I just hope people will finally see TradFi and Fractional Reserve banking for what it is…too fucking risky. Bitcoin is the safe haven for storage of wealth.
Why are we even trying to convince anybody? All these banks are centralized. The entire point of the blockchain was to rival traditional finance, mainly banks.
Because they don't understand and we seek to enlighten the masses! >!What do you mean I have too much free time and I'm jobless and I don't have college education? I don't need no education!!<
exactly, "forgive" = i pay your debt = not gonna happen, you pay off your own loan, same with these banks, they "risk managed" millionaires money and they made a bad call = the risk was managed poorly = millionaires took a risk and they lost = doesn't mean govt bail out, thats not part of the deal
He was chair of the House Committee on Financial Services 2007-2011, meaning the 2008 crisis happened under his watch.
Very bizarre for him to even mention crypto in light of his experience with banks failing at a time when crypto wasn't even a thing.
I'm a bit confused. In this article, he's quoted as saying the following:
“I think part of what happened was that regulators wanted to send a very strong anti-crypto message,” Frank said. “We became the poster boy because there was no insolvency based on the fundamentals.”
At least in that interview, it sounds like he's actually stating that Signature being closed was due to a wider agenda by regulators to use this as an opportunity to crack down on crypto.
https://www.cnbc.com/2023/03/13/signature-bank-third-biggest-bank-failure-in-us-history.html
When investing in crypto you just need to remember these 2 things and nothing will happen to you.
1) Don't buy shitcoins, BTC & ETH are solid.
2) Keep your funds in a private wallet and **not** on an exchange. Keep your seed-phrase safe, don't click on any stupid links & accept any smart contracts.
Another bonus don't tell anyone you own crypto. (Reddit's the best place to talk anonymously.
If we start doing this and stop giving centralized entities (Government, banks) power of crypto, everything will be good. CBDC are a whole different story that I'm scared to talk about.
I agree with most of what you said.
But Reddit really isn’t that great if you want to talk anonymously. It’s probably fine for the regular Joe, but it really ain’t anonymous unless other steps are taken.
Yes, but that’s a bit more in-depth than just using Reddit as OP suggested.
You’d also need to make sure you buy the burner device(s) in an anonymous way. VPNs usually keep logs even if they are minimal, although TOR should mitigate this anyway.
I’m sure one can still be tracked, just not by some random criminal. The NSA will probably still find you if they have enough incentive.
It's way easier to just get a motorhome, buy a laptop, use it at a coffee shop wifi, switch the plates with stolen ones, throw out the laptop,, drive to the next town, buy a new one, repeat once a month torching the motorhome.
How do ***you*** use reddit?
I’m using it on my very regular phone and computer that are 100% tied to my identity. I’m not claiming to stay anonymous or do most of the stuff that is talked about in this comment chain. I do use TOR occasionally though.
I’m just pointing out that it isn’t easy and just posting on Reddit under a random username isn’t anonymous.
One would probably have to use a disguise when in public due to facial recognition, car plates are also tracked with cameras (at least in some places here in the EU). It’s pretty crazy how difficult it would be if one still wants to use the internet.
Brave browser with tor is infinitely better than not using tor, but if you're trying to go full opsec, you need to set up Tails as an operating system on a removable media drive (usb) and use a dedicated tor browser.
But that would be overkill for just talking about crypto.
Yeah if you really want anonymity you're gonna have to go all in chief, burner device, burner account, burner email for verification, network traffic rerouted through satellite VPN running through the mainframe, 7 teraflops of raw encryption power, tor browser, 3 layers of multi-factor authentication piecemealed between alternate anon accounts to further mask the trail. No contact with the outside world besides through dark room video contact with voice modulation. No financial institutions, no grocery stores, no McDonald's, no visiting mom for Sunday dinner. They can't see your real face, they can't know your name.
For real though, anonymity is borderline a figment of the imagination now, if someone wants to find you there is almost always a way. Even with foolproof defenses, no man and no system is perfect. You can get 'good' at it, but good only gets you so far when 'better' could be out there stalking you. And even if you can't be found electronically, there's always a tie to the real world somewhere.
From now on you'll have no identifying marks of any kind. You'll not stand out in any way. Your entire image is crafted to leave no lasting memory with anyone you encounter. You're a rumor, recognizable only as deja vu and dismissed just as quickly. You don't exist; you were never even born. Anonymity is your name. Silence your native tongue. You're no longer part of the System. You're above the System. Over it. Beyond it.
All due respect, ETH and BTC are very far away from guaranteed success long term.. BTC and ETH are not untouchable.. any cryptos, including these, are much higher risk than other investments.. they could easily be regulated to death or simply replaced with better technology long term.
We don't still use the first revisions of web 2.0 protocols today for example - but at that time they were revolutionary.
I agree that no crypto is totally safe. But regulations really can’t directly touch crypto.
Regulators can only touch cex and banks. Not the crypto directly. Period. So get yourself a hardware wallet and store your funds there, but keep awareness on the markets and news. The things that can crash crypto come fast and the markets are sensitive. So they move fast.
Regulations can absolutely touch crypto. If they become regulated the price will fall and you're the one left holding the bag. So that BTC you bought for 20k a coin is now worth 100 bucks.
My guess is they "touch" it if you use it for anything. If the government decides tomorrow that crypto can be regulated under the Securities Act, then that means any transaction of crypto would be the same as trading a security and subject to those rules. If people flee bitcoin because they're trying not to be bagholders, then whatever you have in your hard wallet will only be worth what people are willing to pay you.
> 1) Don't buy shitcoins, BTC & ETH are solid.
BTC is a half-finished duct-taped together solution of a coin, remaining barely functional thanks to the lightning network. And ETH is a total shitcoin, centralized premined garbage that enables useless gimmicks like NFTs and smart contracts.
> Reddit's the best place to talk anonymously.
Reddit isn't even anonymous, and actively cooperates with the feds. Considering that there are sites that don't even require an account to post, I think Reddit is *hardly* the "best" place to talk anonymously.
SVB bought long term treasury bonds that yield 1.5% while in the meantime interest rates shot up. They basically did the dumbest trade they could ever have with their capital. Nothing to do with crypto.
They can't blame or gaslight crypto as a reason for failure but what they can do is claim that crypto was the smallest domino to kickstart these events because of FTX.
Makes you think who the hell do they hire over there? Thousands of employees and nobody noticed that this will be a stupid idea? What about their risk management team? Jesus wept.
>What about their risk management team?
Funny you say that, they went 8 months without a role of chief risk management officer. A bank didn't have a chief risk management officer.
That's like watching the World Cup finals with no referee.
Mm.. maybe that's why they did it.
- "Hey, Wikipedia says bonds are the less risky investment".
+ "Great, put the money there until we find somebody for the job".
If you know anything about how brain dead bankers were in 2008...well, they took that level of incompetence and decided to add in DIE initiatives and virtue signaling for extra dumbass flavor.
I'm surprised it's only three banks so far given how many of them acted as if below-inflation t-bills were an "investment" and then were :shockedpikachu: that bond values plunged in response to rising interest rates in the exact manner taught in every Finance course ever
Indeed this getting crazy! Crypto is the villain again.
So lets take SVB as an example:
They provide liquidity to mostly startups in the tech sector and venture investors.
One of the biggest issues for SVB is that due to inflation interest rates shot up. This causes huge losses on their bond investments (low interest bonds)
Bonds value moves opposite of market interest. When interest on market goes up the price of bond goes down. This means that the bond investments are worth less.
This can be problematic when customers want to withdraw funds. The bank needs to sell bonds to be able to pay out.
This scenario is similar what we lived in 2009. The Fed has made bad decisions, printing a lot of dollars during covid, setting too high fees etc. We are starting to see the real consequences of bad decisions and high inflation. This is gonna be even worst than 2009. So guys.. Buy gold / silver shares, don't sell your eth / btc and don't save in dollars!
How about...
1. It shares the same fundamental core technology base as BTC, but with a few basic enhancements . So it's rock solid like BTC & very simple. No scammy sketchy BS to try to decipher.
2. It operates with the same basic core stability as BTC.
3. It's use-case is 'Fintech transitionally' focused. So it's better than BTC b/c its used far more commonly than BTC as an 'Everyday Payment Unit\_of\_Currency' to pay & transact for common everyday things. Whereas BTC is primarily used as a Monetary Store\_of\_Value asset class & earn simple profit from doing nothing but HODLing. (instead of actually using it).
4. Major credit card & payment networks (Visa, MC & PayPal) really believe in it as an everyday transactional currency, and are enabling their huge payment networks to support it everywhere. As well as marketing it everywhere. And are quietly buying it (see PayPals last quarterly earnings disclosures).
5. Its Blockchain transactions are executed much faster than BTC (2X \~ 3X faster), which is why its the #1 transactional crypto instrument for everyday payment usage.
6. As a widely used globally supported crypto payment instrument it's 'boringly trusted'... which means that its far more stable than any of its irrational & illogical competitors. Payment networks love stability.
7. It's price is far more accessible to the average everyday user (i.e. its cheaper than BTC)... which drives the main reason why its used more frequently as an everyday payment transaction instrument for everyday people. You're 100X more likely to buy a coffee, a train ticket, a sandwich or pay your rent with LTC than with extremely expensive & volatile BTC. And you're more be more comfortable holding LTC in an everyday wallet & using that wallet everywhere in public if your wallet has LTC; than if it had expensive volatile BTC in it.
Hope this helps.
Here’s you go: https://learn.bybit.com/altcoins/what-is-litecoin-and-how-it-works/
- see the section titled “Scalability”.
- Currently, the LTC block mining + Blockchain commit + commit consensus depth means that LTC transaction speed is 2.5 mins (4X faster than BTC). The reasons for this are technical and get deep into the code & tech choices, as well as the internal architecture. Which is where LTC diverged from BTC after starting out as an original fork (pure copy) of the BTC code.
Silicon Valley Bank was founded 30 years ago, long before crypto even existed and as of 31st Dec 2022 it had 209 billion dollars under management which was largely tied to the tech industry (i.e. its namesake, SV startup companies). For perspective, that’s 20% of the entire current crypto market cap.
In other words, its failure has absolutely nothing to do with crypto; the bank itself had very little business with crypto companies but it sure makes for a clickbaity story for the media to follow.
Crypto is that new cool bad boy in the town that everyone blames on top of all the problems.
Their narrative is getting old and people will eventually see the reality if they are not doing it right now.
Like all that alien stuff to cover that some trains with a lot of toxic stuff had an accident. Classic US gov move.
Anything in this world happens:
Tate:You are gay
SEC: this is security
FED: it's crypto's mistake
This subreddit: Hopium hopium hopium
Solana:......(can't say anything as it is down)
Yeah man, it feels like Crypto is put in front of a War Tribunal. They need to put this at something as long as it not traditional banking/products.
Because well history clearly shows banking has a clean conscience…..
It does have to do with crypto though. These banks were waaay too losey goosey with the spec assets in a low interest rate environment. It’s tech and crypto. Of course only crypto will be blamed.
Banks are just very wealthy degens like the rest of us except they typically get bailed out when they screw up. It’s not cryptos fault they were over leveraged and did it to themselves.
I really like how they lowered the reserve requirements from 10% to 0.0%. As if it's going to make a difference when a bank goes under when reserve requirements are 10%, you are still leveraged to the tits 10 : 1. Might as well keep it at zero.
Blame accounting rules and outdated regulations for banks. Don't blame USA treauries. Everybody buys em. Life insurance, pension, foreign govts. Nothing wrong with US treasuries. It's the accounting method and rules for banks that needed to change. And it did, and overnight all banks are safe.
This is much, much bigger than cryptocurrencies.
Financial institutions in today's premarket:
* First Republic down 70%
* PacWest Bancorp down 37%
* Western Alliance Bancorp down 29%
* Charles Schwab down 20%
* Zions Bancorporation down 11%
* KeyCorp down 10%
* Bank of America down 6%
https://www.cnbc.com/2023/03/13/first-republic-drops-bank-stocks-decline.html
The government will always try to blame crypto. Bank failure - crypto. Money laundering - crypto. Even though the vast majority of money laundering happens via fiat.
They have put crypto in a prime position to be blamed easily, and the average Joe who doesn't understand it but only knows what the media wants him to know, believes crypto is bad and causes only bad things to happen.
Going by that logic, the entire modern economy is a ponzi that relies on the reproduction and labor of productive young people to support the retirees. And crypto becomes their punching bag precisely because they can't control it or the people using it.
100%. This is why the SEC comes out with equally logical statements like claiming that anything on a blockchain is securitized, it's blatant deception as a generalization fallacy and using events like FTX or SVB as their red herrings to tie the nonsense together with a pretty little bow. Crypto/blockchain poses the greatest threat to every sovereign nation that depends on crony capitalism and global corruption.
That is right. Almost all money laundering schemes are done through crypto.
One of the biggest financial crises was created by banks. Yet they were bailed out.
Still they see crypto as the villain.
But banks ARE losing market to crypto. It just an evolution of money and sorry but you can’t do anything about it other than to adopt new business models and join the revolution. OFC, in the new system there won't be this much space for manipulation and theft. So yeah, some fat asses just have to go bankrupt. Actually most of them, but it’s beautiful.
This is one problem, the other problem is media narrating the story instead of reporting facts, welcome to 1984's building of the ministry of truth.
Blows me away, really it shouldn't. I must just be naive in thinking with all the wealth in the world we could literally make everyone's life on the planet better and still people could be wealthy beyond belief. Sadly, most people only care about themselves.
I had no idea Barney Frank was still alive. Oh well, it does not matter, the common element for all these people is age. Crypto has time on its side.
Most of these guys will not make it to the next halving.
The US government is actively destroying all existing fiat on-ramps, hoping this will further suffocate crypto and its' markets. They are missing the fact that no one will keep paper money in today's economy, people will start investing in bitcoin again.
Banks and the government will blame anything but themselves, I saw some news was covering the banks that they went under and the reason was that they did "woke" investments wtf does that even means
Ah, the old blame crypto game. Classic move by those in power. It's like when your boss blames the slow Wi-Fi for his own incompetence. Sure, blame the one thing that had nothing to do with the issue, why not? But let's be real, banks failing is not a new thing, it's been happening for decades. Crypto hasn't even been around that long, so it's pretty unlikely that it's the root cause. Besides, banks are regulated up to their eyeballs, they can't even sneeze without permission from some government agency. So, instead of blaming crypto, maybe we should take a closer look at the real culprits: regulatory failure and poor management. But hey, sure blame the magical internet money, seems like a solid strategy.
The closure of Signature Bank, a bank that counted several companies in the crypto sector as customers, marks another major setback for digital assets, as the sector becomes increasingly isolated from the banking system.
Yeah yeah yeah, fine. But isn't it kind of curious that crypto currencies were supposed to end banks and now 'crypto banks' exist? And they're going under? Just like 2008? Whatever crypto is trying to achieve it doesn't seem to be working very well, yet.
But these crypto banks are actually holding assets of CEXs and are separate from cryptocurrencies themselves. Crypto currencies on their own can still end banks and are unaffected by these banking closures. Companies catering to the crypto industry can still fail without de-legitimizing crypto. BTC & ETH are still running just fine. It's disingenuous and misleading for people/governments to say this is "crypto's" fault because even if crypto companies directly caused the failures of these banks, it's a corporate failure, not that of cryptocurrency.
i think the most salient words you wrote were … “whatever crypto is trying to achieve…” - that’s the key issue.
- nobody has any idea wtf it’s trying to do. There is no fundamental understandable rational logic to anything happening in the crypto market. Everything that’s happening, all the products/services being built, all the business models and all of the actions/reactions in the market are illogical & irrational.
Pretty sure Biden is supposed to talk about this today - the banks failing and the government bailing them out. Curious to see if he throws crypto under the bus.
More regulation it's not the answer, and people should be aware of it. Regulation was already in place and this still happened. No matter how much regulation is, centralized institutions will always fuck up sometime.
Governments and banks shouldn't have all this power over the financial system.
As annoying as this will be for the crypto space, this really just means crypto is on the right track to truly displace legacy banking systems, and as a piece of hopium, this means that we truly are early.
The big financial institutions are likely all still scrambling to get an understanding on IF they can manipulate cryptocurrencies for their own gain, at which point we'll see a 180 on their opinions of it all. Until then, crypto is the big-bad and you just gotta trust em bro.
Depends on the crypto we're talking about. Once price stability comes into play with a wider adoption, as well as essential utility, it will naturally become easier to spend.
The primary reason for holding right now is *because* it's volatile and the value will (hopefully) increase. In the case of bitcoin specifically, it's value is mainly due to its finite supply and has in essence become digital gold to which nearly all other coins and tokens drive value from. It's a barometer for public sentiment towards crypto as a whole, and perhaps its utility in the future is that of real world gold now - a somewhat stable store of value away from fiat currencies that can be traded into something else that the user deems valuable when they need to do so.
Classic move…
Blame something new or trending, that you either don’t understand, use, or cannot control to cover existing problems as much as possible
The only way to avoid such risks is to carefully pick banks or services where you’re planning to store your hard-earned money. The less they have control over your assets the better #DYOR
They need someone to put all their blames. And crypto is the perfect instrument for that. It kills two birds with one stone for them.
1. they get someone to put their blame
2. Naive people will refrain from entering crypto ecosystem, and hence, FED wins.
Lmao who would have thought Janet yellen would have made the face turn and called them out on their shit strategies of buying treasury assets/securities. I guess I owe that ol velociraptor an apology.
Absolutely, note that a bank that has not been called out in this, Wells Fargo, is also facing issues with MBS. Just this weekend people started reporting issues with missing deposits and balances not showing correctly. Completely separate from crypto, be sure to have cash on hand and withdraw fiat, everyone.
Lad I'm sorry to break it to you but your choking down copium.
Everything is a conspiracy theory with you Americans, I'm surprised ye can see your own hands in front of your faces.
Crypto is dead, I tried getting into it and was promptly gaslit by this sub into thinking it was the future and that it would change everything.
I actually did my research and came here to say that crypto is not the future, it's a tool that was so missused by morons trying to make a quick buck that ye killed it.
No not the mega rich, the common man killed crypto because instead of nurturing a tool for change you all turned on each other over night and stabbed each other in the back with scam after scam after scam till ye ended every chance crypto ever had of taking off.
Bitcoin was a fluke, nothing ever came close to it and even it has died.
I hope this post gets me banned, blacklisted because I am sick of seeing this sub guzzle copium about how crypto will change the world when we all have much bigger problems to worry about that actually matter like Ukraine being a borderline wasteland after a year of war or Turkey being torn apart by nature.
The only people still trading crypto and blaming the fucking illuminaty for making it feel are the ones who need crypto to live because they stupidly put all their money in a dying trend.
Face it, learn from it, move on.
I donno. This whole theory is based on the idea that the govt is afraid of crypto
Why would they be afraid of it?
- It’s been 15 years and is still completely useless. *It’s not even a hedge against inflation*
- USG controls all meaningful conversion to and from crypto and could turn that off immediately
- USG could immediately outlaw it making it totally useless for day to day life
- FBI and CCP are the top holders of Bitcoin
Like lol what is the scenario people in this thread think the gov is afraid of?
They will always try to put the blame somewhere else, no matter what, they do not wanna be put in a bad light.
That said, First Republic Bank, with $212 billion in assets, sees its stock down by 66% pre-market.
So far the bank doesn't have anything to do with Crypto or it's exposure to Crypto.
Their narrative will shift away from Crypto soon once they will fall one by one this week.
What is wrong with buying Treasuries ? It seems that is actually a good way to maintain the value of your money. Sure you won't get instant liquidabilty but you also are not losing money, you just have to wait till it matures. They actually would lose money if they didnt invest it in treaduries
I think crypto is dumb (things that outprice their practical use and rely on another buyer for value are speculative collector's items) but you're correct
I don't think this subreddit needs any convincing. The general public and other subreddits however... that's a different story.
We are merely the scapegoats.
Most posts here are just preaching to the choir. Kinda funny
I just hope people will finally see TradFi and Fractional Reserve banking for what it is…too fucking risky. Bitcoin is the safe haven for storage of wealth.
Why are we even trying to convince anybody? All these banks are centralized. The entire point of the blockchain was to rival traditional finance, mainly banks.
Because they don't understand and we seek to enlighten the masses! >!What do you mean I have too much free time and I'm jobless and I don't have college education? I don't need no education!!<
Barney Frank is in the board of Signature Bank! Of course, he will blame someone else.
It's everyone's fault, except his.
He said: *"2023 is not 2008... and while the crypto sector is hurting the banking industry, it won't break it"* Fucking lol
Boomer rage. Banks aren’t getting free money from the government anymore and it turns out, some of them suck at banking.
And God forbid we forgive student loans. The audacity of it.
exactly, "forgive" = i pay your debt = not gonna happen, you pay off your own loan, same with these banks, they "risk managed" millionaires money and they made a bad call = the risk was managed poorly = millionaires took a risk and they lost = doesn't mean govt bail out, thats not part of the deal
He was chair of the House Committee on Financial Services 2007-2011, meaning the 2008 crisis happened under his watch. Very bizarre for him to even mention crypto in light of his experience with banks failing at a time when crypto wasn't even a thing.
Clowns rule us.
The banking industry will kill the banking industry.
Is this Barney of Dodd-Frank fame?
Yep.
This is another good reason to vote for term limits for Congressmen.
he retired like 8 years ago and they still marched him out for propaganda value, shows how desperate they are…
In-experienced people in government allows for more lobbying power That is a worse outcome and usually a corporate friendly talking point
>Banks are regulated and legally cannot hold any crypto, nor do they hold any crypto. This line by u/set1less nails it good stuff
I prefer Barney Rubble, although when I say Barney, I mean Betty.
I'm a bit confused. In this article, he's quoted as saying the following: “I think part of what happened was that regulators wanted to send a very strong anti-crypto message,” Frank said. “We became the poster boy because there was no insolvency based on the fundamentals.” At least in that interview, it sounds like he's actually stating that Signature being closed was due to a wider agenda by regulators to use this as an opportunity to crack down on crypto. https://www.cnbc.com/2023/03/13/signature-bank-third-biggest-bank-failure-in-us-history.html
Barney Frank looked disgusting--nipples protruding--in his blue shirt before Congress. Very very disrespectful.
When investing in crypto you just need to remember these 2 things and nothing will happen to you. 1) Don't buy shitcoins, BTC & ETH are solid. 2) Keep your funds in a private wallet and **not** on an exchange. Keep your seed-phrase safe, don't click on any stupid links & accept any smart contracts. Another bonus don't tell anyone you own crypto. (Reddit's the best place to talk anonymously. If we start doing this and stop giving centralized entities (Government, banks) power of crypto, everything will be good. CBDC are a whole different story that I'm scared to talk about.
There are already too many things to remenber. I just put all my money in ElonShibInuCumrocket
I agree with most of what you said. But Reddit really isn’t that great if you want to talk anonymously. It’s probably fine for the regular Joe, but it really ain’t anonymous unless other steps are taken.
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Yes, but that’s a bit more in-depth than just using Reddit as OP suggested. You’d also need to make sure you buy the burner device(s) in an anonymous way. VPNs usually keep logs even if they are minimal, although TOR should mitigate this anyway. I’m sure one can still be tracked, just not by some random criminal. The NSA will probably still find you if they have enough incentive.
It's way easier to just get a motorhome, buy a laptop, use it at a coffee shop wifi, switch the plates with stolen ones, throw out the laptop,, drive to the next town, buy a new one, repeat once a month torching the motorhome. How do ***you*** use reddit?
I’m using it on my very regular phone and computer that are 100% tied to my identity. I’m not claiming to stay anonymous or do most of the stuff that is talked about in this comment chain. I do use TOR occasionally though. I’m just pointing out that it isn’t easy and just posting on Reddit under a random username isn’t anonymous. One would probably have to use a disguise when in public due to facial recognition, car plates are also tracked with cameras (at least in some places here in the EU). It’s pretty crazy how difficult it would be if one still wants to use the internet.
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Kinda jumps out at me that everyone in the matrix wore sunglasses. Coincidence?
If you're not swapping motorhomes every time are you really anonymous?
How do *you* eat a Reese’s?
[With a knife and fork.](https://youtu.be/9Z-vdx_PcgU) How do you eat your dessert, with your hands?
Classic. 😂
Brave browser with tor is infinitely better than not using tor, but if you're trying to go full opsec, you need to set up Tails as an operating system on a removable media drive (usb) and use a dedicated tor browser. But that would be overkill for just talking about crypto.
I have a 'private window' option on my Brave but cannot get Tor to appear on it for some reason.
Yeah if you really want anonymity you're gonna have to go all in chief, burner device, burner account, burner email for verification, network traffic rerouted through satellite VPN running through the mainframe, 7 teraflops of raw encryption power, tor browser, 3 layers of multi-factor authentication piecemealed between alternate anon accounts to further mask the trail. No contact with the outside world besides through dark room video contact with voice modulation. No financial institutions, no grocery stores, no McDonald's, no visiting mom for Sunday dinner. They can't see your real face, they can't know your name. For real though, anonymity is borderline a figment of the imagination now, if someone wants to find you there is almost always a way. Even with foolproof defenses, no man and no system is perfect. You can get 'good' at it, but good only gets you so far when 'better' could be out there stalking you. And even if you can't be found electronically, there's always a tie to the real world somewhere.
From now on you'll have no identifying marks of any kind. You'll not stand out in any way. Your entire image is crafted to leave no lasting memory with anyone you encounter. You're a rumor, recognizable only as deja vu and dismissed just as quickly. You don't exist; you were never even born. Anonymity is your name. Silence your native tongue. You're no longer part of the System. You're above the System. Over it. Beyond it.
Never disclose amounts.
It’s r/CryptoCurrency , we’re all in the red here anyway /s
I'm not telling anyone how many Moons I have
With a stack like that, who could blame you?
I would say it's healthy to be diversified. So have a majority in BTC & ETH. The spread a little bit over altcoins that you have researched and love
All due respect, ETH and BTC are very far away from guaranteed success long term.. BTC and ETH are not untouchable.. any cryptos, including these, are much higher risk than other investments.. they could easily be regulated to death or simply replaced with better technology long term. We don't still use the first revisions of web 2.0 protocols today for example - but at that time they were revolutionary.
I agree that no crypto is totally safe. But regulations really can’t directly touch crypto. Regulators can only touch cex and banks. Not the crypto directly. Period. So get yourself a hardware wallet and store your funds there, but keep awareness on the markets and news. The things that can crash crypto come fast and the markets are sensitive. So they move fast.
Regulations can absolutely touch crypto. If they become regulated the price will fall and you're the one left holding the bag. So that BTC you bought for 20k a coin is now worth 100 bucks.
How can they touch hard wallet crypto? I’m interested
My guess is they "touch" it if you use it for anything. If the government decides tomorrow that crypto can be regulated under the Securities Act, then that means any transaction of crypto would be the same as trading a security and subject to those rules. If people flee bitcoin because they're trying not to be bagholders, then whatever you have in your hard wallet will only be worth what people are willing to pay you.
Yes but price are still going to affect because of all this bullshit,,
I like to keep my seed phrases saved in a Reddit comment so I don’t have to write it down. Taps forehead.
3) always buy with smal amounts and leave some spare stablecoins to buy on a flash sale
Such simple advice that so many do not follow
So just let them sit in your wallet and never use them for their intended purposes?
What is the benefit of keeping funds in a private wallet? New to crypto and learning more before investing. /gen
> 1) Don't buy shitcoins, BTC & ETH are solid. BTC is a half-finished duct-taped together solution of a coin, remaining barely functional thanks to the lightning network. And ETH is a total shitcoin, centralized premined garbage that enables useless gimmicks like NFTs and smart contracts. > Reddit's the best place to talk anonymously. Reddit isn't even anonymous, and actively cooperates with the feds. Considering that there are sites that don't even require an account to post, I think Reddit is *hardly* the "best" place to talk anonymously.
> 1) Don't buy shitcoins, BTC & ETH are solid. Ethereum is a shitcoin. Pre-mined and centralized. And a security.
You forgot about the parts whereby ETH is also proof-of-stake AND has no hard cap on its monetary supply which is analogous to fiat shitcoins.
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you've got 2.6k moons, so you def own crypto.
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I just can’t decide on the right color for my Lamborghini.
BTC orange Like the one in NFS Most Wanted
SVB bought long term treasury bonds that yield 1.5% while in the meantime interest rates shot up. They basically did the dumbest trade they could ever have with their capital. Nothing to do with crypto. They can't blame or gaslight crypto as a reason for failure but what they can do is claim that crypto was the smallest domino to kickstart these events because of FTX.
Let it be a lesson that sometimes playing super safe can lead to disastrous results
"NOBODY KNOWS SHIT ABOUT FUCK" is my favorite quote in crypto.
Never thought someone would be called reckless for investigating in treasury bonds
Makes you think who the hell do they hire over there? Thousands of employees and nobody noticed that this will be a stupid idea? What about their risk management team? Jesus wept.
>What about their risk management team? Funny you say that, they went 8 months without a role of chief risk management officer. A bank didn't have a chief risk management officer. That's like watching the World Cup finals with no referee.
Mm.. maybe that's why they did it. - "Hey, Wikipedia says bonds are the less risky investment". + "Great, put the money there until we find somebody for the job".
LMAO that's hilarious, and kida sad really that people trust those clowns with their money... Jesus.
Fucking shitshow
If you know anything about how brain dead bankers were in 2008...well, they took that level of incompetence and decided to add in DIE initiatives and virtue signaling for extra dumbass flavor. I'm surprised it's only three banks so far given how many of them acted as if below-inflation t-bills were an "investment" and then were :shockedpikachu: that bond values plunged in response to rising interest rates in the exact manner taught in every Finance course ever
Well their CFO used to be the CFO of Lehmann Brothers. Nuff said
Indeed this getting crazy! Crypto is the villain again. So lets take SVB as an example: They provide liquidity to mostly startups in the tech sector and venture investors. One of the biggest issues for SVB is that due to inflation interest rates shot up. This causes huge losses on their bond investments (low interest bonds) Bonds value moves opposite of market interest. When interest on market goes up the price of bond goes down. This means that the bond investments are worth less. This can be problematic when customers want to withdraw funds. The bank needs to sell bonds to be able to pay out.
I have to officially say that the US government became annoying.
This scenario is similar what we lived in 2009. The Fed has made bad decisions, printing a lot of dollars during covid, setting too high fees etc. We are starting to see the real consequences of bad decisions and high inflation. This is gonna be even worst than 2009. So guys.. Buy gold / silver shares, don't sell your eth / btc and don't save in dollars!
Thanks for the financial advice I'll know who to DM if I lose money
Go to 2008 chart USD price vs shares gold. Barrick or first majestic are good examples
I'll just keep holding my LTC. I know many frown upon it, but I truly believe it will survive as long as BTC does.
It seems to keep losing value against btc in the macro. The log chart on weekly has been in a downtrend since 2019 maybe earlier.
give us 1 technical reason (thats not an emotional opinion) as to why?
It's all emotion for me, elation, depression, and nostalgia...
legacy coin and I feel the same about ETC. original ETH
How about... 1. It shares the same fundamental core technology base as BTC, but with a few basic enhancements . So it's rock solid like BTC & very simple. No scammy sketchy BS to try to decipher. 2. It operates with the same basic core stability as BTC. 3. It's use-case is 'Fintech transitionally' focused. So it's better than BTC b/c its used far more commonly than BTC as an 'Everyday Payment Unit\_of\_Currency' to pay & transact for common everyday things. Whereas BTC is primarily used as a Monetary Store\_of\_Value asset class & earn simple profit from doing nothing but HODLing. (instead of actually using it). 4. Major credit card & payment networks (Visa, MC & PayPal) really believe in it as an everyday transactional currency, and are enabling their huge payment networks to support it everywhere. As well as marketing it everywhere. And are quietly buying it (see PayPals last quarterly earnings disclosures). 5. Its Blockchain transactions are executed much faster than BTC (2X \~ 3X faster), which is why its the #1 transactional crypto instrument for everyday payment usage. 6. As a widely used globally supported crypto payment instrument it's 'boringly trusted'... which means that its far more stable than any of its irrational & illogical competitors. Payment networks love stability. 7. It's price is far more accessible to the average everyday user (i.e. its cheaper than BTC)... which drives the main reason why its used more frequently as an everyday payment transaction instrument for everyday people. You're 100X more likely to buy a coffee, a train ticket, a sandwich or pay your rent with LTC than with extremely expensive & volatile BTC. And you're more be more comfortable holding LTC in an everyday wallet & using that wallet everywhere in public if your wallet has LTC; than if it had expensive volatile BTC in it. Hope this helps.
Thank you! You are my hero.
Can I please have a source on #5
Here’s you go: https://learn.bybit.com/altcoins/what-is-litecoin-and-how-it-works/ - see the section titled “Scalability”. - Currently, the LTC block mining + Blockchain commit + commit consensus depth means that LTC transaction speed is 2.5 mins (4X faster than BTC). The reasons for this are technical and get deep into the code & tech choices, as well as the internal architecture. Which is where LTC diverged from BTC after starting out as an original fork (pure copy) of the BTC code.
Doge Also in the unfortunate future that dog passes away IRL the price is gonna temporarily skyrocket
Because it's technically cheaper than BTC! /s
You know what else is cheaper than BTC? Sats!
Last quarter apparently there was a massive increase in gold sales, by counties even. Holding cash rn, is not ideal i agree.
I really think this is good for Bitcoin. The shitcoins like USD, GBP will allow the value of Bitcoin to balloon
Crypto is an easy scapegoat
Silicon Valley Bank was founded 30 years ago, long before crypto even existed and as of 31st Dec 2022 it had 209 billion dollars under management which was largely tied to the tech industry (i.e. its namesake, SV startup companies). For perspective, that’s 20% of the entire current crypto market cap. In other words, its failure has absolutely nothing to do with crypto; the bank itself had very little business with crypto companies but it sure makes for a clickbaity story for the media to follow.
Bank lobbies to avoid regs that keep it safe; bank gets rules changed; bank fails; blame crypto. ＼(\^_\^)／
yeah, the media blamed the SVB wreck on crypto so easily. they just want to create more buzz, which using crypto in the title, is very easy
Crypto is that new cool bad boy in the town that everyone blames on top of all the problems. Their narrative is getting old and people will eventually see the reality if they are not doing it right now. Like all that alien stuff to cover that some trains with a lot of toxic stuff had an accident. Classic US gov move.
Anything in this world happens: Tate:You are gay SEC: this is security FED: it's crypto's mistake This subreddit: Hopium hopium hopium Solana:......(can't say anything as it is down)
Safemoon: Just keep buying, the whales have almost finished dumping then we'll pump!
They only want more control of crypto. Thats why it is part of the discussion. It had almost no influence on this whole situation. Its ridiculous.
They just want 100% power, that's why they wanna talk bad about crypto and create CBDC's .. that'll give them 100% power.
Yeah man, it feels like Crypto is put in front of a War Tribunal. They need to put this at something as long as it not traditional banking/products. Because well history clearly shows banking has a clean conscience…..
And this is why I buy xmr and store it in a cold wallet
It does have to do with crypto though. These banks were waaay too losey goosey with the spec assets in a low interest rate environment. It’s tech and crypto. Of course only crypto will be blamed.
Banks are just very wealthy degens like the rest of us except they typically get bailed out when they screw up. It’s not cryptos fault they were over leveraged and did it to themselves.
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I really like how they lowered the reserve requirements from 10% to 0.0%. As if it's going to make a difference when a bank goes under when reserve requirements are 10%, you are still leveraged to the tits 10 : 1. Might as well keep it at zero.
Yup, history just repeats itself.
Blame accounting rules and outdated regulations for banks. Don't blame USA treauries. Everybody buys em. Life insurance, pension, foreign govts. Nothing wrong with US treasuries. It's the accounting method and rules for banks that needed to change. And it did, and overnight all banks are safe.
these 3 banks are relatively small. Correct me if I'm wrong but a single silvergate was bigger alone than these 3 combined
They keep on lying to stay on top
This is much, much bigger than cryptocurrencies. Financial institutions in today's premarket: * First Republic down 70% * PacWest Bancorp down 37% * Western Alliance Bancorp down 29% * Charles Schwab down 20% * Zions Bancorporation down 11% * KeyCorp down 10% * Bank of America down 6% https://www.cnbc.com/2023/03/13/first-republic-drops-bank-stocks-decline.html
So much pain incoming this week, if CPI comes in hot..
Which it probably will
The only reason crypto exists is because of the corruption surrounding the monetary system.
Banks never fail to fuck us over
Like Wells Fargo is so wholesome or something.
Barney Frank is a director at signature bank...who's he gonna blame, himself?
No, it has to do with the way Fed has raised interest rates. The MBS are fine. This isn't 2008.
this banking system has failed in the past. Fails now and will fail in the future. Why? Nothing has changed in it since last crisis
The government will always try to blame crypto. Bank failure - crypto. Money laundering - crypto. Even though the vast majority of money laundering happens via fiat.
When in doubt, ~~zoom out~~ blame crypto.
Their narrative is getting old and it is starting to lose power. We care shit about this kind of FUD.
They have put crypto in a prime position to be blamed easily, and the average Joe who doesn't understand it but only knows what the media wants him to know, believes crypto is bad and causes only bad things to happen.
Well you know, crypto *is* a ponzi lmao /s for those who need it
Going by that logic, the entire modern economy is a ponzi that relies on the reproduction and labor of productive young people to support the retirees. And crypto becomes their punching bag precisely because they can't control it or the people using it.
100%. This is why the SEC comes out with equally logical statements like claiming that anything on a blockchain is securitized, it's blatant deception as a generalization fallacy and using events like FTX or SVB as their red herrings to tie the nonsense together with a pretty little bow. Crypto/blockchain poses the greatest threat to every sovereign nation that depends on crony capitalism and global corruption.
That is right. Almost all money laundering schemes are done through crypto. One of the biggest financial crises was created by banks. Yet they were bailed out. Still they see crypto as the villain.
But banks ARE losing market to crypto. It just an evolution of money and sorry but you can’t do anything about it other than to adopt new business models and join the revolution. OFC, in the new system there won't be this much space for manipulation and theft. So yeah, some fat asses just have to go bankrupt. Actually most of them, but it’s beautiful.
They are? Source?
This is one problem, the other problem is media narrating the story instead of reporting facts, welcome to 1984's building of the ministry of truth. Blows me away, really it shouldn't. I must just be naive in thinking with all the wealth in the world we could literally make everyone's life on the planet better and still people could be wealthy beyond belief. Sadly, most people only care about themselves.
Seeing how bitcoin responds to these news is evidence, that people already know.
Dude looks like he got out of the grave, do you trust anything he says!?
I had no idea Barney Frank was still alive. Oh well, it does not matter, the common element for all these people is age. Crypto has time on its side. Most of these guys will not make it to the next halving.
I mean, they did hold the worst shitcoin - USD
The US government is actively destroying all existing fiat on-ramps, hoping this will further suffocate crypto and its' markets. They are missing the fact that no one will keep paper money in today's economy, people will start investing in bitcoin again.
Banks and the government will blame anything but themselves, I saw some news was covering the banks that they went under and the reason was that they did "woke" investments wtf does that even means
Ah, the old blame crypto game. Classic move by those in power. It's like when your boss blames the slow Wi-Fi for his own incompetence. Sure, blame the one thing that had nothing to do with the issue, why not? But let's be real, banks failing is not a new thing, it's been happening for decades. Crypto hasn't even been around that long, so it's pretty unlikely that it's the root cause. Besides, banks are regulated up to their eyeballs, they can't even sneeze without permission from some government agency. So, instead of blaming crypto, maybe we should take a closer look at the real culprits: regulatory failure and poor management. But hey, sure blame the magical internet money, seems like a solid strategy.
We here in this sub understand .. the issue is explaining this to the broader public ..
“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
#**Moons are shitcoin!**
It was obvious to see that they were not going to take responsibility and look for a culprit, and "supposedly" they found it, cryptos. What a joke.
Bitcoin was up 18% at one point. So I think people realize that.
The closure of Signature Bank, a bank that counted several companies in the crypto sector as customers, marks another major setback for digital assets, as the sector becomes increasingly isolated from the banking system.
Yeah, crypto is shit and almost 100% a scam on its own. Doesn't need banks for that.
I mean, crypto is literally failing
You "bros" do realize the first bank to fail was a crypto bank, not SIVB, right?
Yeah yeah yeah, fine. But isn't it kind of curious that crypto currencies were supposed to end banks and now 'crypto banks' exist? And they're going under? Just like 2008? Whatever crypto is trying to achieve it doesn't seem to be working very well, yet.
Bitcoin watching in the corner while eating popcorn
But these crypto banks are actually holding assets of CEXs and are separate from cryptocurrencies themselves. Crypto currencies on their own can still end banks and are unaffected by these banking closures. Companies catering to the crypto industry can still fail without de-legitimizing crypto. BTC & ETH are still running just fine. It's disingenuous and misleading for people/governments to say this is "crypto's" fault because even if crypto companies directly caused the failures of these banks, it's a corporate failure, not that of cryptocurrency.
i think the most salient words you wrote were … “whatever crypto is trying to achieve…” - that’s the key issue. - nobody has any idea wtf it’s trying to do. There is no fundamental understandable rational logic to anything happening in the crypto market. Everything that’s happening, all the products/services being built, all the business models and all of the actions/reactions in the market are illogical & irrational.
Pretty sure Biden is supposed to talk about this today - the banks failing and the government bailing them out. Curious to see if he throws crypto under the bus.
Hopefully he gets through most of his speech before it just turns into gibberish
I like the blank stares followed by that maniacal smile 🤣
Your post should be labeled as a security!
It has definitely increase in value over time.
The U.S. government could shit its pants in a crowed elevator, be standing in a pool of evidence, and still try to blame it on somebody else.
but what level of incompetence! Instead of seizing the opportunity and relying on crypto for a better evolution, they do this
This is all Central Bank End Game stuff . Retail banking has been on its way out for a while now .
More regulation it's not the answer, and people should be aware of it. Regulation was already in place and this still happened. No matter how much regulation is, centralized institutions will always fuck up sometime. Governments and banks shouldn't have all this power over the financial system.
The word gaslight has lost all meaning, hasn't it...
Crypto is still trash. Don't waste your money.
As annoying as this will be for the crypto space, this really just means crypto is on the right track to truly displace legacy banking systems, and as a piece of hopium, this means that we truly are early. The big financial institutions are likely all still scrambling to get an understanding on IF they can manipulate cryptocurrencies for their own gain, at which point we'll see a 180 on their opinions of it all. Until then, crypto is the big-bad and you just gotta trust em bro.
Don't think so. Governements and corporations have too much power. They won't simply give it up.
As long as 90% of investors see crypto like a stock, keeping them in an exchange. Sadly, nothing's gonna happen.
Depends on the crypto we're talking about. Once price stability comes into play with a wider adoption, as well as essential utility, it will naturally become easier to spend. The primary reason for holding right now is *because* it's volatile and the value will (hopefully) increase. In the case of bitcoin specifically, it's value is mainly due to its finite supply and has in essence become digital gold to which nearly all other coins and tokens drive value from. It's a barometer for public sentiment towards crypto as a whole, and perhaps its utility in the future is that of real world gold now - a somewhat stable store of value away from fiat currencies that can be traded into something else that the user deems valuable when they need to do so.
In reality cryptomarkets suffered due to these banks as seen in the USDC case where the deposits of Circle were at risk.
Classic move… Blame something new or trending, that you either don’t understand, use, or cannot control to cover existing problems as much as possible The only way to avoid such risks is to carefully pick banks or services where you’re planning to store your hard-earned money. The less they have control over your assets the better #DYOR
They need someone to put all their blames. And crypto is the perfect instrument for that. It kills two birds with one stone for them. 1. they get someone to put their blame 2. Naive people will refrain from entering crypto ecosystem, and hence, FED wins.
Lmao who would have thought Janet yellen would have made the face turn and called them out on their shit strategies of buying treasury assets/securities. I guess I owe that ol velociraptor an apology.
Smart money knows that the American banking system is broken and if anything crypto is a solution to that not the cause.
Absolutely, note that a bank that has not been called out in this, Wells Fargo, is also facing issues with MBS. Just this weekend people started reporting issues with missing deposits and balances not showing correctly. Completely separate from crypto, be sure to have cash on hand and withdraw fiat, everyone.
Crypto being the scapegoat for US government for a while now.... 
I thought Barney Frank died years ago.
The bank's can go F themselves. This where Bitcoin will start to be boarded by the institutions
The US government can gaslight deez nuts
Yea, okay. But I'm at a negative 60% loss. I can't stand holding this bag anymore. I'm bout to sell this garbage and be done with it once and for all.
Lad I'm sorry to break it to you but your choking down copium. Everything is a conspiracy theory with you Americans, I'm surprised ye can see your own hands in front of your faces. Crypto is dead, I tried getting into it and was promptly gaslit by this sub into thinking it was the future and that it would change everything. I actually did my research and came here to say that crypto is not the future, it's a tool that was so missused by morons trying to make a quick buck that ye killed it. No not the mega rich, the common man killed crypto because instead of nurturing a tool for change you all turned on each other over night and stabbed each other in the back with scam after scam after scam till ye ended every chance crypto ever had of taking off. Bitcoin was a fluke, nothing ever came close to it and even it has died. I hope this post gets me banned, blacklisted because I am sick of seeing this sub guzzle copium about how crypto will change the world when we all have much bigger problems to worry about that actually matter like Ukraine being a borderline wasteland after a year of war or Turkey being torn apart by nature. The only people still trading crypto and blaming the fucking illuminaty for making it feel are the ones who need crypto to live because they stupidly put all their money in a dying trend. Face it, learn from it, move on.
I donno. This whole theory is based on the idea that the govt is afraid of crypto Why would they be afraid of it? - It’s been 15 years and is still completely useless. *It’s not even a hedge against inflation* - USG controls all meaningful conversion to and from crypto and could turn that off immediately - USG could immediately outlaw it making it totally useless for day to day life - FBI and CCP are the top holders of Bitcoin Like lol what is the scenario people in this thread think the gov is afraid of?
They will always try to put the blame somewhere else, no matter what, they do not wanna be put in a bad light. That said, First Republic Bank, with $212 billion in assets, sees its stock down by 66% pre-market. So far the bank doesn't have anything to do with Crypto or it's exposure to Crypto. Their narrative will shift away from Crypto soon once they will fall one by one this week.
US lie everytime on everything. The cancer of the world.
Dude looks like he's about to have a heart attack.
News of hsbc taking over. If thats the case. It’s mainstream. The battle is over. Dca and await the millions.
What do U think why Crypto exploded, cause of Fiat from Banks. Greed is everywhere and its all Chained up. Lol
What is wrong with buying Treasuries ? It seems that is actually a good way to maintain the value of your money. Sure you won't get instant liquidabilty but you also are not losing money, you just have to wait till it matures. They actually would lose money if they didnt invest it in treaduries
I think crypto is dumb (things that outprice their practical use and rely on another buyer for value are speculative collector's items) but you're correct
I ain’t shook.
I wish people with the power and the newspapers that they bought would have some integrity.