I must see fiat fall so there may be a sound econo-calculus and true techno-industrialists can proceed in their work unimpeded. Crusader against technofaggotry. @DeltaClimbs on twitter
1-arm-chinup nationalism
Nostr is the free market. Nostr fixes this. Nostr is the only scalable alternative to fiat corporate non-ergodicity and interest-rate-seigniorage induced wage slavery. Honest work over Nostr is where people will earn bitcoin.
Enough is enough! STOP cheering for SVB depositors to lose. NO ONE could have known it wasn't safe to have several hundred million in a single bank account.
NOT A BIG DEAL, huh? Take a good hard look at the ordinary people who will suffer if payroll's missed!
Even if Silicon Valley Bank is fully bailed out and no one suffers more, we can never have the past days taken from us. We saw countless people reveal themselves for the scared children they are... for the first time in a while, we saw fiat bleed.
If you buy/sell bitcoin on an app, you probably need to read this if you don't want to find yourself buying 10% above spot the next time things get frothy. Things are probably even more fragile now. Will you be ready?
I have a tiny fraction of the net worth (on paper) of many VCs begging for handouts who made their names pretending to want free markets. These VCs are not free men. They are not self-owned. It's just so beautiful to watch.
The absolutely funniest thing will be if all these startups implode, but there is zero contagion and the rest of the world barely notices they're gone. The blow to their egos would hurt more than the financial losses. ๐คฃ๐คฃ๐คฃ
Silicon Valley is so deluded from their bubble of sycophantic ponzi game of faux status they will be SHOCKED when they find they have no friends who will come to their aid to bail them out.
Someone was offered $250k plus $0.60 on the dollar on a $100mm account in SVB from a 3rd party (from Chamath, also fuck that guy, he's a piece of shit). Pray for >21% losses when all is said and done. ๐
Chamath is saying SVB venture debt (provided from customer deposits) was underwritten on the basis of VCs *saying* they would invest in future rounds, they are so fucked. ๐คฃ๐คฃ๐คฃ