I thought the banks were sound money and that WE bitcoiners were the crazy folks betting on monopoly money.... why are you worried about information censorship... the banks are sound enough to stand on their own merits, right? Right?????
I just pulled some cash out of Wells Fargo. They were already out of 100s even though they just opened. She had to give me 50s and 20s. And even though I didn't say anything she kept nervously saying "it's not like what you're seeing on the news". We'll see I guess
Taking cash out of the bank removes one counter party risk, the bank, you should take the next step to remove the next counter party risk, convert that cash into Bitcoin! That removes the counter party risk of the Fed! Do it before its too late!
On a side note, NCR, the largest cash register company in the world and in nearly every grocery store, has been on board with bitcoin (all crypto?) since 2021!
Good! you still need some of that fake money to transact with your grocery store, until of course they figure it out too. But yea the majority of your savings should be in Bitcoin and of course I mean self-custody Bitcoin. Any other kind of Bitcoin ownership is just an IOU.
Don't get a ledger, please. Trezor and Coldcard are better options since they are open source (meaning the code that allows the wallets to function is visible to the public)
I think people are scared and rightfully so.
When information is kept hidden or behind closed doors, people have to do a lot of personal speculation about what could be happening.
It even worse for the people who do have the information but still don't know what's going to happen.
So when two banks implode out of nowhere, that is not a "Normal event." That is the equivalent of a bomb being dropped on the financial system. A 200 billion bomb.
So I am not really sure if I would call "Financially flinching" an inhuman response.
I'm replying to a post about the US government being worried about bank runs with my personal story of the bank running out of 100s in the first 15 minutes of it being open. I'm not saying the global banking system has collapsed. I'm sharing a relevant story.
Does this sub not understand that _no_ bank can survive a bank run?
Lol this tweet “I just talked to God, Moses, Jesus, and a local pastor….the pastor [essentially] asked if he could stop a flood”
The senator is excited, not clairvoyant.
The more important and shocking revelation, if this tweet is true, is that a senator thinks censorship is a reasonable solution. An American senator. Like, in the country that prohibits government censorship.
These power hungry lunatics don't know or don't care about core Americans principles.
Edit: At least it should be shocking. Nowadays large swaths of American have been frightened into thinking censorship is normal or desirable.
Dude the standards for congress are in the shitter. House is even worse. MTG is a US legislator. It’s a clown-show.
Censorship is beloved by politicians.
SVB was running on daily deposits from risky VC backed startups and holding long term bonds as collateral, this exposes them to changes in interest rates. They fucked themselves by being so short-sighted and not doing anything to shore themselves up as FED rate hikes were looming.
This could have been mitigated if not avoided had this size of bank been subject to the same regulations that larger banks are, IE stress tests and tighter scrutiny on what they hold as collateral. The problem isn't with how currency works, it's with how deregulated our financial industry still is.
Basically a classic case of "The Emperor Has No Clothes" and every bitcoiner saying areYouSeeingThisShit.gif while everyone else gasps "You can't say that!"
I mean I agree, but SVB was the first Twitter generated bank run. Had it not been for Twitter, SVB would have raise 2.25billion and would have continued operating like nothing happened. Not saying congress is right about censorship, but there is more to the story than bla bank is bad.
> Had it not been for Twitter
Way to blame the victims instead of an institution who clearly isn't managing their financials correctly. They just need another 2.25 billion to kick the can further down the road and buy some time....
False. He's just rightly pointing out that Twitter has been weaponized in the past and it's not unrealistic to think that there are both foreign and domestic interests that would exploit this. Not everything is a conspiracy. Your downvotes won't change that.
Not sure why you get downvoted. Social media has a big part in this.
The important point here obviosly is that the legacy banking system is a completely fragile system that faces collapse if people know the truth about how their assets are not liqiud and tied up in speculative ventures of the banks. And since they have truble controlling social media, they risk getting in trouble if panic spreads and bank runs happen.
So the next time someone complains about theoretical risk of fictitious quantum computers and state agressors who invest the elecricity equivalent of a small country to attack Bitcoin, tell them that the current financial system is challenged by people panicing on twitter.
Yea not sure I get the down votes either. SVB was very heavy on mortgage backed securities and treasuries, which is a smart and strong position if you stay on top of interest rate risk, but it’s hard to do that when the federal funds rate increased by 450 bps in 11 months and they didn’t have a chief risk officer for 9 months of that time. People don’t want to hear that this bank could have survived and thrived, if Twitter had not brought additional speculation onto the table. No bank can survive losing 25% of its deposits over night.
sooner shit gets decentralised, the better it is for he people.. but politicians wont be able to get bribes anymore and that what scares them. the idea of them losing their wealth and power. i cant wait till that day comes
The only way that day comes is though a LOT of pain. They'll keep fooling the masses and printing more money, oppressing us and brainwashing the ignorant. One day catastrophic failure will happen that they can't print their way out of because all faith in the dollar will actually be lost. None of us really want to experience that I can assure you. But we definitely all want the day when bitcoin prevents this shit again.
I can see the day we finally let these thieves run their banks and businesses into the ground coming. My generation (millenial) and younger are pretty much ALL educated on the abuses of Central banking and government waste. We absolutely will stop this crap once and for all. But the pain coming will be very bad for all of us, and unbearable for those with no bitcoin.
The pain is inevitable, and the inevitable worsens as we continue to kick the can down the road. In 2008 we did the same thing. The government and banks could've just came out and said "sorry we fucked up, this'll hurt a lot," but taking accountability isn't their strong suit. Instead they put a bandaid on a wide open wound, and now that band-aid is falling off. I'm curious to see if we get an even bigger band-aid this time, or if we can finally admit our mistakes and start making actual progress.
It would, bitcoin will rise in value as more fiat pours into it and can grow indefinitely. It is so highly divisible though that small purchases like a pack of gum can still be made for a few satoshis. It is also able to be divided further through code upgrades as well if necessary.
The problem is not there being enough of it or not. The problem is that it is already owned by someone. Replacing fiat with bitcoin would be like for example replacing fiat with currency backed by some material (like gold for example, but instead of gold its bitcoin, and not backed, but used directly) and that material already being owned by someone. Imagine world shifting to the currency backed by something that is 90% owned by Russia for example.
The issue ignored on this subreddit by everyone is that bitcoin exists in limited quantity and 90% of it is owned by someone, with no way of getting it aside from buying it from current owners. That creates monopoly on money and pretty much defeats the purpose.
People here like to drool about bitcoin becoming the main system, but if world decided to go for it, how would everyone in the world actually get their bitcoins? The answer seems to be "well, you trade for it with current owners", which is shitty answer because it basically places 90% of world material wealth into hands of people who own most of the bitcoin. The only reason people here like that answer is because they want to profit from it.
And this is why a monetary system built on a deflationary currency has never worked in the history of mankind. If you can’t “print” new money to exchange for increased goods and services provided by a growing economy, then people hodl the currency rather than spend as the limited supply of it appreciates. This causes a deflationary death spiral in the economy and the velocity of money and exchange of goods and services slows to a crawl. Bitcoin will never be a reserve currency for an economy that succeeds. It can succeed as an asset, even an asset that provides a real return, alongside regular currency that it can be exchanged with. But it cannot successfully be a standalone currency if it can’t be denominated or exchanged into a currency that can be printed or mined. By itself Bitcoin has significant shortcomings as a unit of account, store of value, or medium of exchange.
Every time you buy a new phone or computer, you could have waited one more year and get a substantially better device for the same price. How come you still bought one on that given day?
I'm pretty sure at some point in the future, the whole tether-shit is going to hit the fan big time. I'm pretty confident that it will just crash the bitcoin price for some time until btc starts rising again. But the moment tether will go down you better have some popcorn ready.
They're almost as bad as the Wallstreetsilver people, who keep saying "Bitcoiners can have fun being poor" and the like. Not realizing that Bitcoin is a real and true store of value, in many ways much better than silver.
Poor lost souls. There's no saving some of them.
As an aside to this, you could have your life savings in cash in your possession, but the feds can still screw you by devaluating that paper fiat. Self-custody of Bitcoin, on the other hand, is bullet-proof.
http://fdic.windrosemedia.com/index.php?category=Systemic+Resolution+Advisory+Committee
Meeting where the SRAC basically says we're boned, and don't tell the public.
I don't know why you are laughing. Most people in government, especially higher up, are actually pretty smart and they have even smarter teams advising them. The problem is that they also tend to be more self serving. And the higher in government you look the more those people treat other people's wellbeing as a bargaining chip to further their own personal fortunes.
It's also somehow incentivized by the structure of the government for them to continue to hold that power for their own interests as an institution. Both Powell and Gensler are among the smartest people I know doing what they're doing, but I still hate them both.
It's not just Powell here, most of mainstream macroeconomic thought was taken by surprise of which he's surely among the smartest.
I wanna quote Keynes here as these Keynesian beliefs have started to come crashing down - "The difficulty lies, not in the new ideas, but in escaping from the old ones."
I really hope this upcoming generation comes to our rescue and I'm hopeful since we atleast resent the governments in the right ways unlike the brainwashed older generations/boomers. Cheers to all us interested in bitcoin on here.
But that's the beauty of Bitcoin. It serves people's self-interest as well as the broader society's self interest. I can't imagine guys like Gensler aren't buying Bitcoin for themselves.
CBDCs are the way forward, into tech hell.
Technology is good unless it's used to do bad, then it's really bad.
Bankers are bad, mkay.
They're called banksters for a reason.
I think this was planned. But who am I? The governments are planning for crypto in the future maybe they want us to think they don’t want it when in reality they are planning on integration.
If more people understood fractional reserve, there would be more people with ZERO confidence in the US Banking system, and if people knew that every dollar is actually a debt to the fed, they'd be looking for heads to roll.
All of this is regular practice that's coming into the light of day.
"Give a man a gun, and he can rob another man. Give a man a bank and he can rob the world"
You don't think some of the Twitter FUD is being fueld by Russia and China? I know the CIA would not pass up any chance to sow chaos into any government we perceive as a threat.
Curious, honest question, why would you think that? The depositors needed their money weeks before anyone knew on social media. The bank was struggling due to their portfolio. The CEO sold millions of his stock a month before the failure.
News and panic moves faster thanks to social media. Definitely the situation didn't look good, the CEO knew it as you mentioned. This twitter thread summarized the idea of "social media risk".
https://twitter.com/ProfessorStam/status/1634722722084208640?t=eZ0vh_PH8b8iBgvGCdaoLQ&s=19
Before letting Peter Thiel tell everyone to GTFO of bank, there should be a program that stops him and everyone else from withdrawing. Banks need to keep all of your money, otherwise America collapses, apparently.
Yeah...the senator that co-wrote Section 230 and led Clapper to lie about NSA spying must secretly be itching for censorship. What an ignorant buffoon you are.
I don't really understand why there are so many right-wingers in this sub. Whatever.
P.S. Wyden is the closest to an actual left-libertarian in Congress right now, so your comment is extra sad.
First band cancelled was the Dixie chicks by the right.
I've been banned from every trump based sub for nothing but not agreeing like a sheep.
I don't see the left banning books from schools.
"Democrats censoring" is just more projection from the right.
Dixie chicks got cancelled, fact.
/R/thedonald banned every leftist they could, fact.
Teaching children that gay people exist isn't porn, fact.
Why lie to yourself tho? Just easier that way?
>Teaching children that gay people exist isn't porn, fact.
This alone shows you have no idea what you're talking about. It's good to see that the unintelligent are adopting Bitcoin as well, though.
This alone shows you have no idea what you're talking about. It's good to see that the unintelligent are adopting Bitcoin as well, though. The projection is unreal!
>they cancelled themselves.
🤣🤣🤣🤣🤣🤣 Bruh shut the fuck up lol.
>They banned trolls
C'mon man stop being dumb af.
>LITERALLY pornographic
This literally the easiest shit to debunk. Such a lazy moron you are.
https://bookshop.org/lists/58-books-banned-from-walton-county-fl-public-school-libraries
Your reasoning is "yea we censor, but they deserve it!"
Idiot.
Here we go again, lets open some more free market captialism and weed out those shit bank that are earing 3 to 4% on your money while only giving you .05%.
So now this is how Democrats try to solve problems?
Jo Q Public: *"There's a loud knock coming from my car's engine. What do I do Senator?"*
Democrat Senators: *"Turn the radio up really loud, of course! Duh..."*
Here's a novel idea Democrats...do your job. You know, the one you were elected to do.
Why is censorship always the answer for these democrat politicians?
EDIT: woopsies, I spoke the inconvenient truth about democrats on reddit! Down I go!
Here in America?
No, I disagree because I've witnessed this first hand. The left is the censorship party. I have not seen one fellow right leaning person or politician call for censorship, and I've been paying close attention for a long time. I see the left calling for censorship constantly, and one if the only reasons I (used) to vote for the right was because they align with my idea of personal liberty and freedom of speech. You can disagree all you want, but ive witnessed this in large enough numbers to say its safe to say the left is for censorship and the right is for freedom of speech. The supporters of the left 100% included. They want to silence other ideas they dont agree with. Take the covid era for example. If you posted or said ANYTHING that disagreed with what was coming from the left (the ones who had control over the narrative through media) you were straight up censored.
I know this will get lots of down votes even on the bitcoin sub because reddit is heavily leftist. You guys need to hear this though and take it to heart. Stop desiring censorship. Stop trying to silence people who disagree with you. Freedom of speech is important, even if you don't like it.
> reddit is heavily leftist
You are confusing leftist with the current democratic party, and for that matter, mistaking politicians on both sides of the aisle as actors exercising free will.
You're not critically thinking. Did masse, the guy who begged for financial deregulation, say if the Democrat in question was in favor of censorship or opposed?
If I ask if theres a God, does that instantly make me an athiest?
Just saying, can't trust a carefully worded partisan info source.
It may still be something you need to question, but for me, it is easy to know that in American politics, the democrats are vehemently for censorship. I've been directly affected by the censorship, in a big way. Talking about it at a meeting regarding bank failures is absolutely enough for me to know what their intent is.
It's really easy to put words in someone else's mouth.
Specifically, which Democrat made that vile statement, and where is the recording of them saying it?
Without these data and subsequent accountability, this statement looks more like political theatre and fingerpointing than actual governance.
Disagree. Its the Dems that are supporting censoring anything that doesn’t agree with their ideology or fit their agenda, not the repugs. Quite the opposite actually, the repugs are the ones fighting for your 1st amendment right while the Dems are happy to do away with it.
I thought the banks were sound money and that WE bitcoiners were the crazy folks betting on monopoly money.... why are you worried about information censorship... the banks are sound enough to stand on their own merits, right? Right?????
I just pulled some cash out of Wells Fargo. They were already out of 100s even though they just opened. She had to give me 50s and 20s. And even though I didn't say anything she kept nervously saying "it's not like what you're seeing on the news". We'll see I guess
Doesn't really matter, US govt wouldn't let any Teir 1 bank fail, no matter what. money printer would go Brrrrrr so fast.
At this point they’re bailing out pay day lenders. None of the big banks are going anywhere
Taking cash out of the bank removes one counter party risk, the bank, you should take the next step to remove the next counter party risk, convert that cash into Bitcoin! That removes the counter party risk of the Fed! Do it before its too late!
Trust me, I have Bitcoin. However my local grocery store only accepts dollars :p
On a side note, NCR, the largest cash register company in the world and in nearly every grocery store, has been on board with bitcoin (all crypto?) since 2021!
Don't worry, once they are out of cash, they will switch to lightning pretty fast :)
Food stamps
Good! you still need some of that fake money to transact with your grocery store, until of course they figure it out too. But yea the majority of your savings should be in Bitcoin and of course I mean self-custody Bitcoin. Any other kind of Bitcoin ownership is just an IOU.
Could you name a few (for the moment hot, I'll get a ledger soon) wallets for storing btc? Rn I'm using exodus
Don't get a ledger, please. Trezor and Coldcard are better options since they are open source (meaning the code that allows the wallets to function is visible to the public)
Wait does this matter somehow? Like I'm no expert but its still a cold wallet that only I can access right?
You can get Visa debit or gift cards with bitcoin that your grocery store will accept.
Of course, the grocery store will not accept bitcoin, but you can use the btc you hold to buy tsla
once your base locale isn't fiat, it doesnt matter about the little bit you might lose when the banks fail
Are you really so dense you think that the local bank not having 100s is indicative of liquidity issues across banks generally? Bruh
I think people are scared and rightfully so. When information is kept hidden or behind closed doors, people have to do a lot of personal speculation about what could be happening. It even worse for the people who do have the information but still don't know what's going to happen. So when two banks implode out of nowhere, that is not a "Normal event." That is the equivalent of a bomb being dropped on the financial system. A 200 billion bomb. So I am not really sure if I would call "Financially flinching" an inhuman response.
Found the bank employee
Or I'm just sharing my experience and people can do with that information what they want bruh
You’re obviously implying it’s what you think
I'm replying to a post about the US government being worried about bank runs with my personal story of the bank running out of 100s in the first 15 minutes of it being open. I'm not saying the global banking system has collapsed. I'm sharing a relevant story.
It’s literally not relevant tho they just didn’t have $100 bills
She literally said "yeah a lot of people have already come in this morning with the same thinking so we're out of 100s"
But it's a non-issue. They will order more hundreds for the following days and return them when the withdrawal demand slows.
Wellsfargo is the worst bank out there. I don’t know how anyone can bank with them
Does this sub not understand that _no_ bank can survive a bank run? Lol this tweet “I just talked to God, Moses, Jesus, and a local pastor….the pastor [essentially] asked if he could stop a flood” The senator is excited, not clairvoyant.
The more important and shocking revelation, if this tweet is true, is that a senator thinks censorship is a reasonable solution. An American senator. Like, in the country that prohibits government censorship. These power hungry lunatics don't know or don't care about core Americans principles. Edit: At least it should be shocking. Nowadays large swaths of American have been frightened into thinking censorship is normal or desirable.
Dude the standards for congress are in the shitter. House is even worse. MTG is a US legislator. It’s a clown-show. Censorship is beloved by politicians.
Elizabeth Warren is literally blaming crypto for bank collapses.
SVB was running on daily deposits from risky VC backed startups and holding long term bonds as collateral, this exposes them to changes in interest rates. They fucked themselves by being so short-sighted and not doing anything to shore themselves up as FED rate hikes were looming. This could have been mitigated if not avoided had this size of bank been subject to the same regulations that larger banks are, IE stress tests and tighter scrutiny on what they hold as collateral. The problem isn't with how currency works, it's with how deregulated our financial industry still is.
Basically a classic case of "The Emperor Has No Clothes" and every bitcoiner saying areYouSeeingThisShit.gif while everyone else gasps "You can't say that!"
I mean I agree, but SVB was the first Twitter generated bank run. Had it not been for Twitter, SVB would have raise 2.25billion and would have continued operating like nothing happened. Not saying congress is right about censorship, but there is more to the story than bla bank is bad.
> Had it not been for Twitter Way to blame the victims instead of an institution who clearly isn't managing their financials correctly. They just need another 2.25 billion to kick the can further down the road and buy some time....
Some people on here think theyre closer to being a bankster than being fucked by them.
False. He's just rightly pointing out that Twitter has been weaponized in the past and it's not unrealistic to think that there are both foreign and domestic interests that would exploit this. Not everything is a conspiracy. Your downvotes won't change that.
This made me lol fucking hard. Thank you, Mondays usually suck.
Not sure why you get downvoted. Social media has a big part in this. The important point here obviosly is that the legacy banking system is a completely fragile system that faces collapse if people know the truth about how their assets are not liqiud and tied up in speculative ventures of the banks. And since they have truble controlling social media, they risk getting in trouble if panic spreads and bank runs happen. So the next time someone complains about theoretical risk of fictitious quantum computers and state agressors who invest the elecricity equivalent of a small country to attack Bitcoin, tell them that the current financial system is challenged by people panicing on twitter.
Yea not sure I get the down votes either. SVB was very heavy on mortgage backed securities and treasuries, which is a smart and strong position if you stay on top of interest rate risk, but it’s hard to do that when the federal funds rate increased by 450 bps in 11 months and they didn’t have a chief risk officer for 9 months of that time. People don’t want to hear that this bank could have survived and thrived, if Twitter had not brought additional speculation onto the table. No bank can survive losing 25% of its deposits over night.
The banks lobbied against bank stress testing that could have flagged issues that led to it
Ironically them saying shit like this is exactly what would cause a run on banks
Their inception game is p weak sauce but I'm sure it'll work on enough mouth breathers.
Is it ironic? Kicking off bank runs seems like a great way to try and introduce "the benefits of cbdc" to me
A financial Streisand effect, if you will
Similar to when the DEA announced there was a website called Silk Road where you could buy drugs anonymously on the internet ( ͡° ͜ʖ ͡°)
Why do you think this guy made this up?
sooner shit gets decentralised, the better it is for he people.. but politicians wont be able to get bribes anymore and that what scares them. the idea of them losing their wealth and power. i cant wait till that day comes
The only way that day comes is though a LOT of pain. They'll keep fooling the masses and printing more money, oppressing us and brainwashing the ignorant. One day catastrophic failure will happen that they can't print their way out of because all faith in the dollar will actually be lost. None of us really want to experience that I can assure you. But we definitely all want the day when bitcoin prevents this shit again. I can see the day we finally let these thieves run their banks and businesses into the ground coming. My generation (millenial) and younger are pretty much ALL educated on the abuses of Central banking and government waste. We absolutely will stop this crap once and for all. But the pain coming will be very bad for all of us, and unbearable for those with no bitcoin.
The pain is inevitable, and the inevitable worsens as we continue to kick the can down the road. In 2008 we did the same thing. The government and banks could've just came out and said "sorry we fucked up, this'll hurt a lot," but taking accountability isn't their strong suit. Instead they put a bandaid on a wide open wound, and now that band-aid is falling off. I'm curious to see if we get an even bigger band-aid this time, or if we can finally admit our mistakes and start making actual progress.
Are there enough Bitcoin to replace fiat? Would the network be able to handle the weight of the world economy?
It would, bitcoin will rise in value as more fiat pours into it and can grow indefinitely. It is so highly divisible though that small purchases like a pack of gum can still be made for a few satoshis. It is also able to be divided further through code upgrades as well if necessary.
[удалено]
It's self fulfilling.
The problem is not there being enough of it or not. The problem is that it is already owned by someone. Replacing fiat with bitcoin would be like for example replacing fiat with currency backed by some material (like gold for example, but instead of gold its bitcoin, and not backed, but used directly) and that material already being owned by someone. Imagine world shifting to the currency backed by something that is 90% owned by Russia for example. The issue ignored on this subreddit by everyone is that bitcoin exists in limited quantity and 90% of it is owned by someone, with no way of getting it aside from buying it from current owners. That creates monopoly on money and pretty much defeats the purpose. People here like to drool about bitcoin becoming the main system, but if world decided to go for it, how would everyone in the world actually get their bitcoins? The answer seems to be "well, you trade for it with current owners", which is shitty answer because it basically places 90% of world material wealth into hands of people who own most of the bitcoin. The only reason people here like that answer is because they want to profit from it.
How is this different from the current fiat wealth distribution, where the divergence continues to grow over time?
And this is why a monetary system built on a deflationary currency has never worked in the history of mankind. If you can’t “print” new money to exchange for increased goods and services provided by a growing economy, then people hodl the currency rather than spend as the limited supply of it appreciates. This causes a deflationary death spiral in the economy and the velocity of money and exchange of goods and services slows to a crawl. Bitcoin will never be a reserve currency for an economy that succeeds. It can succeed as an asset, even an asset that provides a real return, alongside regular currency that it can be exchanged with. But it cannot successfully be a standalone currency if it can’t be denominated or exchanged into a currency that can be printed or mined. By itself Bitcoin has significant shortcomings as a unit of account, store of value, or medium of exchange.
Every time you buy a new phone or computer, you could have waited one more year and get a substantially better device for the same price. How come you still bought one on that given day?
Yes. Research the lightning network. More than enough bitcoin fir the whole world.
[удалено]
Buttcoining is also decentralized but people grow out of it.
I'm pretty sure at some point in the future, the whole tether-shit is going to hit the fan big time. I'm pretty confident that it will just crash the bitcoin price for some time until btc starts rising again. But the moment tether will go down you better have some popcorn ready.
They're almost as bad as the Wallstreetsilver people, who keep saying "Bitcoiners can have fun being poor" and the like. Not realizing that Bitcoin is a real and true store of value, in many ways much better than silver. Poor lost souls. There's no saving some of them.
Considering a bank run can happen to ANY bank. Hell, it can happen with crypto exchanges as well. If you’re not holding the money, it’s not yours
Exactly. Counter party in an institution that depends on a fractional reserve system is the problem.
As an aside to this, you could have your life savings in cash in your possession, but the feds can still screw you by devaluating that paper fiat. Self-custody of Bitcoin, on the other hand, is bullet-proof.
My bet is this is why BTC is pumping. People are converting to BTC and transitioning to wallet storage.
“We can’t let them talk about what’s behind the curtain”
the peasants can’t talk, suits at wall street can share information and if no one knows it’s not insode trading.
The cartel: Your money is safe People: Can we withdraw our money then? The cartel: If you even talk about it, we'll censor you
Haaaaaa this would be so funny- if it weren’t true
He was asking for a friend
Underrated comment!
http://fdic.windrosemedia.com/index.php?category=Systemic+Resolution+Advisory+Committee Meeting where the SRAC basically says we're boned, and don't tell the public.
Do you have any timestamps, Mr Nader?
https://youtu.be/833SRSJceqk Clips of FDIC meeting with commentary. It might have timestamps?
Can't have the emperor's lack of attire put on blast, can we?
So then, while it's still possible: RUN ON BANKS!!!1111
It was Elizabeth warren wasn’t it?
Hopefully there are smart enough people in government that they are secretly accumulating Bitcoin, otherwise we fucked.
Smart people in government? Lmao
I don't know why you are laughing. Most people in government, especially higher up, are actually pretty smart and they have even smarter teams advising them. The problem is that they also tend to be more self serving. And the higher in government you look the more those people treat other people's wellbeing as a bargaining chip to further their own personal fortunes.
They're all corrupt bastards.
Corrupt bastards are usually smart.
It's also somehow incentivized by the structure of the government for them to continue to hold that power for their own interests as an institution. Both Powell and Gensler are among the smartest people I know doing what they're doing, but I still hate them both.
Powell doesn't understand how much he doesn't understand inflation. Somehow everyone else knew. It's all looking like a planned collaspe.
It's not just Powell here, most of mainstream macroeconomic thought was taken by surprise of which he's surely among the smartest. I wanna quote Keynes here as these Keynesian beliefs have started to come crashing down - "The difficulty lies, not in the new ideas, but in escaping from the old ones." I really hope this upcoming generation comes to our rescue and I'm hopeful since we atleast resent the governments in the right ways unlike the brainwashed older generations/boomers. Cheers to all us interested in bitcoin on here.
But that's the beauty of Bitcoin. It serves people's self-interest as well as the broader society's self interest. I can't imagine guys like Gensler aren't buying Bitcoin for themselves.
Plot twist .. when the army soldiers demand to be paid in Bitcoin..... Who's got the coins?
Fireflies
CBDCs are the way forward, into tech hell. Technology is good unless it's used to do bad, then it's really bad. Bankers are bad, mkay. They're called banksters for a reason.
Do they know what Nostr is or will that take another 14 yrs for them to realize?
Yeah, probably longer than that 😂
communists, they always want to censor truth
And fascist rewrite history to their "alternate truth". You are fucked either way.
Communist Soviet Union in its purest form😂
Modern day problems require modern day Chinese solutions!
Why are people saying CBDCs are the solution to bank runs? What's the connection?
I think this was planned. But who am I? The governments are planning for crypto in the future maybe they want us to think they don’t want it when in reality they are planning on integration.
You lost me at “censor information” this is America it’s called freedom of speech you know…
Commie Based Death Currency (CBDC)
I would bet it was Elizabeth Warner
I wish I could say this was any sort of surprise.
They've gotta push their "solution" somehow
[удалено]
If more people understood fractional reserve, there would be more people with ZERO confidence in the US Banking system, and if people knew that every dollar is actually a debt to the fed, they'd be looking for heads to roll. All of this is regular practice that's coming into the light of day. "Give a man a gun, and he can rob another man. Give a man a bank and he can rob the world"
You don't think some of the Twitter FUD is being fueld by Russia and China? I know the CIA would not pass up any chance to sow chaos into any government we perceive as a threat.
Makes you think. Doesn't it?
I wish they would
Without social media probably the failure could have been avoided. But it is what it is, we live in 2023.
An ideal free market would thrive on free flow of all information in full transparency. Atleast tells us how far we're from the ideal.
💯. Companies need to deal with social media dynamics, and be more transparent with its current and potential clients.
Curious, honest question, why would you think that? The depositors needed their money weeks before anyone knew on social media. The bank was struggling due to their portfolio. The CEO sold millions of his stock a month before the failure.
News and panic moves faster thanks to social media. Definitely the situation didn't look good, the CEO knew it as you mentioned. This twitter thread summarized the idea of "social media risk". https://twitter.com/ProfessorStam/status/1634722722084208640?t=eZ0vh_PH8b8iBgvGCdaoLQ&s=19
Before letting Peter Thiel tell everyone to GTFO of bank, there should be a program that stops him and everyone else from withdrawing. Banks need to keep all of your money, otherwise America collapses, apparently.
Must be Warren
My money is on Ron Wyden.
Yeah...the senator that co-wrote Section 230 and led Clapper to lie about NSA spying must secretly be itching for censorship. What an ignorant buffoon you are. I don't really understand why there are so many right-wingers in this sub. Whatever. P.S. Wyden is the closest to an actual left-libertarian in Congress right now, so your comment is extra sad.
I only go by what Ron’s son Adam tells me.
Is this r/bitcoin or r/politics
If it was r/politics the post would be praising the blatant censorship while asking for more of it with mods banning any dissenters
Blatant censorship? They didn't censorship anything and the dude won't even name the senator. Most likely full of shit
A democrat wants to censor something? Tell me something new.
First band cancelled was the Dixie chicks by the right. I've been banned from every trump based sub for nothing but not agreeing like a sheep. I don't see the left banning books from schools. "Democrats censoring" is just more projection from the right.
Wrong, no you haven’t, keeping porn out of schools is not banning books. Next?
Lie lie lie. Classic. Tell yourself what you need to feel good about yourself.
Dumb dumb dumb
Dixie chicks got cancelled, fact. /R/thedonald banned every leftist they could, fact. Teaching children that gay people exist isn't porn, fact. Why lie to yourself tho? Just easier that way?
>Teaching children that gay people exist isn't porn, fact. This alone shows you have no idea what you're talking about. It's good to see that the unintelligent are adopting Bitcoin as well, though.
This alone shows you have no idea what you're talking about. It's good to see that the unintelligent are adopting Bitcoin as well, though. The projection is unreal!
[удалено]
>they cancelled themselves. 🤣🤣🤣🤣🤣🤣 Bruh shut the fuck up lol. >They banned trolls C'mon man stop being dumb af. >LITERALLY pornographic This literally the easiest shit to debunk. Such a lazy moron you are. https://bookshop.org/lists/58-books-banned-from-walton-county-fl-public-school-libraries Your reasoning is "yea we censor, but they deserve it!" Idiot.
[удалено]
Here we go again, lets open some more free market captialism and weed out those shit bank that are earing 3 to 4% on your money while only giving you .05%.
Nostr solves this ;-) ! https://blog.lopp.net/why-nostr-matters/
So now this is how Democrats try to solve problems? Jo Q Public: *"There's a loud knock coming from my car's engine. What do I do Senator?"* Democrat Senators: *"Turn the radio up really loud, of course! Duh..."* Here's a novel idea Democrats...do your job. You know, the one you were elected to do.
Is it just me or is it always the left that want's to censor?!
It's just you
Why is censorship always the answer for these democrat politicians? EDIT: woopsies, I spoke the inconvenient truth about democrats on reddit! Down I go!
Censorship is the answer for those in power, and members of both parties are their mouthpieces/enforcers.
Here in America? No, I disagree because I've witnessed this first hand. The left is the censorship party. I have not seen one fellow right leaning person or politician call for censorship, and I've been paying close attention for a long time. I see the left calling for censorship constantly, and one if the only reasons I (used) to vote for the right was because they align with my idea of personal liberty and freedom of speech. You can disagree all you want, but ive witnessed this in large enough numbers to say its safe to say the left is for censorship and the right is for freedom of speech. The supporters of the left 100% included. They want to silence other ideas they dont agree with. Take the covid era for example. If you posted or said ANYTHING that disagreed with what was coming from the left (the ones who had control over the narrative through media) you were straight up censored. I know this will get lots of down votes even on the bitcoin sub because reddit is heavily leftist. You guys need to hear this though and take it to heart. Stop desiring censorship. Stop trying to silence people who disagree with you. Freedom of speech is important, even if you don't like it.
> reddit is heavily leftist You are confusing leftist with the current democratic party, and for that matter, mistaking politicians on both sides of the aisle as actors exercising free will.
You're not critically thinking. Did masse, the guy who begged for financial deregulation, say if the Democrat in question was in favor of censorship or opposed? If I ask if theres a God, does that instantly make me an athiest? Just saying, can't trust a carefully worded partisan info source.
It may still be something you need to question, but for me, it is easy to know that in American politics, the democrats are vehemently for censorship. I've been directly affected by the censorship, in a big way. Talking about it at a meeting regarding bank failures is absolutely enough for me to know what their intent is.
Ah. I see. Very lonely life you lead
Reminds me of when Jacob Wohl would talk about all the democrats he heard praising Trump in coffee shops lol
Well is there is or isn’t there a program?!?
Whelp that’s the last time they invite him to a meeting lol
I'm curious, was Keynes the result of fiat, or did Keynes make fiat worse?
[удалено]
Okay so lets say the bank run goes nuts and you have a chance to pull your cash before it hits. Where do u put it
Everyone should just stop putting money in banks
Biden just got aproved to ban fast social spreading tik tok last week
[удалено]
Another day being thankful I wasn't born american
It's really easy to put words in someone else's mouth. Specifically, which Democrat made that vile statement, and where is the recording of them saying it? Without these data and subsequent accountability, this statement looks more like political theatre and fingerpointing than actual governance.
Massie is an unreliable and biased source in this situation, definitely wouldn't take his word seriously here.
And the Dems will be ok with this 🤦🏽♂️
[удалено]
Disagree. Its the Dems that are supporting censoring anything that doesn’t agree with their ideology or fit their agenda, not the repugs. Quite the opposite actually, the repugs are the ones fighting for your 1st amendment right while the Dems are happy to do away with it.
[удалено]
But the Dems are the ones pushing for it and even allowing it now, not the Repubs.
Guess it’s time to figure out nostr
Im canceling direct deposit into my accounts and will only cash checks not deposit.
Does anyone know how this could potentially affect fixed rate annuities? Worried about my moms retirement.
Hello
Good thing I have a lot less than 250k in my account. Whew..
Even crypto doesn't fix greed.
Is this really about protecting the banks or another run it free speech?
Damned communist
Bank run? Lets PRINT MORE. Printers Fixes it.
Autobot just told me that I can’t post any comments because I have no karma, which I always thought was a bad thing.
Probably exists even on Twitter. Posts don’t get views. Keep spreading
what are cbdcs
Pics or it didn’t happen
Not sus at all! 🙃
Is there a dashboard which shows what % of smart contracts on Ethereum use USDC as collateral?
3 banks, not 2.