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

[Honka Honka Burning Love]

Should I be withdrawing my money then
Or is it already a lost cause?

I am not saying to do so, but if you wish to take your money out and your bank says "no" try Wal-Mart, they have an agreement with some Banks to be able to withdraw money from an account there.

 

[gang weeder]

Coinbase was heavily invested in SVB

Coinbase is not bitcoin.

I wouldn't get excited about a surge in bitcoin either, not until it crosses 30K again or something like that. Going up by a few thousand isn't that significant when it was trading well above 40K in the past. In any kind of situation where the current financial system is actually no longer viable and people are actually choosing bitcoin as an alternative, it would skyrocket way past any previous all time high.

I'm not counting my chickens until they hatch over this. The government has apparently already done what the government always does and simply said "it doesn't matter, the Treasury has everyone covered." One or two banks failing does not mean people have lost faith in the US Treasury itself, which is what would be needed for something meaningful to happen. Otherwise we will just keep on playing with our funny money as per the usual arrangement.

 

[Catgirl Tyranid]

People say to have cash, but the second people NEED cash and can't get it, it will be useless. Cash is only good to have if like there's and extended power outage.

You're retarded. You delete 90% of the money supply (even temporarily) because the banks can't give you your digits (whether because of a bank run, or a power outage) and the value of hand held cash will sky rocket because suddenly you have something that a super market will accept for food when everyone's debit/credit cards aren't working.

 

[cantankerous jackalope]

Coinbase was heavily invested in SVB

Coinbase isn't Bitcoin, the difference with bitcoin is that its like gold - its not controlled by a sovereign entity or beholden to any company. The government can't control it, the banks can't turn it off, the fed can't print more of it, it just is.

As a record of wasted electricity?

the boomer banking system uses 56 times as much electricity and mining efforts for gold uses more energy than Bitcoin. It's all a moot point anyway, we are going to see insane new innovations in energy/electric later this decade that will heavily reduce the consumption

 

[Corpun]

"Bogdanoff, they are confident you are dead."

"Zey bought ze death? Domp eet."

 

[gang weeder]

You're retarded. You delete 90% of the money supply (even temporarily) because the banks can't give you your digits (whether because of a bank run, or a power outage) and the value of hand held cash will sky rocket because suddenly you have something that a super market will accept for food when everyone's debit/credit cards aren't working.

If all of the dollars that are purely digital actually vanished or were rendered inaccessible for some reason, I don't think it's safe to assume that society will continue to function normally at all. This would be a true SHTF scenario and it's hard to predict how it would play out, but I think it's quite reasonable to assume that people might just start looting super markets rather than trying to buy anything there. Cash might still end up having value depending on how much remnant of law/order is able to remain intact, but in this case things like guns and energy sources are much more valuable, and could simply be traded for cash anyways if need be.

 

[General Emílio Médici]

The Bitcoin "muh electricity" argument is kinda stupid because, much like with Electric Vehicles and general electrical consumption there is nothing wrong with using energy. The issue is where it comes from. If we had nuclear reactors it wouldn't matter that it takes a bunch of thousands of watts to mine bitcoin.

Also yeah Coinbase isn't bitcoin, and the issue was only that they held a bunch of their FIAT money reserves in SVB that meant they were not able to hold their stablecoin USDC to the peg so it got uncoupled.

This is all a bunch of deflection and distractions anyway. The regular banks are collapsing and people are going on about "muh crypto" like come on man both are made up fucking money.

If all of the dollars that are purely digital actually vanished or were rendered inaccessible for some reason, I don't think it's safe to assume that society will continue to function normally at all.

I read this book once, Warday, where the author touches on this. It was a book about a nuclear war happening in the late 80's that turns out to be "very limited" but that doesn't help the USA or USSR at all. In the book a economist/former banker explains that the moment the nukes flew and the electronics stopped working the entire computerized banking system went kaput. Every single digital US Dollar stopped existing. The result is that in he post war, 1996 USA reconstructing from the nukes the prices have all gone back to early 1900s because of it and they try and handle it by transfering old irradiated Fort Knox gold as a backing for trades with nations outside. Great book.

 

[Badungus Kabungus]

"Bogdanoff, they are confident you are dead."

"Zey bought ze death? Domp eet."
View attachment 4769000

Their home planet needed them. Instead they sent someone else...

 

[Rei is Shit.]

The Bitcoin "muh electricity" argument is kinda stupid because, much like with Electric Vehicles and general electrical consumption there is nothing wrong with using energy. The issue is where it comes from. If we had nuclear reactors it wouldn't matter that it takes a bunch of thousands of watts to mine bitcoin.

Also yeah Coinbase isn't bitcoin, and the issue was only that they held a bunch of their FIAT money reserves in SVB that meant they were not able to hold their stablecoin USDC to the peg so it got uncoupled.

This is all a bunch of deflection and distractions anyway. The regular banks are collapsing and people are going on about "muh crypto" like come on man both are made up fucking money.

Bitcoin is a unit of entropy, or if you want to think of it in a different way, its some compressed plankton that was burned as is never coming back. This makes it have more real value than the USD and other fiat which has value because lmao the government said it does. The actual resources expended making a single USD is dwarfed by what it takes to create one bitcoin.

 

[WelperHelper99]

The Bitcoin "muh electricity" argument is kinda stupid because, much like with Electric Vehicles and general electrical consumption there is nothing wrong with using energy. The issue is where it comes from. If we had nuclear reactors it wouldn't matter that it takes a bunch of thousands of watts to mine bitcoin.

Also yeah Coinbase isn't bitcoin, and the issue was only that they held a bunch of their FIAT money reserves in SVB that meant they were not able to hold their stablecoin USDC to the peg so it got uncoupled.

This is all a bunch of deflection and distractions anyway. The regular banks are collapsing and people are going on about "muh crypto" like come on man both are made up fucking money.

What matters is actual items of worth. If things go mad max and you hand me a rainbow sticker flash drive with a bazillion bitcoin on it, I'm gonna laugh. Now you pass me some ammo, food, gasoline, then we're in buisness.

 

[Kuritan Deplorable]

You're retarded. You delete 90% of the money supply (even temporarily) because the banks can't give you your digits (whether because of a bank run, or a power outage) and the value of hand held cash will sky rocket because suddenly you have something that a super market will accept for food when everyone's debit/credit cards aren't working.

Bingo. The banking system collapsing does not destroy the value of the Dollar - That would require a US Government collapse. If this is bad enough to topple the Gov, its all over and there's no planning that'll prep for anything - Your gun stockpile won't help nearly as much as being the first guy in to loot the nearest nat guard base. Going Mad Max requires the gov to fall and never come back - an exceedingly unlikely proposition.

Until it gets that level of bad, USD will still be valuable, and reasonable for day to day trade, in its paper or coin forms. The street value of goods may fluctuate wildly, but everyone will want them for the day the banking system unfucks itself and the gov once again makes it clear, taxes are paid in dollars, so get to it.

 

[Honka Honka Burning Love]

If all of the dollars that are purely digital actually vanished or were rendered inaccessible for some reason, I don't think it's safe to assume that society will continue to function normally at all. This would be a true SHTF scenario and it's hard to predict how it would play out, but I think it's quite reasonable to assume that people might just start looting super markets rather than trying to buy anything there. Cash might still end up having value depending on how much remnant of law/order is able to remain intact, but in this case things like guns and energy sources are much more valuable, and could simply be traded for cash anyways if need be.

I would say that predicting exactly what any massive Crash would look like is a fool's Errand just because of how much the world has changed since the 1920s. I have tried to diversify what preparations I have done just incase.

 

[RodgerDodger]

Coinbase isn't Bitcoin, the difference with bitcoin is that its like gold - its not controlled by a sovereign entity or beholden to any company. The government can't control it, the banks can't turn it off, the fed can't print more of it, it just is.

It's like gold... until the internet doesn't work anymore.

 

[General Emílio Médici]

Exactly. Once push comes to shove all economy is base on trading of goods. Just because we agreed on using flashy IOU's that come in fine little paper strips doesn't change that.

It is all built on faith.

 

[Stasi]

I placed a sell order on a bunch of investments last week before everything took a shit, its still pending and its too late to cancel. Looks like imma get hosed. Fucking kill me.

 

[Barry McKockner]

Bingo. The banking system collapsing does not destroy the value of the Dollar - That would require a US Government collapse. If this is bad enough to topple the Gov, its all over and there's no planning that'll prep for anything - Your gun stockpile won't help nearly as much as being the first guy in to loot the nearest nat guard base. Going Mad Max requires the gov to fall and never come back - an exceedingly unlikely proposition.

Until it gets that level of bad, USD will still be valuable, and reasonable for day to day trade, in its paper or coin forms. The street value of goods may fluctuate wildly, but everyone will want them for the day the banking system unfucks itself and the gov once again makes it clear, taxes are paid in dollars, so get to it.

Would it though? The only thing that gives the US dollar value is your perception of it. People already realize it's worthless because printer go brrrr. The banks crashing everything would just be the icing on the cake.

 

[Lone MacReady II]

It's like gold... until the internet doesn't work anymore.

It's actually nothing like Gold when you understand what truly makes Gold valuable (indestructible, tangible, un-printable). Bitcoin, rather government-mandated CBDCs, is the closest thing to a biblical beast mark that currently exists. "That no man might buy or sell, unless he had the mark or the name of the beast". Controllable, trackable, traceable, truly the Apotheosis of Banker Kikery.

 

[gang weeder]

Would it though? The only thing that gives the US dollar value is your perception of it. People already realize it's worthless because printer go brrrr. The banks crashing everything would just be the icing on the cake.

People really don't though. The overwhelming majority of people do not believe that the dollar is worthless, or else the dollar would inevitably collapse as the population would seek to instead store their wealth in other assets.

 

[cantankerous jackalope]

It's actually nothing like Gold when you understand what truly makes Gold valuable (indestructible, tangible, un-printable). Bitcoin, rather government-mandated CBDCs, is the closest thing to a biblical beast mark that currently exists. "That no man might buy or sell, unless he had the mark or the name of the beast". Controllable, trackable, traceable, truly the Apotheosis of Banker Kikery.

Bitcoin and CBDCs are nothing alike lol

It's like gold... until the internet doesn't work anymore.

If the internet doesn't work anymore then we're in a true mad max scenario and your gold is worthless too. I don't think that's a realistic scenario.

 

[Uranus Pink]

You get bankers that look like this as a perk
View attachment 4768646

And bank robbers look like this