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

Cpl. Long Dong Silver said:
Yeah I get that 600$ email every few weeks bc I have a line of credit with them.

The thing is it isn't a straight 600. It's only if you meet two criteria. One is if you open a checking account with direct deposit that holds over a certain balance you get 300. The other 200 comes from opening a high yield savings but the kick is you have to deposit 15k. Not 1500. 15 thousand. Then they give you another 100 bucks if you do both for the 500.

I don't know about you guys but I'm fairly liquid but even I don't have just 15000 to throw around for just 200.

If they wanted more liquidity these cocksuckers would lower the thresholds and increase the payouts but Jews gotta Jew.
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We had this offer given to us and we could do it with a stretch; but I became mighty suspicious of why a major bank would be shelling out such returns to get a hold of some cash. Having such liquidity issues in a world flush with cash is such an irony.

I think this is the first time since 08 I’ve had a genuine uneasy feeling that all the various checks and balances have finally reached their limits and the can kicking might have reached the end of the alley.

I’m not saying tue world is going to pot; merely that the culmination of all the avoidance since prior to 08 and what caused it is 20 years odd later finally coming home to roost - globally.
 
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Took me a minute, but just remember that we're not even in a fractional reserve system.

We're in a "Fuck it, whose gonna find out" system

Federal Reserve Board - Reserve Requirements

The Federal Reserve Board of Governors in Washington DC.
www.federalreserve.gov

Main point
As announced on March 15, 2020, the Board reduced reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions.
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Cpl. Long Dong Silver said:
Yeah I get that 600$ email every few weeks bc I have a line of credit with them.

The thing is it isn't a straight 600. It's only if you meet two criteria. One is if you open a checking account with direct deposit that holds over a certain balance you get 300. The other 200 comes from opening a high yield savings but the kick is you have to deposit 15k. Not 1500. 15 thousand. Then they give you another 100 bucks if you do both for the 500.

I don't know about you guys but I'm fairly liquid but even I don't have just 15000 to throw around for just 200.

If they wanted more liquidity these cocksuckers would lower the thresholds and increase the payouts but Jews gotta Jew.
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What's weird is that chase is offering $300 per new business account, as long as you park $2000 for 2 months. In my state starting a LLC costs less than $300 dollars. LLCs are separate entities from their creators, so technically it's their first account. In a state with a lower filing fee like $50, you could be looking at a profit of over 10% in 2 months. Just rinse and repeat for every $2000, make a new business.

Am I retarded @AnOminous ?

Edit:I am retarded, you take a tax hit from paying yourself back from your LLC plus an additional income tax on the bonus. It would only be profitable for your first DBA account.

Earn $300 | Chase for Business | Chase.com

When you open a Chase Business Complete Checking℠ account. For new business checking customers with qualifying activities.
www.chase.com www.chase.com
 
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Christ Jesus said:
Then why is every Bitcoin or other crypto coin telling you its value in dollars? And why aren’t we saying a dollar is worth X in Bitcoin?
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it's almost as if different currencies have different values in another one
it's why one bitcoin is worth $20k
a dollar is like .00000002 or whatever

Have you ever exchanged currencies? Their actual values fluctuate all the time. When I looked at crypto, those billboards at the exchanges are what came to mind. Crypto, of course, can fluctuate far more wildly.
 
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cantankerous jackalope said:
short term it will not be stable, but i'm talking about if you have six figures in assets you're trying to not have dwindle to zero in 5 years then putting in bitcoin is a no brainer imo
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Cryptocurrency has no lender of last resort.

People affected by svb are at least getting their money back.

If they have it in BTC and the market crashes/their wallet gets hacked/they get rugpulled, the money is gone forever with no practical means to recover it in full.

Even if the guy who took it is charged and convicted, the only money you'll see is a fraction of whatever assets he has that can be seized and sold off by the courts, and he's unlikely to have enough liquidity to cover your loss, let alone everyone elses', you'll never be made whole again.

This whole debacle, as bad as it is, doesn't strengthen the case that crypto is where to go next if you're concerned about the security of your investments/money.

Its a world with even less control than the one that just collapsed.

You also can't actually buy anything direct with crypto (except NFTs) , even the vanishingly few retailers who accepted it at POS have long since stopped.

The only way to actually do anything of use with crypto (except speculate and then sell it to investors) is convert it to dollars.

Unconverted? It has no practical value, just wild speculative value.

Might as well advocate people invest in tulip bulbs.
 
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macrodegenerate said:
What's weird is that chase is offering $300 per new business account, as long as you park $2000 for 2 months. In my state starting a LLC costs less than $300 dollars. LLCs are separate entities from their creators, so technically it's their first account. In a state with a lower filing fee like $50, you could be looking at a profit of over 10% in 2 months. Just rinse and repeat for every $2000, make a new business.

Am I retarded @AnOminous ?

Edit:I am retarded, you take a tax hit from paying yourself back from your LLC plus an additional income tax on the bonus. It would only be profitable for your first DBA account.
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Companies make offers like this that are in theory possible to abuse all the time, because most people won't go to the effort of doing it. And if you really do this over and over again they'll recognize the pattern. And if enough people do it that it costs them, they'll stop making the offer.

And as you point out any "profits" are eaten up by other things.

You could probably exploit this if you were already going to create multiple LLCs for whatever reason and intended to leave the $2,000 with the LLC instead of cashing it out immediately. But then they'd still have your money for however long the LLC existed and if you ended up depositing more, it would probably be in the bank account already connected to it.
TowinKarz said:
You also can't actually buy anything direct with crypto (except NFTs) , even the vanishingly few retailers who accepted it at POS have long since stopped.
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Coinbase (and other exchanges) now has debit cards you can deposit BTC (and ETH and a couple others) to and spend its USD value without fees. And the other day I was driving through a tiny podunk town and they had a BTC ATM. Retailers that stopped accepting it probably weren't getting enough traffic to justify having it.

Also Newegg still takes BTC I believe.
 
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