I have 2 banks, a credit union, 3 brokerages, accounts at a couple crypto casinos, and 3 bitcoin only on-ramp accounts. Who the fuck are these people with millions of dollars in a single bank account?

You could sell your 🌽 for a $400 premium but you would have to trust Gemini with it first. That probably explains the difference 🤣

Imagine getting reborn a Bitcoiner during the March 2023 banking crisis and being welcomed into the zap orgy that is Nostr. What a time to be alive! ⚡️⚡️⚡️🌽🌽🌽🤡🌎

This is who they want to bail out with the fiat that normies hold. He bought SVB shares with the money he got out of SVB during his run on the bank. These people wouldn’t be allowed to run a lemonade stand on a Bitcoin standard. The utter stupidity is incomprehensible. https://twitter.com/torrenegra/status/1634573234187407369

Any shitty business running 100% on an SVB diversity operating loan is finished. No other bank will finance them on a personal guarantee alone just because they have right color of the proper genitalia.

I lied, I couldn’t resist the brainless bullshit on Twitter and this takes the cake. Some of us lived through the ‘80s farming meltdown in the Midwest. Nobody fucking came to save the farmers. That’s why farmers aren’t stupid enough to keep all their liquidity in a single poorly run bank. In fact, many of them maintain self custody of large portions their assets until the day they sell their harvest. And they are skeptical of easy money loans for things they can’t afford. I’d love the tech companies to learn some lessons from the farmers because competing with a bunch of drunken frat boys with no regard for profit and cash flow is a real pain in the ass for people running fiscally responsible software businesses.

Seems clear the government isn’t going to do anything dramatic until they see some real contagion. It will be interesting to see what happens tomorrow, but fuck Twitter for the rest of the weekend.

Gemini’s BTC market has been fucked all weekend. Anyone who trusts the exchanges with their corn is NGMI.

Every VC that invested in the customers of SVB could have required diversified banking as a condition of their investment. Did a single VC who is currently begging for government handouts do that? You can guess the answer.

I’m never surprised to learn that the morons who are convinced you can start a business without thinking about how it will make money, are bad with money.

It’s possible to work with a single bank and still have your deposits over $250K spread amongst as many banks as necessary to keep all your funds FDIC insured.

Yes, just quadruple the leverage of the FDIC which is already levered 10:1 or something just so a bunch of lazy retards don’t have to figure out how to manage their reserves in a responsible manner. What, do you expect these overpaid clowns 🤡 to actually earn their money? The tax payers should do that for them.

I lost IQ points just reading this. 🤦‍♂️

A list of people who should never again be trusted as a fiduciary in any capacity. They failed those they had a duty to protect.

Y Combinator

Urgent: Sign the petition now | Y Combinator

Nearly 40,000 of all depositors at Silicon Valley Bank were small businesses. If swift action isn’t taken, over 100,000 people could soon lose th...

Is there a leveraged liquidation in the last 2 years that Nic Carter didn’t get his dick caught in? That moron is turning into the Jim Cramer of crypto.

Bill Ackman told one of his portfolio companies not to use SVB a few months ago. The All In guys were talking about how sketchy SVB was back in December ’22. Yet everyone is saying it was impossible to anticipate that this bank would fail so none of the depositors should lose money. It’s blatant bullshit and anyone who falls for it is a moron or a liar.

🤪🖕🤡

If you can’t make payroll because a single bank went bust, you should never be trusted with a payroll ever again. It really is that simple. In a sane world, we wouldn’t even have to argue this.

Everyone is a libertarian until their investments make a smoking hole in the ground.

Bill Ackman crying for a bailout of his portfolio on Spaces. https://twitter.com/i/spaces/1OyKAVrMzADGb