Bank Run Watch 2023 after Silicon Valley Bank shutdown - Over 97% of SVB's assets were not FDIC insured

Kane Lives said:
So help me understand here. So with SVB going under, they basically deleted their customer's money right? And there's basically no recourse since it's basically just numbers on a screen backed up by jack and shit.
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Yep, all that's left is the bank defaults or tries to wake bidden for a too-big-to-fail bank bailout.
 
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Kane Lives said:
So help me understand here. So with SVB going under, they basically deleted their customer's money right? And there's basically no recourse since it's basically just numbers on a screen backed up by jack and shit.
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From what I understand the issue is that a lot of payroll is done through them. They can get some or a lot of their money back but it’ll take years.
 
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Kane Lives said:
So help me understand here. So with SVB going under, they basically deleted their customer's money right? And there's basically no recourse since it's basically just numbers on a screen backed up by jack and shit.
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Not quite. The value of the customer accounts are still there- but not in cash. Like if my crappy car is worth 2k, and I owe someone 1k but have no cash on hand- I am going to have to find a buyer for my car to be able to pay my 1k debt. My assets were 2k, but I had no cash. SVB has their assets tied up in bonds and actual office equipment/tangible items that are *worth* X amount, but are not cash. The value of everyone's accounts are still there technically- but the ability to withdraw any cash is gone- there is no cash. So over the next several years probably, the assets of SVB will be auctioned off in order to produce cash that can be given to account holders who had their money stored in SVB. Thats why people arent getting paid- payroll accounts cannot withdraw funds from SVB, and you cant pay people in office furniture of equal value to the paycheck they earned
 
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Not that I feel bad about modern techbros and such but... This is moving things further in the wrong direction. We need businesses relying more on banks/loans/saving and less on market money. (selling the soul/going public) Stuff like this doesn't make it any easier.


The company's customers were primarily in the technology, life science/healthcare, private equity/venture capital and premium wine industries.[1][5][6] As of December 31, 2022, 56% of its loan portfolio was loans to venture capital firms and private equity firms, secured by their limited partner commitments and used to make investments in private companies, 14% of its loans were mortgages to high-net-worth individuals, and 24% of its loans were to technology and health care companies, including 9% of all loans which were to early and growth-stage startup companies.[7]
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USDC still not recovered, lol. Coinbase can die in its queer coded grave.
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TetherUSD up 1%.
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I understand people use stable coins for non-fiat exchanges, but how stupid must you be to set yourself up to use a stablecoin? Ignoring the how well known they are for being suspicious at the best of times, if you use a stable coin you're admitting (you) don't even see your crypto of choice as a currency to be used/held/trusted.
BelUwUga said:
Can coinbase stop the bleeding? We'll soon find out! Trading has been HALTED!
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As if you needed any more reason besides an insta-ban for the crime of donating for a bird watching forum to not use cuckbase. Trading and deposit/withdrawals still open on other markets, feels like the robinhood shit but in reverse.
 
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barleyrugsoap said:
you're an idiot, "silver" means "junk silver" which is already regularly used as currency in the parts of the US where sane people live.
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Buy bullets and guns guns never lose their value the always worth pretty much the exact same amount of money or even more.
If Society collapses I'm not taking f****** silver I will take guns bullets tobacco drugs and your first born daughter
 
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CognitiveDeficiency said:
I don’t know about you all... but this is the first time since college since I’ve felt alive. I have lots of silver and been waiting for this to happen for 10 years. The point where 1 silver Roosevelt dime buys me a blowjob from a formerly well to do housewife and her 18 year old daughter at the same time. I’ve been waiting in the shadows laughing at these cuck husbands who buy their wives range rovers instead of buying silver bullion... knowing that I’ll be face fucking their wives mouths for the 1.30$ it cost me to buy that silver dime.

Just this morning at Whole Foods I seamlessly entered a conversation with a roastie milf with a ring about SVB in the water aisle... and I said it’s the canary in the coal mine signalling the complete economic collapse of the US. She was looking at me in amazement like she wanted me to paint her lips in cum. At the end of the conversation I’m like take my number, maybe I can help you out if you are in a jam and she took it from me.
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This entire post deserves to be on random.txt
 
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thx1138 said:
If this leads to more and more censorious troons no longer being able to pull levers and cut off people from any way of communicating beyond smoke signals and hand-written letters...GOOD. Let these companies burn the fuck down.
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Sorry, this primarily only affects small companies. All this will do is drive mom and pop startups out of business and consolidate big corporate tech companies :'(
 
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Forkknifegaymer said:
Cramer has consistently been one of the most incorrect investor advisors I’ve ever seen in my life
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Not for himself and friends if I remember right. He does seem to have the magical ability to go all-in on the biggest disasters that elites end up making a lot of money on.
 
HackerX said:
I really hate dooming, but seeing posts like this while watching a bank tell everyone not to panic then folding during the day (after being unable to find a buyer) is the most ominous of bad feelings imaginable.
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I'm lucky in that I don't rely on Etsy it's essentially a tertiary income for me, i.e. I've made myself a run of a style of parts and over did it so i sell the excess or if I'm trying to perfect a style of tool I'll sell any prototypes I make on there once I've got myself happy with my results.

The problem is that's the only real market place for handmade items that gets you custom work from skilled craftsmen (ok after filtering out the shite) ebay is more of a carboot sale and there isn't any place else that's so well known.

Offline I've seen more people wanting to pay for work with Cash rather than bank transfers and are more willing to pay for materials up front rather than trying to source it themselves (more common than you think) there is also a glut of old timers trying to get out now and selling up shop and customer lists before it hits.
 
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Can you guys pls stop posting your gay mad max fantasies? nothing will happen from this. its just a stupid local bank going belly up. they didnt play any big role in the banking world..

The end to the whole system will come from a small place named Zürich, and CS hasnt fully cooked their books yet so you have to wait a tiny bit more.
 
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Phalanges Mycologist said:
I'm lucky in that I don't rely on Etsy it's essentially a tertiary income for me, i.e. I've made myself a run of a style of parts and over did it so i sell the excess or if I'm trying to perfect a style of tool I'll sell any prototypes I make on there once I've got myself happy with my results.

The problem is that's the only real market place for handmade items that gets you custom work from skilled craftsmen (ok after filtering out the shite) ebay is more of a carboot sale and there isn't any place else that's so well known.

Offline I've seen more people wanting to pay for work with Cash rather than bank transfers and are more willing to pay for materials up front rather than trying to source it themselves (more common than you think) there is also a glut of old timers trying to get out now and selling up shop and customer lists before it hits.
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Oh don't get me wrong, Etsy can be neat if you're looking at niche stuff and know how to filter random dropshipping shit. Idk how the company was doing financially, but it seemed to be the market leader for their service. That's something that can't be said about 95% of the venture funding tomfoolery.

It's just a bit more concerning because Etsy seemed to be on the path towards sustainability.
 
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Note 9 said:
I understand people use stable coins for non-fiat exchanges, but how stupid must you be to set yourself up to use a stablecoin? Ignoring the how well known they are for being suspicious at the best of times, if you use a stable coin you're admitting (you) don't even see your crypto of choice as a currency to be used/held/trusted.
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USDC is a 1:1 with the dollar and has beek audited. Ita nothing like tether and the others.
 
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