Biodom
Legendary
 Offline
Activity: 3752
Merit: 3850
|
 |
March 12, 2023, 09:11:59 PM |
|
New Zealand opened.  Down less than 0.4%...that's about....nothing. US legislators "like" to see Dow down 1000 points before they lift a finger, typically. I 'member it from 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
Richy_T
Legendary
Offline
Activity: 2436
Merit: 2114
1RichyTrEwPYjZSeAYxeiFBNnKC9UjC5k
|
|
March 12, 2023, 09:25:58 PM |
|
USDC was prone to problems from the start I do not know why people thought it was stable and would be around forever. Bitcoin is the only cryptocurrency worth investing in and stable coins are not stable they remain stable until people get bored and stop buying and then they collapse. I do not think USDC will collapse this time but in the next 5 years it will not exist. Bitcoin will exist and will be more stable because it is still around when USDC will not.
Yeah, imagine if someone came out with something like beanie babies and said "I'll sell you this for four dollars and it will always be worth four dollars". You'd look at them like they were crazy. |
|
|
|
|
Richy_T
Legendary
Offline
Activity: 2436
Merit: 2114
1RichyTrEwPYjZSeAYxeiFBNnKC9UjC5k
|
|
March 12, 2023, 09:29:02 PM |
|
 USDC = RIP (rekt in peace)This is not a good talking point. |
|
|
|
|
Richy_T
Legendary
Offline
Activity: 2436
Merit: 2114
1RichyTrEwPYjZSeAYxeiFBNnKC9UjC5k
|
|
March 12, 2023, 09:30:03 PM |
|
They're going to take your wealth and give it to a bunch of rich guys in California. |
|
|
|
|
ChartBuddy
Legendary
Offline
Activity: 2170
Merit: 1759
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
|
 |
March 12, 2023, 10:01:17 PM |
|
|
|
|
|
|
|
aesma
|
|
March 12, 2023, 10:33:33 PM |
|
|
|
|
|
|
|
Gachapin
|
|
March 12, 2023, 10:34:29 PM |
|
They're going to take your wealth and give it to a bunch of rich guys in California. not your keys not your wealth |
|
|
|
|
|
aesma
|
|
March 12, 2023, 10:36:58 PM |
|
USDC shooting up towards USD parity
|
|
|
|
|
|
|
Biodom
Legendary
Offline
Activity: 3752
Merit: 3850
|
|
March 12, 2023, 10:51:09 PM |
|
Sidenote: they closed Silicon Valley bank and ALSO the Signature bank, apparently (Silvergate closed last week).
Is there any bank left for Coinbase and Kraken to bank with?
I am not sure.
Regional banks might bounce up tomorrow, but then it might be like Lehman after it bounced up after Bear went under....same problems.
|
|
|
|
|
Volgastallion
Sr. Member
Offline
Activity: 476
Merit: 263
CONTEST ORGANIZER
|
|
March 12, 2023, 11:00:13 PM |
|
Tomorrow its the date to know what its gonna happen really, lets see how the markets open and how its developing the news and the intraday trading. We can expect a lot of movements and a lot of inside info in some operators. They're going to take your wealth and give it to a bunch of rich guys in California. not your keys not your wealth Hahahah really good one. They're going to take your wealth and give it to a bunch of rich guys in California. You have plenty of reason, but...... if they dont make that move the expading collapse its or can be far worse for the whole society, its sad? yes, but it works that way, all the system is based on this pillars. The government is always the last insurance in this kind of case. |
|
|
|
|
ChartBuddy
Legendary
Offline
Activity: 2170
Merit: 1759
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
|
|
March 12, 2023, 11:01:17 PM |
|
|
|
|
|
|
philipma1957
Legendary
Offline
Activity: 4116
Merit: 7824
'The right to privacy matters'
|
|
March 12, 2023, 11:05:55 PM |
|
|
|
|
|
|
dragonvslinux
Legendary
Offline
Activity: 1666
Merit: 2204
Crypto Swap Exchange
|
Sidenote: they closed Silicon Valley bank and ALSO the Signature bank, apparently (Silvergate closed last week).
Is there any bank left for Coinbase and Kraken to bank with?
I am not sure.
Coinbase have 5 other banks I read, SVB was just one of six. Probably why USDC is back to $0.99 before their banks open tomorrow despite you expecting much less than that. Not sure about Kraken, but doubt they'd be dumb enough to only be working with one bank, but time will tell. Generally speaking, major exchanges don't partner with only one bank for this exact reason... At least this isn't 2017 anymore. Regional banks might bounce up tomorrow, but then it might be like Lehman after it bounced up after Bear went under....same problems.
I think we're yet to learn about the contagion regarding SVB, given it was near the size of Lehman, but the involvement in financial sector was considerably different it seems - mainly tech start ups, rather than general purpose (unless I'm mistaken here). The interesting dynamic will be to see if this situation will end up being "good" for Bitcoin or not, the idea that centralised banks aren't a reliable place to store wealth, hint hint... The Times 03/Jan/2009 Chancellor on brink of second bailout for banks If Bitcoin continues to rebound strong, it'll be predicatable to look back in the near future and claim the reason why, based on the one of the reasons for Bitcoin's existence. Likewise if Bitcoin drops further, many will point figures to the SVB situation as reasonining, for example if USDC fails to return to parity. It's almost as if Bitcoin has a mind and sentiment of it's own and external financial situations doesn't affect it  At least so far from the SVB fall-out, Bitcoin has bounced from support and up 6%... just food for thought. |
|
|
|
|
Biodom
Legendary
Offline
Activity: 3752
Merit: 3850
|
|
March 12, 2023, 11:22:02 PM |
|
Sidenote: they closed Silicon Valley bank and ALSO the Signature bank, apparently (Silvergate closed last week).
Is there any bank left for Coinbase and Kraken to bank with?
I am not sure.
Coinbase have 5 other banks I read, SVB was just one of six. Probably why USDC is back to $0.99 before their banks open tomorrow despite you expecting much less than that. Not sure about Kraken, but doubt they'd be dumb enough to only be working with one bank, but time will tell. Generally speaking, major exchanges don't partner with only one bank for this exact reason... At least this isn't 2017 anymore. well, I expected 0.97 IF there would be no bailout (based on simple calculations), it is now 0.99 with a bailout, but it WAS almost exactly 0.97 before the bailout announcement: https://www.washingtonpost.com/us-policy/2023/03/12/silicon-valley-bank-deposits/It is somewhat strange that USDT still has a 1% premium. I cannot predict gov actions, sure, but I will look with interest at reg banks tomorrow. |
|
|
|
|
JimboToronto
Legendary
Offline
Activity: 4004
Merit: 4465
You're never too old to think young.
|
|
March 12, 2023, 11:26:46 PM |
|
Good day Bitcoinland.
A pretty good day indeed.
Lovely Bart back up.
SVB bank run
Reminding us that Bitcoin
Is the only way.
Money in the bank?
What a silly expression!
Hodlers laugh out loud.
Twenty-two thousand
Is barely a start.
Onward and upward!
|
|
|
|
|
dragonvslinux
Legendary
Offline
Activity: 1666
Merit: 2204
Crypto Swap Exchange
|
|
March 12, 2023, 11:28:09 PM Merited by JayJuanGee (1) |
|
Sidenote: they closed Silicon Valley bank and ALSO the Signature bank, apparently (Silvergate closed last week).
Is there any bank left for Coinbase and Kraken to bank with?
I am not sure.
Coinbase have 5 other banks I read, SVB was just one of six. Probably why USDC is back to $0.99 before their banks open tomorrow despite you expecting much less than that. Not sure about Kraken, but doubt they'd be dumb enough to only be working with one bank, but time will tell. Generally speaking, major exchanges don't partner with only one bank for this exact reason... At least this isn't 2017 anymore. well, I expected 0.97 IF there would be no bailout (based on simple calculations), it is now 0.99 with a bailout, but it WAS almost exactly 0.97 before the bailout announcement. I cannot predict gov actions, sure, but I will look with interest at reg banks tomorrow. Not sure you can call it a "bailout". It's Circle's own corporate funds that are being put forward as liquidity for USDC. Pretty sure a bailout is when it comes from an external party. Unless you mean Circle are bailing themselves out? As I said before it's all very unsurprising given the situation. Circle have had to use 2 years worth of revenue in order to keep USDC afloat, because ultimately they only lost 8% with SVB. But sure, we'll see how it all pans out tomorrow. If 1:1 dollar redemptions aren't available, it's all going to go very wrong very quickly, I have no doubt about that. Meanwhile Bitcoin gives the impression of smashing through resistance levels like there is no tomorrow. $23K is the one to watch imo. |
|
|
|
|
|
aesma
|
|
March 12, 2023, 11:29:31 PM |
|
Sidenote: they closed Silicon Valley bank and ALSO the Signature bank, apparently (Silvergate closed last week).
Is there any bank left for Coinbase and Kraken to bank with?
I am not sure.
Regional banks might bounce up tomorrow, but then it might be like Lehman after it bounced up after Bear went under....same problems.
I use a German or a UK bank but with euros of course. |
|
|
|
|
Biodom
Legendary
Offline
Activity: 3752
Merit: 3850
|
|
March 12, 2023, 11:37:25 PM |
|
Sidenote: they closed Silicon Valley bank and ALSO the Signature bank, apparently (Silvergate closed last week).
Is there any bank left for Coinbase and Kraken to bank with?
I am not sure.
Coinbase have 5 other banks I read, SVB was just one of six. Probably why USDC is back to $0.99 before their banks open tomorrow despite you expecting much less than that. Not sure about Kraken, but doubt they'd be dumb enough to only be working with one bank, but time will tell. Generally speaking, major exchanges don't partner with only one bank for this exact reason... At least this isn't 2017 anymore. well, I expected 0.97 IF there would be no bailout (based on simple calculations), it is now 0.99 with a bailout, but it WAS almost exactly 0.97 before the bailout announcement. I cannot predict gov actions, sure, but I will look with interest at reg banks tomorrow. Not sure you can call it a "bailout". It's Circle's own corporate funds that are being put forward as liquidity for USDC. Pretty sure a bailout is when it comes from an external party. Unless you mean Circle are bailing themselves out? As I said before it's all very unsurprising given the situation. Circle have had to use 2 years worth of revenue in order to keep USDC afloat, because ultimately they only lost 8% with SVB. But sure, we'll see how it all pans out tomorrow. If 1:1 dollar redemptions aren't available, it's all going to go very wrong very quickly, I have no doubt about that. Meanwhile Bitcoin gives the impression of smashing through resistance levels like there is no tomorrow. $23K is the one to watch imo. Maybe i misread it, but washpo article reads like ALL deposits will be available, including unsecured one's like Circle $$ at SVB. Yes, Circle made noises about covering the shortfall if needed, but market did not believe it, hence the USDC price vacillating between 96 and 97c today; following that, fed made a non-secured deposit coverage announcement and it is then the USDC vertically jumped from around 97s to 99c and above. One thing is for sure...Bitcoin is looking good in this debacle. |
|
|
|
|
|
Poll
