Markets want QE back and this is too far they say, they are attacking Powell and Yellen and the interest rates like a rabid wolfpack.

SVB falling due to holding too many MSBs (mortgage treasuries something), is extra scary for all the rest of the banks because we don't know how many banks are in this same situation and short sellers are gonna go after them when they find out who, just like SVB they will short them to death.

Let's see, what else, ya the USDC had 3billion of it's 'peg' in SVB and Coinbase said they wouldn't be processing USDC until banks open, which is what's causing the depegging fear over the weekend. And rightly so because stable coins are all dependent on guess what: 'banks'.

So that's a quick weekend update.. hope it helps. 🤙

appreciate it. 🤙

this is a tough weekend to be off twitter with everything going on.

i wish some of the leading names were more active here with news updates and commentary.

no, we need a world where “leaders” don’t matter

what do you mean by how to run the economy? the economy runs itself because humans naturally economize. we all take action to provide goods and services based on our means and abilities and seek buyers for those goods and services.

it’s the ability to voluntarily provide goods and services to my fellow humans in exchange for other goods or services, preferably money in the form of bitcoin so that i’m not dependent on trusted parties for its safekeeping or the preservation of its purchasing power.

regulations can also be voluntary such that the providers and consumers of a service can agree to be bound by certain principles and enforcement mechanisms, which already happens today albeit not entirely free of the state. see saifedean’s recent pod re: law & order in free markets.

google speech to text has some free usage but my results have been mixed

when future generations look back, i hope they retain sufficient intellect to recognize the societal destruction caused by higher order effects of fiat money during our time and never mess with the money again until the end of time…

all-in gang asking for US taxpayers to bail out SVB depositors and hold a bag full of venture companies 🫥

https://youtu.be/CEee7dAk25c