Official Bitcoin Thread

[stick]

Glad all my money is in ETH and BTC right now.....

*crypto money, play money. Not all my liquidity.

I'm like 80% stabled and 100% of that is USDC .

I do think patience is key here but am strongly considering just cutting my losses. Peace of mind is worth much more than the -10%.

 

[ballinsam23]

Isn’t USDC part of the SVB collapse?

 

[stick]

Isn’t USDC part of the SVB collapse?

Circle had $3.3b cash in SVB (around 9% of current USDC marketcap). They no longer have access to that cash so USDC is not backed 1:1 anymore. Thus the depeg.

IF SVB gets bailed/bought out then no big deal, Circle gets their $3.3b and USDC is fully backed again.

If SVB does not get bailed/bought out then that $3.3b is in limbo. If enough people flee USDC in a short amount of time (bank run) then the depeg becomes much more unpredictable as that $3.3b becomes greater than 9%.

There are other factors at play but that's the cliffnotes.

 

[sneakaprince]

I'm like 80% stabled and 100% of that is USDC .

I do think patience is key here but am strongly considering just cutting my losses. Peace of mind is worth much more than the -10%.

Man it go the right way for you fam.

NT crypto gang has had a hell of a last couple years.

 

[D Double]

Bought 106 USDC for 100 USDT
I did my part.

I wonder what the reaction of the Fed will be. If they don't stop this and let it develop into a contagion then this could get real ugly. Bank runs everywhere.
On the flip side, can we get the pivot that we all need?

They raised rates until something broke and boy something big broke even though SVB are not innocent in all this either.

Also poor voyager, they started liquidating all their assets into USDC for it to depeg. Heard they're down over 50 Million just from the depeg.

Interesting to see what everyone else is doing. Vitalik with the 500 ETH buy putting my 100 USDT to shame.

 

[fluid hips]

good lookin out guys. i see some cheap ledgers on ebay and facebook marketplace. gonna grab me one asap.

not srs

 

[fluid hips]

Circle’s USDC Stablecoin Breaks Peg With $3.3 Billion Stuck at Silicon Valley Bank

Worried investors cashed out more than $2 billion worth of USD Coin, knocking the dollar-pegged token below 87 cents.

www.wsj.com

 

[Air Champa]

Did any of these other stable coins that lost their peg ever get it back? Gonna be panic city if usdc keeps slipping.

 

[fluid hips]

CNBC’s Jim Cramer urged viewers to buy Silicon Valley Bank stock last month

“The ninth best performer to date has been SVB Financial. Don’t yawn,” Cramer told viewers during a Feb. 8 episode of “Mad Money.”

nypost.com

 

[cragmatic]

CNBC’s Jim Cramer urged viewers to buy Silicon Valley Bank stock last month

“The ninth best performer to date has been SVB Financial. Don’t yawn,” Cramer told viewers during a Feb. 8 episode of “Mad Money.”

nypost.com

Dude is such a clown.

 

[Air Champa]

Apparently malicious smart contracts are using the permit function on ethereum to drain people's wallets now. Even with a hardware wallet, people need to move carefully.

I'll hand out a free tip: You should automatically assume anyone in defi is a scumbag.

 

[DsLee]

Apparently malicious smart contracts are using the permit function on ethereum to drain people's wallets now. Even with a hardware wallet, people need to move carefully.

I'll hand out a free tip: You should automatically assume anyone in defi is a scumbag.

I believe you can go to revoke.cash to remove permissions from everything potentially connected to your wallet too. Pocket Universe is also a decent browser extension that helps identify contracts that look sus prior to signing.

 

[D Double]

Did any of these other stable coins that lost their peg ever get it back? Gonna be panic city if usdc keeps slipping.

Tether had depegged a few times due to fud but has always come back strong.

 

[stick]

Man it go the right way for you fam.

NT crypto gang has had a hell of a last couple years.

Thank you ser. Circle put out a statement that was reassuring so I think everything will end up working out unless more banks go under . I am gonna diversify my stables a bit though. Will swap some to Tether and take a closer look at Gemini, BUSD, and some others.

Did any of these other stable coins that lost their peg ever get it back? Gonna be panic city if usdc keeps slipping.

It's usually a wrap when the algorithmic coins depeg (like UST last year). It's "easier" for the ones that are backed by real dollars to re-peg as long as the backing is sound.

 

[stuntman mike]

repeg incoming. will it stick?

 

[Raji Lowenthal]

Regulators close crypto-focused Signature Bank, citing systemic risk

U.S. regulators on Sunday shut down New York-based Signature Bank in a bid to prevent the spreading banking crisis.

www.cnbc.com

 

[noskey]

Dead cat or are people fleeing from banking equities to crypto?

 

[stuntman mike]

absolutely ripping. how many shorts got liquidated?!

 

[johnnyredstorm]

Digital gold narrative is being confirmed

 

[smedroc]

repeg incoming. will it stick?

Did anybody 'trade' this?

 

[D Double]

Did anybody 'trade' this?

I made $4.

It was such a obvious trade and I would've gone in more but crypto has me shook these days.

 

[coach js]

Ledger ships from France? I used the ledger site. Did I order wrong? Being paranoid lol

 

[oidreez]

Ledger ships from France? I used the ledger site. Did I order wrong? Being paranoid lol

If you ordered through the website how would you have ordered wrong?

Also the bottom of their website

1 rue du Mail, 75002 Paris, France

 

[coach js]

If you ordered through the website how would you have ordered wrong?

Also the bottom of their website

1 rue du Mail, 75002 Paris, France

Like I said, paranoid. What if it was a bootleg site? Never kno these days. I just like to hear from others to confirm. Thx for the response.

I'll b relieved to secure my crypto. Then buy more. Nice to see the recent pump. We haven't seen $26k Inna while. Once this comes back down a little, I'm finally adding more.

 

[fluid hips]

Digital gold narrative is being confirmed

Probably explains the sudden spike in BTC yesterday