The US government didn't exactly accept Bitcoin in payment for those drone, etc.
Also, the CEO, CIO, CFO all sold share (scheduled far earlier, telegraphed way ahead of time) only the week before.
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They either teach people why no bank is safe, depositors are actually the least important relationship a bank has, on the books, or they piss tax payers off with another bailout, this time of the tech venture people, instead of Wall Street.
some people are lucky that way. I also needed fiber to get to perfection.
Almond flour is divine.
Not all, 10% of reserves. Once the run starts, no one wants to be the last 10% of people, cause that money doesn't exist.
I'm no expert, but it seems like the math is pretty simple, but banking is complicated and you may be right.
The way I see it, the bank is in FDIC custody because it's real reserves at market prices minus its liabilities (depositors money) is negative. There's no rescue from that. The bankruptcy court will sell its assets and distribute those to secured creditors and such and the uninsured depositors will get a haircut.
TBD.
The bank doesn't have a full reserve of assets. So there's a gap somewhere. The 'hold to maturity' value isn't real. They won't get that much, and so there's not enough value on the books to pay all depositors.
Nobody is just going to walk in and say sure, you get 100% of your money.
Uninsured Depositors are gonna get a haircut. How does USDC parent company cover that hole? Do they get a loan from someone? Maybe, maybe there's a run first thing Monday and they have no time for that.
FDIC only covers the first 250k for each customer. That 3b is gone, Once the run begins it goes to zero since nobody wants to be the last 10% who get nothing. (withdrawing from USDC parent company itself you're promised $1) which is why Coinbase stopped redemptions.
can I move in with you?
There will come a day, but it's not today, that the people of the country and the world will have the options. The grandfathers and the pension fund he relies on, both. The old contractor who knows nothing about computers and the tech wizard son in his basement. All.
Then when they all think, together, one Friday morning... you know? maybe I should just withdraw my money, just in case, no danger to hold it in Bitcoin for a few weeks....
Then every bank in the world dies at once. They're all underwater like SVB and all it takes is a viable option. We're very early, but one day they'll play this game again and the whole game will end.
FDIC insurance is only up to 250k, so they'd need 37b/250k different bank accounts. I'm not sure there's that many banks in the world.
Seems to work for me. The checking site acts weird though. The first time I searched it wasn't finding much, but I made it start over and it says it found it on dozens of relays more than I use in the client.
Tag these bitches.
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