Fly to safety.

#Bitcoin

Nice. Running Umbrel directly on a Linux machine is a great way to go.

So the head of Bayer knows nothing about gene therapy?

"Ultimately the mRNA vaccines are an example for that cell and gene therapy. I always like to say, if we had surveyed two years ago in the public, ‘would you be willing to take gene or cell therapy and inject it into your body?,’ we would have probably had a 95% refusal rate. I think this pandemic has also opened many people’s eyes to innovation in the way that was maybe not possible before."

Wow so many highlights today:

✍️ US banks failed

✍️ US bank depositors bailed out

✍️ Powell turned on the money printer

✍️ Bond yields tanked

✍️ #Bitcoin pumped

✍️ Cramer said sell $BTC

I get why people *want* to believe this. It’s an exciting narrative to believe that people are rushing into bitcoin and exiting the banking system towards the safety of a sovereign financial life. But I’m not sure the data really supports that being the nature of these price moves.

Further, if the CPI comes in above expectations, you’re going to see a whiplash effect here, and the price will likely ratchet back down, as the market sloshes around trying to predict the Fed’s next move.

I get a lot of people desperately don’t want this to be the world we’re living in. But it just kinda is.

I am not saying bitcoin will die because of Signature Bank. But I think anybody who thinks onramps and off-ramps are not important today to bitcoin are not thinking about it very carefully. Look, I want bitcoin to be a self-sufficient currency. It’s why I’m working on it. But we have be realistic about the fact that, for the most part, much of bitcoin’s utility is based on the fact it is highly liquid against other currencies. That’s just true.

Infinite backstop bazooka?

Is that what you call the $25bn capped, 12 month limited, Bank Term Funding Program they announced today?

This program is small by recent standards. QE was $85 billion per month and it ran for 5+ years.

QE was equivalent to doing BTFP every single week for 5+ years!

So a little context here, please.

It seems they're not trying to help the institutions at all, but the depositors?

For what it's worth, claims that the Fed is turning the money printer on to bail out the banks doesn't seem quite accurate.

1. Because they're explicitly allowing these institutions to fail.

2. The banks have sufficient assets on their balance sheets to pay out all deposits. The only issue is the maturity dates on those assets, relative to deposit durations. The mechanisms they appear to be using do not seem to involve any injection of taxpayer capital or money creation by the Fed.

Looks like this week will determine whether or not Silicon Valley Bank was a terrible manager of risk and is a one-off failure, or if everyone who has been saying "the banks are more well capitalized than ever post-2008" have been living a lie.

SVB is not the only bank that is underwater on bonds. As fear spreads more deposits will be pulled and more banks will fold. The fed is looking at a meltdown

Is it still cool to be dreaming Lambo or is that too 2017ish

#hodloncomrades don't trade #bitcoin

gm

let’s meme a global financial crisis into existence by tweeting “BANK RUN” nonstop.

who’s with me?