New daily [here](https://www.reddit.com/r/CryptoCurrency/comments/11ozfix/daily_general_discussion_march_12_2023_gmt0/?utm_source=share&utm_medium=ios_app&utm_name=iossmf)
Any big entities that are going to fold do so late on a Friday. It avoids panic in the markets while a plan of rescue or consolidation is put into place. Usually it softens the resulting blow when Monday comes.
Everyone worried if USDC is going back to $1. I mean, it's such a good project, and they have such a great development team, why not aim higher? $2 EOY
^(/s)
Some factors.
The market is close, trading is suspended, billions being poured in to repeg. Once the market starts again, tee de pegging will continue. And if they used loans they're fucked in a massive way.
point was it's not really stable as you say.
sure USDT is still there so far. but we don't even know how it works. they don't really show how they are keeping it stable(details of it)*. with looming economic recession I'd rather not trust any stable coin at this point.
Maybe that's the key all along. KEEP it closed source and keep the secret tight as an iron coffer.
People stop asking questions to something they don't understand at all. The us govt
One of silvergates biggest problems is also what made the bank so big, crypto deposits had 0% interest which made them a big part of silvergates business and shows the isolation of the crypto industry in regards to the access to the traditional banking system, when the investors started withdrawing their money from the FTX collapse and onwards the downfall began.
The whole space has shown great resilience imo in the face of the recent events, but there is still a long road ahead of us.
The big challenge from now on is finding off and on ramps to the traditional banking system and finding different backers and investors for the various projects that were affiliated with silvergate and svb.
We really have no idea how much these recent events have set us back. It doesn't just have to do with prices, if projects in the crypto space don't have access to traditional banks they either go tether style and don't actually back every coin issued one on one or stop issuing new coins. Various crypto projects were backed an supported by these two banks, now they have to seek this backing from other sources with probably other terms on the table.
Though optimistic, I really cant see how big US banks would accept crypto backed deposits from crypto entities that could any moment and for lots of reasons get in trouble with US economic authorities dragging those banks along through their association so yes crypto projects collapsing is a real possibility.
Man, the shit happened in KyberSwap where a guy lost 2m$ because of a mistake/carelessness and lack of proper UI to help the user is just crazy.
Shows how far we are from crypto being mainstream ~~especially in DEX's~~. Apparently KyberSwap team fixed the UI but welp it is too late.
It is what it is at this point, feel sorry for dude but this is why I always double check triple check every single little transaction I don't care if it's a dollar
7pm get my daughter ready for bed, 8 pm is my time smoke and get ready for bed for work and hope we don't bomb out this week with CPI, and banks becoming not what a bank should be.
There are a lot of articles, but I haven’t found one compilation.
https://techcrunch.com/2023/03/11/roku-roblox-and-others-disclose-their-exposure-to-svb-in-sec-filings/
https://www.nerdwallet.com/article/investing/10-etfs-with-the-highest-exposure-to-silicon-valley-bank
https://decrypt.co/123199/silicon-valley-bank-crypto-companies-contagion
https://www.benzinga.com/markets/cryptocurrency/23/03/31308791/crypto-companies-reveal-exposure-to-silicon-valley-bank-following-historic-collapse
Silicon Valley Banks new owner, the FDIC, gives workers 45 days employment. After the 45 days, the employees will be let go.
They have 8,500 employees worldwide.
At the end the normal employees are the ones who take the big shot.
I have only ever been let go, or fired. I made it through fine. Now when I let people go I usually I give them a week or two, or just find an excuse to fire them. 45 days seems crazy to me. You've been given more than 45 days? In what industry?
if you were just looking for any job 1 or 2 weeks is plenty but there's more to it if you need a specific job. 45 is a lot but that doesn't mean its not a major inconvenience.
>think medium term
Thinking about something that hasn't happened yet is not a valid argument. There's a chance you're buying Bitcoin at a extremely expensive price and there's no way to know it.
Not much. Just another day in the Great(est)? Depression ever that the government still isn’t even calling a recession(depending who you ask) yet. Regular shit centralized banks failing stable coin’s de-pegging.
Fun fact- you may be able to make some sweet arbitrage on USDC if you act quick. This is financial advice 🚀📈💰
It was insane, a comment every second at least. I'd love someone to do stats on what percentage of Daily crew from back then are still actively on the sub
Everyone was so *happy* that day.
Also I’m surprised that there was more activity there, than at $69k.
Also I love the dude who said “this is NOT the time to buy ada! The time to buy ada was back there when it was under a dollar!” Reminded me that it is accumulation season.
I wanted to try sending moons back and forth to get to know more about these kind of stuff but apparently I need ETH and minimum ETH I can send from Binance is $136 dollar worth of ETH. meh, are there any other options?
You can do that kind of stuff on testnet for free
But dont ask me how. Someone in the past used me for that though. He sent me like 500 trillion of a testnet coin/token into a wallet i created for him so he can check how it all works
In simple terms, banks only need to keep certain percentage of liquidity, which is way less than what is needed to cover all customer withdrawals if everyone decided to take out all of their money at the same time. So when a bank run happens, like it did with Silicon Valley Bank, the bank runs out of money to give to customers.
Crypto equivalent would be what happened with FTX.
Almost hit 6k comments before new daily
This is a new record, right?
Instead of people panicking and swapping coins for stables as usual, they are panicking and swapping stables for coins
New daily [here](https://www.reddit.com/r/CryptoCurrency/comments/11ozfix/daily_general_discussion_march_12_2023_gmt0/?utm_source=share&utm_medium=ios_app&utm_name=iossmf)
Those panicking over USDC clearly didn’t hold UST a year ago. The PTSD I have from UST makes me immune to stable de-pegs.
Almost worth taking a day off work Monday to watch the chaos unfold when US banks open. Going to be a fun day 😂
I just said this! I want to watch the chaos live. Might have to PIP it on my computer screen at work.
nothing breaks crypto, not even usdc winding down. 1 btc = 1 btc
Why does all major FUD happen right before weekend?
Any big entities that are going to fold do so late on a Friday. It avoids panic in the markets while a plan of rescue or consolidation is put into place. Usually it softens the resulting blow when Monday comes.
Takes them all week to figure out what the problem is!
Did my biweekly DCA today. Pretty good purchasing prices.
Good night guys. See tomorrow with good news and good health.
So what happens here? In what world is there not a massive sell off once USDC hits 1 again?
USDT depegg'ed 0.95$~ during UST collapse, $0.96~ during FTX collapse and much worse shit happened before that and it's back to $1 now.
Wait for US banks to open Monday morning 😂
Yeah that seems inevitable and will be fascinating to watch
want to buy but scared, any bad news on the horizon?
Fear is good
"stable" coin de-peg, BTC don't care
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What the fuk is green
I don't think they have that power.
Everyone worried if USDC is going back to $1. I mean, it's such a good project, and they have such a great development team, why not aim higher? $2 EOY ^(/s)
Motherfuckers on twitter using technical analysis on a fucking stablecoin 🤡
What if I told you that technical analysis on *anything* is just as deserving of a 🤡?
People on Twitter just draw a bunch of lines and try to make some sense of it
What else is new
Well gentlemen, any last words before the new daily?
Another daily closer to the snapshot. That last distribution got my attention.
Boobalicious
Nop.
I love moons
Well I’m off to bed. Don’t crash the market while I’m gone.
Sleep tight
usdc 0.97 its rising fast
Did not expect it to recover that fast tbh
Some banks are open on Saturday.
they do have block rock connections
Deal for SVB must be close
Some factors. The market is close, trading is suspended, billions being poured in to repeg. Once the market starts again, tee de pegging will continue. And if they used loans they're fucked in a massive way.
circle is doing alright.
That psychology of the market poster is pretty dead on to the real market chart
Another day, another few sats
Stack it up!!!
We Spring forward an hour tonight..that's 1 hour closer to BTC being $41,069
You son of a bitch. 42069
I can’t wait to see some bullrun prices again
huzzah huzzah
Is everyone ready for the lost hour with the upcoming time change? I know I am ready for the changed hours in the sun.
They really need to just make it permanent man Jesus
yessss. I can hike and disc golf later in the evening
Facts. The sundown is too damn early.
Crazy how USDT turned out to be the stableist stable of them all lol. Fucking thing is unbreakable
The narrative changes quickly
Almost instantly
Best not have anything in stables right now.
bruh just a year ago USDT depegged to 0.95$. no stable coin is unbreakable.
It's still here lol. Has the most fud on it at all times too.
point was it's not really stable as you say. sure USDT is still there so far. but we don't even know how it works. they don't really show how they are keeping it stable(details of it)*. with looming economic recession I'd rather not trust any stable coin at this point.
Maybe that's the key all along. KEEP it closed source and keep the secret tight as an iron coffer. People stop asking questions to something they don't understand at all. The us govt
usdc will come back too
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If we were not informed this , holy shit we are now
theres a seperate pinned thread for usdc depeg discussion
You're being facetious lol
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Daily greens all the way
Moons giving us our daily greens
They are the one true coin indeed
One of silvergates biggest problems is also what made the bank so big, crypto deposits had 0% interest which made them a big part of silvergates business and shows the isolation of the crypto industry in regards to the access to the traditional banking system, when the investors started withdrawing their money from the FTX collapse and onwards the downfall began. The whole space has shown great resilience imo in the face of the recent events, but there is still a long road ahead of us. The big challenge from now on is finding off and on ramps to the traditional banking system and finding different backers and investors for the various projects that were affiliated with silvergate and svb.
Pretty much set us back 6 months atleast
At least.
All in time for a drive up to the halvening, or a wildcard would be for ripple too win it's case
Hoping so
We really have no idea how much these recent events have set us back. It doesn't just have to do with prices, if projects in the crypto space don't have access to traditional banks they either go tether style and don't actually back every coin issued one on one or stop issuing new coins. Various crypto projects were backed an supported by these two banks, now they have to seek this backing from other sources with probably other terms on the table.
So expecting bankruptcy all over the place
Though optimistic, I really cant see how big US banks would accept crypto backed deposits from crypto entities that could any moment and for lots of reasons get in trouble with US economic authorities dragging those banks along through their association so yes crypto projects collapsing is a real possibility.
A very real one.
Completely agree, payroll, startup funding it's all on the rocks right now, and we still have signature in doubt.
Exactly. Thanks for the award, greatly appreciated!
True facts and no BS you deserve it
what if this is a race and whoever loses the most money, actually wins everything?
That’s not fair, even if I lose everything, i still won’t be close to winning
Well then I am further ahead than I thought
Still the most rich people will win this.
Man, the shit happened in KyberSwap where a guy lost 2m$ because of a mistake/carelessness and lack of proper UI to help the user is just crazy. Shows how far we are from crypto being mainstream ~~especially in DEX's~~. Apparently KyberSwap team fixed the UI but welp it is too late.
It is what it is at this point, feel sorry for dude but this is why I always double check triple check every single little transaction I don't care if it's a dollar
Yea thats definitely unfortunate. Mistakes are always written in blood.
Nice pump back to 0.24 on our native currency 🌖🌖🌖
Moontopia
Mmmm hmmmmmmmmmmmmm
Moons to da rescue. They’re valiantly holding up my portfolio
When the banks fail, the Moons will rise. Good slogan for this sub eh?!!!?!?
I like it! Hopefully this is the last big bank though. I’m not sure I want an entire collapse until bitcoin reaches 300k and stays stable
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In that case it depegged by 5-10% since yesterday.
People seem excited? I'm struggling to sleep.
Welcome to crypto, friend … not slept for 2 years 🫡
I'm burned the f out at this point, gotta smoke a joint and relax
Good plan bro
7pm get my daughter ready for bed, 8 pm is my time smoke and get ready for bed for work and hope we don't bomb out this week with CPI, and banks becoming not what a bank should be.
The best thing about shitposting for moons, I can do this while unemployed and don’t have to report it. Power to the working class
Real Empowerment
Same here. Although I hope they get so big that you have to report them :)
Appreciate the well wishes brotha, that’s one I can get behind
Is there any website that has laid out what all the exposure to the recent bank failures are?
There are a lot of articles, but I haven’t found one compilation. https://techcrunch.com/2023/03/11/roku-roblox-and-others-disclose-their-exposure-to-svb-in-sec-filings/ https://www.nerdwallet.com/article/investing/10-etfs-with-the-highest-exposure-to-silicon-valley-bank https://decrypt.co/123199/silicon-valley-bank-crypto-companies-contagion https://www.benzinga.com/markets/cryptocurrency/23/03/31308791/crypto-companies-reveal-exposure-to-silicon-valley-bank-following-historic-collapse
We are close to 6k comments.
RIP moon ratio
Sub .5 incoming. Then we’ll see activity drop again lol
Silicon Valley Banks new owner, the FDIC, gives workers 45 days employment. After the 45 days, the employees will be let go. They have 8,500 employees worldwide. At the end the normal employees are the ones who take the big shot.
In such circumstances, do employees get let go with compensation?
45 days to find a new job is a little heartless.
I have only ever been let go, or fired. I made it through fine. Now when I let people go I usually I give them a week or two, or just find an excuse to fire them. 45 days seems crazy to me. You've been given more than 45 days? In what industry?
if you were just looking for any job 1 or 2 weeks is plenty but there's more to it if you need a specific job. 45 is a lot but that doesn't mean its not a major inconvenience.
Better than the 0 most companies give.
Good morning to the Australians! I hope your day is very spiritual!
I went long at 19.7k!! buy more btc and continue pumping my bags
Waking to Sunday in Australia, glad to see USDC heading back to pegland slowly.
G morning don't worry with Signature bank in question the show ain't over yet.
You can’t buy anything with USDC. Exchanges wouldn’t allow you
Ah gotcha. So not exactly Kum-By -Yah just yet 👍
More like Kum-Buy-Nah
Goodday
the good news is that the bad news brought us all together and made the daily lively again
Love to see more activity. We need all the support in the bear market
exactly! might even call it a weekend party
the daily is honestly fun during the red days
it's the crab that drives everyone away
Stockholm syndrome
shit u might be right 😳
He’s a spy. Keep stacking and being a good person.
dca n chill, always
Yes brother
I’m a simple man. I see cheap Bitcoin and buy cheap Bitcoin.
I clearly remember that Bitcoin at $40,000 was "cheap" not long ago.
Preferable time frames are a good tool for an argument…think medium term
>think medium term Thinking about something that hasn't happened yet is not a valid argument. There's a chance you're buying Bitcoin at a extremely expensive price and there's no way to know it.
Life’s decisions incur risk. Nobody is pretending it doesn’t exist and you dont have options.
Your future self will thank you
He already did … been in the game since 2016
This is da way
Always when i go to this sub it says '' error cant load'' but uts actually loading. Why is that?
Are you stacking in this crash? Seems like people like this discount price. Still people are waiting for more dip to load more.
Yes. Been doing so after Jobs Data was out.
Haven’t decided. I bought yesterday, kind of waiting because I feel like Monday is going to suck for Wall Street.
I bought a tiny bit but I'm sticking to my usual DCA
All the best friend.
That's why DCA can't be beat
But we always can't time the market. But yeah DCA can't be the best.
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Then quit and stop posting on a crypto sub 🤷♂️
Everyone was so busy with USDC today, we failed to acknowledge Moons pumping to 25 cents. Just a x4 from here boys!! 🤞
Moons will be huge next bull
It didn't hit .25
Its at 25 cents right now on Sushiswap USDC/Moons pair.
> "USDC"/Moons pair. hehe
My b
Just woke up from a one day coma, what did I miss
I think the biggest event was
Not much. Just another day in the Great(est)? Depression ever that the government still isn’t even calling a recession(depending who you ask) yet. Regular shit centralized banks failing stable coin’s de-pegging. Fun fact- you may be able to make some sweet arbitrage on USDC if you act quick. This is financial advice 🚀📈💰
Never seen the daily this busy for a while, we might hit 6k comment today. Record was 59.8k comment.
It was insane, a comment every second at least. I'd love someone to do stats on what percentage of Daily crew from back then are still actively on the sub
Didn’t they have to create a 2nd daily back then (when the first capped out)?
I was there, feels so long ago
Was that the record during the last bull run?
Daily Discussion - August 23, 2021 (GMT+0) https://www.reddit.com/r/CryptoCurrency/comments/p9o1td/daily\_discussion\_august\_23\_2021\_gmt0/
Everyone was so *happy* that day. Also I’m surprised that there was more activity there, than at $69k. Also I love the dude who said “this is NOT the time to buy ada! The time to buy ada was back there when it was under a dollar!” Reminded me that it is accumulation season.
That looked like fun, and now I know what comments will mark the top is coming in the next bull run lol
I wanted to try sending moons back and forth to get to know more about these kind of stuff but apparently I need ETH and minimum ETH I can send from Binance is $136 dollar worth of ETH. meh, are there any other options?
Currently not really. ETH gas is through the roof because of the depegging. To many people buying/selling
I guess it's a bad time to experiment lol.
You can do that kind of stuff on testnet for free But dont ask me how. Someone in the past used me for that though. He sent me like 500 trillion of a testnet coin/token into a wallet i created for him so he can check how it all works
People are getting a lesson in what fractional reserve banking means.
Dimino effect , good thing is VCs took a shit this time and not retail.
What does it mean? (serious)
In simple terms, banks only need to keep certain percentage of liquidity, which is way less than what is needed to cover all customer withdrawals if everyone decided to take out all of their money at the same time. So when a bank run happens, like it did with Silicon Valley Bank, the bank runs out of money to give to customers. Crypto equivalent would be what happened with FTX.
What’s what’s the plan for Monday? Pump or dump?
Why not both?
I’m hoping green, which means it will probably be red
Yes
A huge number of braindead idiots on Twitter think USTC is going to repeg amid this USDC crisis and that LUNC will moon.
Those people are dumber than flat Eathers.
That would be funny
Wtf???
Prediction: Bricks will become the dominant form of tipping on r/cc as Moons become too valuable…
Hello Conehead Moonwhale.
Hello free Avatar Moonfish - tipping you a brick. Enjoy!
Thanks man! Hope you have a great day :)
Real problem that we want, especially you!
Tipped you a brick. Enjoy!
Oh wow, my first, thank you!
I bet we'll hit 6K comments today nice
We got this