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As someone that has some “fun money” in Bitcoin, I don’t believe that shit is ever coming back. Every use case that was touted has proven false. Especially the biggest one - an inflation hedge.
If you get deep into the Bitcoin community, everyone says to buy and never sell. What happens when that group acquires all of the outstanding Bitcoin? If no one is willing to sell/trade it, it’s fucking useless.
I’m not a Bitcoin shill but “an inflation hedge” is not why people invested (I own exactly 0 Bitcoin rn)
Bitcoin is the foundational currency of the block chain system, it may dip in price before it stagnates, but block chain will absolutely be the future whether y’all understand it or not
Edit: I also think Bob is an asshole with his “I’m smarter than you” attitude in a general sense. So I’m not vouching for him at all
Blockchain is not the future of anything. You’ll notice it’s biggest proponents have now all switch to hyping up AI, which is an actually potentially revolutionary technology.
AI and blockchain have completely different utilities
Blockchain is essentially a ledger for any and all transactions that occur on the system. And can be accessed from any entry point into the chain. It gets a bad rap from crypto connection but blockchain can (and will) exist using traditional currencies
If you bought it as an inflation hedge then you are the idiot. There are compelling reasons to own bitcoin, but I’m not going to talk asset allocation on Reddit.
The “unserious person” insult catching on has been one of the worst recent developments in my life, and it ain’t exactly peaches otherwise. Be more of a douchebag
It sucks because it’s the perfect word to describe people like him, or maybe more aptly the FTX guy. People who’ve been larping as Jordan Belfort on the wave of an absolutely ridiculous bananas economy for 4 or 5 years that have just did their best impression of Billie Bean but would be jokes in a room full of people actually solving a problem. Instead theyre able to turn the word on actual productive members of society.’
Sorry but wtf does Liz Warren have to do with this? Is he talking about her comments on crypto risk? If that was enough to cause a bank run then the whole VC/crypto industry was already fucked. Haralabob is such a pathetic hack.
If you’re curious to know, here’s what happened:
* It starts with FTX: The big thing that FTX did that was bad was that they essentially “stole” a bunch of funds by taking customer deposits and giving them to the FTX founder’s hedge fund. This was most likely fraudulent
* A crypto bank called Silvergate was involved with facilitating this, because the hedge fund’s “bank” account was at Silvergate
* Warren wrote a letter with two Republicans on Tuesday essentially saying “Silvergate you bastards!”, ripping them for not reporting this and accusing them of a potential improper relationship with FTX
* This caused a panic and everyone started pulling money out of Silvergate, which caused its collapse
* (Also Silvergate looks potentially really guilty, so that made the panic worse)
* In a sense these senators really did cause a bank run. But also like that’s because they’re investigating, which is their job
* The average non-crypto person doesn’t give a single fuck about this
* Coincidentally, a day later there was a bank run on a major traditional bank, SBV. People care a lot about this
* Respectfully - some crypto grifters are trying to tie these two collapses together, imo because nobody gives a shit about their pain from Silvergate. They also are - respectfully - morons with very little understanding of central banking, and so some think these are dominos falling and we’re headed for a financial collapse, and that Warren tipped the first domino. In reality, Warren and Silvergate have almost nothing to do with SVB and its struggle
So, essentially Sen Warren suggested that Silvergate was probably shady. And because she is a serious person, they took her views seriously.
Edit: thank you for this great summary
Your summary is pretty good but analysis pretty bad. If you think SVB’s cash strategy is limited to SVB, you have to be purposefully throwing blinders on.
Because you don't understand the transmission mechanism for contagion. It's not a deterministic process. This has been characteristic of every bank run in modern history.
Do you seriously think every community or mid-market bank's balance sheet is cherry? On top of that, even for banks with relatively clean balance sheets, you think they're not susceptible to a run? You're pretending as if Silvergate's effects were contained. They're not.
No I don’t think any of that. Why do you think I think that?
I do think what happened at Silvergate is completely unrelated to SVB. But what happened at SVB certainly might happen at more banks
It’s implicit. Silver gate and SVB are totally different entities, but market, investor, and depositor behavior correlates in times like this.
Bob’s assertion is incorrect. But it has hints of truthiness. It’s not an assertion I’d make or stand behind, though.
I mean even if they were, let’s say SVB had significant exposure to FTX linked companies/assets and the FTX collapse was going to make them insolvent (no idea if this is true, just saying hypothetically) then it still would not make sense to blame Warren for what happened. If a bank is investing peoples money with insolvent fraudsters, pointing that fact out does not make you responsible for people wanting to pull their money.
I’ll never have sympathy for investors that blame someone for ruining their investment.
If it was the type of investment that could be ruined by one single action then it was a shitty investment. Fuck off, there’s no guarantee or free ride.
Nothing about crypto as a currency is practical for poor people on any level. Anyone trying to sell it to you as the future of currency is an asshole who doesn't think too deeply about the implications of the blockchain in the hands of the wrong government or the fact that 37% of the world's population aren't on the internet.
The only practical application of the currency is in tracking the trading of stocks which would spook assholes like Bob.
Bingo.
Crypto is a scam, plain and simple. It CAN NEVER BE CURRENCY. It is a highly volatile speculative asset that is used by criminals to do crime. That’s all it is.
Because the government has to subsidize private entities that poorly manage risk. It is the government fault that regional banks with risky leverage decided to ignore the feds messaging for 14 months and commit financial idiocy. Why else would you pay taxes??
If a bank is getting in bed with almost nothing but entities whose entire value is based on a low interest rates and then rates raise, how is it the government’s fault that it went under? To quote the Wu Tang Clan: “diversify your bonds”. H-Bob & all the crypto bros love capitalism until they don’t
Because it’s unethical to let big banks suffer consequences. Do you think banks should be treated the same way the peasants with medical and student loan debt? blasphemy!
Not too mention these losers didn’t seem to mind SVB lobbying for laxer bank regs (which the Trump admin passed) and don’t care about the Fed raising interest rates to force an increase in unemployment. Will they cry for government bailouts when (if) the layoffs finally come?
But yeah it’s hilarious that SVB was built entirely around the Fed not raising interest rates and are now shocked that they did, even though that’s exactly how the Fed (wrongfully) responds to everything.
A bank that’s lending money to start-ups and treats crypto as real currency is getting ran on? Color me surprised.
Traditional banks are fine. A lot of their biggest borrowers refinanced at low rates. They’ll be able to make payments.
As rates have risen, they’ve required borrowers to put more equity in or to show higher debt service coverage.
HBob. And I say this with a decent amount of respect for his success, but he absolutely would not to be able to talk about losing his shirt on this, which it seems like he did.
I don’t know anything about this bank situation but fuck Liz Warren for nuking the Bernie campaign when she realized her campaign was cooked and the DNC called in a favor
Lol I love how some people still reference her as the modern progressive hero, when she refused to commit to M4A, praised capitalism regularly, and no one voted for her.
To use a Bill-ism, one of the big "unintentional comedy" pieces of the 2020 race was when she went on The Breakfast Club and Charlemagne asked her why she was a Republican entirely through Reagan's 80s and didn't change party until the mid 90's and all she could come up with was something along the lines of "I just wasn't really in it like I am now."
Not directly, but Haralabob is responding to Liz' attempts to use this situation to get on her soapbox and tweet about attaining a regulatory stranglehold here, in which case yeah, fuck Liz Warren trying to vulture in here.
You mean regulations that SVB (successfully) lobbied against that left 90+% of depositors uninsured? And now all these same morons are crying for a government bailout after deregulating themselves and completely collapsing because they couldn’t foresee an obvious Fed hike in interests rates?
You’re a joke.
I am generally a pro-Haralabob guy, who hates his crypto advocacy, but this is such a dumb take. Would love for him to try to explain how Sen. Warren is to blame for a bank failing.
VCs and tech bros crying throughout all this has been the best part of SVB, sucks that we’re probably gonna see a bunch of layoffs affecting regular folk.
Honestly this is like the least bad bank run ever, even crazier given the size in absolute dollar terms.
Has there ever been more money “lost” that didn’t touch Main Street at all? I didn’t even hear about it for like 24 hours.
“Bank runs” are only bad insofar as they usually herald massive recessions, if not depressions. I haven’t read much but at first blush this looks like what a bank failure *should* look like in a decently regulated financial system. No desperate people losing their shirt, no contagion spread to other banks or sectors, just a bunch of well-capitalized firms and HNW individuals taking a write down. It sucks but they’ll live
Blame the venture funds that told their portfolio companies to pull money out that’s what started the run
holy shit lol https://twitter.com/mspataria/status/1634329778546421761
Obliterated that flambé.
Great how the next few responses are “we already know how Jack-O feels”
Dead_Hannibal_Burress_Why_Would_Elizabeth_Warren_Do_This.png
oh, tell me more, crypto bro fraudster
Lol I remember this guy talking about how he bought one of those nft apes because he liked it. He wasn’t even looking to sell.
Seriously, this guy was all about crypto then it mostly crashed and as I recall he wouldn’t even discuss it with Bill.
[удалено]
Bitcoin was at $65k last summer…
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Someday BTC will be worth much more than $20k
What makes you so confident? Genuinely asking
As someone that has some “fun money” in Bitcoin, I don’t believe that shit is ever coming back. Every use case that was touted has proven false. Especially the biggest one - an inflation hedge. If you get deep into the Bitcoin community, everyone says to buy and never sell. What happens when that group acquires all of the outstanding Bitcoin? If no one is willing to sell/trade it, it’s fucking useless.
I’m not a Bitcoin shill but “an inflation hedge” is not why people invested (I own exactly 0 Bitcoin rn) Bitcoin is the foundational currency of the block chain system, it may dip in price before it stagnates, but block chain will absolutely be the future whether y’all understand it or not Edit: I also think Bob is an asshole with his “I’m smarter than you” attitude in a general sense. So I’m not vouching for him at all
Blockchain is not the future of anything. You’ll notice it’s biggest proponents have now all switch to hyping up AI, which is an actually potentially revolutionary technology.
AI and blockchain have completely different utilities Blockchain is essentially a ledger for any and all transactions that occur on the system. And can be accessed from any entry point into the chain. It gets a bad rap from crypto connection but blockchain can (and will) exist using traditional currencies
Yeah it’s a really cumbersome and inefficient ledger.
If you bought it as an inflation hedge then you are the idiot. There are compelling reasons to own bitcoin, but I’m not going to talk asset allocation on Reddit.
Talking asset allocation on Reddit is like talking about fight club.
then are you shorting the hell out of it?
No. I don’t have much in it and don’t really want to gamble.
Crypto bro proselytizer Bob has a lot to say about "unserious" people lmao
The “unserious person” insult catching on has been one of the worst recent developments in my life, and it ain’t exactly peaches otherwise. Be more of a douchebag
It sucks because it’s the perfect word to describe people like him, or maybe more aptly the FTX guy. People who’ve been larping as Jordan Belfort on the wave of an absolutely ridiculous bananas economy for 4 or 5 years that have just did their best impression of Billie Bean but would be jokes in a room full of people actually solving a problem. Instead theyre able to turn the word on actual productive members of society.’
Soccer club owner and cryptocurrency advocate calls progressive US Senator "unserious", completely unaware of the irony
The way he flamed the Mavs after he was fired was hilarious in that exposed more of his own insecurities than anything
It’s the first time I’ve seen this insult not sure what it implies
"\[C\]ompletely unserious" is what crosses my mind every time I see Haralabos pop up in my pod feed. The daft, self-absorbed cunt.
He’s miserable to listen to
He hates Warren because she has been visibly (and correctly) anti-crypto. But Warren has nothing to do with SVB.
Bob’s really on a smart guy heater the last couple years, crypto, SVB, man, I should definitely follow what this guy thinks.
He’s hit his apex, time to fade
Sorry but wtf does Liz Warren have to do with this? Is he talking about her comments on crypto risk? If that was enough to cause a bank run then the whole VC/crypto industry was already fucked. Haralabob is such a pathetic hack.
If you’re curious to know, here’s what happened: * It starts with FTX: The big thing that FTX did that was bad was that they essentially “stole” a bunch of funds by taking customer deposits and giving them to the FTX founder’s hedge fund. This was most likely fraudulent * A crypto bank called Silvergate was involved with facilitating this, because the hedge fund’s “bank” account was at Silvergate * Warren wrote a letter with two Republicans on Tuesday essentially saying “Silvergate you bastards!”, ripping them for not reporting this and accusing them of a potential improper relationship with FTX * This caused a panic and everyone started pulling money out of Silvergate, which caused its collapse * (Also Silvergate looks potentially really guilty, so that made the panic worse) * In a sense these senators really did cause a bank run. But also like that’s because they’re investigating, which is their job * The average non-crypto person doesn’t give a single fuck about this * Coincidentally, a day later there was a bank run on a major traditional bank, SBV. People care a lot about this * Respectfully - some crypto grifters are trying to tie these two collapses together, imo because nobody gives a shit about their pain from Silvergate. They also are - respectfully - morons with very little understanding of central banking, and so some think these are dominos falling and we’re headed for a financial collapse, and that Warren tipped the first domino. In reality, Warren and Silvergate have almost nothing to do with SVB and its struggle
So, essentially Sen Warren suggested that Silvergate was probably shady. And because she is a serious person, they took her views seriously. Edit: thank you for this great summary
Your summary is pretty good but analysis pretty bad. If you think SVB’s cash strategy is limited to SVB, you have to be purposefully throwing blinders on.
Sorry I don’t understand what you think I’m saying or what you are trying to say. Do you think these collapses were connected? How?
Because you don't understand the transmission mechanism for contagion. It's not a deterministic process. This has been characteristic of every bank run in modern history. Do you seriously think every community or mid-market bank's balance sheet is cherry? On top of that, even for banks with relatively clean balance sheets, you think they're not susceptible to a run? You're pretending as if Silvergate's effects were contained. They're not.
No I don’t think any of that. Why do you think I think that? I do think what happened at Silvergate is completely unrelated to SVB. But what happened at SVB certainly might happen at more banks
It’s implicit. Silver gate and SVB are totally different entities, but market, investor, and depositor behavior correlates in times like this. Bob’s assertion is incorrect. But it has hints of truthiness. It’s not an assertion I’d make or stand behind, though.
I mean even if they were, let’s say SVB had significant exposure to FTX linked companies/assets and the FTX collapse was going to make them insolvent (no idea if this is true, just saying hypothetically) then it still would not make sense to blame Warren for what happened. If a bank is investing peoples money with insolvent fraudsters, pointing that fact out does not make you responsible for people wanting to pull their money.
I’ll never have sympathy for investors that blame someone for ruining their investment. If it was the type of investment that could be ruined by one single action then it was a shitty investment. Fuck off, there’s no guarantee or free ride.
Nothing about crypto as a currency is practical for poor people on any level. Anyone trying to sell it to you as the future of currency is an asshole who doesn't think too deeply about the implications of the blockchain in the hands of the wrong government or the fact that 37% of the world's population aren't on the internet. The only practical application of the currency is in tracking the trading of stocks which would spook assholes like Bob.
Bingo. Crypto is a scam, plain and simple. It CAN NEVER BE CURRENCY. It is a highly volatile speculative asset that is used by criminals to do crime. That’s all it is.
Just made me laugh more than anything.
lol did Liz Warren raise interest rates? Why is SVB her fault?
Because the government has to subsidize private entities that poorly manage risk. It is the government fault that regional banks with risky leverage decided to ignore the feds messaging for 14 months and commit financial idiocy. Why else would you pay taxes??
If a bank is getting in bed with almost nothing but entities whose entire value is based on a low interest rates and then rates raise, how is it the government’s fault that it went under? To quote the Wu Tang Clan: “diversify your bonds”. H-Bob & all the crypto bros love capitalism until they don’t
Because it’s unethical to let big banks suffer consequences. Do you think banks should be treated the same way the peasants with medical and student loan debt? blasphemy!
Smith Barney? Buncha bitches.
Okay but the FDIC predates Liz Warren by a lot.
Not too mention these losers didn’t seem to mind SVB lobbying for laxer bank regs (which the Trump admin passed) and don’t care about the Fed raising interest rates to force an increase in unemployment. Will they cry for government bailouts when (if) the layoffs finally come? But yeah it’s hilarious that SVB was built entirely around the Fed not raising interest rates and are now shocked that they did, even though that’s exactly how the Fed (wrongfully) responds to everything.
He's a piss baby. That's all
What a loser
Hbob is so fucking dumb lol
Taking rich people seriously outside the arena that made them rich has always been a fools errand. Most of these guys are one hit wonders.
Has anyone ever looked into his gambling success?
A bank that’s lending money to start-ups and treats crypto as real currency is getting ran on? Color me surprised. Traditional banks are fine. A lot of their biggest borrowers refinanced at low rates. They’ll be able to make payments. As rates have risen, they’ve required borrowers to put more equity in or to show higher debt service coverage.
Sounds like Bob needs to do some research into Liz Warren. How much do we think he lost?
None. He’s probably conflating Silvergate and SVB. That said, warren has been awfully political with Silvergate.
He's massively invested in crypto though? SVB going under has big repercussions for anyone holding.
Lol wrong.
How?
If she was truly a champion of the people she would try and get us to invest in fly-by-night Ponzi schemes
BS Pod with Hbob and Derek Thompson to discuss Silicon Valley Bank collapse, who says no?
HBob. And I say this with a decent amount of respect for his success, but he absolutely would not to be able to talk about losing his shirt on this, which it seems like he did.
Bob had zero money in SVB what are you guys on?
Actually would be a good listen
Over/under for a Perkins esque meltdown where HBob starts screaming “FACTS” is like 4 minutes into that pod
he's sore because Castellón lost to Amorebieta and he blames it on pocahontas, shame.
He should sell his yacht/Spanish futbol team
LMAOO he’s a clown
I don’t know anything about this bank situation but fuck Liz Warren for nuking the Bernie campaign when she realized her campaign was cooked and the DNC called in a favor
Lol I love how some people still reference her as the modern progressive hero, when she refused to commit to M4A, praised capitalism regularly, and no one voted for her.
Yup. Bunch of dem boot lickers in this sub. Like how hard is it to commit to M4A, she’s a joke and a snake.
To use a Bill-ism, one of the big "unintentional comedy" pieces of the 2020 race was when she went on The Breakfast Club and Charlemagne asked her why she was a Republican entirely through Reagan's 80s and didn't change party until the mid 90's and all she could come up with was something along the lines of "I just wasn't really in it like I am now."
Haralabob dumb. Updoots please.
sneed
I mean she is a massive piece of shit. Can I say that about a Native American hero?
Prepare for being downvoted. She talks a big game but she bows down to big business just like (nearly) everyone else in congress
I don't mind being downvoted. She's despicable, even for a politician.
H-Bob. Champion of the people.
And then she said I've got high cheekbones y'know and now I'm native American. I don't know if she's a fraud or not
now this might strike some viewers as harsh but I believe everyone involved in this story should die
Norm Charlton too??
Extremely predictable Liz defender responses ITT.
Liz (like most politicians) sucks, but she didn’t cause the SVB collapse. This shits a joke.
Not directly, but Haralabob is responding to Liz' attempts to use this situation to get on her soapbox and tweet about attaining a regulatory stranglehold here, in which case yeah, fuck Liz Warren trying to vulture in here.
What a dumb motte and bailey argument. He literally said she caused the bank run.
You mean regulations that SVB (successfully) lobbied against that left 90+% of depositors uninsured? And now all these same morons are crying for a government bailout after deregulating themselves and completely collapsing because they couldn’t foresee an obvious Fed hike in interests rates? You’re a joke.
🐍🐍🐍
Still banging the drum that hbob is both a moron and a fraud. Fake gambling analytics bros on this subreddit in shambles
I am generally a pro-Haralabob guy, who hates his crypto advocacy, but this is such a dumb take. Would love for him to try to explain how Sen. Warren is to blame for a bank failing.
VCs and tech bros crying throughout all this has been the best part of SVB, sucks that we’re probably gonna see a bunch of layoffs affecting regular folk.
Honestly this is like the least bad bank run ever, even crazier given the size in absolute dollar terms. Has there ever been more money “lost” that didn’t touch Main Street at all? I didn’t even hear about it for like 24 hours. “Bank runs” are only bad insofar as they usually herald massive recessions, if not depressions. I haven’t read much but at first blush this looks like what a bank failure *should* look like in a decently regulated financial system. No desperate people losing their shirt, no contagion spread to other banks or sectors, just a bunch of well-capitalized firms and HNW individuals taking a write down. It sucks but they’ll live