Crypto Currency Thread (Vol.2)
Discussion
dimots said:
A million dollars is about 50 bitcoin right now. If you wouldn't take the bitcoin I think you are in the wrong thread 
I've split things out a bit over the past few years and reduced my cash holdings massively and I still feel more comfortable overall with bitcoin than with money in the bank.
$m can be spent pretty much anywhere on anything. Can the same be said for Bitcoin?I've split things out a bit over the past few years and reduced my cash holdings massively and I still feel more comfortable overall with bitcoin than with money in the bank.
Al Gorithum said:
$m can be spent pretty much anywhere on anything. Can the same be said for Bitcoin?
erm not quite.. that $M would need to be exchanged into English Currency first which would then cut it down to £826k then minus the fees incurred doing so. Edited by WY86 on Friday 10th March 15:47
WY86 said:
Al Gorithum said:
$m can be spent pretty much anywhere on anything. Can the same be said for Bitcoin?
erm not quite.. that $M would need to be exchanged into English Currency first which would then cut it down to £826k then minus the fees incurred doing so. Edited by WY86 on Friday 10th March 15:47
Al Gorithum said:
So what? That's what make the USD so versatile. It can still be spent pretty much anywhere and on anything. Can the same be said for Bitcoin?
well its not though is it... currencies have boarders you could have a $1000 dollars in your pocket in cash in the UK and not be able to spend it. Bitcoin will never be a currency but to say USD is so versatile isn't true either. WY86 said:
Al Gorithum said:
So what? That's what make the USD so versatile. It can still be spent pretty much anywhere and on anything. Can the same be said for Bitcoin?
well its not though is it... currencies have boarders you could have a $1000 dollars in your pocket in cash in the UK and not be able to spend it. Bitcoin will never be a currency but to say USD is so versatile isn't true either. So yes, the USD is much more versatile than Bitcoin and probably any other currency, and can be spent on things such as filling my belly, making me happy, buying investments etc.
Edited by Al Gorithum on Friday 10th March 17:01
Silicon Valley Bank (SVB) the 16th largest bank in the US has collapsed and Crypto firm Circle had $3.3 bln exposure to SVB.
https://www.cnbc.com/2023/03/11/crypto-firm-circle...
"U.S. cryptocurrency firm Circle said it has $3.3 billion of its $40 billion of USD Coin reserves at the collapsed lender Silicon Valley Bank. Startup-focused SVB collapsed on Friday in the largest bank failure since the 2008 financial crisis."
Hot on the heels of Silvergate - https://www.theguardian.com/technology/2023/mar/09...
https://www.cnbc.com/2023/03/11/crypto-firm-circle...
"U.S. cryptocurrency firm Circle said it has $3.3 billion of its $40 billion of USD Coin reserves at the collapsed lender Silicon Valley Bank. Startup-focused SVB collapsed on Friday in the largest bank failure since the 2008 financial crisis."
Hot on the heels of Silvergate - https://www.theguardian.com/technology/2023/mar/09...
FourWheelDrift said:
You know you are in trouble when your clients turn up at the door to ask about their accounts and Death is one of them
it is ironic the The Federal Deposit Insurance Corporation (FDIC), has taken over the bank, when BTC was made to stop s
t like this.Anyway to the moon. Or my tip get out whilst you have something.
dimots said:
Raccaccoonie said:
it is ironic the The Federal Deposit Insurance Corporation (FDIC), has taken over the bank, when BTC was made to stop st like this.
Anyway to the moon. Or my tip get out whilst you have something.
Where is the irony? What connection is there to bitcoin?t like this.Anyway to the moon. Or my tip get out whilst you have something.
SVB has done the same, but then all banks do the same don’t they… unsecured depositors, just the gov back stops small deposits… though in SVB’s case it looks like there are assets to cover insured amounts.
Mr Whippy said:
Bitcoin exchanges not really having deposits on hand to give back to owners, having invested them elsewhere to ‘make money’
SVB has done the same, but then all banks do the same don’t they… unsecured depositors, just the gov back stops small deposits… though in SVB’s case it looks like there are assets to cover insured amounts.
That's a bit of a tenuous link. What have bitcoin exchanges got to do with this? SVB (a bank) collapses and gets taken over by the FDIC. BTC was created to stop this.SVB has done the same, but then all banks do the same don’t they… unsecured depositors, just the gov back stops small deposits… though in SVB’s case it looks like there are assets to cover insured amounts.
Well, yes it does stop this. If you had your money in BTC instead of in a bank it wouldn't happen.
Where is the irony?
Maybe I’d misread the post.
But FTX failed because their investment assets were worthless/devalued.
SVB has failed for the same reason.
The irony is that anything can devalue, regulated or not.
But FDIC only covers regulated institutions… not that the FDIC will cover most of the deposits of the systemic risky owners.
But from what I’ve read their assets are still sufficient to cover the insured amounts, so no one loses except silly people.
But FTX failed because their investment assets were worthless/devalued.
SVB has failed for the same reason.
The irony is that anything can devalue, regulated or not.
But FDIC only covers regulated institutions… not that the FDIC will cover most of the deposits of the systemic risky owners.
But from what I’ve read their assets are still sufficient to cover the insured amounts, so no one loses except silly people.
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