Coinbase have 5 other banks I read, SVB was just one of six. Probably why USDC is back to $0.99 before their banks open tomorrow despite you expecting much less than that. Not sure about Kraken, but doubt they'd be dumb enough to only be working with one bank, but time will tell. Generally speaking, major exchanges don't partner with only one bank for this exact reason... At least this isn't 2017 anymore.


I think we're yet to learn about the contagion regarding SVB, given it was near the size of Lehman, but the involvement in financial sector was considerably different it seems - mainly tech start ups, rather than general purpose (unless I'm mistaken here). The interesting dynamic will be to see if this situation will end up being "good" for Bitcoin or not, the idea that centralised banks aren't a reliable place to store wealth, hint hint...


If Bitcoin continues to rebound strong, it'll be predicatable to look back in the near future and claim the reason why, based on the one of the reasons for Bitcoin's existence.
Likewise if Bitcoin drops further, many will point figures to the SVB situation as reasonining, for example if USDC fails to return to parity.

It's almost as if Bitcoin has a mind and sentiment of it's own and external financial situations doesn't affect it

At least so far from the SVB fall-out, Bitcoin has bounced from support and up 6%... just food for thought.

Good day Bitcoinland.
A pretty good day indeed.
Lovely Bart back up.

SVB bank run
Reminding us that Bitcoin
Is the only way.

Money in the bank?
What a silly expression!
Hodlers laugh out loud.

Twenty-two thousand
Is barely a start.
Onward and upward!

I use a German or a UK bank but with euros of course.

Honestly, i don't even get the legality of it.
Say, you are a stockholder at the Signature bank.
Your stock is at $70 at the end of trading day on Fri, was trading freely all day, no halts.
Suddenly, this bank is "seized" on Sunday and you read the following:
"Shareholders and certain unsecured debtholders will not be protected", which means that your stock in this bank is suddenly worth ZERO.
No other explanation given. Is there any legal scholars to comment?

At this point, who would hold any other bank stock, apart from top 4 (JPM, C, BAC and WFC)?

all this is bullish for bitcoin, though.

I think there can be legal actions to get more details but I don't really see the issue. The bank got bankrupt and in bankruptcy shareholders are screwed. If it was another kind of company that could continue doing business under bankruptcy protection, shares might hold some value, but apparently there is no bankruptcy protection for banks, which is understandable as we just saw that banks need trust, who is going to trust a bankrupt bank ?

The essence of the matter is likely something like: "rules do not matter... and we will deal with fall out later"..  The main thing is that no one panics (there's nothing to see here), and even if Govt officials are saying that this bail out is not a bail out since it is not going to cost taxpayers anything, if there is any short fall (holes in the books) the money printer will go buurr and such burrening be silently humming in the background so that no one notices that the cost of the burr is borne by whoever uses the USD.. so technically correct, the bill of the "non-bail out, bail out" is not borne directly by the taxpayer, but instead borne through the debasement of the dollar (which is way the fuck more difficult to actually measure in any meaningful way to facilitate that anyone in particular would be held accountable for having engaged in a "non-bail out, bail out").

On a side note, we might want to pay attention to see if any or all of the executives of the bank are held accountable in a meaningful/legal way ... (perhaps SEC insider trader charges?)... for their having had cashed out their $400 million worth of shares (or whatever the amount was?) within two weeks of this "non-run-on the bank, run on the bank" incident.

The main thing.  Don't panic.  Don't panic.  It's all under control. Everyone and their deposits are safe.. so go back to sleep now.. lull-a-bye---  lull-a-bye... everything is just fine... .. especially if you keep your monies in dee dollars.. .. and for sure don't look at that scary bitcornz behind the curtain.. that is nothing.. nothing at all.. .. it's a scam